HomeMy WebLinkAboutResolution - 50 - Fixing Form and Specifications for $60,000 Street Improvements Bonds and Directing Their Execution and Delivery and Providing for Their Payment - 10/30/1962 TOWN OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION' NO. 50
• RESOLU`'l'ION FIXING THE FORM AND SPECIFICA-
TIONS FOR $60,000 STREET IMPROVEMENT BONDS,
D I RECT i NG THEIR EXECUr i ON AND DELIVERY AND
PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the Town hoard-.of the Town of Eden Prairie,
Hennepin. ComAty, Minnesota, as follows:
1. The town shall forthwith issue its negotiable coupon Street
Improvement Bonds on account of Pub( it Street Improvement Na, l
in the amount of $6o,000, .dated October 1.0, 1962, being 60 in number and
numbered 1 to 60, both inclusive, in tke denomination of $(,000 each,
bearing interest at the rate of 3.25% per annum payable J%d y 1, 11963, and
semiannually thereafter on January l and July I in each year and which
bonds mixture serially on January l in the amount of $6,000 in each of the
years T964 to 1973, both inclusive, but with optlan of prior payment on
any interest payment date,
2. Both principal and Interest shall be payable at the First National
Bank of Hopkins, Hopkins, Minnesota, and the town shall pay the
reasonable charges of said bunk for its services as paying agent.
3, The bonds and Interest coupons to be thereto attached shall be
In substantially the following form:
• No,
$1,000
UNITED STATES OF AMER ICA
STATE OF MINNESOTA
�COMY OF HENNEP I N
'TOWN OF EDEN PRAIRIE
STREET imPROYEMENT BOND OF 1962
KNOW ALL MEN BY THESE PRESENTS That the 'Town of Eden Prairie,
Hennepin County, Minnesota, acknowledges itself to be indebted and, for
value received, hereby promises to pay to bearer out of Its Public. Street
Improvement No. 1 Fund, the sum of ONE THOUSAND DOLLARS on`the (st day of
January, 19 , and to pay interest thereon from the date hereof until the
principal amount is paid at the rate of three and twenty-•f ive"ibandred`ths
percent (�3.25%) per annum payable July 1, 1963, and semiannually thereafter
on the Ist day of Jahunry and the lst day of duly In each year in ac+ordance
with and upon presentation and surrender of the attached interest coupons
as they severally become due, Both principal of and Interest on this bond
are payable at the First National Bank of Hopkins, Hopkins, Minnesota, In
any coin or currency of the United States of America which on the date of
payment Is legal tender for pwbile and private debts.
All bonds of this Issue are subject to redemption at the optl+on
of the town on any Interest payment date at par and accrued Interest; upon
• thirty days previous notice to the bank where the bonds are "yable.
This bond Is one of an issue of bonds In the total principal
amount of $60,000, all of like date and tenor except as to maturity, all
Issued by the town for the purpose of providing money to defray the
expenses Incurred in making an Improvement heretofore designated Public
Street Improvement No. I end is payable from Public Street Improvement
No. l Fund, pursuant to and In full conformity with the Constitution and
Laws of the State of Minnesota, Including Minnesota Statutes Chapter 429,
and is payable primarily from special assessments heretofore levied
against property specially benefited thereby and ad valorem taxes for the
general share of the cost but constitutes a general obligation of the
town and$ to provide moneys for the prompt and full payment of said
principal and Interest as the same become due, the full faith and cred'ft_
of the town Is hereby irrevocably pledged and the governing body wIfl
levy ad valorem taxes, If required for suph purpose, which taxes 467
levied on all of the taxable property in the town without limitation As
to rate or amount,.
•
IT IS HEREBY CERTIFIED AND REINED That all acts, conditions
and things required by the Consfltutlan and saws of the State of 1AInnesota
to *e done, to hmppen and to be performed precedent to and in the Issuance
of this bond have been done, have happened and have been performed In
regular and due form, time and manner as required by law; and that this
bond, together with all tither Indebtedness of the town outstanding on the
date hereof and the date of Its actual Issuance and delivery does not
exceed any constitutional or statutory limitation thereon.
IN WITNESS WWEREO x the Town of Eden Prairie, HennepJn CoLinty,
Minnesota, by Its Town Moard, has caused this bond to be executed by the
signatures of the Chairman and clerk, and sealed with the corporate seat
and the Interest coupons hereto attached to be executed and authenticated
by the facsimile signatures of said officers, all as of October M,, 1962.
Chairman of Town Bear
Ii-_ �
erk
(SEAL)
• -(Form of Coupon)
No, $
On the Ist day of January (duly), 19 , the Town of Eden Prairie,
Hennepin County., Minnesota, will pay to bearer out of Public Street Improve.
No. I Fund, the amount shown hereon for Interest then due on its Street
Improvement Bond of 1962, dated October 10, 1962, No,
k (fatcslmile signature)
Chairman of 'Pow r
(facsimile signature)
Clerk
4. The bonds shall be prepared under the direction of the Attorney and
Clerk and shalt be executed on behalf of the town by the signatures
of the Chairman abd -Clerk and the corporate seal of the town shalt be affixed
to each thereof, and the Interest coupons shall be executed and authenticated
by the printed facsimile signatures of said Chairman and !Clerk.
5. The bonds Issued hereunder shall be payable from Public Street Im.
• provement No. l fi and from proceeds of special assessments and ad
valorem taxes hereby levied. If any payment of principal of Interest on said
bonds shaA I beaeo we d#te when there Is not suf f i el ent money In said fund to pa y
the same, the Treasurer shall pay such principal or Interest from the general
fund of the town and such fund shall be reimbursed for such advances out of
proceeds of assessments for said Improvement and the taxes herelsy levied.
6,. It is hereby determined that estimated collections of special
assessments will produce $56,302.65 and Interest thereon to maturity
of the bonds. In order to provide the balance of cost and 5% for delinquency
as required by Minnesota Statutes, Section 475,61, there is hereby levied a
direct ad valorem tax upon all of the taxable property In the town In the
years and amounts as follows:
3 �
_ e
• YEAR LEVY YEAR Myy
1966 $800 1949
l967 800 i970 800
t968 800 1971 800
It Is hereby determined that such levies, if collected in full, with estimated
collections of special assessments pledged for the payment of the bonds will
produce at least five percent in excess of the amount needed to mtet, when due,
the principal and interest payments on the bonds, The Clerk shall. deliver a
certified copy of this resolution to the County Auditor of Hennepin bounty,
And obtain his certificate as required by Section 475.63, Minnesota Statutes.
The said bonds, when fully executed$ shelf be delivered by the treasurer -to
the purchaser thereof upon receipt of the purchase price; and the said purchaser~
shall not be obligated to see to the proper application thereof,
7. The officers of the town are hereby authorized and directed to
prepare and furnish to the purchaser of said bonds and to the
attorneys approving the same„ certified copies of all proceedings and records
of the town relating to said bonds and to-the financial condition and affairs
of the town, and such other certificates, affidavits and transcripts as may be
required to show the facts within their knowledge or as shown by the books
and records in their custody and control, relating to the validity and market.
aW ity of said bonds, and such instruments, including any heretofore furnished,
• shall be deemed representatta s of the town as to the facts therein stated.
• ADOPTED by the Town Board of the Town of Eden Prairie this 30th day of
October, 1962,
ha I rman, Own 935r
own XF MR ey
Clerk
•