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HomeMy WebLinkAbout1954/06/29 - ADMIN - Minutes - City Council - Regular June 29, 1954 329 ADJOURNED MEETING JUNE 29, 1954 The adjourned meeting of the Village Council of June 28, 1954, was called to order by Mayor R. C. Fernstrom at 7:15 P. M. The following Council Members were present at roll call: Trustee Bolmgren Trustee Jorvig Trustee Middleton Clerk Justad Mayor Fernstrom Bid Award for Issuance and Sale of Improvement Bonds_ On motion of Trustee Holmgren, seconded by Trustee Jorvig, the following resolution was adopted by unanimous vote of all Members of the Council present: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF IMPROVEMENT BONDS DATED JULY 1, 1954, SERIES A WHEREAS, pursuant to Resolution adopted by the Village Council on June 7, 1954, authorizing advertisement for bids for Improvement Bonds in the aggregate amount of $407,000.00 to be issued under date of July 1, 1954, the Clerk has advertised for bids for purchase of said bonds in the St. Louis Park Dispatch, June 17, 1954, and in Commercial West June 12, 1954, and in response to said advertise- ment the following sealed bids have been received by the Village Clerk and opened and publicly read at this meeting: BIDDERS INTEREST RATE Allison Williams Company ) Northwestern National Bank of Minneapolis ) 22% 1955/64 First National Bank of Minneapolis ) Piper, Jaffray & Hopwood ) 2.70% 1965/67 J. M. Dain & Company ) Mannheimer & Egan, Inc. ) Plus premium of $260.00 (for both Caldwell, Phillips Co. ) issues in combined bid) First National Bank of St. Paul ) (combined with bid for $123,000. bonds) Kalman & Company, Inc. ) 2j% 1955/64 Juran & Moody, Inc. ) Paine, Webber, Jackson & Curtis ) 2-3/4% 1965/67 Harold E. Wood & Company ) E. J. Prescott & Company ) Plu.<premium of $41.00 therefore, BE IT RESOLVED by the Village Council of the Village of St. Louis Park as follows: 1. That the said bid of Kalman & Company, and Associates is hereby determined to be the highest and best bid and the Mayor and Clerk are hereby authorized to execute an agreement for purchase submitted by the successful bidders. 2. Improvement Bonds shall be issued by the Village of St. Louis Park in the total amount of $407,000.00, as authorized by Sections 412.401 to 412.481, Minnesota Statutes, to be designated as Improvement Bonds, July 1, 1954, Series A, said bonds to be numbered 1 to 407, both inclusive, and issued in denominations of $1,000.00 each, dated July 1, 1954, and shall bear interest at the rate of 2-% per annum on all bonds maturing in the years 1955 to 1964 inclusive, and 2-3/4% per annum on all bonds maturing in the years 1965 to 1967 inclusive, payable semi-annually on the 1st day of January and the lst day of July in each year and shall mature serially on July 1st in the years and amounts as follows: $40,000.00 July 12 1955 $45,000.00 July 12 1956 $502000.00 July 12 1957 $30,000.00 July 1, 1958/60 $35,000.00 July 1, 1961 $30,000.00 July 1, 1962/64 $352,00000.00 July 11 1965 :112,$088:88 JJ ly is 1 6 7. 330 June 29, 1954 C Resolution Providing for the Issuance and Sale of Improvement Bonds, Cont!d. The said securities in the judgement of the Village Council are warranted by the anticipated collection of the assessments to be levied against the property improved by said improvements hereinafter described. The said bonds will be issued on account of the Fund for project No. 511 which is hereby established, into which fund shall be paid all assessments collected on account of the improvements listed in paragraph 6 hereof. 3. Said Improvement Bonds shall be payable at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, and the reasonable charges of said bank as paying agent shall be paid by the Village out of said Project Fund. 4. The said Improvement Bonds and said interest coupons thereto attached shall be in substantially the following form: Number UNITED STATES OF AMERICA $7.,000. STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF ST. LOUIS PARK -IMPROVEMENT BOND July 1, 1954 Series A KNOW ALL MEN BY THESE PRESENTS, that the Village of St. Louis Park, Hennepin County, Minnesota, acknowledges itself to be indebted and for value received hereby promises to pay to bearer out of improvement Project No. 511 Fund of the Village the sum of ONE THOUSAND DOLLARS on July 1, 1955, and to pay interest thereon from the date hereof until the principal amount is paid at the rate of 21 (2-3/4) per cent per annum on January 1, 1955, and semi-annually thereafter on the 1st day of July and lst day of January in each year, in accordance with and upon presentation and surrender of the attached interest coupons 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 at the time of payment is legal tender for public and private debts, and to provide money for the prompt and full payment of said principal and interest as the same becomes due, the fill faith,. credit and taxing powers of the Village have been and are hereby irrevocably pledged. THIS BOND is one of an issue inthe total principal amount of $407,000.00 all of like date and tenor except as to maturity, issued by the Village pursuant to the Constitution and Laws of the State of Minnesota, including M.S.A. Sections 412.401 to 412.481, for the purpose of defraying expenses incurred and to be incurred for public improvements heretofore contracted or completed by said Village. IT IS HEREBY CERTIFIED AND RECITED, that all acts, conditions and things required by the Constitution and Laws of the State of Minnesota to be done, to happen, to exist and to be performed precedent to and in the issuance of this bond have been done, have happened, do exist and have, been performed in regular and due form, and that this bond with all other debts of the Village outstanding on the date hereof, and the date of its actual issuance and delivery, does not exceed any constitutional or statutory limitation of indebtedness. IN TESTIMONY WHEREOF, THE VILLAGE OF ST. LOUIS PARK, HENNEPIN COUNTY, MINNESOTA, by its Village Council has caused this bond to be signed by its Mayor and Village Clerk and sealed with the Village seal, and the interest coupons hereto attached to be executed :and authenticated by the facsimile signatures of said officers, all as of July 1, 1954• Village Clerk Mayor INTEREST COUPON No. $12.50 ($13.75) On the 1st day of January, 1955s the Village of St. Louis Park, Hennepin County, Minnesota, will pay to bearer the sum of TWELVE AND 50/X00 DOLLARS, being the install- ment of interest then due on its Improvement Bond dated July 1, 1954 Series A, payable at Northwestern National Bank of Minneapolis., Minneapolis, Minnesota. JOSEPH JUSTAD (Facsimile signature) R. C. Fernstrom (Facsimile signature) Village Clerk Mayor June 299 1954 331 Resolution Providing for the Issuance and Sale of Improvement Bonds, Cont'd. 5. The Clerk is authorized to secure the printed bonds and opinion of Messrs. Faegre and Benson of Minneapolis, Minnesota, certifying as to the validity of the bonds, both at the expense of the Village. 6. It is hereby determined that •the said bonds will be issued to finance the following public improvements for which contracts have heretofore been entered into and that the expense incurred and to be incurred by the Village for said im- provements is respectively as follows: WATER MAINS IMPROVEMENT NO. ASSESSABLE COST 53-1/69 53-8/179 and 53-75 $3479528.00 STREET GRADING 53-39 thru-53-49 $ 299500,00 BITUMINOUS STREET SURFACING 53-62/67, 53-71/73, and 53-76 299972.00 TOTAL $407,000.00 7. It is hereby determined that assessments have been or will be levied against property improved by said public improvements in a sum not less than $407,000.00, 8. All assessments collected on account of said improvements shall be paid into Project No. 511 Fund and shall be made available from time to time as required for payment of principal and interest of said bonds. The Village Council shall provide for the payment of principal and interest of any of the bonds issued hereunder out of the funds in the treasury of the Village when the money on hand in said Project No,, 511 Fund is insufficient to meet the payment of maturing principal and interest. The full faith and credit of the Village of St. Louis Park for the payment of principal and interest of said bonds .when the moneys on hand in said Project Fund No. 511 Fund are not sufficient for the purpose are hereby pledged. Bid Award for Issuance and Sale of Improvement Bonds On motion of Trustee Bolmgren, seconded by Trustee Jorvig, the following reso- lution was adopted by unanimous vote of all Members of the Council present: RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF IMPROVEMENT BONDS DATED JULY 1, 1954, SERIES B WHEREAS, pursuant to Resolution adopted by the Village Council on June 7, 19549 authorizing advertisement for bids for Improvement Bonds in the aggregate amount of $123,000.00 to be issued under date of July 1, 1954, the Clerk has advertised for bids for purchase of said bonds in the St.. Louis Park Dispatch June 17, 1954, and in Commercial West June 12, 1954, and in response to said advertisement the following sealed bids have been received by the Village Clerk and opened and publicly read at this meeting: BIDDERS INTEREST RATE Allison Williams Company ) Northwestern National Bank of, Minneapolis ) 2J% 1955/64 First National Bank of Minneapolis ) Piper, Jaffray & Hopwood ) 2.70% 1965/67 J. M. Dain & Company ) Mannheimer & Egan, Inc. ) Plus premium of $260.00 (for Caldwell, Phillips Co. ) both issues in combined bid) First National Bank of St. Paul ) (combined with bid for $407,000.00) Kalman & Company, Inc. ) Juran & Moody, Inc. ) 1 2.40% 1955/67 Paine, Webber, Jackson & Curtis ) Harold E. Wood & Company ) Plus premium of $14.30 E. J. Prescott & Company ) therefore, 332 June 29, 1954 Resolution Providing for the Issuance and Sale of Improvement Bonds, Cont'd. BE IT RESOLVED by the Village Council of the Village of St. Louis Park as follows: 1. That the said bid of Kalman & Company, Inc., and Associates- is hereby determined to be the highest and best bid and the Mayor and Clerk are hereby authori- zed to execute an agreement for purchase submitted by the successful bidders. 2. Improvement Bonds shall be issued by the Village of St. Louis Park in the total amount of $123,000.00, as authorized-by Section 429.091, Minnesota Statutes, to be designated as Improvement Bonds, July 1, 1954, Series B. said bonds to be numbered 1 to 123, both inclusive, and issued in denominations of $1,000.00 each, dated July 1, 1954, and shall bear interest at the rate of 2.40 per cent per annum, payable semi-annually on the 1st day of January and 1st day of July in each year and shall mature serially on July 1st in the years and amounts as follows: $20,000.00 July 1, 1955/58 $12,000.00 July 1, 1959/60 $ 5,000.00 July 1, 1961 $ 4,000.00 July 1, 1962 $ 5,000.00 July 1, 1963/64 The said maturities in the judgement of the Village Council are warranted by the anticipated collection of the assessments to be levied against the property improved by said improvements hereinafter described. The said bonds will be issued on account of the Fund -for Project No. 505 which is hereby established, into which Fund shall be paid all assessments collected on account of the improvements listed in paragraph 6 hereof. 3. Said Improvement Bonds shall be payable at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota, and the reasonable charges of said bank as paying agent shall be paid by the Village out of said Project Fund. 4. The said Improvement Bonds and said interest coupons thereto attached shall be in substantially the following form: Number UNITED STATES OF MAERICA $1;000.00 STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF ST. LOUIS PARK IMPROVEMENT BOND July 1, 1954, Series B KNOW ALL MEN BY THESE PRESENTS, that the Village of St. Louis Park, Hennepin County, Minnesota, acknowledges itself to be indebted and for value received hereby promises to pay to bearer out of Improvement Project No. 505 Fund of the Village the sum of ONE THOUSAND DOLLARS on July 1, 1955, and to pay interest thereon from the date hereof until the principal amount is paid at the rate of 2.40 per cent per annum on January 1, 1955, and semi- annually thereafter on the 1st day of July and 1st day of January in each year, in accordance with and upon presentation and surrender of the attached interest coupons 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 at the time of payment is legal tender for public and private debts, and to provide money for the prompt and full payment of said principal and interest as the same become due, the full faith, credit and taxing powers of the Village have been and are hereby irrevocably pledged. THIS BOND is one of an issue in the total principal amount of $123,000.00 all of like date and tenor except as to maturity, issued by the Village pursuant to the Constitution and Laws of the State of Minnesota, iAcluding M.S.A. Section 429.091, for the purpose of defraying expenses incurred and to be incurred for public improve- ments heretofore contracted or completed by said Village. IT IS HEREBY CERTIFIED AND RECITED, that all acts, -conditions and things required by the Constitution and Laws of the State of Minnesota to be done, to happen, to exist and to be performed precedent to and in the issuance of this bond have been done, have happened, do exist and have been performed in regular and due form, and that this bond with all other debts of the Village outstanding on the date hereof, and the date of its actual issuance and delivery, does not exceed any constitution or statutory limitation of indebtedness. June 29s 1954 333 Resolution Providing for the Issuance and Sale of Improvement Bonds, Cont'd. IN TESTIMONY WHEREOF, THE VILLAGE OF ST. LOUIS PARK, HENNEPIN COUNTY, MINNESOTA, by its Village Council has caused this bond to be signed by its Mayor and Village Clerk and sealed with the Village seal, and the interest coupons hereto attached to be executed, and authenticated by the facsimile signatures of said officers; all as of July 1, 1954. Village Clerk Mayor INTEREST COUPON No. $12.00 On the 1st day of January, 1955, the Village of St. Louis Park, Hennepin County, Minnesota, will pay to bearer the sum of TWELVE AND 00/100 DOLLARS, being the install- ment of interest then due on its Improvement Bond No. � u z July 1, 1954 Series B. payable at Northwestern National Bank of Minneapolis, Minneapolis, Minnesota. JOSEPH JUSTAD (Facsimile signature) R. C. FERNSTROM (Facsimile signature) Village Clerk Mayor 5. The Clerk is authorized to secure the printed bonds and opinion of Messrs. Faegre & Benson, of Minneapolis.. Minnesota, certifying to the validity of the bonds, both at the expense of the Village. 6. It is hereby determined that the said bonds will be issued to finance the following public improvements for which contracts have heretofore been entered into and that the expense incurred and estimated to be incurred by the Village for said improvements is respectively as follows: SIDEWALKS IMPROVEMENT NO. ASSESSABLE COST 53-35/37; 38; 53-85/87; 52-421, 422, 425 and 426 $ 14,573.78 SANITARY SEWERS 53-93/96; 99 21,000.00 53-127 8,500.00 WATER MAINS 53-110 15,500.00 STREET GRADING 53-892 900 92, 97 and 98 24,000.00 53-109 3,600.00 53-119 32500.00 CURB AND GUTTER CONSTRUCTION 28, 53-18/212 23/27, 29/34, 79/84, 53-74, e_�� 31,382.60 & 4;�i; PARK ACQUISITION 53-126 2050.00 TOTAL $1242606.38 7. It is hereby determined that assessments have been or will be levied against property improved by said public improvements in a sum of not less than $123,000.00. 8. All assessments collected on account of said improvements shall be paid into Project No. 505 Fund and shall be made available from time to time as required for payment of principal and interest of said bonds. The Village Council shall provide for the payment of principal and interest of any of the bonds issued hereunder out of the funds in the treasury of the Village when the money on hand in said Project No. 505 Fund is insufficient to meet the payment of maturing principal and interest. The full faith and credit of the Village of St. Louis Park for the payment of the principal and interest of said bonds, when the moneys on hand in said Project No. 505 are not sufficient for the purpose, is hereby pledged. 334 June 29, 1954 Reconveyancerof Lots to State Motion lost) ' It was moved by Trustee Bolmgren that all lots now owned by the Village in Blocks 1, 2, and 3, Westmoreland Park Addition be reconveyed to the State. No second. Motion lost. 1. Re: Assessment for Lift Station in Cedarwood Second Addition Attorney, Mc Cullough, representing property owners of Cedarwood Second Addition brought up the assessment for lift station to serve this property. The Village Attorney was instructed to bring in a resolution for action on July 6, 1954• Purchase Lot for Lift Station On motion of Trustee Jorvig, seconded by Trustee Bolmgren, the Village Attorney was instructed to negotiate for the purchase of Lot 16, Block 3, Boulevard Heights Addition (32nd & Oregon) for lift station, by unanimous vote of all Members of the Council present. Meeting Adiourned On motion of Clerk Justad, seconded by Trustee Middleton, the meeting was adjourned at 10:30 P. M., by unanimous vote of all Members of the Council. R. C. FERNSTROM, Mayor ATTEST: JOS)ZPH JU AD, Clerk 14