HomeMy WebLinkAbout1947/08/25 - ADMIN - Minutes - City Council - Regular C August 18, 1947
Meeting Adjourned
The meeting was adjourned by President Erickson at 9:25 P. M.
President of the Village Council
ATTEST:
if VAIpppr
•
JOS2' JUSTAD
Virage Clerk
SPECIAL MEETING - AUGUST 25, 1947
A meeting of the Village Council was called to order by President Erickson
at 8:15 P. M. with the following Councilmen present at roll call:
Trustee Bolmgren Trustee Jorvig
Trustee Perkins Clerk Justad
President Erickson
Verified Claims
On motion of Trustee Bolmgren, seconded by Trustee Perkins, the following
verified claims were approved, and4the President and Clerk were authorized to
issue warrants for same by unanimous vote of Councilmen present, by roll call:
Trustee Bolmgren, Yea; Trustee Jorvig, Yea; Trustee Perkins, Yea; Clerk Justad,
Yea; President Erickson, Yea:
Helen L. Bradley, DBA Suburban
Sanitary-Drayage Company 3,003.00 Copper's Market // 51.88
J. V. Gleason 334.99 58.13
Landers, Norblom,Christenson 475.57 " '' 50.15
Lyon Chemical, Inc. 80.00 City Treasurer, Mpls. 921.20
N. S. Power Company 1.06 Panther Oil & Grease Mfg. 54.05
Pockrandt Lumber & Fuel Co. 4.50 Republic Creosoting Co. 1,068.15
Standard Oil Co. 46.20 A. W. Wylie 1,000.00
Complaints/Rezoning
A discussion was had with a group of residents in the neighborhood of
Minnetonka Boulevard and Brunswick Avenue with regard to the petition of Adolph
Fine 'for the rezoning of Lots 1 to 11, Block 3, Adolph Fine Addition, from
Residential Use to Multiple Dwelling Use. All present were opposed to any
change in the zoning of this property. The question was asked if this matter
could be closed forever, and President Erickson explained that a taxpayer could
bring in a petition as often as he desired.
Bids/Record Cards for Voter Registration
Bids were received on Record Cards for Voter Registration as advertised
in the St. Louis Park Dispatch, as follows:
American Printing Company ' $201.55
Miller-Davis Company $216.50
The Park Press $162.05
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the above
bids were referred to the Clerk for checking and recommendation, by unanimous
vote of the Council.
Hearing Date Set/Rezoning
On motion of Trustee Perkins, seconded by Trustee Jorvig, September 15,
1947 was set as the date for hearing on request of A. W. Lgmpe for the rezoning
of that part of Lot 1, Block 10, Brookside Addition lying North of the South
122 feet thereof from "C" Density to "D" Density District. Motion was passed by
unanimous vote of the Council.
Bid Awarded/Grading
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the bid of
Terry Excavating Company for grading certain streets named in advertisement for
bids in the St. Louis Park Dispatch was determined the lowest bid of a respon-
sible bidder - 38,905.06; and the President and Clerk were directed to enter
August 25, 1947
491
Bid Awarded/Grading, Cont'd.
into a contract with Terry Excavating Company in behalf of the Village on forms
approved by the Village Attorney. Motion was passed by unanimous vote of the
Council,
Water Restrictions Lifted
On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the lawn
sprinkling restrictions were lifted, and the Water Department instructed to
send a notice to all water users, by unanimous vote of the Council.
Council Meeting Changed
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the regular
meeting of the Village Council scheduled to September 1, 1947 was reset to
Tuesday, September 2, 1947, due to September 1st being Labor Day. Motion was
passed by unanimous vote of the Council.
Remove Obstruction/Burd Place
On motion of Trustee Jorvig, seconded by Trustee Perkins, the Village
Attorney was instructed to commence appropriate proceedings in behalf of the
Village to remove obstruction at the South end of Burd Place, by unanimous vote
of the Council.
License/Plumbing
On motion of Trustee Jorvig, seconded by Trustee Bolmgren, the application
of Bernard A. Kirckhof for 1947 license to do plumbing work was approved, and
the_ President and Clerk were authorized to issue license to expire December 31,
1947, by unanimous vote of the Council/
Permission to Place Poles
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the applica-
tion of Northern States Power Company for permission to place five (5) poles
on Rhode Island Avenue between Lake Street and Railroad (Estimate 81494), was
approved by unanimous vote of the Council.
Drive-In Approved
On motion of Trustee Bolmgren, seconded by Trustee Perkins, the application
of K. F. Riley for a permit to build a Drive-In on Lots 7 and 8, Block 4, Mini-
kanda Vista Second Addition,was approved as per plans dated August 9, 1947, and
the Building Inspector was authorized to issue permit for building, by unanimous
vote of the Council.
The American Municipal Association
On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the Village
Engineer, 2 members of the Council and 2 members of the Planning Commission were
authorized to attend the Annual Conference of The American Municipal Association
at New Orleans, November 2 through November 6, 1947 with expenses paid. Motion
was passed by unanimous vote of the Council.
License Bonds
On motion of Trustee Bolmgren and seconded by Trustee Perkins, the follow-
ing license bonds were approved by unanimous vote of the Council:
HEATING BOND, with John H. Kop, DBA
Mill City Furnace Company as principal,
and ;^Testern Surety Company as surety,
dated May 19, 1947, in the amount of
$1,000.00.
HEATING BOND with D. E. McVicker, DBA
McVicker Sales & Service Company as
principal, and Hartford Accident and
Indemnity Company as surety, dated
August 22, 1947, in the amount of
$1,000.00.
SEWER BOND with Bernard A. Kirckhof as
principal, and The Travelers Indemnity
Company, as surety, dated August 20,
1947, in the amount of $2,000.00.
WATER MAIN BOND with Bernard A. Kirckhof as
principal, and the Travelers Indemnity Co.
as surety, dated August 20, 1947, in the
amount of $2,000.00.
Power Mower Purchase Authorized"
As no bids were received pursuant to advertisement for power mower,
492 August 25, 1947
Power Mower, Continued
the following action was taken. On motion of Trustee Jorvig, seconded by
Trustee Bolmgren, the Park Board was authorized to purchase a power mower from
Toro Manufacturing Company at $306.00, by unanimous vote of the Council:
Trustee Jorvig
Trustee Jorvig left the meeting at this time - 9:30 P. M.
Quit .Claim Deed Accepted
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the Quit Claim
Deed dated August 18, 1947 from A. G.' Bogen Company for street purposes as
follows was accepted and ordered recorded, by unanimous vote of Councilmen pres-
ent: ' Ill
Easement for right of way- for roadway purposes over
a strip sixty (60) feet wide adjacent to and parallel
with the Northerly line of the Great Northern Rail-
way right of way and across the Southerly portion of
the East Twelve Hundred (E12OO) feet of the Nest Six-
teen Hundred Thirty-five (W1635) feet and also over a
strip Eighty (80) feet wide adjacent to and parallel
with the Northerly line of said railroad right of way
and across the Southerly portion of the East One Hun-
dred Twenty (E12O) feet of the West Seventeen Hundred
Fifty-five (W1755) feet, both of that part of the
South One-half (Si) of the Southwest One Quarter (Scia)
of Section Seven (7), Township One Hundred Seventeen
(117), Range Twenty-one (21), lying North of the Great
Northern Railway right of way, according to the govern-
ment survey thereof; said easement having been hereto-
fore reserved unto party of the first part by deeds of
conveyance filed in the office of the Registrar of
Titles in and for Hennepin County as Documents numbered
as follows:
Document No. 167966
Document No. 183373
Document No. 186760
Document No. 203170
Document No. 197406
Document No. 200061
Document No. 175673
Document No. 196026
Document No. 231852
Addenda -to Proposal Form
Sewer District No. 2B -
On motion of Trustee Perkins, seconded by Trustee Bolmgren, the following
addenda to proposal form for Sewer District No. 2B was adopted by unanimous vote
of Councilmen present:
The following sentence is to be added to Page 3 of the Proposal Form:
ALTERNATE PROPOSAL - If the following sentence is eliminated from the para-
graph entitled "Back Filling and Grading" of the Detailed Sewer Specifications
and the Contractor is _relieved of the obligation imposed thereby:
"Where paved, or surfaced streets, alleys, driveways or
walks are removed or disturbed, the portions so disturbed
shall be rebuilt of new materials at the cost and expense
of the Contractor."
Deduct from the foregoing contract price the sum of $$ •
Ordinance No. 276
On motion of Trustee Bolmgren, seconded by Trustee Perkins, the following
Ordinance was passed by unanimous vote of Councilmen present:
ORDINANCE NO. 276
AN ORDINANCE EXTENDING THE
PROVISIONS OF ORDINANCE NO. L GRANTING
A FRANCHISE TO THE MINNEAPOLIS GAS LIGHT
COMPANY -
The Village Council of the Village of St. Louis Park do ordain as follows:
1
PAGE 493
1948 - $23,500.00
1949 - $24,000.00
195o - $24,500.00
1951 - $25,000.00
1952 - $25,500.00
1953 - 126,000.00
1954 - $26,500.00
1955 - $27,000.00
1956 - $27,500.00
1957 - $28,000.00
1958 - $28,500.00
1959 - $28,500.00
1960 - $28,500.00
1961 - $28,500.00
1962 - $28,500.00
11
, �'! 1963 - $28,500.00
J 1964 - $28,500.00
1965 - $28,500.00
1966 - $28,500.00
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August 25, 1947 493
Ordinance No. 276, Continued
Section 1. The provisions of Ordinance L entitled "An Ordinance Granting
to the City of Minneapolis Gas Light Company, Its Successors and Assigns, the
Right to Manufacture, Sell and/or Distribute Gas for Heating, Illuminating, and
other Purposes in the Village of St. Louis Park, and to Use the Streets, Avenues
and Alleys thereof for that Purpose", adopted by the Village Council, August 6,
1927, are hereby extended and made effective for a period to, and including,
October 6, 1947; provided, that the Minneapolis Gas Light Company accept the
provisions of this Ordinance by letter filed'with the Village Clerk within ten
days from the date of adoption of,this Ordinance.
Resolution
On motion of Trustee Bolmgren, seconded by Trustee Perkins, the following
resolution was adopted by unanimous vote of all members of the Council present
as follows: President Erickson, yea; Clerk Justad, Yea; Trustee Perkins, Yea;
Trustee Jorvig, Yea; Trustee Bolmgren, Yea:
RESOLUTION FOR ISSUANCE OF WATER SUPPLY SYSTEM
REVENUE BONDS
WHEREAS, the Village Counci. has determined that it is necessary in order
to secure a sufficient and adequate water supply system for the inhabitants of
- the Village of St. Louis Park to make improvements to the water supply system of
the Village including completion pf Well No. 4, construction of Wells Nos. 5
and 6, pumps and equipment for operation thereof, storage tanks, mains, hydrants,
apparatus for softening water and land and buildings for housing same incidental
or necessary equipment in connection therewith, all at an estimated cost of
approximately One Hundred Forty Thousand Dollars ($140,000.00), and
WHEREAS, the Village has heretofore on the 15th day of January, 1946,
issued its Water Supply System Revenue Bonds in the aggregate sum of $100,000.00
(hereinafter referred to as "January 15, 1946 Series") and is authorized by the
provisions of the resolution,of the Village Council of December 18, 1945, pro-
viding for the issuance thereof, to issue additional Water Supply System Revenue
bonds of like tenor which will be a first lien on the net revenues of the Village
Water Supply System on a parity with the bonds issued pursuant to said resolu-
tion of December 18, 1945, provided that the aggregate amount of principal and
interest maturing in any calendar year of all such bonds issued will not exceed
two-thirds of the net revenues of the said system for such calendar year as
officially estimated by the Village Engineer, and
WHEREAS, the Village Engineer has officially estimated the net revenues
of the Village Water Supply System for the calendar years hereinafter specified
to be at least the sums hereinafter respectively set forth:
1948 - $22,500.00
1949 - $23,000.00 _
1950 - $23,500.00
1951 - $24,000.00
1952 - $24,500.00
1953 - $25,000.00
1954 - $25,500.00
1955 - $26,000.00
1956 - $26,500.00
1957 - $27,000.00
1958 - $27,500.00
1959 - $27,500.00
1960 - $27,500.00
1961 - $27,500.00
1962 - $27,500.00
1963 - $27,500.00
1964 - $27,500.00
1965 - $27,500.00
1966 - $27,500.00
therefore,
BE IT RESOLVED by the Village Council of the Village of St. Louis Park
that it is necessary and expedient to issue revenue bonds of said Village as
hereinafter described in the sum of $140,000.00 for the purpose of paying for the
improvements to the Village water supply system above described, said bonds being
hereinafter sometimes referred to as "October 1, 1947 Series", and
BE IT FURTHER RESOLVED that the said Village shall issue its water supply
system revenue bonds in the aggregate principal amount of $140,000.00, said issue
to consist of 140 bonds numbered 101 to 140, both inclusive, each in denominations
494 August 25, 1947
Resolution/Revenue Bonds, Cont'd.
of $1,000.00 dated the first day of October, 1947, bearing interest at a
rate not to exceed three per cent (3%) per annum payable semi-annually on
the 1st day of October and the 1st day of April in each year and maturing
serially as follows:
October 1, 1948 - $ 8,000.00 thereof
October 1, 1949 - 8,000.00 "
October 1, 1950 - 9,000.00 "
October 1, 1951 - 10,000.00 "
October 1, 1953 - 2,000.00 "
October 1, 1954 - 2,000.00 "
October 1, 1955 - 2,000.00 "
October 1, 1956 - 2,000.00 '!
October 1, 1957 - 3,000.00 1
October 1, 1958 - 4,000.00 "
October 1, 1959 - 5,000.00 "
October 1, 199 - 5,000.00 "
October 1, 1961 - 5,000.00 !!
October 1, 1962 - 15,000.00 "
October 1, 1963 - 15,000.00 '!
October 1, 1964 - 15,000.00 "
October 1, 1965 - 15,000.00 "
October 1, 1966• - 15,000.00 "
BE IT FURTHER RESOLVED that the aggregate amount of principal of said
bonds and interest maturing thereon in any calendar year as above specified
when added to the- aggregate amount of principal and interest of water supply
system revenue bonds, January 15, 1946 Series, will not exceed two-thirds of
the net earnings of the water supply system for such calendar year as official-
ly estimated by the Village Engineer.
be
BE IT FURTHER RESOLVED that said bonds shall/in substantially the
following form:
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF ST. LOUIS PARK
WATER SUPPLY SYSTEM REVENUE BOND
October 1, 1947
Series
No. $1,000.00
The Village Treasurer of-the Village of St. Louis Park, Hennepin
County, Minnesota, for value received will pay to the bearer out of the
Sinking Fund Account of the Water 'Revenue Fund of said Village on the 1st
day of October, 1948, the sum of $1,000.00 and will pay interest thereon
from the date hereof until this bond is paid at the rate of per
cent per annum, payable semi-annually on the 1st day of October and the
1st day of April in each year in accordance with and upon presentation and
surrender of the interest coupons hereto attached, as they severally be-
come due. Both principal and interest are payable at the Northwestern
1111
National Bank of Minneapolis, Minneapolis, Minnesota, in any coint or cur-
rency of the United States of America which on the date of payment is legal
tender for public and private debts.
This bond is one of an issue of $140,000.00 Water Supply System Revenue
Bonds of like date and tenor, except as to maturity, all issued by said Vil-
lage for the purpose of financing:purchase and construction of wells, tanks,
pumps, pump houses, equipment for operation thereof and water mains to be
used as a part of the public water supply system of said Village and is issued
pursuant to and in strict conformity with the constitution and laws of the
State of Minnesota and ordinances and resolutions of said Village thereunto
enabling. Principal of and interest on each and all of said bonds are
payable solely out of the net revenues to be derived from operation of said
system and this bond does not constitute a debt of the Village within the
meaning of any constitutional or statutory limitation, and the taxing powers
of the Village are not pledged for payment of such principal and interest.
Bonds of this series which mature after October 1, 1957, shall be
subject to redemption by the Village prior to maturity October 1, 1957, and
on any interest payment date thereafter at par and accrued interest. Notice
r:
August 25, 1947 495
Resolution/Revenue Bonds, Conttd.
of such redemption shall be given by the Village to said Northwestern National
Bank of Minneapolis, at least thirty days prior to said redemption.
It is hereby certified and recited that all acts, conditions, and things
required by the Constitution and laws of the State of Minnesota and ordinances
and resolutions of said Village to be done, to happen, to exist and to be performed
precedent to and in the issuance of this bond, to have been done, have happened,
do exist and have been performed in due -form, time and manner as so required; that
there is an existing public water supply system in said Village and that the pro-
ceeds of the sale of these bonds will be used for authorized improvements thereof;
that the Village has duly established a Special Water Revenue Fund, into which all
revenues derived from the operation of said system will be paid, and a Sinking
Fund account therein; that the Village has duly ordained and established and will
maintain a schedule of rates and charges for services and facilities provided by
said system and will apply the same in such manner and amounts as will pay net
revenues into the said Sinking Fund Account sufficient to meet all payments of
principal and interest on said bond9, falling due within the ensuing twelve month
period, and to create and maintain a reserve for such purpose in amounts which
shall be not less than the principal and interest to fall due_ within one year next
ensuing; that said bonds together with said January 15, 1946 Series Bonds do and
will at all times constitute a first lien and charge upon the net revenues of said
system and of any additions thereto, which will be applied first in payment of
interest as it falls due on all of said bonds without preference of one bond over
' another, and second in payment of principal as it falls due on said bonds of
serial number thereof; provided that additional revenue bonds which will likewise
be a first lien upon the net revenues of said system may be issued provided that
the average net earnings of the Village Water Supply System for the, two calendar
years preceding issuance of any such additional bonds shall be not less than one
and one-quarter times the aggregate amount required to pay principal and interest
on such additional bonds in any calendar year when added to the aggregate amount
of principal and interest of revenue bonds then outstanding; all as is more fully
set forth in the ordinances and resolutions adopted in relation to said bonds to
which reference is hereby made for further details and for other covenants in
respect thereto.
IN WITNESS WHEREOF the Village of St. Louis Park, Hennepin County, Minne-
sota, by its Village Council has caused this bond to be executed in its behalf
by the signature of the President of the Village Council, countersigned by the
Treasurer, attested by the Clerk and its corporate seal to be affixed and has
caused the interest coupons attached to be executed and authenticated by the
facsimile signatures of the President and Clerk, all. as of October 1, 1947.
COUNTERSIGNED:
President of the Village Council
of the Village of St. Louis Park
Village Treasurer
ATTEST:
Village Clerk
FORM OF COUPON
No. °v� •
On the 1st day of October, 1948, the Village of St. Louis Park,
Hennepin County, Minnesota, will pay to the bearer
at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, out of
the Sinking Fund account of the Water Revenue Fund of said Village, fort interest
then due on its Water Supply System Revenue Bond dated October 1, 1947,
No.
(Facsimile signature)
President of the Village Countil
ATTEST:
(Facsimile signature)
Village Clerk
BE IT FURTHER RESOLVED that said bonds shall be payable only out of the
net revenues of the Water Supply System of said Village as computed by deducting
from the gross cash receipts of the Village for the use of water from the Village
496 August 25, 1947
Resolution/Revenue Bonds, Cont'd.
water supply system the following:
A. The cost incurred for the purchase of water during any emergency
whereby the sources owned by the Village become inadequate.
B. Ordinary operating expenses of the water system, including with-
out limitation on the generality thereof, the following; salaries,
fees, cost of pumping, water treatment, maintenance, insurance
and repairs, but not including the cost of extension of mains or
other capital improvements.
C. Taxes, if any, legally imposed and collected by any other govern-
mental authority on the property of the said system, the income
derived therefrom, or the sales of water therefrom.
D. Such reasonable sum as shall be required to maintain a cash reserve
for operating expense.
BE IT FURTHER RESOLVED that such net revenues shall be segregated by the
Village Treasurer and there shall be set apart from such net revenues and trans-
ferred each month to a Sinking Fund Account which is hereby created, a sum not
less than one-twelfth of the amount which will be required to pay the principal
and interest of the bonds issued pursuant to this resolution within twelve months
next ensuing.
Forty percent of any surplus net revenues remaining after the transfer of
required net revenues to sinking fund accounts for payment of interest and prin-
cipal of outstanding Water Supply System Revenue Bonds of the Village shall be
transferred to a Bond Reserve Account which shall be used for no purpose other
than to pay principal and interest on Water Supply System Revenue Bonds issued
hereunder at such times as there shall be insufficient funds in the sinking fund
account for this purpose, and the moneys in this fund shall be accumulated until
there shall be held therein an amount equal to principal and interest requirements
of bonds issued hereunder for each calendar year next ensuing. , In the event
that the Bond Reserve Fund shall be thereafter depleted by payment of principal
and interest on such bonds, such fund shall be restored by payments equal to
forty per cent of net revenues in excess of the amount required to be paid into
respective Sinking Funds for the Revenue Bonds herein described and authorized,
until such Reserve Fund Account shall have been restored to the full reserve re-
quirement hereinfebore specified. Any balance of the net revenue over and
above those herein required to be paid into the Bond Reserve Fund and Sinking
Funds may be retained in the general water fund, and used for such purpose as the
Village Council shall direct.
BE IT FURTHER RESOLVED that until all principal and interest due on said
bonds shall have been paid in full the Village hereby covenants and agrees with
the purchasers and holders from time to time of said bonds as follows:
a. That is will use the proceedsaof sale of said bonds for paying the
cost of purchase or construction of wells, pumps and equipment for
operation thereof, water softening apparatus, storage tanks, water
mains, hydrants and lands and buildings for housing same and incident-
al or necessary equipment in connection therewith, which are or upon
acquisition or construction thereof will be a part of the public
water supply system of said Village.
b. That it will maintain said public water supply system in good condition
and will continuously operate said system as a public convenience and
utility, .and will not sell, lease or in any manner dispose of said
system or any part thereof.
c. That the Village will at all times maintain, impose and collect rates
. and charges for all services and facilities provided by said system,
such that the collections thereof will at all times be sufficient to
pay all costs and expenses of operating and maintaining said system and
to produce in addition thereto net revenues sufficient to pay all prin-
cipal of and interest on said bonds as such principal and interest become
due, and to create as soon as may be, and thereafter to maintain, a
reserve in the Sinkilig Fund account at least equal to the amount of '
principal and interest to fall, due within the calendar year next ensuing
on the bonds from time to time outstanding.
d. That the bonds issued pursuant to this resolutionjtogether with said
January 15, 1946 Series Revenue Bonds,\shall at all times constitute a
August 25, 1947 497
Resolution/Revenue Bonds, Cont'd.
first lien and charge on all said net revenues of said system without preference
of one bond over another; provided that additional bonds of like tenor which will
likewise be a first lien upon said net revenues of said system and share therein
on a parity with the bonds issued hereunder may be issued hereafter provided that
the average net earnings of the Village Water Supply System for the two calendar
years preceding issuance of any such additional bonds shall be not less than one
and one-quarter times the aggregate amount required to pay principal and interest
on such additional bonds in any calendar year when added to the aggregate amount
of principal and interest of revenue bonds then outstanding. Except as herein
provided the Village 'will not issue any other bonds which will be payable out of
the revenues of the said water supply system and constitute a lien or charge
thereon unless said bonds are subject to the lien and charge of all bonds issued
hereunder; provided, that if the principal of any bond issued hereunder shall
become due when there is no money in the special fund herein provided for the pay-
ment thereof, such bonds may be refunded or the time of payment thereof may be
extended, and' such extended or refunded bonds shall share on a parity with bonds
issued hereunder.
e. That the Village will at all times keep all property used in connection
with said system excepting wells, water mains and hydrants, insured against loss
or damage by causes customarily insured against for like properties in reasonable
amounts and adequate to protect the Village and the holders of said bonds and will
use the proceeds of any and all such insurance policies to repair or restore any
insured damage to said system, or to pay and retire the outstanding bonds.
f. That it will keep proper books of record and account showing all financial
transactions relating to said system and its operation, maintenance and financing,
which shall at all reasonable times be open for inspection and copying by the
holder of any of said bonds or his agent or attorney, and will provide for an
annual audit of said books and accounts by the public examiner of the State of
Minnesota or a certified public accountant. The Village will furnish the holder
transcripts of any of said records or audits on payment of a reasonable fee.
g. That in the event of any default in payment of any of said bonds the
holders hereof from time to time shall have the rights, remedies, privileges
granted by law for enforcement of their rights or the collection of said bonds.
h. That it will cause all persons handling moneys received from the said water
supply system to be bonded in reasonable amounts for the protection of the Village
and the holders of the bonds.
BE IT FURTHER RESOLVED that the Village Council shall reserve the right
to prepay and redeem any bond of this issue maturing thereafter on October 1, 1957
and any interest payment date thereafter at par and accrued interest. Whenever
any balance of net revenues remains in the general water fund over and above those
herein required to be paid into the bond reserve account and sinking fund account,
all or any part thereof may be used to pay and redeem bonds issued hereunder,
provided that nothing herein shall prevent the Village from providing other funds
outside of revenues of the water plant for redemption of bonds nor in event of
redemption of a1l-revenuelbonds then outstanding, using all money in the water fund,
including the sinking fund account and bond reserve account. Notive of redemp-
tion shall be given by the Village to the Northwestern National Bank of Minneapolis
at least thirty (30) days prior to the date of said redemption.
BE IT FURTHER RESOLVED that the Clerk be hereby authorized and directed
to advertise for bids for purchase of said revenue bonds, said bids to be opened
by the Village Council at its meeting to be held September 15, 1947.
BE IT FURTHER RESOLVED that the Clerk and Treasurer are hereby authorized
and directed to prepare and furnish to Messrs. Dorsey, Colman, Barker, Scott and
Barber as attorneys for the purchasers of said bonds, certified copies of all
proceedings or records relating to said bids and to the financial affairs of said
Village and such certified copies and certificates shall be deemed to be rep-
resentations of the Village as to all facts stated therein.
Meeting Adjourned
The meeting was adjourned by President Erickson at 10:15 P. M.
ATTEST: President of the Village Council
SEPH UST , Village Clerk
498
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