HomeMy WebLinkAbout429 - ADMIN Resolution - City Council - 1957/07/29264.
Resolution No. 428 - continued
City Engineer and filed with the City Clerk, and which are hereby approved,
and the Director of Public Works is authorized to do the work with City
labor and equipment.
STREET GRADING AND GRAVELING
Impr. No.
57-43 Cedar Lake Road from Flag Avenue to County Road 18.
Resolution No. 429 Adopted July 29, 1957
FOR AWARD AND ISSUANCE OF IMPROVEMENT BONDS
WHEREAS, the City Council has opened bids for purchase of Improve-
ment Bonds to be issued by the City in the aggregate sum of $1,025,000.00,
to be dated September 1, 1957, pursuant to advertisement for bids published
July 13, 1957, in the Commercial West, and July 11, 1957, in the St. Louis
Park Dispatch, as authorized by Resolution No. 418 Authorizing Advertisement
for Bids for Purchase of Improvement Bonds, adopted by the City Council
July 8, 1957, which bids are as follows:
Allison Williams & Associates: 3.60% on all bonds maturing March 1, 1959,
1960, 1961, 1962, and 1963; 4.10% on all bonds maturing March 1, 1964, 1965,
1966, 1967 and 1968, plus extra interest of 1.20% per annum for period
March 1, 1958 to March 1, 1959 represented by separate coupons.
Kalman & Company Incorporated & Associates: 4.10% on_all bonds plus separate
and additional coupons on all bonds at the annual rate of 8/10 of 1% from
March 1, 1958 to September 1, 1958 and
WHEREAS, the City Council deems the said bid of Allison -Williams
Company and Associates: Piper Jaffray and Hopwood, J. M. Dain & Company,
Northwestern National Bank, First National Bank of Minneapolis, First National
Bank of St. Paul, Mannheimer Egan, Incorporated and Caldwell Phillips Company
to be the highest and best bid of a responsible bidder, therefore
BE IT RESOLVED by the City -Council of the City of St. Louis Park as
follows:
1. The said bid of AllisonWi]liams Company and said associates
(hereinafter referred to as "purchasers") is hereby accepted to purchase
$1,025,000.00 Improvement Bonds of the City of St. Louis Park dated Septem-
ber 1, 1957, to bear interest as follows: Bonds numbered 1 to 750 maturing
in the years 1959 to 1963 both inclusive shall bear interest at the rate of
3.60% per annum to September 1, 1958, at the rate of 4.80% per annum from
September 1, 1958 to September 1, 1959, represented by two separate sets of
interest coupons in the amounts of $18.00 and $6.00 respectively, and at the
rate of 3.60% per annum after September 1, 1959; and bonds numbered 751 to
1025 maturing in the years 1964 to 1968, both inclusive, shall bear interest
at the rate of 4.10% per annum to September 1, 1958, at the rate 5.30% per
annum from September 1, 1958 to September 1, 1959, represented by two separ-
ate sets of interest coupons in the amounts of $20.50 and $600 resetvely,
and at the rate of 4.10% per annum after September 1, 1959, .0interest
payable September 1, 1958 and semi-annually thereafter on March 1, and Sept-
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Resolution No. 429 - continued
ember 1 in each year; said bid being to purchase said bonds at a price of
$1,025,000.00 plus accrued interest, and the Mayor and City Manager are directed
to execute with the purchasers on behalf of the City the purchase agreement sub-
mitted by the purchasers, and the Treasurer shall retain the good faith check
of said purchasers.
2. The said $1,025,000.00 Improvement Bonds of the City shall be 1025
in number and numbered 1 through 1025, both inclusive, in the denomination of
$1,000 each, dated September 1, 1957, bearing interest at the rate or rates
above set forth payable September 1, 1958 and semi-annually thereafter on March
1st and September 1st of each year, and shall mature serially on March 1st in
the years and amounts as follows:
$160,000 March 1, 1959
$165,000 March 1, 1960 and 1961
$135,000 March 1, 1962
$125,000 March 1, 1963
$ 60,000 March 1, 1961, 1965 and 1966
$ 45,000 March 1, 1967
$ 50,000 March 1, 1968
3. Said bonds shall be issued for the purpose of financing the cost
of the public improvements heretofore completed by the City which were listed
in detail in said Resolution No. 118. It is hereby ascertained that the
maturity dates above specified do not extend for a longer period than the
reasonable life expectancy of the respective improvements so financed by the
issuance of these bonds.
4. Both principal of and interest on said bonds shall be payable at
Northwestern National Bank of Minneapolis, Minneapolis, Minnesota and the City
shall pay the reasonable charges of said bank for its services as paying agent.
5. The bonds and the interest coupons thereto attached shall be in
substantially the form set forth in paragraph 3 of said Resolution No. 418.
6. The bonds shall be prepared under the direction of the City Attorney
and when so prepared shall be executed on behalf of the City by the signature
of the Mayor and the City Manager, and the interest coupons shall be executed
and authenticated by the printed facsimile signatures of said officers, and
when said bonds have been so executed and authenticated the same shall be de-
livered by the Treasurer to the purchasers on receipt of the purchase price and
the purchasers shall not be required to see to the proper application thereof.
7. There is.hereby created a separate fund for said Improvement Bonds
which shall be used for no other purpose than to pay principal of and interest
on said bonds. Into such fund shall be paid all special assessments levied on
account of the improvements listed in said Resolution No. 1.18 and the proceeds
of any general tax levy provided herein or by budget for meeting said principal
and interest; if any payment of principal or interest shall become due when
there is not sufficient money in said fund to pay the same the Treasurer shall
pay such principal or interest from the general fund of the City.
8. The City Manager shall include in his budget estimates each year
during which any bonds issued pursuant to this resolution are outstanding a sum
or sums amply sufficient to pay the principal of and the interest on any bonds
which are to fall due in the coming fiscal year and another sum sufficient to
pay the interest for the same year on the bonds which will be still outstanding,
and the City Council shall include such sum or sums as may be necessary for this
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Resolution No. 429 - continued
purpose in the annual budget which it shall adopt.
9. The Clerk of the City is hereby authorized and directed to file
in the office of the County Auditor of Hennepin County a cerified copy of
this resolution together with such other information as the County Auditor
may require, and to obtain from the County Auditor a certificate that the
issue has been entered upon his register and that a tax has been levied as
required by law.
10. The officers of the City are hereby authorized and directed to
prepare and furnish to the purchasers of said bonds and to the attorneys
approving -the same certified copies of all proceedings and records of the City
relating to said bonds and to the financial affairs of the City and such other
certificates as may be required to show the facts as to the power and author-
ity of the City to issue said bonds within their knowledge or as shown on the
books and records under their custody and control, and such certified copies
and certificates shall be deemed representations of the City as to the facts
stated therein.
11. It is hereby determined that the total amount of outstanding and
unpaid special assessments heretofore levied on account of the improvements
described in said Resolution No. 418 is $200,048.88; that the total assessable
cost of the improvements listed in said Resolution No. 418 which have been
heretofore completed and not previously assessed is $827,484.00; that of said
cost of $827,484.00 the sum of $701,431.00 will be assessed against property
improved by the respective improvements by resolutions to be adopted by the
City Council on or before October 1, 1957; that the remaining assessable cost
in the sum of $126,053.00 represents the portion of the cost of Improvements
No. 55-42, 55-42A and 56-1 to be paid out of general tax levy.
12. For the purpose of providing funds for the payment of the principal
of and interest on the bonds herein authorized, plus 5% thereof, to the extent
not provided by the levy of special assessments as set forth in paragraph 11
above, and in addition to any levy which may be required under paragraph 8
of this resolution, there is hereby levied upon all the taxable property with-
in the corporate limits of the City a direct annual ad valorem tax which shall
be spread upon the tax rolls and collected with and as a part of other general
taxes of the City and shall be paid into the fund provided by paragraph 7 of
this resolution, which tax, is in the years and amounts as follows:
Year Levy /Year Levy
1957 436695.00 1962 $3,563.00
1958 355485.00 1963 $3,537.00
1959 $34',"788.00 1964 $3,387.00
1960 $3?,991.00 1965 $2,487.00
1961 $34248:00 1966 $2,625.00
The said tax levies are such that if collected in full, they, together
with estimated collections of special assessments, will produce at least 5% in
excess of the amounts needed to meet when due the principal and interest pay-
ments on the bonds herein authorized.
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