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HomeMy WebLinkAbout1952/02/18 - ADMIN - Minutes - City Council - Regular186. February 18, 1952 REGULAR MEETING FEBRUARY 18, 1952 A regular meeting was called to -order by Mayor C. L. Hurd. Invocation was given by Clerk Joseph Justad. The following Council Members were present at roll call: Trustee Bolmgren Trustee Middleton Clerk Justad Mayor Hurd Verified Claims On motion of Trustee Bolmgren, seconded by Trustee Middleton, the follow- ing claims were approved, and the Mayor and Clerk were authorized to issue warrants covering same, by unanimous vote of all Members of the Council present, by roll call as follows: Trustee Bolmgren., yea; Trustee Middleton, yea; Clerk Justad, yea; Mayor Hurd, yea. American Linen Supply Co. 11.90 Bailey Meter Co. 3.80 Baldwin Supply Company 83.17 Behning Hardware 2:40 Belt Line Shell 1.30 A. B. Bjornson 3.15 Boyer & Gilfillan Motor Co. 26.83 Cities Service Oil Co. 28.08 If 11 if " 58.18 Coast to Coast Stores 3.92 Cronstrom's Heating & Sheet Metal if " it If .66 Company 11.56 Crown Signals, Incorporated 1.81 Dahlberg Brothers, Inc. 2.73 H. W. Darby, M. D. 66.00 Firestone Stores 16.90 " it it if if 30.00 Hobart Brothers, Inc. 11.66 John N. Jessing Paint and Just's Grocery 35.05 Wallpaper Company 36.13 Joseph Justad 46.40 it it it rr 7.25 Wm. H. Mc Coy 199.44 Miller -Davis Company 158.40 It It n 87,03 n n it 6.60 Minikanda Hardware 19.05 " " " 20.55 Minneapolis Iron Store 137.89 " " " 11.00 n n it 16.35 n n n 8,50 It n n 31.09 rr n n 17.85 if rr rr 8.37 rr rr rr 42.00 Minn. Fire Extinguisher Co. 3.75 " " " 27.35 E. T. Montgomery 7.5,0 Motor Cargo, Inc. 4.39 " if " 7.50 Motorola, Incorporated 1,644.20 n n It 16.50 n n 495.00 n n Is 7.50 it n 763.05 rr n It 10.00 Tom Motzko 4.50 National Institute of Municipal. W. S. Nott Company 14.31 " Law -Officers. 57.50 Panther Oil & Grease Mfg. Co. 106.70 Park Press 22.80 Abbey Rents 48.00 rr rr 17.40 H. A. Rogers Company 2.50 It it 4.20 Mrs. C. T. Skanse 1.00 R. C. Soens & Son, Inc. 19.35 Standard Oil Company 15.20 St. Louis Park Dispatch 34.20 " " " 15.10 if n If if z7.90 n n rr 15.20 Twin City Branch, White Motor if " " 15.20 Company 51.60 Warner Hardware Co. 18.61 Waterous Company 19.25 " If If 9.80 Zephyr Oil Company 1.70 " if " 14.70 if n rr 4.55 Trustee Jorvig arrives for the meeting at this time - 9:25 P.N. Bids for Sale of Land _ As advertised in the St. Louis Park Dispatch February 7, 1952, sealed bids were received from the followin� bidders for the purchase of the following described property --- That part of the West 1/8 of the NE4 of the SWC lying north of the south 589.4 feet -thereof and south of the south line of West 27th Street 1. M. P. Johnson 2. M. T. Sivertsen 3. M. A. Fingerman $828.00 600.00 950.00 On motion of Trustee Jorvig, seconded by Trustee Bolmgren, the bid of M. A. Fingerman in the sum of $950.00 was accepted, and the Mayor and Clerk were cc Cn 1 1 1 u 1 - February 18, 1952 197- 7_ Bids -for Sale of Land, Cont'd. authorized to execute a special warranty deed on receipt of balance of x$900.00 due in addition to the earnest money deposit of x$50.00, and the earnest money received from the unsuccessful bidders to be returned to them by the Clerk; also abstract to be furnished by the purchaser. Motion was passed by unanimous vote of all Members of the Council. Hearing on Proposed Extension of District Sanitary Sewer A hearing was had on proposed extension of district sanitary sewer in Louisiana Avenue from 32nd Street to Lake Street. No one appeared in opposition. Resolution On motion of Trustee Bolmgren, seconded by Trustee Middleton, the follow- ing resolution was adopted by unanimous vote of all Members of the Council: RESOLUTION ORDERING SANITARY SEWER EXTENSION WHEREAS, the Village Council has met at the time and place specified in a notice published in the St. Louis Park Dispatch January 31 and February 7, 1952, relating to extension of district sanitary sewer in Louisiana Avenue from 32nd Street to Lake Street and has heard all interested persons and determined the necessity for said improvement, therefore BE IT RESOLVED by the Village Council that an extension of district sanitary sewer be hereby ordered in Louisiana Avenue from 32nd Street to Lake Street in accordance with plans and specifications which have been prepared by the Village Engineer and which are hereby approved, said improvement to be designated as Improvement No. 52-1. The Clerk is authorized to advertise for bids to be opened March 17, 1952• Polling Places and Election Judges for Presidential Primary Election On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the following places were designated as Polling Places for the 1952 Presidential Primary Election to be held March 18, 1952: ELECTION DISTRICTS 1. New Fern Hill School 2. Brookside School 3. Brookside School 4. Village Hall 5. Lenox School 6. Lenox School 7. Oak Hill School 8. Westwood Luthern Church, and further that the polling places shall be opened at 7:00 A. M., and closed at 8:00 P. M., and that the following list of Judges be appointed and approved: DISTRICT #1 - NEW FERN HILL SCHOOL DISTRICT #2 - BROOKSIDE SCHOOL Mrs. James Ash, Chairman Mrs. Burton Crocker, Chairman Mrs. Otto Domian Mrs. Arthur Goodrich Mrs. Ruth Carpenter Mrs. T. C. Hendrickson Mrs. Lillian Nelson Mrs. Peter Lazorik Mrs. Ruth Trondson Mrs. Ernestine Shinn DISTRICT #3 - BROOKSIDE SCHOOL Mrs. Grace Anderson, Chairman Mrs. Helen Reed Mrs. Al Loe Miss Ellen Harven Mrs. Mary Anderson DISTRICT #5 - LENOX SCHOOL Mrs. Agnes Kinney, Chairman Mrs. A. H. Reed Mrs. Margaret Peterson Mrs. Emily Lundeen Mrs. A. E. Helgerson DISTRICT #7 - OAK HILL SCHOOL Mrs. Myrtle Ames, Chairman Mrs. Myrtle Marengo Mrs. Viola Lundberg DISTRICT #4 - VILLAGE HALL Mrs. Nellie Mc Adams, Chairman Mrs. Dora Larson Mrs. Helen Wood Mrs. Irene Havens Mrs. Walter Erickson DISTRICT #6 - LENOX SCHOOL Mrs. B. Stoltman, Chairman Mrs. Helen Perrin Mrs. Burton Aarness Mrs. Harold Wise Mrs. Grace Hallaway DISTRICT #8 - WESTWOOD LUTHERN CHURCH Mrs. Victor Formo, Chairman Mrs. Burton Henderson Mrs. Fred Roessel Mrs. Adeline Mc Caffrey 188 February 1:8, 1952 CO Polling Places, Election Judges, Etc., Cont'd. C� Motion was passed by unanimous vote of all Members of the Council. Hourly Rate Set for Election Judges On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the rate of pay for Election Judges for the Presidential Primary Election to be held March 18, 1952 was set at $1.00 per hour, by unanimous vote of all Members of the Council. Permission to Place Poles On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the Northern States Power Company was granted permission to place one pole on 1%EST 28TH STREET BETWEEN LYNN AND MONTEREY AVENUES, by unanimous vote of all Members of the Council. Petitions for Street Improvements On motion of Trustee Bolmgren, seconded by Trustee Middleton, the following petitions were referred to the Village Engineer and Street Depart- ment Committee for checking and recommendation, by unanimous vote of all members of the Council: P-1028 PETITION FOR SIDEWALK, signed by Mrs. S. G. Trefethen, 6920 West 26th Street and others, dated February 13, 1952, for the construction of sidewalk on the NORTH SIDE OF 26TH STREET FROM KENTUCKY AVENUE TO 6820 WEST 26TH STREET. P-1029 PETITION FOR CURB Ai1ID GUTTER, signed by Mrs. S. G. Trefethen, 6920 West 26th Street and others, dated February 131 1952, for the construction of curb and gutter on the NORTH SIDE OF 26TH STREET FROM KENTUCKY AVENUE TO 6820 WEST 26TH STREET. Petitions for Sanitary Sewer On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the following petitions were referred to the Village Engineer and Sewer Department Com- mittee for checking and recommendation, by unanimous vote of all Members of the Council: P-1030 PETITION FOR SANITARY SEWER, signed by Patrick J. Condon, 3351 Wyoming Avenue and others, dated February 18, 1952, for the construction of a lateral sanitary sewer in WYOMING AVENUE BETWEEN 33RD STREET AND 34TH STREET. P-1031 PETITION FOR•SANITARY SEWER, signed by. Russell L. Johnson, 3351 Xylon Avenue and others, dated February 18, 1952, for the construction of a lateral sanitary sewer in XYLON AVENUE BETWEEN 33RD STREET AND 34TH STREET. Commercial Electric Service Approved On motion of Trustee Jorvig, seconded by Trustee Bolmgren, commercial electric service for sewer lift station at NE Corner of Oregon Avenue and 32nd Street was approved, and the Mayor and Clerk were authorized to sign application for same, by unanimous vote of all Members of the Council. Salary Increase - Richard E. Shinn On the recommendation of Village Engineer, Phil W. Smith, it was moved by Trustee Middleton, seconded by Trustee Bolmgren, that the salary of Richard E. Shinn be increased to $1.872 per hour, effective February 11 1952, by unanimous vote of all Members of the Council. _1952 Licenses On motion of Trustee Middleton, seconded by Trustee Bolmgren, the follow- ing applications for 1952 licenses were approved, and the Mayor and,Clerk were authorized to issue licenses to expire December 31, 1952) by unanimous vote of all Members of the Council: Andy Smith's Pure Oil Service Gas Station 3 pumps It if if it n Soft Drink Borman Plumbing and Heating Co., Inc. Heating n It If It It Plumbing Henry Harem if 11 1 1 February 18, 1952 Bonds On motion of Trustee Jorvig, seconded by Trustee Bol-mgren, the following bonds were approved by unanimous vote of all Members of the Council: PLUMBING LICENSE BOND with Henry Harem as principal, and Globe Indemnity Company as surety, dated February 8, 1952, in the amount of $4,000.00. PLUMBING LICENSE BOND with Charles N. Borman, DBA Borman Heating and Plumbing Company as principal, and Standard Accident Insurance Company as surety, dated December 12, 1951, in the amount of $4,000.00. Resolution On motion of Trustee Jorvig, seconded by Trustee Bolmgren, the following resolution was adopted by unanimous vote of all Council Members present: RESOLUTION CANCELING 2-I SANITARY SM1ER #498 ASSESSMENT WHEREAS it appears that by resolution of the Village Council adopted September 10, 1951, levying assessments for 2-I Sanitary Sewer #498, Lot 6 and Nly 26' of Lot 7, Block 11, Browndale Park Addition was assessed; however, the sewer stops several feet short of this property, and because of the grade level, this property is too low to be served by this sewer; therefore BE IT RESOLVED by the Village Council of the Village of St. Louis Park that the assessment for 2-I Sanitary Sewer #498 on the above described property be canceled, and that the Auditor and the Treasurer of Hennepin County be hereby authorized to cancel the same upon their respective records. NAME Herbert 0. Beatty, Jr. 4370 Glenn Place 1952 1953 AMOUNT TO BE CANCELED BY COUNTY AUDITOR LOT BLOCK ADDITION 6 & Nly 26' 7 ll 1954 1955 1956 1957 1958 Browndale Park 1959 20 1961 100.58 100.06 97.12 94.18 91.24 88.30 85.36 82.42 79.48 76.54 Village Engineer's Salary Set for 1952 On motion of Trustee Middleton, seconded by Trustee Jorvig, the Village Engineer's salary was set at $7,800.00 for 1952, effective January 1, 1952" by unanimous vote of all Members of the Council. Building Inspector's Weekly Report The Building Inspector's report for week ending February 15, 1952, showing that 8 building permits were issued, totaling $62,100.00, was read and ordered filed. Resolution On motion of Trustee Middleton, seconded by Trustee Jorvig, the follow- ing resolution was adopted by unanimous vote of all members of the Council: RESOLUTION AUTHORIZING EXTENSION OF BUS LINE WHEREAS, pursuant to request contained in resolution adopted by the Village Council February 4, 1952, the Minneapolis Street Railway Company has consented to extend its Bryn Mawr bus line now terminating at France Avenue and Ewing Avenue over a route extending south on France Avenue to 26th Street; thence west on 26th Street to Monterey Avenue and return over the same route, and the said Minneapolis Street Railway Company having petitioned the Railroad and Warehouse Commission of the State of Minnesota for a certificate of convenience and necessity for a trial period of,ninety days to determine whether or not there is sufficient patronage to warrant the issuance of a permanent certificate, and the said Commission having by its order dated February 14, 1952, granted a temporary certificate to said Minneapolis Street Railway Company as an auto transportation company in the transportation of passengers for extension of its Bryn Mawr bus line from 22nd Street and Eyring Avenue to France Avenue; thence south on France Avenue to 26th Street; thence west on 26th Street to Monterey Avenue and return over the same route, service to be on the basis of 20 minute headway during the rush hours and hourly service during mid-day and after 6:00 P. M., fare to be the prevailing street car fare in the City of Minneapolis and Village of St. Louis Park, and,. 190 February 18, 1952 Resolution Authorizing Extension of Bus Line, Cont'd. WHEREAS, the Village Council considers it necessary in the public interest that public transportation by bus be available to residents of the area ad- jacent to said proposed route and that said route is the best and most practi- cable route for buses providing public transportation for said area, therefore, BE IT RESOLVED by the Village Council of the Village of St. Louis Park that the Minneapolis Street Railway Company be hereby authorized to operate as an auto transportation company in the transportation of passengers, an extension of its Bryn Mawr bus line from the Minneapolis -St. Louis Park boundary at France Avenue near Ewing Avenue; thence south on France Avenue to 26th Street; thence west on 26th Street to Monterey avenue; and to make use of Lots 8 and 9, Thorpe Brothers Cedar Lake Heights for turning of buses at the terminal point and to return over the same route in accordance with said temporary certificate ordered by the Railroad and Warehouse Commission dated February 14, 1952, and upon the approximate schedule therein specified, and BE IT FURTHER RESOLVED that the Village Attorney be hereby authorized to intervene in behalf of the Village in an action now pending in the District Court of Hennepin County entitled "Barney Applebaum, et al. v. Minneapolis Street Railway Company", and to oppose in behalf of the Village the injunctive relief demanded by the plaintiffs in said action. Resolution On motion of Trustee Bolmgren, seconded by Trustee Middleton, the follow- ing resolution was adopted by unanimous vote of all members of the Council present as follows: Mayor Hurd, yea; Clerk Justad, yea; Trustee Middleton, yea; Trustee Jorvig, yea; Trustee Bolmgren, yea: RESOLUTION FOR ISSUANCE OF WATER SUPPLY SYSTEM REVENUE BONDS APRIL 15, 1952 SERIES bHEREAS, the Village Council has determined that it is necessary in order to secure a continued, 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 construction of a well and pump house and acquisition of pumps, tanks and equipment together with land required in connection therewith; all at -an estimated cost in excess of Seventy-five Thousand Dollars ($75,000.00), 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, 19452 providing 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 - resolution 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: 1952 $50,000.00 1953 50,000.00 1954 50,000.00 1955 50,000.00 1956 50,000.00 1957' 50',000.00 1958 502000.00 1959 505000.00 1960 50,000.00 1961 502000.00 1962 50,000.00 1963 50,000.00 1964 50,000.00 1965 50,000.00 1966 50,000.00 1967 50,000.00 1968 50,000.00 1969 50,000.00 CO CA 1 1 1 February W, 1952 Resolution for Issuance of Water Supply System Revenue Bonds - April 15, 1952 Series and, WHEREAS, the Village has heretofore issued its Water Supply System Revenue Bonds on October 1, 1947, in the aggregate sum of $140,000 (hereinafter referred to as "October 1, 1947, Series"), and on February 15, 1949, in the aggregate sum of $125,000 (hereinafter referred to as "February 15, 1949 Series"), and is authorized by the provisions of the resolutions of the Village Council providing for issuance of said bonds, 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 resolutions, provided that the average net earnings of the Village Water,Supply System for the two calendar years next preceding issuance of any such additional bonds shall not be less than one and one-fourth 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 outstand- ing, and WHEREAS, the net revenues of the Village Water Supply System for the two calendar years next preceding the date hereof were as follows: 1950 $55,307.40 1951 33,302.49 AVERAGE - $44,304.94 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 $75,000.00 for the purpose of paying for the improvements to the Village Water Supply System above described, said bonds being hereinafter sometimes referred to as "April 1, 1952 Series," and BE IT FURTHER RESOLVED as follows: 1. That the Village shall issue its Water Supply System Revenue Bonds in the aggregate principal amount of 9,75,000.00, said issue to consist of 75 -bonds numbered 391 to 465, both inclusive, each in denominations of $1,000 dated the 15th day of April, 1952, bearing interest at a rate to be determined on receipt of bids for purchase of the bonds, payable semi-annually on the first day of April and the first day of October in each year and maturing serially as follows: Nos. 391 and 392 April 15, 1955 $ 29000.00- 393 and 394 " If 1956 21000.00 395 and 396 If If 1957 2,000.00 39_7 and 398 " " 1958 23000.00 399 and 400 " " 1959 2,000.00 401 and 402 " " 1960 2,000.00 403 to 405 " " 1961 3,000.00 406 to 410 " " 1962 5,000.00 411 to 415 " If 1963 5,000.00 416 to 4?0 " " 1964 5,000.00 423 t® 425 " if 1965 5,000.00 426 to 435 " if 1966 10,000.00 436 to 445 " " 1967 101$000.00 446 to 455 " If 1968 10,000.00 456 to 465 If it 1969 101000.00 Bonds numbered 391 to 396 shall be payable as aforesaid without option of prior payment. Bonds numbered 397 to 455 inclusive shall each be subject to call for redemption and prepayment, in inverse order of serial numbers, at the option of the Village, on April 1, 1958, and on any interest payment date thereafter, at $12020.00 plus interest accrued to the date specified for redemption; upon thirty days prior notice of call for redemption mailed to the banking institution at which the bonds are payable, and also to the holder, if known, of each bond called for redemption; and bonds numbered 456 to 465 inclusive shall be subject like- wise to redemption on like notice at par,plus interest accrued to the date specified for redemption. The Village Clerk and his successors in office shall maintain a register of the names and addresses of the holders of bonds numbered 397 to 465 and the respective serial numbers of their bonds, insofar as such information is made known to the Clerk and his successors, for the purpose of giving such mailed notices. 192 ' February 183 1952 Resolution for Issuance of Water Supply System Revenue Bonds - April 15, 1952 Series, Cont'd. 2. That the aggregate amount of principal of said bonds, and interest maturing thereon, in any calendar year as above specified, during which the bonds issued hereunder shall mature, when added to the aggregate amount of principal and interest of Water Supply System Revenue Bonds, January 15, 1946 Series, October 1, 1947 Series, and February 15, 1949 Series, will not exceed two-thirds of the net earnings of the water supply system for each such calendar year, as officially estimated by the Village Engineer; and said sum of $44,304,94, which is the average net earnings, as hereinabove defined, of the water supply system for the calendar years 1950 and 1951 is more than one and one quarter times the aggregate amount required to pay in any of the calendar years 1952 to 1969, inclusive, the principal of, and interest on, the revenue bonds heretofore and hereby made payable from such net earnings, to -wit, on said January 15, 1946 Series, on said October 1, 1947 Series, and on said February 15, 1949 Series, and on the April 1, 1952 Series. 3. That said bonds shall be in substantially the following form: STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF ST. LOUIS PARK WATER SUPPLY SYSTEM REVENUE BOND April 15, 1952 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 Qf said Village on the Fifteenth day of April, 195_; the sum of $1,000.00, or if this bond is prepayable as noted below , on a date prior thereto on which it shall have been called for redemption and prepayment, 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 Fifteenth day of April and the Fifteenth day of October in each year in accordance with and upon presentation and surrender of the interest co-4pons hereto attached, as they severally become due. Both principal and interest are payable at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, in any coin or currency of the United States of America which on the date of payment is legal tender for public and private debts. I - This bond is one of an issue of $75,000.00 Water Supply System Revenue Bonds of like date and tenor, except as to maturity, interest rate and call privileges, all iesued by said Village for the purpose of financing purchase and construction Qf Well No. 7 and land, pump house and equipment 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 pay- able solely out ol: the net revenues to be derived from operation of said system and this bond doee not constitute a debt of the Village within the meaning of any constitutional or statutory limitation, and on the taxing powers of the Village are not pledged for payment of such principal and interest. Bonds of this series which mature after April 15, 1958, shall be subject to redemption by the Village prior to maturity April 15, 1958, and on any interest payment date thereafter at par and interest accrued to the date speci- fied for redemption. Notice shall be given by the Village to said Northwestern National Bank of Minneapolis, at least thirty days prior to said redemption, and by mail to the holder (if known) of each warrant called for 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 per- formed precedent to, and in the issuance of, this bond, 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 proceeds 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 said Sinking Fund Account 1 1 February 18, 1952 193 Resolution for Issuance of Water Supply System Revenue Bonds - April 15, 1952 Series, Cont'd. sufficient to meet all payments of principal and interest on said bonds 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, October 1, 1947 Series and February 15, 1949 Series Bonds do, and will, at all times constitute a first'lien and charge on 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, in order of serial number thereof; provided that additional revenue bonds which will like- wise 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 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, Minnesota, by its Village Council has caused this bond to be executed in its behalf by the signature of its Mayor, 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 Mayor and Clerk, all as of April 15, 1952. COUNTERSIGNED: Mayor Village Treasurer ATTEST: Village Clerk FORM OF COUPON No. On the 15th day of April, 195 , 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, for interest then due on its Water Supply System Revenue Bond dated April 1, 1952, No. (Facsimile signature) Mayor Attest: (Facsimile signature) Village Clerk Coupons maturing after April 15, 1958 shall also contain the words "unless called for earlier redemption". 4. 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 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. 194- February 18, 1952 C® Resolution for Issuance of Water Supply System Revenue Bonds - April 15, 1952 Series,.Cont'd. C� 4 - B' Ordinary operating expenses of the water system, including without 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. 5. That such net revenues shall be segregated by the Village Treasurer and there shall be set apart from such net revenues and transferred each month to the Sinking Fund Account which was created by resolution adopted by the Village Council August 25, 1947, for issuance of Water Supply System Revenue Bonds, a sum not less than one -twelfth of the amount which will be required to pay the principal and interest of the January 15, 1946 Series, October 1, 1947 Series, February 15, 1949 Series Revenue Bonds and the Revenue Bonds issued under this resolution, within twelve months next ensuing. - On April 15, 1953 and on the 1st day of April each year thereafter to and including April 15, 1962, the sum of $1,000.00 shall be transferred from the Water Utility Fund to a Bond Reserve Account which shall be used for no other purpose than to pay principal and interest on Water Supply Revenue Bonds issued hereunder at such times as the same shall become due and there shall be insufficient funds in the Sinking Fund Account for this purpose. Whenever the moneys in said Bond Reserve Account shall be less than - $2,000.00 after April 1, 1955; or shall be less than $5,000.00 after 15, 1961, or shall be less than $10,000.00 after April 15, 1965, forty per cent of any surplus net revenues remaining after the transfer of required net revenues to sinking fund accounts for payment of interest and principal of outstanding_ Water Supply System Revenue Bonds of the Village and Bond Reserve Account for October 1, 1947 and February 15, 1949 Series Revenue Bonds, shall be trans- ferred to a Bond Reserve Account for April 15, 1952 Series and accumulated therein until the moneys in said account shall equal to the amounts at the res- pective times above set forth. 6. 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 it will use the proceeds of sale of said bonds for paying the cost of construction of Well No. 7, pump house and incidental or necessary land and and equipment in connection therewith, which 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. C. If any properties constituting capital assets of said plant shall be sold or disposed of, it shall be only at their fair market value, and the proceeds of such sale or disposition shall either be used to procure other capital assets or applied to pay principal of, and interest on, bonds issued hereunder. No such sale or sales shall be made at times or prices such as to imperil the prompt and full payment of the bonds issued hereunder and the inteimt thereon d.; 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 principal of, and interest on, said bonds as such principal and interest be- come due, and to create as soon as may be, and thereafter to maintain a reserve in the Sinking 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. February 1$, ] 952 195 ' Resolution for Issuance of Water Supply System Revenue Bonds - April 15, 1952 Series Cont'd. - e Minutes The minutes of meeting held February 11; 1952 were read. On motion of Trustee Middleton, seconded by Trustee Bolmgren, the minutes of meeting held February 11, 1952 were approved as read. Meeting Adjourned On motion of Trustee Bolmgren,-seconded•by Trustee Middleton, the meeting was'adjourned at 12:45 A. M., by unanimous vote of all members of the council present. C. L. HURD, Mayor ATTEST: rm-APPP1 e._ That the bonds issued pursuant to this resolution, together with said January 15, 1946 Series, October 1, 1947 Series and February 15, 1949 Series Revenue Bonds, shall at all times constitute a 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 not be 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 issued any other bonds which will be payable out of the revenues of said water supply system, and constitute a lien, or charge thereon unless said 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 payment 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. f. 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. g. That it will keep proper books of record and account showing all financial transactions relating to said system and its operation, main- tenance 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. h. 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 col- lection of said bonds. i. That it will cause all persons handling moneys received from the said water supply system to be bonded in reasonable amounts for the pro- tection of the Village and the holders of the bonds. Minutes The minutes of meeting held February 11; 1952 were read. On motion of Trustee Middleton, seconded by Trustee Bolmgren, the minutes of meeting held February 11, 1952 were approved as read. Meeting Adjourned On motion of Trustee Bolmgren,-seconded•by Trustee Middleton, the meeting was'adjourned at 12:45 A. M., by unanimous vote of all members of the council present. C. L. HURD, Mayor ATTEST: rm-APPP1