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HomeMy WebLinkAbout477 - ADMIN Resolution - City Council - 1957/10/071 1 Resolution No. 476 - continued BE IT FURTHER RESOLVED that the City Clerk be hereby authorized to deliver said assessment roll to the Auditor of Hennepin County for collection of the assessments therein set forth in like manner as state, county and other municipal taxes are collected and payment thereof enforced. R. C. Fernstrom Mayor Attest: Joseph Justad City Clerk • Resolution No. 477 Adopted October 7, 1957 RESOLUTION AUTHORIZING ADVERTISEMENT FOR BIDS FOR IMPROVEMENT BONDS (1957 SEWER SERIES) _ WEEREAS, the City Council has heretofore ordered construction of Sanitary Sewer Improvement No. 56-52, being also designated as Trunk Sewer No. 3 of the City, and contracts have been entered into for construction there- of as authorized by Sections 412.401 to 412.481, Minnesota Statutes, and the aggregate cost of said improvements which has been heretofore incurred or is estimated to be incurred will be in excess of $2,500,000 and it is deemed necessary in order to defray the cost of said sewer that the City issue its improvement bonds in said amount, $1,500,000 thereof to be issued as herein- after provided, and the remainder thereof in 1958 as required, therefore BE IT RESOLVED by the City Council of the City of St. Louis Park as follows: 1. That the Clerk be hereby directed to advertise for bids for im- provement bonds of the City of St. Louis Park to be issued for the financing of said Sewer Improvement No. 56-52, said advertisement to be published in the St. Louis Park Dispatch and Commercial West, specifying that bids will be opened at the meeting of the City Council to be held November 4, 1957. 2. Said bonds shall be issued in denominations of $1,000.00 each and shall be dated December 1, 1957, and shall bear interest at the rate determined taxtimmximilladmaxiamt at the sale thereof, payable semi-annually on the first day of December and first day of June in each year and shall mature serially in the sum of $75,000 on the first day of December, 1959, and $75,000 on the first day of December of each succeeding year to and including the first day of December 1978. 3. Said bonds shall be payable at any suitable bank or trust company designated by the purchaser. 4. The City will furnish the purchaser, at the expense of the City, with the opinion of Messrs. Faegre & Benson, of Minneapolis, Minnesota, certifying as to the validity of the bonds. 1 5. Said bonds and interest coupons thereto attached shall be printed 301 302 Resolution No. 477 - continued under the direction of the City Attorney at the expense of the City, and shall be substantially in the following form: No. STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF ST. LOUIS PARK IMPROVEMENT BOND (1957 Sewer Series) $1, 000 KNOW ALL MEN BY THESE PRESINTS, 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 December, 19 , and to pay interest thereon from the date hereof until the principal amount is paid at the rate of semi-annually on the 1st day of June and the 1st day of December in each year, in accordance with and upon presentation and surrender of the attached inter- est coupons as they severally become due. Both principal and interest are pay- able 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 $1,500,000.00 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, for the purpose of defraying expenses incurred and to be incurred for Sanitary Sewer Improvement No. 56-52 of said City. 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 City outstanding on the date hereof, and the date of its actual issuance and de- livery, does not exceed any constitutional or statutory limitation of indebt- edness. All bonds of this issue maturing on and after December 1, 1967, are subject to redemption in inverse numerical order on said date and any interest payment date thereafter until December 1, 1972 at 102, and after December 1, 1972 at par and accrued interest upon thirty days prior notice by.mail to the bank where the bonds are payable and to the last known holder. Holders de- siring to receive such notice must register their names, addresses and bond numbers with the City Clerk. 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 behalf by the signatures of its Mayor and Its City Manager, and sealed with the City seal, and the interest coupons hereto attached to be executed and 303 Resolution No. 177 - continued authenticated by the facsimile signatures of said officers, all as of Decem- ber 1, 1957. City Manager Mayor No. FORM OF COUPON On the 1st day of December (June) 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 December 1, 1957, No. R. C. Fernstrom (Facsimile) Mayor Tom Chenoweth (Facsimile) City Manager R. C. Fernstrom Mayor _ Attest: Joseph Justad City Clerk Resolution No. 1.78 Adopted October 114, 1957 AMENDING ARTICLE 20 OF THE CITY STANDARD GENERAL CONTRACT CONDITIONS BE IT RESOLVED by the City Council of the City of St. Louis Park that Article 20 of the standard General Contract Conditions heretofore adopted by the City Council for use and incorporation into all construction contracts en- tered into by the City shall be amended to read as follows: 20. Contractorts Insurance: The Contractor shall not commence work under this contract until he has obtained all insurance required under this paragraph, and has submitted certificates evidencing such insurance to the City Clerk, nor shall the Contractor allow any sub -contractor to commence work until all similar insurance required by the sub -contractor has been obtained and approved.