02-19-1964 VCM
VILLAGE OF ELK RIVER COUNCIL MEETING
February 19, 1964
Special Meeting. See attached minutes.
A motion was made by Bartelt and seconded by Meyer to authorize Robt. Milne to return the good
faith check connected with the bond sale for both issues, to the unsuccessful bidders. Motion
carried.
Meeting adjourned.
H.A. Briggs
Village Clerk
UTRACTOF MINUTES OF A MEETING O.F
THl VIL.t.J\:QE COUNCIL OF THE VILLAGE
OF ELK ittV:ER.. Y4INNESOTA
Pu:rsuant to due call and notice thereof, a regular _
meetingot the Villas;e Councilor t_he Village of' Elk River,
~l1nnesQta.. was held at the Council rooms in said Village on the
)rdo ~Or February.. 19114 -' at 7:30 1 o'clock P .14. The fol-
lOWing mem'Bers of the Oounc were present: H. L. Joij.nson, l1a~'or
D. A. Norris and August Heyer, Councilmen, and H. A. Briggs, Villa.ge Clerk,
Hilmer Bartelt, Councilman.
and the followingwe~ab~nt~ None
The matter of financing improvements to the Municipal
Power Plant was discussed" and after discuesion, Councilman
Norris 1ntr~duaed the rOllowing resolution and moved
its adoptions
RESOLl1TION CONCURRING IN T"tIE ACTION
OF THE PutsLIc UTILITIES COl\1MISSIOrl
OF THE VlI.J..AGE IN PROVIDING FOR THE
ISSUANCE AND .SALE OF $~OOOELECTRIC
R:a'VENt1E RE.FtJ1IDING BONDS OF 1964
W.H'EREA,S, the PU.bllc Utili ties Commission of the Village
has adopted a resolution providing for the issuance and sale of
$42}oOO Electric Revenue Re.fund1ng Bonds of 1964, for the pur-
pose of refunding the outstanding principal of the $490,000 Ele-
ctric Revenue Cert1t'lcates o:f' 1961, dated August 1.5, 1961, in
order to reduce net interest eost and to adjust the maturities
of outstanding obligations 1n relation to the resources avail-
abl~ for their payment, whichresolutlon 1s by reference incor-
porated in 84.~d made a part of this resolution to the same-extent
and with the same force and effect as if set out f'ully herein,
NOW THEREFORE, BE IT RESOLVED by the Village Council of
the Village-of Elk Rivex-, Minneaota; as follows:
The Council does hereby concur in the resolution
adopted by the Commlssion providing for the issu-
ance and sale of $lIos-,ooo Electric Revenue Ref\.md-
lng :Bo-nds of 1964, and does hereby join and adopt
the said resolution" including all or the coven-
ants and agreements therein 6ontalned'rdth the
same force and effect as if said reaplution l~d
been adopted by the Council.
The motion for the adoption of said resolution was secon-
ded by Councilman~r.i~___, and upon a vote being taken
thereon" the .following voted in favor thereof:
Norris, Meyer, Ericigs and 3artelt,
&~d the following voted against the SaP.le: None.
and the following voted against the same;
Whereupon said resolut1-on was declared duly passed and
adoll'tad.
There being no fUrther business" the meeting was
adjourned.
,~j~ ~
~p~ , - -
V111age .lerk
STATE OF )IINNESOTA l
COUNTY OF SHERBURNE .. SS
VILLAGE OF EIJC RIVtm
I, the undersigned" being the duly qualified and.acting
Village Clerk or the Village of: Elk River6 lti1nnesota, DO HEREBY
CERTIFY that I have carefully compared the. :foregoing extract of
m1nutesot a meeting of the Villa.ge COU!1ci.l held
Febru11rY ,?,. __" 19...QL, w1ththe original thereof on file and
of reeord in my office, and that the foregoing 1s a full, true
and complete transc.ript therefrom, insofar as the same relates
to the $420,000 Electric Revenue Refunding Bonds of 1964 of the
Public utilities Commission.
WITNESS my hand and the seal or said Village this 3rdo
day of F~bl;'ue..r,y , 196~.
#-
~.>~::
...-,1'
7./.Qr ~~
Village Clerk
(S E A L)
CERTIFICATE OF NOTICE OF CALL FOR RED~WTION
STATE OF I~N.NESOTA I
COUNTY OF SHERBURNE SS
VILLAGE OF ELK RIVER
I, the undersigned, being the duly qualified and acting
Village Clerk of the Vlllageof Elk River, Minnesota" DO HERE-
BY CERTIFY that on the I f' day of ;7d~ ' 19c1 <L ,
I deposited in the United states mails" postage prepaid, a.ddressed
respectively to the designated paying agent, the last known hol-
ders, and holders who had registered their names, addresses, and
bond numbers with the Treasurer of the Village, Notice of Call
for Redemption of' the following listed bond issues of' the Village
of Elk River, Minnesota:
( a)
$105,000 Sewage Treatment Plant Bonds dated
January 1, 1960.
$120,000 Sewer Improvement Bonds of 1960,
dated April I, 1960.
(b)
There is hereto attached a true and correct copy of the
Notice of Call for Redemption which was mailed as above indicated.
WITNESS my hand as Village Clerk and the seal of said ViI-
I q L:6-- day of ~ 0,
lage this ~', 19 t if .
tI.4r I?~
Village Clerk
(S E A L)
CImTIFICATS OF l!OTICE OF CALL FOR RtIDEl-n'T.IOI1
STNfE OF liDIMESOTA ~
;~~~O~F S~~~)S$
I, tr.. un4.&ra1gn$d, bei.ng thed'1J.ly qual1.f1ed and a~ting Cl~rk
ot: the\"'111age or 1Uk RiV.er, Minne$ota", :00 HBR:e:sy CER'ttFY that en the
lef day of,~./i4zv.&"7 ,,~ 196~. , I depoa1'te4 in the United stRtes
iM:.11 0, postage prepald~ add~~s~ ~speet.i~"ely t.o t.hedes1gnated paying
agent; the lae.t known hOl~re, and holders "110 had registered the-ir
nrunes, addresses, and bond num:beraw1th the Vl11atte Treasurer, Notice
of' Call ror Red$mp~1on or the. !'Ollowing listed oond issue of the Village
of Elk R1 ver_ Minnesota t
t:8S,OOO Municipal !iu.11d1na Revenue l5ond$ dated
J~~uax*7 1, 1960
There is hereto' attached a true and correct copy-ot t.~e liotice
Of Call ~or Bedemption wluch was mailed a.~ .above 1nd1ca.~..
\\fITN.ESS mw ha..;."1d as Clerk and the seal ot sua "tillage th1.$
#__qay o.f @pz-v/?/7-^7 , ,. . ..1- 19f1S.,.
- . 7{.Q~~
Villaga CIeri;:
( Seal)
E.XTRACTOIl :rUWJT.E3 OF I'lEE'I'niG OF THE
VILLAGE COl1l1CIL OF THE VI.LLAGi OF ELK
RIVER, lmmE30TA~ HELD February 19, , 19~.
Pursuant to due call ~,d notice thereof, a Special
meeting of t..fJ.e Village Council of the Village of Elk PJ.ve~1
Mlnnesota# was dUly held at the Villase Hall
in said Village on February 19, :_.. . ~jI,J.9b4, at
7: 30 C t clock P .lo!"
.~-
The following members were prea.ent: Mayor Johnso~, Clerk Briggs,
CounciDmen Meyer and Bartelt,
.and the following lITera absent:
Councilman Norris
T'n.e Counoil proceeded to open and. consider bids for the
sale of $65,000 plJ.mit;ipal Building Revenue Refunding Bonds of' 1964.
The following bide we-re recel vecl:
Termor Bid
InM:rest . rremium
Name of Bidder
Net InterEt-at Cost
(See Attached Bid Tabulation)
,-
After the bide had been considered and discussed, member
Bartelt introduced the following reaolut1on and movEH1-
:.t t.$ adop t1on:
m-:SOLUTION ACCEPTING BID ON SALE OF RE\.'lnmE BON.DB AND
!>'IXll.fG INTEREST RATE
BE IT RESOLVED by the Village Councilor the Village 01' Elk
River, ~tl.nneaota,t 8;3 follows:
1. 'I'hat the bid cf Allison-Williams Company
to purchase $'"f5,OOO f.funicipal .BuIlding Revenue Re.furlding Bonds of
1964 pf' the Villag.e in accorda."lce wi th the l'1ot1eeof Bond Sale at
a-::'price of par and a:t;::crued interest, (plu.sa premium of )
is hereby f'ound,de-termined.1 and deelf'..red to be the most tavorable
bid received, and is hereby accepted.
2. Tile ra. te of' interest said bonds ahall bear 1s heI'eoy
fixed. at:
;,12~ turf. ty Year
In te.rea t Ha. te
Serial l~umber
1965 - 1969
3.10%
1 - 45
1970 - 1972
3.30%
46 - 75
Add1t.1ona.l Inttt:retJtt
3. Said bono.ssnall be payable at
Bank of Minneapolis, Minnesota
~Drtb~p~tprn . NqtionaL
Membe:r Meyer . MConded tb..e motion fop the adoption
of' the r()1'ego,~ resQlution. and upon a i?Qte being taken thereon..
the tollO\d.ng voted 1n favor the~f~
Clerk Briggs, Mayor Johnson. Councilman Meyer, Councilman Bartelt
and the toll0W'1ng voted against the same: None
14hereupon sa1d reaolution wa$ declared duly passed m'ld
adopted.
STATI' OF MImTESOTA ~
cov~~... Q.F ~.'..'" ..NE.........53
VJ:J:,LAGE OF ELK RIVER
I, ttte underaigneo; be1ng the duly qual i.fie d and acting
Clerl{ of' the Village CQuncil oi:~ the Village of A'lk River, fr!.inne-
sota" DO HE'JlEBY CERTIFY that I have carefully compared the attached
B..':1d forego~ ext~t ~S6Jdn'Utes of a meet.tng of the Said Council
held on .. e ruary .' . . .. .' with the original thereof on
file 1n tn".{ OlTice, and the aan1e is a full, true, and complete trans-
cI'iptthe~front,ll 1n.$oft:u'as tile same relates .to a res-olution author-
1z~ns the issuance Qr ~~~c~pal Building Revenue Rerundip~ Bonds7
as more !'\tllyset fortl'~ in said l'Dinutes.
WITNESS ~ ~and as sucl} ~lerk and the corporate seal oJ' th~
Village this . t day of' e ruary j 1964.
'7./.. a,. J1 ~&
Village clerk
NOTICE OF BOND SALE
$213,000 GENERAL OBLIGATION REFUNDING IMPROVEMENT BONDS
OF 1964
OF THE VILLAGE OF ELK RIVER, SHERBURNE
COUNTY, MINNESOTA
NOTICE IS GIVEN THAT THESE bonds will be offered for
sale according to the following terms:
TIME AND PLACE
February 19, 1964
at 7:30 o'clock P.M. at the Council
Chambers in the Village of Elk River,
Minnesota~
TYPE OF BOND
Negotiable coupon general obligation
bonds, $1,000 denominations.
DATE OF BONDS
PURPOSE
February 15, 1964.
INTEREST PAYMENTS
Refunding of outstanding general ob-
.ligation bonds.
Augus1: . 64 February
~ 15, 19~ and ~ 15 and Augudt
~ 15 thereafter.
MATURITIES
February 15, in the years and amounts
as follows:
$15,000 in each of the years 1965 to
1977, both inclusive, and $18,000 in
the year 1978.
REDEMPTION
All bonds maturing after February 15,
1969 are callable at the option of the
Village in inverse order of their ser-
ial numbers on February 15, 1969 and on
any interest payment date thereafter at
par and accrued interest, plus a pre-
mium of $20.00 if called before Febru-
ary 15, 1974, and at a premium of
$10.00 if called on or after February
15, 1974.
PAYING AGENT
DELIVERY
Bidder's discretion.
40 days after award subject to approv-
ing legal opinion of Messrs. Briggs'
and Morgan of st. Paul, Minnesota.
Bond printing and legal opinion will
be paid for by the issuer and delivery
will by anywhere without cost to the
purchaser. Legal opinion will be prin-
ted on the bonds.
TYP E OF BID
Sealed only and must be filed with
the undersigned prior to time of
sale, together with a certified
or cashier's check in the amount
of $4,260, payable to the order of
the Trea~urer of the issuer, to be
forfeited -a-s"liquidated damages if
bidder fails to comply with accepted
bid.
RATES
All rates and combination of rates
must be in integral multiples of
one-fourth or one-tenth of one per
cent and may not exceed six per cent
per annum. Additional coupons may
be used, but may not exceed $4,260
in total amount~.
AWARD
Award will be made solely on the
basis of-lowest dollar interest cost.
The issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
DATED
.Tanl1l!1'"J' 2'7. 1964
BY ORDER OF THE VILLAGE COUNCIL
\.
BY 7f. {1 r i3~
VILLAGE CLERK l .
Additional information may be obtained from:
Robert D. Milne & Associates
448 Sexton Building
Minneapolis 15, Minnesota
5. Each and all of the terms and provisions of the foregoing
form of notice are hereby adopted as the terms and conditions of
the said bonds and of the sale thereof.
The motion for the adoption of the
duly seconded by member D. A. Norris
thereon, the fOllowing members voted in
Norris, Meyer J Briggs
and the following voted against' the same:
foregoing resolution was
and upon vote being taken
favor thereof:
None
WHEREUPON said resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF SHERBURNE
VILLAGE OF ELK RIVER
Jss
I, the undersigned, being the duly qualified and acting Clerk
of the Village of Elk River, Sherburne County, Minnesota, do hereby
certify that I have compared the attached and foregoing extract of
minutes with the original minutes on file and of record in my office,
and that the same is a full, true, and correct transcript thereof,
insofar as such minutes relate to the adoption of a resolution author-
izing and providing for public sale of $213,000 General Obligation
Refunding Improvement Bonds '6f-1964of said Village. -
7/. C1r r3~
Village Clerk
(S E A L)
-5-
...,...."'~_:i:a...""..-....._-.---
EXTRACT OF MINUTES OF MEETING OF THE VILLAGE COUNCIL
OF THE VILLAGE OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a ,,peelaa. meet-
ing of the Council of the Village of Elk River, Minnesota, was held
at the Village Hall in said Village on f~Da~ 19. 1.. ,
at ,.. 01 clock'. .M.
The following members were, pre sen t : ..,.. ~. ~,... .....
.. .....t.C~ ....
and the following were absent:-
....... 1oId.
The Clerk presented af~idavits showing publication of notice of
call for bids on $213,000 General Obligation Refunding Improvement
Bonds of 1964 of the Village, for which bids were to'be received at
this meeting. Said affidavits were examined, found to comply with
the provisions of Minnesota statutes 1949, Chapter 475, as amended,
and were approved and ordered- 'placed on file.
The Clerk then announced--tha t sealed bids had been received pur-
suant to said notice of call for bids, which were thereupon opened
and read, and found to be as follows:
Bidder
Intet'est Rate
Premium
(1ft ~ Id ~t.)
";1'
After consideration of the foregoing bids, member ~
introduced the fOllowing resolution and moved its adoption:
A RESOLUTION AWARDING SALE OF $2134000 GENERAL OBLIGATION
REFUNDING IMPROVEMENT BONDS OF 196 , DETERMINING THE FORM
AND DETAILS THEREOF, AND CREATING A SINKING FUND THEREFOR,
ETC. . .
BE IT RESOLVED by the Council of the Village of Elk River,
as follows:
1. That the bid of - ...... lat...} ... of It. Pea"
to purchase $213,000 General Obligation Refunding Improvement Bonds
of 1964 of the -Village, in accordance with the notice of bond sale,
at a price of $213,000 (plus a premium of $'" L is hereby
found, and declared to be t~e best bid received, and is hereby
accepted. The Clerk is directed to retain the good faith check'
of said successful bidder and to return the other good faith checks
forthwith.
2. The bonds of said issue maturing in the years and bearing
the serial numbers set forth below shall- bear interest payable
February 15, 1965, and semi-annually thereafter on August 15 and
February l5 of each year, at the respective rates per annum set
opposite said maturity years and serial numbers:
Maturity Years Serial Numbers Interest Rate
2/1$/" .. fill/A 1.,.. 60 2."
1:/11/6' .. alliIn 61. 101 2.1=
2/1$/" ... 2/1$/'1 106-1.11 t._
t/ll/1. - 2/11/7' 116-1.10 1.001
t/1S'" ... :/iI'''' 1.8t.t1.l a.l=
-2-
(Plus additional interest at the rate of t\fOaDI1ltnetYllundreclth8
per cent (2.90 %) per annum .on all bonds from
AFilt' 1St ' 19 _''':64 , to .....t lS~
, 19 64 , payable . 8/1.&/64 (211 coapona i .9.66 each .)
3. The principal of and interest on said bonds shall be pay-
able at American National Bank of St. Paw.. N1nD880ta
and the Village agrees to pay 'the reasonable charges of such pay- -"-
ing agent. "
4. The obligations issued and sold pursuant to this resolu-
tion and authorized pursuant to resolution of this Council dated'
the 27th day of JamattY , 1964, have been authorized,
issued, and sold, for the pu~poseof refunding the following listed
obligations;"" -.
$105,000 Sewage Treatment Plant Bonds
dated January 1, 1960.
$120,000 Sewer Improvement Bonds of 1960,
dated April l, 1960.
$12,000 Supplemental Sewer Improvement Bonds
of 1960, dated September 1, 1960.
With respect to the obligations listed above, the Village of Elk
River, hereby exercises its rignt to call said bonds for redemp-tion
as hereinafter set forth, according to their terms, and hereby au-
thorizes and directs the Village Clerk to give notice of call to the
respective banks where said bonds" are payable, to the last known
holders, and to all holders who have registered their names, addres-
ses, and bond numbers with the Village Treasurer. '
( a)
(b)
(c)
Bonds numbered 56 to 100, both inclusive, of the obligations
listed at 4(a) above are hereby called on January 1, 1973.
Bonds numbered 56 to 100, both inclusive, of the obligations
listed at 4(b) above, are hereby called on April 1, 1970 and bonds
numbered 101 to 120, both inclusive, of said issue, are hereby called
on April 1, 1964.
The bonds listed at 4(c) above are not subject to call.
-3-
5. The bonds and interest coupons to be issued here-
under shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF'MINNESOTA
COUNTY OF SHERBURNE
VILLAGE OF ELK RIVER
GENERAL OBLIGATION REFUNDING IMPROVEMENT BOND OF 1964
No.
$
KNOW ALL MEN BY THESE PRESENTS, that the Village of Elk
River, Sherburne County, Minnesota, certifies that it is in-
debted and for value received promises to pay to bearer the
sum of
ONE THOUSAND DOLLARS
on the fifteenth day of February, 19 , and to pay interest
thereon from the date hereof until the principal is paid at
the rate of. per cent
( %) per annum, said interest being payable February 15,
1965 and semi-annually thereafter o~ the fifteenth day of
August and the fifteenth day of February of each year, plus
additional interest rep~esented by a separate set of interest
coupons at the rate of .
per cent ( %) per annum, from
to , payable
in accordance with and upon presentation and surrender of the
interest coupons hereto attached which are in two sets, one
representing interest from the date hereof to maturity at the
rate of per cent
( %) per annum and the other representing additional
interest at the rate of
per cent ( %) per annum for the period
to Both
principal and interest are payable at
,
in any coin or currency of the United States of America, which
on the date of payment ~s legal tender for public and private
debts.
All bonds maturing in the years 1970 to 1978, both inclu-
sive, (numbered 76 to 213, both inclusive), are subject to
redemption and prior payment at the option of the Village in
inverse order of their serial numbers on February 15, 1969
and on any interest payment date thereafter at par and accrued
interest plus a premium of $20.00 if called before February
15, 1974 and at a premium of $10.00 if called on or after
February 15, 1974. At least thirty days prior notice of re-
demption shall in each case be given to the bank where said
-4-
bonds are payable and to the last known holder. Holders
desiring to receive such notice must register their
names, addresses, and bond numbers with the Village Clerk.
This bond is one of an issue in the total principal
amount of $213,000, all of like date and tenor, except
as to maturity, interest rate, and redemption privilege,
which bond has been issued pursuant to and in full con~
formity with the Constitution and laws of the State of
Minnesota, for the purpose of refunding obligations here-
tofore issued by the Village, as specified in the resolu-
tion authorizing this issue adopted by the Village Council
on , 19 , and is payable out of
the General Obligation Refunding Improvement Bonds of 1964,
Fund of the Village. This bond constitutes a general ob-
ligation of the Village, and to provide moneys for the
prompt and full payment of said principal and interest
when the same become due. the full faith and credi t of~',said
Village have been and are hereby irrevocably pledged.
IT IS HEREBY CERTIFIED AND RECITED that all acts, con-
ditions and things requ~red-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, time and manner, as re-
quired by law, and this bond, together 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: limitat~on of indebtedness.
IN WITNESS WHEREOF, the Village of Elk River, Sherburne
County, Minnesota, by i~s Village Council has caused this
bond to be executed in its behalf by the signature of the
Mayor and the signature of the Village Clerk and the cor-
porate seal of the Village to be hereto affixed, and has
caused the interest coupons hereto annexed to be executed
and authenticated by the facsimile signatures of said of-
ficers, all as of February 15,1964.
Village Clerk
Mayor
(Form of Coupon)
No.
$
On the fifteenth day of February (August), 19
Village of Elk River, Sherburne County, Minnesota,
to bearer at
the sum shown hereon for interest then due on its
ligation Refunding Improvement Bond of 1964, No.
dated February 15, 1964.
, the
will pay
General Ob-
,
-5--
Clerk
Mayor
(On bonds numbered 76 to 213; both inclusive, coupons num-
bered and higher shall also 'include the clause, "Un-
less the bond described below is called for earlier redemp-
tion. ")
6. The bonds shall be prepared under the direction of
the Village Clerk and shall be executed on behalf of the
Village by the signature of the Mayor~ and by the signature
of the Clerk. The corporate seal shall be affixed thereto,
and the interest coupons s~all be executed and authenticated
by the printed~ engraved, .or lithographed facsimile signa-
tures of said officers. When said bonds have been so pre-
pared and executed, they shall be delivered to the Village
Treasurer who shall deliver the same to the purchaser thereof
as hereinafter provided, but the' purchaser shall not be re_-
quired to see to the proper application of the purchase price.
7. There is hereby created a special fund to be desig-
nated as "General Obligation Refunding Improvement Bonds of
1964 Fund," to be held and administered by the Village Treas-
urer separate and apart from all other funds of the Village.
Said. fund shall be maintained in the manner herein specified
until all of the bonds herein authorized and interest thereon
shall have been fully paid. In said fund there shall be main-
tained two separate accounts, to be designated as the "Escrow
Account" and the "Sinking Fund Account", respectively. The
proceeds of the sale of the bonds herein authorized less ac-
crued interest received thereon, and so much of the Sinking
Fund balances of the obligations listed in paragraph 1 hereof
and cash as shall be necessary to pay the interest on the
obligations to be refunded to their maturity or the date on
which they are called for redemption, whichever date is ear-
lier, are hereby pledged and appropriated and shall be cre-
dited to the Escrow AccoUnt.
(a) The Escrow Account shall be deposited together with
any other funds available and appropriated by the Council for
that purpose in escrow with a suitable banking institution
within or without the State~ whose deposits are insured by
the Federal Deposit Insurance Corporation and whoseccoinbined
capital and surplus is not less than $1,000,000, and shall
be invested in securities maturing or callable at the option
of the holder on such dates and bearing such interest at such
rates as shall be required to provide sufficient funds, to-
gether with any cash or other funds retained in the Escrow
Account to pay when due the interest to accrue on each obli-
gation refunded to its maturity or to the date on which it is
called as herein provided and to pay the principal amount of
each such obligation at maturity or on the date on which it
has been called for redemption and to pay any premium required
-6-
for redemption on such date, ar.d the monies in said Escrow
Account shall be used solely for the purposes herein set
forth and for no other purpose, except that if any balance
shall remain in said Escrow Account after all of the prin-
cipal, interest and premium has been paid on all of the
bonds refunded pursuant/tG this resolution then such balance
shall be transferred to the Sinking Fund Account established
hereunder.
(b) There is hereby pledged and appropriated and there
shall be credited to the Sinking ~nd Account all of the
special assessments, taxes, and other monies pledged to the
Sinking Fund Accounts of the several obligations listed in
paragraph 1 hereof, together with all accrued interest re-
ceived upon delivery of the bonds of this issue and the
Sinking Fund balances of the obligations listed in paragraph
1 hereof to the extent that said balances have not been ap-
propriated to the Escrow Account. The Sinking Fund Account
shall be used solely to pay the principal, interest, and if
callable and called, the premium on the bonds of this issue.
8. The Village Council hereby finds and determines that
the proceeds of the sale of the bonds herein authorized, to-
gether with other funds available and appropriated to the
Escrow Account will be sufficient, together with the earnings
on the investment of said Escrow Account to pay when due or
called all of the principal, interest, and redemption premium
on the obligations refUQded hereunder.
9. Securities purchased from the monies in the Escrow
Account shall be limited to general obligations of the United
States, securities whose principal and interest payments are
guaranteed by the United States, and securities issued by the
following agencies of the United States: Banks for Coopera-
tives, Federal Home Loan Banks, Federal Intermediate Credit
Banks, Federal Land Banks, and the Federal National Mortgage
Association. Securities purchased from the Escrow Account
shall be purchased simultaneously with the delivery of the
refunding obligations. The Village Council has investigated
the f=t and hereb_y _f:L.nda and deter..m.ines that
can HatiODaJ: Bank or st. Paul, Hll1D88Ota
is a suitable bank to act as Escrow Agent, and is qualified
within the meaning of the provisions of paragraph 7 of this
resolution and Subd. 5 of M.S.A. ~475.54.
10. The Village Council hereby finds, declares, and
determines that the special assessments and taxes heretofore
levied and pledged to the payment of the bonds to be refunded
hereunder and now pledged to the payment of the bonds of this
issue, together with the other funds pledged hereunder- to the
payment of the bonds of this issue, will produce at least five
per cent in excess of the amount needed to meet when due the
principal and interest payments on the obligations of this
issue. The full faith and credit of the Village is hereby
pledged for the payment of the principal and interest of the
bonds of this issue.
-7:...
11. The Village Clerk is hereby directed to file a
certified copy of this resolution with the Ccunty Auditor
of Sherburne County, Minnesota, together with such other
informaticn as he shall require and to obtain from said
Auditor a certificate that said bonds have been entered
in the Auditcr's Bond Register.
The
tion was
and upon
in favor
motion for the adoption of the foregoing resolu-
duly seconded by member Dart.it
a vote being taken thereon, the fOllowing voted
thereof':
Clerk 81'1.
and the fOllowing voted against the same:
Mayor Jolmeoa. CouoeU... Bartelt and Meyer. and
DOD8
Whereupon said resolution was declared duly passed
and adopted.
STATE OF MINNESOTA j
COUNTY OF SHERBURNE SS
VILLAGE OF ELK RIVER
I, the undersigned, being the duly qualified and act-
ing Clerk of the Village of Elk River, Minnesota, DO HERE-
BY CERTIFY that I have carefully compared the attached and
foregoing extract cf minutes of a Spectal meeting of the
Village Council of said Village held on the 19th day of
February , 19 64 . with the original thereof on 'file
in my office, and the same is a full, true, and complete
transcript therefrom, insofar as the same relates to the
issuance and sale of $213,000 General Obligation Refunding
Improvement Bonds of 1964 of said Village.
WITNESS my hand as ~uch Clerk ~nd the corporate sea~~
of said Village this 19th day of f'eonaal"1 , 19 .....
or/- 4, ~
Village Clerk, -lk River, 'Minnesota
(S E A L)
-8-
TABULATI
o FBI D S
Date of Sale February 19, 1964
Syndicate
Place Village of Elk River, Minnesota
Amount $2J.3,000
Sewer System
Purpose. Improvement Refunding
Date of Issue 2/15/64
Paine, Webber, Jackson & CUrtis
~'1I1an & Company
Allison-Williams Company
American National Bank ot st. Paul
Juran & Moody, Inc.
__!~ M. Da1n & Company
Piper, Jaffray & Hopwood
E. J. Prescott & Company
Rate - For Bonds Maturing Rate - For Bonds Maturing Ra.te - For Bonds Maturing Rate - For Bonds Maturing
2,60 '" 1965 to 1968 3.00 '" 1965 to 1973 2.70 1- 2/15/65 to 2/15/f$ 2.50 1- 2/15/65 to 2/15/68
1969 11' 2/15/70 2/15/73 2.80 2/15/69 2/15/71
2.90 '" to 1971 3.20 1- 1974 to 1978 3.00 % to % to
3.00 '" 1972 to 1974 '" to 3.10 % 2/15/74 to 2/15/76 2.90 % 2/15/72 to 2/15/73
--
3.20 '" 1975 to 1978 1- to 3.20 1- 2/15/77 to 2/15/78 3.00 % 2/15/74 to 2/15/76
'" to '" to % to 3.10 1- 2/15/77 to 2/15/78
'" to '" to % to % to
Plus an extra. coupon of
Plus an extra coupon of
Plus an extra coupon of
Plus an extra coupon of
2.40
'" for the period.
~ 2.70 '" for the period
1.80 1- for the period
2.90 '" for the period
3/15/64 to 8/15/64
4/15/64 to
years 5 months
years
8/15/64
4 months
5/26/6L~ to
2/15/65
4/15/64 to
years
8/15/64
4 months
years
9 months
Premium $
None
Premium $
None
Premium $
None
Premium $
None
Total Cost $ 51,354.00
Net Rate 3.1758
'"
I
Total Cost $ 52,311.00
Net Rate 3.235
Total Cost 4 51,993.00
1-
Net Rate 3.2J.5
'"
Total Cost $ 49,469.58
Net Rate 3.05934
'"
Compliments of
ROBERT D. MILNE & ASSOCIATES
448 Sexton Building
Minneapolis 15, Minnesota