12-22-1972 VCM Special
SPECIAL HEETING
VI LLAGE COUNCIL OF ELK RIVER
HELD IN THE ELK RIVER VILLAGE CFFICE BUILDING
December 22, 1972 at 9~00 am.
A special meeting of the Elk River Villa.ge Council was called to order by IvIayor Bartelt
on December 22, 1972 at 9:00 am. in the Village Office Building for the purpose of
adopting the resolution providing for public sale of $87,000 general obligation improvement
bond of 1972. .Members present were as follows: Hayor Bartelt, Councilmen Konop, Syring
and Hudson.
Moved by Councilman Konop and seconded by Councilman Syring, to accept the preliminary
recommendations for issuance of the 1972 improvement bonds as presented by Robert D. Milne
and Associates and to call for a public sale of $87,000 Improvement Bond of 1972 _scheduled
for Thursday January 11, 1973 at 12:00 am. in the Council Room of the Village 0ffice
Building and authorizing the Clerk-Treasurer to advertise in the Sherburne County Star News
and the Commerical West Magazine of this bond sale. Motion uaminously carried by a vote of
3-0. A copy of the resolution is attached.
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EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
ELK RIVER, MINNESOTA
HELD:
December 22, 1972
Pursuant to due call and notice thereof, a Special
meeting of the Village Council of the Village of Elk River,
Minnesota, was duly held at the Village Hall in said Village on
the 22nd day of December , 197~, at 9:00 o'clock A.M.
The following members were present: Mayor Hilmer Bartelt
Councilmen: WIn Konop, Tom ~udson and Bob Syring
and the following were absent: Councilman Bob Otto
Member vim Konop introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $87,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1972
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BE IT RESOLVED by the Village Council of the Village
of Elk River, Minnesota, as follows:
1. It is hereby found, determined and declared that
this Village should issue $87,000 General Obligation Improvement
Bonds of 1972 to defray the expense of watermain and street
improvements in said Village.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and award-
ing the sale of $87,000 General Obligation Improvement Bonds
of 1972 of said Village.
3. The Village Clerk is hereby authorized and dir-
ected to cause notice of the time, place and purpose of said
meeting to be published in the official newspaper of the
Village and in Commercial West not less than ten days in
advance of date of sale, as provided by law, which notice
shall be in substantially the following form:
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NOTICE OF
BOND SALE
$87,000
GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1972
VILLAGE OF ELK RIVER
SHERBURNE COUNTY
MINNESOTA
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NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the fo11~wing terms:
TIME AND PLACE:
Thursday Janauary 1/
, ,
1911, at 12:00 0' clock ~.M., at the
Village Hall in Elk River, Minnesota.
TYPE OF BONDS:
Negotiable coupon general obligation
bonds, $1,000 or $5,000 denominations
at the option of the bidder, except
that bonds numbered 1 and 2 shall be
in the denomination of $1,000 each.
DATE OF BONDS:
December 1, 1972.
PURPOSE:
Water and street improvements.
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INTEREST PAYMENTS:
December 1, 1973, and semiannually
thereafter on June 1 and December 1.
MATURITIES:
$2,000 on December 1, 1973 and there-
after on June 1 in each of the years
and amounts as follows:
$ 5,000
$10,000
$ 5,000
$10,000
$ 5,000
$10,000
$ 5,000
1974 to 1981, both
inclusive;
1982
1983
1984 '
1985
1986
1987.
REDEMPTION:
At the option of the issuer, bonds
maturing J, on or after December 1,
1982, shall be subject to prior
payment, in inverse order of serial
numbers, on December 1, 1981, and
any interest payment date thereafter,
at a price of par and accrued interest~
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PAYING AGENT:
Bidder's discretion.
DELIVERY:
40 days after award subject to
approving legal opinion of Messrs.
B~iggs and Morgan of St. Paul,
Minnesota. Bond printing and
legal opinion will be paid by
issuer and delivery will be any-
where in the continental United
States without cost to the pur-
chaser. Legal opinion will be
printed on the bonds at the
request of the successful bidder.
TYPE OF BID:
Sealed bids of not less than
$85,695.00 and accrued interest
on the principal sum of $87,000
from date of bonds to date of
delivery must be filed with the
undersigned prior to the time of
sale. Bids must be unconditional
except as to legality. A certified
or cashier's check in the amount of
$1,740.00, payable to the order
of the Treasurer of the issuer must
accompany each bid, to be forfeited
as liquidated damages if bidder
fails to comply with accepted bid.
Bids for the bonds should be ad-
dressed to: Charles J. Savela, Village
Clerk, Elk River, Minnesota, 55330.
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RATES:
All rates and combination of rates
must be in integral multiples of
1/20th of 1% and may not exceed 7%
per annum. Additional interest
coupons may not be used. All bonds
of the same maturity must bear a
singl.e uniform rate from date of
issue to maturity and no rate of
any maturity may be lower than the
highest rate applicable to bonds of
any preceding maturities. No limi-
tation is placed upon the number of
rates which may be used.
AWARD:
Award will be made solely on the
basis of lowest dollar interest
cost, determined by addition of
any discount to and deduction of
any premium from the total interest
on all bonds from their date to
their stated maturity. The net
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effective average rate of the
issue may not exceed 7% per annum. tt
The issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
BY ORD~R OF THE VILLAGE COUNCIL
/s/ CharlesJ::'Savela
Village Clerk
Additional information
may' be obtained from:
ROBERT D. MILNE & ASSOCIATES
266 Sexton Building
Minneapolis, Minnesota 55415
Telephone No. 612-336-8722
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4. Each and all of the terms and provisions of
the foregoing form of notice are hereby adopted as the terms
and conditions of said bonds and of the sale thereof.
The motion for the adoption of the foregoing
resolution was duly seconded by member Bob Sf6ing
and upon a vote being taken thereon~ the fol owing voted
in favor thereo f: Mayor Hilmer Bartelt, Councilmen: Wm Konop
Tom Hudson and Bob Syring
and the following voted against the same: none
Whereupon said resolution was declared duly passed
"and adopted.
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STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS
VILLAGE OF ELK RIVER )
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I, the undersigned, being the duly qualified and
acting Clerk of the Village of Elk River, Minnesota, DO
HEREBY CERTIFY that I have carefully compared the attached
and foregoing extract of minutes with the original minutes of
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a meeting of the Village Council held on the date therein indi-
cated, which are on file and of record in my office, and the
same is a full, true and complete transcript therefrom insofar
as the same relates to the proposed sale of $87,000 General
Obligation Improvemnt Bonds of 1972 of said Village.
WITNESS my hand as such Clerk and the official seal
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of the Village this. v22nd day of /December.
1 rr72-
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(Seal)
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NOTICE OF
BOND SALE
$87,000
'GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1972
VILLAGE OF ELK RIVER
SHERBURNE COUNTY
~lINNESOTA .
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale according
to the following terms:
TIME AND PLACE:
Thursday. , Januar~ 11
1973, at 12:00 o'clock~. ., at the
V i IT age Hall i n Elk R i vert M'i n n e sot a .
Negotiable coupon general obligation
bonds, $1,000 or $5,000 denominations
at the option of the bidder, except
that bonds numbered 1 and 2 shall be
in the denomination of $1,000 each.
December 1,1972.
TYPE OF BONDS:
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DATE OF BONDS:
PURPOSE:
INTEREST PAYMENTS:
Water and Street Improvements.
December 1, 1973, and semiannually
thereafter on June 1 and December 1.
MATURITIES:
$2,000 on December 1, 1973 and there-
after on June 1 in each of the years
and amounts as follows:
$ 5,000
$10,000
$ 5,000
$10,000
$ 5,000
$10,000
$ 5,000
1974 to 1981, both
inclusive;
1982
1983
1984
1985
1986
1987.
REDEMPTION:
... - . . ~ - -1-:::"_
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At the option of the issuer, bonds
maturing on or ~f'+gl7~.JU:l;c 1,
1982, snal1 be subject to prior
pavments, in inverse order of serial
numbers, 011 '>.lu!1(;, 1, 1981, and
any interest payment date thereafter,
at a price of par and accrued interest.
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VILLAGE OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA
$87,000 IMPROVEMENT BONDS OF 1973
PURPOSE: WATERMAIN & STREET IMPROVEMENTS
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Cumulative
Bond Bond
Due Principal ~ Years Years
12/1/73 $ 2,000 q1 2.0 2.0
6/1/74 5,000 1.5 7.5 905
6/1/75 5,000 2.5 12.5 22.0
6/1/76 5,000 3.5 17.5 39.5
6/1/77 5,000 4.5 22.5 62.0
6/1/78 5,000 5.5 27.5 89.5
6/1/79 5,000 6.5 32.5 122.0
6/1/80 5,000 7.5 37.5 159.5
6/1/81 5,000 8.5 42.5 202.0
6/1/82 10,000 9.5 95.0 297.0
6/1/83 5,000 10.5 52.5 349.5
6/1/84 10,000 11.5 115.0 464.5
6/1/85 5,000 12.5 62.5 527.0
6/1/86 10,000 13.5 135.0 662.0
6/1/87 5.000 14.5 72.5 734.5
Totals $87,000 734.5
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DATED: December 1, 1972
INTEREST PAYABLE: December 1, 1973 and semiannually thereafter on
June 1st and December 1st of each year.
PRINCIPAL DUE: $2,000 on December 1, 1973 and thereafter on
June 1st of each year.
REDEMPTION: At the option of the issuer, bonds maturing on or
..~. __..,.~.:..._ after ~une 1, 1982, shall be subject to prior
~ Q~yment, in inverse order of serial numbers, on
~June . 1, 1981, and any interest date thereafter,
at a price of par and accrued interest.
RATES:
All rates and combination of rates must be in integral
multiples of 1/20th of 1% and may not exceed 7% per
annum. Additional interest coupons may not be used.
No limitation is placed upon the number of rates which
may be used.
BID:
Sealed bids of not less than $85,695. Good faith cheek of
$1,740 must accompany bid.
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Councilman
Tom Hudson
introduced the following resolution and
moved its adoption.
WHEREAS, the trustees of the Ellen H. Bailey Trust have indicated to
this council that the provisions of said trust authorize' and empower them
to distribute to the Village of Elk River for library purposes certain funds
therein described in more particularity,
WHEREAS, this council has determined it to be in the public interest
of the citizens of the Village of Elk River that a new public library
facility be acquired or constructed expanding the present facilities and
services being rendered,
WHEREAS, this council has determined that such new facilities would in
all respects conform to the objectives of the Great River Regional Library
of which this Village is a member,
WHEREAS, this council has been advised by the library board of the
Village of Elk River that it recommends the acceptance of the gift for li-
e brary purposes as being tendered by' the trustees of Ellen H. Bailey Trust.
NOW THEREFORE BE IT RESOLVED AS FOLLOWS:
1. That the Village Council of the Village of Elk River does hereby
accept the offer of the trustees of the Ellen H. Bailey Trust to provide
1~~'$1QO.OOO.OOin funds for a new public library facility which funds should be
distributed accordingly to the terms and conditions of the contract hereto
attached and marked Exhibit "A" and made a part hereof.
AND BE IT FURTHER RESOLVED that the acceptance of such offer by the
Village Council of the Village of Elk River is accurately expressed in the
contract marked Exhibit "A" and the council does hereby specifically adopt
all the terms and provisions contained in said contract as that may pertain
to the Village of Elk River, the Village Council or the Elk River Library
Board.
AND BE IT FINALLY RESOLVED that the mayor and the clerk-treasurer of
the Village of Elk River be and hereby are authorized and directed to sign
said contract marked Exhibit "A" on behalf of the Village of Elk River
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and to cause a copy thereof to be delivered to the trustees of the
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Ellen H. Bailey Trust and to the library board of the Village of Elk River.
Jf~tl' ,;l &~,tzt/
or
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Member Robert ct to
seconded the motion whereupon a vote was called
and the motion was unanimously passed.
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I, the undersigned, being the duly qualified and acting recording officer
of the public corporation issuing the obligations referred to in the title of
this certificate, certifY that the documents attached hereto, as described
above, have been carefully compared with the original records of said corpor-
ation in my legal custody, from which they have been transcribed; that said
documents are a correct and complete transcript of the minutes of a meeting
of the governing body of said corporation, and correct and complete copies
of all resolutions and other actions taken and of all documents approved by
the governing body at said meeting, so far as they relate to said obligations;
and that said meeting was duly held by the governing body at the time and
place and was attended throughout by the members indicated above, pursuant
to call and notice of such meeting given as required by law.
WITNESS my hand officially as such recording officer this ~th day of
Nove~or. 1972. C ~
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