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HomeMy WebLinkAboutResolution - 289 - A Resolution Approving SSSD Resolution and Levying a Tax in the Amount Required for the 1970 District Budget - 10/09/1969 i3 CERTIFICATION OF MINUTES RELATING TO RESOLUTION 289 Issuer: Village of Eden Prairie, Hennepin County, Minnesota Governing body: Village Council Tuesday, October 7, Kind, date, time and place of meeting: A meeting held 7 :30 p Eden Prairie Village Hall 1969, at o' clock .M. , at Members present: Mayor 0. W. Osterhol t, Councilmen Paul Redpath, Robert L ieb, Ralph Nesbitt and Rolf Haugen Members absent: None Documents attached: Minutes of said meeting (pages) : 1 ]RESOLUTION APPROVING SOUTHWEST SANITARY SEWER DISTRICT BOARD RESOLUTION AND LEVYING A TAX IN THE AMOUNT REQUIRED FOR THE 1970 DISTRICT BUDGET 1 I, the undersignc%d, being the duly gimlified and acting recording officer of the public corporation issuing the bonds referred Lo in the title of this certi- ficate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal cus- tody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said cor- poration, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITTIESS my hand officially as such recording officer this 9th day of 19 69 October Signature Edna Hol gren, Village Clerk Name and Title Village of Eden Prairie introduced the following resolution and moved its adoption: RESOLUTION APPROVING SOUTHWEST SANITARY SEWER DISTRICT BOARD RESOLUTION AND LEVYING A TAX IN THE AMOUNT RE9UIRED FOR THE 1970 DISTRICT BUDGET BE IT RESOLVED by the Council of the Village of Eden Prairie Minnesota, as follows: 1. This council has examined and considered the resolution adopted by the Southwest Sanitary Sewer District Board on September 18, 1969 entitled. "Resolution Approving 1970 Budget, providing For Debt Service And A Bond Reserve, And Requesting Member Municipalities To Levy Ad Valorem Taxes", and does hereby concur in and approve said resolution and the 1970 budget approved therein. 2. To provide moneys necessary to meet the 1970 budget of the Southwest Sanitary Sewer District, as set forth in Section 3 of said Board resolution, there is hereby levied upon all taxable property within the corporate limits of the Village of Eden Prairie a tax in the amount of $ 12,660. , which tax shall be extended upon the tax rolls prepared in 1969 and collected with other general taxes of the Village in 1970. 3. The Clerk is directed to file certified copies of this resolution with the Secretary of the Southwest Sanitary Sewer District Board and with the County Auditor of Hennepin County, and to request said Auditor to extend said tax upon the tax rolls. ; 20 Mayor Attest: Clerk The motion for the adoption of the foregoing resolution was duly seconded by Ralph Nesbittand upon vote being taken thereon, the following voted in favor thereof: D. W. Osterholt, Paul Redpath, Robert Lieb, Ralph Nesbitt and Rolf Haugen. and the following voted against the same: none whereupon said resolution was declared duly passed and adopted. Extract. of Minutes of Meeting Southwest Sanitary Sewer District Board September 18, 1969 A special meeting of the Southwest Sanitary Sewer District Board, Minnesota, was duly held at the Village Hall in the Village of Eden Prairie on Thursday, September 18, 1969, at 5:00 P.M. The members present were as follows: Municipality Name of Member Present or Absent Chanhassen Eugene Coulter Present Minnetonka William 0. Cooley Present Eden Prairie George C. Hite Present Deephaven C. W. Britzius Present Prior Lake WillAam Schmokel Present Eagle Creek Eugene M. Simpkins Present Mr. Hite introduced the following resolution and moved its adoption: RESOLUTION APPROVING 1970 BUDGET, PROVIDING FOR DEBT SERVICE AND A BOND RESERVE, AND REQUESTING MEMBER MUNICIPALITIES TO LEVY AD VALOREM TAXES The motion for the adoption of the resolution was duly seconded by I-lr. Simpkins , and upon vote being taken thereon, Messrs. Cooley, Bri tzius, Coulter, Hite Schmokel , and Simpkins voted in Favor thereof, and voted against the same, whereupon said resolution was declared duly passed and adopted, subject to the concurrence and agreement of the Councils of all Municipalities referred to therein, and the Secretary of the Board of Directors to transmit certified copies of the resolution to each of said Councils as therein provided aird to report to the Board when concurring and approving resolutions have been adopted and filed with the Secretary by all of the said Councils. STATE OF MINNESOTA) )SS. COUNTY OF liENNEPIN) I, the undersigned, being the duly qualified and acting Secretary of Southwest Sanitary Sewer District Board, Minnesota, hereby attest and certify I that (1) as such officer, I have the legal custody of the original record from which the attached and foregoing extract was transcribed; I (2) I have carefully compared said extract with said original record; (3) I find said extract to be a true, correct asd complete transcript from the original minutes of a meeting of said Board of said District held on the Phases I and II of the District's Sewage Treatment Plant and Interceptor System and the adoption of the District's budget for 1970; and (4) said meeting was duly held, pursuant to call and notice thereof as required by law. WITNESS my hand officially as such Secretary this 18th day of September, 1969. rs �r Secretary. RESOLUTION APPROVING 1970 BUDGET, PROVIDING FOR DEBT SERVICE AND A BOND RESERVE, AND REQUESTING MEMBER MUNICIPALITIES TO LEVY AD VALOREM TAXES BE IT RESOLVED by the Southwest Sanitary Sewer District Board as follows: Section 1. Approval Of 1970 Budget. The budget committee appointed by this Board has prepared and submitted to it a proposed budget for the period com- mencing August 14, 1969 and ending on December 31, 1970, including all receipts and expenditures of the District during that period. A copy of the proposed budget is attached hereto and made a part hereof. This Board hereby approves the proposed budget and recommends that the governing body of each of the municipalities which is a member of the District- approve the budget as approved by this Board. Section 2. Provision For Debt Service And Bond Reserve. Under the terms of the resolution adopted by this Board on August 22, 1968 entitled "Resolution Requesting And Recommending The Financing Of Phases I And II Of The Southwest Sanitary Sewer District Treatment Plant And Interceptor System," and the 1 terms of the resolution adopted by this Board on May 5, 1969, entitled "Resolution Requesting And Establishing The Terms Of Additional Financing Of Phases I And II Of The louthwest Sanitary Sewer District Sewage Treatment Plant And Interceptor System," the Member Municipalities were requested to provide the sum of $15,750,000 for credit to the capital construction fund of the District by issuance of their general obligation bonds in the amounts set forth below: Municipality Amount Minnetonka $9,810,000 Eden Prairie $2,380,000 Deephaven $1,410,000 Prior Lake $ 250,000 Eagle Creek $ 870,000 Chanhassen $1,030,000 All of such bonds have been issued except that Eagle Creek has issued bonds in the amount of only $375,000. Each of the municipalities has issued additional bonds as part of each series of bonds issued by it to provide the sums requested for the Construction Fund. The amounts of such additional bonds and the proceeds therecf made available to the District are as follows: Additional Municipality Bonds Proceeds Minnetonka $120,000 $8,439.00 Eden Prairie 45,000 7. 50 Deephaven 18,000 698.48 Prior Lake 5,000 2,582.60 Eagle Creek 7,000 124.00 Chanhassen 30,000 9,224.00 The proceeds of such additional bonds, if any, have been used for construction or to pay principal of and interest on bonds issued by the Member Municipalities. The amount of principal and interest due on October 1, 1969 on the South-- west Sanitary Sewer District Bonds issued by each Member Municipality, the paying agent's charges on such bonds, the unused discount and accrued interest received from the purchaser thereof and available to the municipality for the payment of debt service, and the amount required to be paid by the Board to each municipality to pay such principal and interest on October 1, are as follows: Amount Principal Paying Unused Discount, To Be Paid Municipality and Interest Agent's Charge Accrued Interest By Board Minnetonka $215,920.00 $128. 55 $27,000. 67 $189,047.88 Eden Prairie 26,437.50 66.09 4,406. 31 22,097. 28 Deephaven 26,207.00 65.52 4,105.69 22,166.83 Eagle Creek 17,757. 50 41.89 -0- 17,799. 39 The Treasurer is hereby authorized and directed to pay to the treasurer of each municipality from the Debt Service Fund of the District the amount shown in the right hand column above. The Treasurer shall transfer the sum of $62,111. 38 from the Reserve Fund to the Debt Service Fund, which amount together with the $189,000 balance on hand in the Debt Service Fund shall be used to make such payments. -2- Under the terms of said resolutions and the resolutions adopted by the Member Municipalities authorizing the issuance of the Southwest Sanitary Sewer District Bonds , this Board is required to maintain a balance in the Reserve Fund of the District equal to the maximum amount of principal and interest comirs due on such bonds in any year, or $1,289,600. The blaance on hand in the Reserve Fund after the transfer authorized in the preceding paragraph will be $389,106.47, and the Treasurer is hereby authorized and directed to transfer from the Construction Fund to the Reserve Fund the sum of $900,493. 53 in order to increase the balance on hand in the Reserve Fund to $1,289,000. The amount of principal and interest to come due in 1970 on all Southwest Sanitary Sewer District Bonds issued by the Member Municipalities is $451,669. 18 on April 1 and $465,260 on October 1. On or before March 20 and September 20, 1970, respectively, the Treasurer shall transfer co the Debt Service Fund from the Reserve Fund such amount as may be necessary to increase the balance in the Debt Service Fund on such date to an amount equal to the principal and interest and paying agent's charges coming due on April 1 or October 1, respect iv-ly, less the amounts of unused discount and accrued interest retained by the Member Municipalities and available for payment of debt service. The deficiency in the Reserve Fund created by such transfers shall immediately be eliminated by the transfer of funds to the Reserve Fund from the Construction Fund, and unt:-1 September 20, 1970 the amount in the Construction Fund shall not be reduced to an amount less than they principal and interest and paying agent 's charges to come due on October 1 on all Southwest Sanitary Sewer District Bonds issued by the Member Municipalities. All transfers from the Construction Fund to the Reserve Fund pursuant to this resolution are hereby determined to be authorized by Section 3 of said resolu- tion adopted August 22, 1968. -3- Section 3. Requesting, Tax Levy. Under the 1970 Budget approved in paragraph 1, it will be necessary for the "Member ;Municipalities to raise the sum of $72,030 by the levy of ad valorem taxes. The amount of taxes to be raised by each Member Municipality as determined by the relative assessed value of taxable property in each , as last finally equalized in 1963 and set forth in said resolution_ dated May 5, 1969, is as follows : Amount to Total 1969-70 Municipality be Raised 5% Allowance Tax Lever_ Minnetonka $45,198.33 $2,259. 94 $47,458. 77 Eden Prairie 10,898. 14 544. 90 11,443.04 Deephaven 6,446. 69 322. 33 6,769.02 Prior Lake 806. 73 40. 33 847.06 Eagle Creek 3,976.06 198.30 4,174.86 Chanhassen 4,703. 56 235. 17 4,938. 73 Each Member Municipality is requested to certify on or before October 10, 1969 to the County Auditor of the County or Counties in which the municipality is located, for collection in 1970, a tax in the amount shown in the right hand column opposite the name of the municip--'_ity. In addition, the Village of Chanhassen, which became a member of the Southwest Sanitary Sewer District on November 4, 1968, is requested to certify the additional amount of $29,236 for collection in 1969. Such additional tax is required to be levied and is computed in accordance with Section 3 of said resolution dated August 22, 1968. The levies first set forth, when received by the Treasurer, shall be deposited in the Operating Fund. The additional levy, when received from Chanhassen, shall be deposited in the Reserve Fund. Dated September IF , 1969. SOUTHWEST SAN-I-TARY SEWER DISTRICT BOARD Chairman -4- A { The foregoing resolution, consisting of four (4) consecutively numbered pages , is certified to be a full, true and correct copy of a resolution entitled 'RESOLUTION] APPROVING 1970 BUDGET, PROVIDING FOR DEBT SERVICE AND A BOND RESERVE AND REOU'ESTING MEMBER MUNICIPALITIES TO LEVY AD VALOREM TAXES" , adopted at a meeting of the Southwest Sanitary Sewer District Board duly called and held on the date therein indicated, at which all members of said Board were present, upon motion duly made and seconded and carried by the approving vote of a majority of the members. Dated September 18, 1969. Secretaey Southwest Sanitary Sewer blstrict Board -S-