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Home My WebLink About496 - ADMIN Resolution - City Council - 1957/11/04321 Resolution No. 496 Adopted November 4, 1957 FOR AWARD AND ISSUANCE OF IMPROVEMENT BONDS (1957 SEWER SERIES) WHEREAS, the City Council has opened bids for purchase of Improve- ment Bonds (1957 Sewer Series) to be issued by the City in the aggregate sum of $1;500,000.00, to be dated December 1, 1957, pursuant to advertisement for bids published October 17, 1957 in the St. Louis Park Dispatch and October 19, 1957 in Commercial West, as authorized by Resolution No. 477, authorizing advertisement for bids for Improvement Bonds (1957 Sewer Series), adopted by the City Council October 7th, 1957, which bids are as follows: Juran & Moody, Inc. and Associates: Bonds maturing 1959 thru 1963 - interest at 3.50% per annum " " 1964 " 1968 - ". " 4.00% " " n n 1969 " 1978 - " " 4.30% n " Plus additional coupons on all bonds_at the rate of_1.30% per annum for the period from Jan. 1, 1958 to June 1, 1959 Allison Williams Company & Associates: Bonds maturing 1959 thru 1967 - interest at 4.10% per annum It It 1968 " 1972 - n n 4.3o% n n n n 1973 n 1978 — ° " 4.40% n n Plus additional interest coupon at the rate of 1.50% per_annum for the period Feb. 1, 1958 to Dec. 1, 1958, and WHEREAS, the City Council deems the said bid of Juran & Moody, Inc. and Associates, consisting of American National Bank, St. Paul, Minn.; Barcus Kindred & Co.; Kalman & Co. Inc.; John Nuveen & Co., Paine, Webber, Jackson & Curtis, 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 Juran & Moody, Inc. and Associates (hereinafter referred to as "purchasers") is hereby accepted to purchase $1,500,000.00 Improvement Bonds of the City of St. Louis Park (1957 Sewer Series), dated December 1, 1957, to bear interest as_follows: Bonds numbered 1 to 375, maturing in the years 1959 thru 1963, both in- clusive, shall bear interest at the rate of 3.50% per annum from December 1, 1957 to January 1, 1958; at the rate of 4.80% per annum from January 1, 1958 to June 1, 1959 represented by two separate sets of interest coupons com- puted at the rate of 3.50% and 1.30% per annum respectively; and at the rate of 3.50% per annum after June 1, 1959; Bonds numbered 376 to 750, maturing in the years 1964 thru 1968, both inclu- sive, shall bear interest at the rate of 4.00% per annum from December 1, 1957 to January 1, 1958; at the rate of 5.30% per annum from January 1, 1958 to June 1, 1959 represented by two separate sets of interest coupons computed at the rate of 4.00% and 1.30% per annum respectively; and at the rate of 4.00% per annum after June 1, 1959; and 322 Resolution No. 196 - continued Bonds numbered 751 thru 1500, maturing in the years 1969 thru 1978, both inclu- sive, shall bear interest at the rate of 4.30% per annum from December 1, 1957 to January 1, 1958; at the rate of 5.60% per annum from January 1, 1958 to June 1, 1959 represented by two separate sets of interest coupons computed at the rate of 4.30% and 1.30% per annum respectively; and at the rate of 4.30% per annum after June 1, 1959; all interest payable June 1, 1958 and semi- annually thereafter December 1 and June 1 in each year; the said bid being to purchase said bonds at a price of $1,500,000.00 plus accrued interest, and the Mayor and City Manager are directed to execute with the purchasers on behalf of the City the purchase agreement submitted by the purchasers, and the Treasurer shall retain the good faith check of said purchasers, and the good faith check of Allison Williams and Co. be forth- with returned to their representative. 2. The said $1,500,000.00 Improvement Bonds (1957 Sewer Series) shall be 1500 in number and numbered 1 through 1500, both inclusive, in de- nominations of $1,000 each, dated December 1, 1957, bearing interest at the rate or rates above set forth, payable semi-annually on the 1st day of June and 1st day of December of each year to be represented by interest coupons attached thereto, and shall mature serially in the sum of $75,000.00 on the 1st day of December, 1959, and $75,000.00 on the 1st day of December of each succeeding year to and including the 1st day of December, 1978. All bonds of this issue maturing after December 1, 1967 shall be subject to redemption in inverse numerical order on said date and any interest payment date thereof until December 1, 1972, at $1,020, 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. The Clerk shall provide a register of holders of said bonds, and holders desiring to receive such notice shall register their names, addresses and bond numbers with the City Clerk. 3. The said bonds shall be issued for the purpose of financing to the extent of $1,500,000.00 the cost of construction of Trunk Sewer No. 3 of the City, construction of which was ordered as Improvement No. 56-52 by Resolution No. 376, adopted by the City Council on March 11, 1957, contracts for construction of said sewer having been heretofore entered into under date of May 20, 1957 for Section A thereof, and under date of July 29, 1957 for Sections B and C thereof. It is hereby ascertained that the maturity dates above specified are warranted by the anticipated collections of assess- ments of the cost of said sewer. 4. Both principal and interest o± said bonds shall be payable at The American National Bank of St. Paul, St. Paul, Minnesota, and the City shall pay the reasonable charges of said bank for its services as paying agent. 5. The bonds and interest coupons thereto attached shall be in sub- stantially the form set forth in paragraph 3 of said Resolution No. 477. 6. The bonds shall be printed under the direction of the City Attorney and when so printed shall be executed on behalf of the City by the signature of the City Manager and the printed facsimile signature of the Mayor, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of the said officers, and when said bonds have been so executed and authenticated the same shall be delivered by the Treas- urer 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 Trunk Sewer No. 3, and the proceeds from the sale of said bonds and from Collections of special assessments and any taxes which may be levied for the improvement, Resolution No. 196 - continued and any other moneys appropriated thereto by the City Council, shall be paid into such fund and it shall be used solely to defray expenses of the Improve- ment and payment of principal and interest due upon the obligations until completion and payment of all costs of said improvement; thereupon the fund may be discontinued and any balance of the proceeds of said bonds remaining therein may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 129, Minnesota Statutes. All moneys not so transferred and all subsequent collections of special assessments and taxes levied for said improvement shall be credited and paid into a separate sinking fund to finance the improvement as provided in Minnesota Statutes Section 475.61, or to the general fund if no such obligations have been issued. 8. The full faith, credit and taxing power of the City of St. Louis Park is hereby pledged for the payment of the principal and interest on said bonds as the same shall severally -become due, and if any payment of principal or interest shall become due when there is not sufficient money to pay the same in the fund created by paragraph 7 above, the Treasurer shall pay such principal or interest from any unappropriated funds of the City and the City Council shall each year levy a sufficient amount to take care of accumulated or anticipated deficiencies in such principal and interest payments. 9. The Clerk of the City is hereby authorized and directed to file in the office of the County Auditor of Hennepin County a certified 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 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 authority 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 estimated collections of special assessments to be levied on account of said Sewer Improvement No. 56-52 will provide at least 5% in excess of the amount needed to meet when due the principal and interest payments upon the bonds issued hereunder and that no ad valorem levy is required at this time. R. C. Fernstrom Mayor Attest: Joseph Justad City Clerk 323