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Home My WebLink About418 - ADMIN Resolution - City Council - 1957/07/081 Resolution No. 417 Adopted July 8, 1957 ORDERING STREET IMPROVEMENT WHEREAS, the City Council has met at the time and place specified in the notice published in the St. Louis Park Dispatch June 20 and 27, 1957, relating to the public improvements hereinafter described and has heard all interested persons appearing at said meeting and has secured from the City Engineer a report advising it in a preliminary way that each proposed im- provement is feasible, and as to whether it should best be made as proposed or in connection with other improvements, and the estimated cost of the im- provements, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis Park that the following public improvements be hereby ordered in accordance with plans and specifications which have been prepared by the City Engineer and filed with the City Clerk, and which are hereby approved, and the City Clerk is hereby directed to advertise for bids which will be opened by the City Manager July 17, 1957: Improvement No. 57-37 - Grading Blackstone Avenue from Minnetonka Boulevard to Lot 17, Block 2, Del Monte Heights BE IT FURTHER RESOLVED that the Council reserves the right to reject all bids in this improvement although the bids on the remaining grading and stabilizing improvements be accepted which were ordered by Resolution No. 414. Resolution No. 418 Adopted July 8, 1957 AUTHORIZING ADVERTISEMENT FOR BIDS FOR PURCHASE OF IMPROVEMENT BONDS WHEREAS, pursuant to resolutions heretofore adopted by the City Council ordering the following described public improvements, said improve- ments have been completed and accepted by the City and the cost thereof either assessed against benefited property or computed and determined for assessment prior to October 1, 1957, the amount of assessed and assessable cost being in each case as hereinafter respectively set forth: Impr. No. 54-24 54-17 54-73 54-121/126,128,129 54-130,331,1351137 54-138/140,142/144 & 146 54-164 55-3/9 54-73 55-10,11,33/38 55-20/32,39,40 55-84/94 55-95/97 55-100 Nature of Improvement Water service connections Sanitary sewer Sidewalk repair Curb and gutter Curb and gutter Sidewalk Grading Curb and gutter Sidewalk repair Sidewalk Curb and gutter Curb and gutter Sidewalk Sidewalk Amount Assessed $ 4,363.41 1,997.55 3,171.77 5,103.53 2,696.37 4,543.58 6,759.25 6,263.77 4,854.61 8,024.27 11,318.72 11,614.22 4,777.98 270.00 242 Resolution No. 418 - continued Impr. N9. 55-105 54-119,120,123 55-12 55-13 55-19 Impr. No. 54-150 55-57/58,60/63,65/69,71/74 55-59,64,70,75,76 and 78 56-30/38 55-42 55-42A 55-103 56-5/14 56-1 56-15/21 56-47/50, 86 56-60/64,66/69,85,95 56-90,92/94 55-14,17,45/47 55-15,16,18 55-41,45/47,11584/85 55-49 55-50,53,54 55=52 55-55 55-99 55-104 55-107/109 56-22 56-24,26/28 56-41/45 and Nature of Improvement Ornamental street lights Sanitary sewer Sanitary sewer Water main Water main Total Nature of Improvement Bituminous Surfacing Bituminous Surfacing Stabilized base Bituminous surfacing Paving, curb and gutter, side- walk, storm sewer Storm sewer Grading Curb and gutter Paving Sidewalk Curb and gutter Sidewalk, curb and gutter Sidewalk, curb and gutter Water main Sanitary sewer Water main Storm sewer Sanitary sewer n n u n n Water main _ n o Sanitary_sewer n a Water main Total Amount Assessed 1,771.70 8,966.78 64,441.10 43,911.15 5,199.12 $ 200,048.88 Amount to be Assessed $ 11,631.09 25,381.10 11,086.47 14,467.05 122,197.27 10,779.86 1,522.26 18,893.03 132,964.56 11,235.97 6,798.18 18,314.19 6,073.66 33,960.03 26,234.12 38,078.05 23,582.43 71,157.33 14,141.36 5,436.20 88,665.59 27,514.44 41,143.79 1,988.50 12,490.25 51,747.67 $ 827,484.45 WHEREAS, it is necessary that the City borrow the sum of $1,025,000 to finance construction of said improvements, therefore BE IT RESOLVED by the City Council of the City of St. Louis Park as follows: 1. That the City Clerk be directed to cause notice of sale to be given by publication, at least ten days in advance of the sale, in the St. Louis Park Dispatch, a regular newspaper having general circulation in the city,_and in Commercial West, a financial paper published in Minneapolis, Minnesota, with general circulation throughout the state, which notice shall recite that the City proposes to issue and sell its bonds numbered 1 thru 1025, in denominations of $1000 each, issued under date of September 1, 1957, to bear interest payable Resolution No. 418 - continued on September 1, 1958, and semi-annually thereafter on the 1st day of March and September of each year, and maturing serially as follows: $160,000 March 1, 1959 $165,000 March 1, 1960/61 $135,000 March 1, 1962 $125,000 March 1, 1963 $ 60,000 March 1, 1964/65/66 $ 45,000 March 1, 1967 $ 50,000 March 1, 1968. Said notice shall recite that the City will furnish the printed bonds and approving legal opinion of Messrs. Faegre & Benson, 1260 Northwestern Bank Building, Minneapolis, Minnesota, without cost to the purchaser, and that the bonds will be made payable at any suitable bank designated by the successful bidder, all bids to be accompanied by a good faith check in the amount of at least $15,000, to be forfeited as liquidated damages in case the bid is accepted and the bidder fails to comply therewith; the Council reserves the right to reject any and all bids and to adjourn the sale if deemed expedient. 2. That on the 29th day of July, 1957, at 8 o'clock P. M., at the regular meeting of the City Council, the Council will open and consider sealed bids for award and sale of said $1,025,000 improvement bonds and take such other action in respect thereto as may be found necessary or expedient. 3. That said bonds and the interest coupons thereto attached shall be in substantially the following form: • STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK IMPROVEMENT BOND No. $1,000 KNOW ALL MEN BY THESE PRESENTS, that the City of St. Louis Park, Hennepin County, Minnesota, acknowledges itself to be indebted and for value received hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the 1st day of March 19 , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of per annum on September 1, 1958, and semi-annually thereafter on the 1st day of March and the 1st day of September 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 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 City have been and are hereby irrevocably pledged. THIS BOND is one of an issue in the total principal amount of $1,025,000.00 all of like date and tenor except as to maturity, issued by the City pursuant to the Constitution and Laws of the State of Minnesota, including Section 6.15 of the Home Rule Charter of said City of St. Louis Park, for the Resolution No. 418 - continued purpose of defraying expenses incurred and to be incurred for public improvements heretofore completed by said City. IT IS HEREBY CERTIFIED AND RECITE), 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 City 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 City of St. Louis Park, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed in its be- half by the facsimile signature of its Mayor and the manual signature of its. City Manager, and sealed with the City seal, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of September 1, 1957. City Manager No. R. C. Fernstrom (Facsimile) Mayor FORM OF COUPON On the 1st day of September (March) 19 , the City of St. Louis Park, Hennepin County, Minnesota, will pay to bearer at the sum of Dollars, for interest then due on its Improvement Bond dated September 1, 1957, No. - Tom Chenoweth (Facsimile) City Manager R. C. Fernstrom (Facsimile) Mayor 1 1 1