Resolution 19724
Resolution Authorizing Participation in Dram Shop Insurance Study
WHEREAS, the League of Minnesota Municipalities proposes to engage a
consultant to perform a complete study of the problem of unavailability,
costs, and alternatives for .providing municipal liquor dispensary
operations with::dram shop liability insurance,
NOW THEREFORE, BE IT RESOLVED BY THE CITY (VILLAGE) Council OF THE CITY (VILLAGE)
OF ELK RIVER, Minnesota:
1. The city (village) agrees to participate in such study -of dram shop insurance.
2. Net revenue of the municipal liquor store for 1970 was $ 7,058.73
3. The financial participation of the city (village) shall be in the amount of
$ 50.00 to be paid out of the liquor store fund upon notification that a
sufficient commitment from other municipalities has enabled such study.
Adopted by the Council this '1st. day of May. 1972.
G�
Mayor
(Village , der)
ViTl-aZe-- :1 1 t'—Treasurer
VILLAGE OF ELK RIVER, MINNESOTA
Preliminary Recommendations
For
Issuance of 1971 Improvement Bonds
ROBERT D. MILNE & ASSOCIATES
Municipal Consultants
266 Sexton Building
Minneapolis, Minnesota 55415
Dated: November 15, 1971
0.K. - Specifications Approved - November Z? , 1971
Attest:
T I C I.er
Elk River, M nesota
.. b
0
ELK RIVER:
We need approval of Council as to amount of issue, so we can
prepare Notice of Sale and Prospectus to advertise for bids.
If the Village will approve these recommendations, we will pro-
ceed to schedule the sane. The Council should be certain the amount
borrowed is adequate for the projects approved at the hearing. If
the Council is short, it will be expensive to get more money. if
the Council borrows ton much, the extra funds can be invested at a
rate which will earn money for the Village or can be used on some
improvement project.
VILLAGE OF ELK RIVER, MIN NESOTA
RECOMMENDATIONS
1. AMOUNT OF ISSUE: $799000 - Based upon the following actual cost
acquired from Bill Konop:
Street Improvements $322415.90
Sewer & Water Improvements 439026.84
Financing Legal, Advertise &
Other contingencies (est.) 29312.26
$772815.00
Note: If $79,000 sold at Discount of
1119; Yield from sale would be
$77981.5 so we have cushion if
we work on $79,00.
2. DATE BONDS: December 1, 1971, and sell bonds as soon as it is
possible to prepare for the sale. The bonds must
be advertised for sale at least ten days prior to
sale date. Funds would be available within 40
days after sale.
3. PRINCIPAL PAYMENTS:
4. INTEREST PAYMENTS:
Make first principal payment due December 1, 1973
and thereafter on December lst of each year. $10,000
12/1/73 thru 12/1/79 - $91,000 12/1/80.
Make first interest payment due December 1, 1972, and
semi-annually thereafter on June 1st and December 1st
of each year.
5. REDEMPTION: Recommend bonds be non -callable.
6. TYPE OF BID: Sealed bids only of not less than $77,815 and
accrued interest on the principal sum of $795,000
from date of bonds to date of delivery and must be
filed with C1erk�Treasurer prior to time of sale.
7. GOOD FAITH DEPOSIT: Certified or cashier's check in the amount of $13,5809
payable to the Village Clerk -Treasurer, Village of
Elk River, must accompany bid and be forfeited as
liquidated damages if bidder fails to comply with
accepted bid terms
0
8. RATES: Determined by successful bidder. Must be for not
Less than par and in integral multiples of 1/20th
of one per cent. No restriction is placed upon
the number of rates, except no rate and combination
of rates may exceed 7% per annum. All bonds of same
maturity must bear a single basic rate of interest
from date of issuance to maturity. The basic rate
of interest applicable to any bonds may not be
lower than the basic rate applicable to bonds
having an earlier maturity date. Additional inter-
est coupons may not be used.
9. PREFERENCE BIDS: Lowest dollar amount of interest cost. Council
reserves right to reject any and all bids. No
bid of less than par and accrued interest will
be considered.
X
["I
EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
ELK RIVER, MINNESOTA
HELD: SPWIAL
Pursuant to due call and notice thereof, a
RPiGCI1►L
meeting of the Village Council of the Village of Elk River,
Minnesota, was duly called and held at the Village
97 lHalll in
said Village on the 22W day of 1�b
ker
_ 7;30 O'clock P.M. 2
The following members were present:
Hilmar Bertelt, mar, Thom* Nuftcut Robert Syring, William Kanop, Robert Otto
and the following were absent:
hone
Member
Robert 3yring introduced the following
resolution and moved its adoption:
RESOLUTION PROVIDING FOR PUBLIC SALE
OF $79,000 IMPROVEMENT BONDS OF 1971
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
nt
this Village theshould expensesofestreet, sewer andewaternimprovements
s of 1971
to defray t P
in the Village.
2. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for
the purpose oopening
$79and
000considering
Improvementsealed
Bondsbids
1971for,
ofnd
awarding the sale
said Village.
3. The Village Clerk is hereby authorized and
directed 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:
NOTICE OF
BOND SALE
$79,000
IMPROVEMENT BONDS OF 1971
VILLAGE OF ELK RIVER
SHERBURNE COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that these bonds will be offered for
sale according to the following terms:
TIME AND PLACE: Decacbw 16 , 197
at 7s3p o' clock M. ,
Council Cambers , Elk RRi�ver,
Minnesota.
TYPE OF BONDS: Negotiable coupon general obligation
bonds, $1,000 or $5,000 denominations
at the option of the bidder, except
four bonds maturing on December 1,
1980 shall be in the denomination
of $1,000 each.
DATE OF BONDS: December 1, 1971.
INTEREST PAYMENTS: December 1, 1972, and semiannually
thereafter on June 1 and December 1.
MATURITIES: December 1 in the years and amounts
as follows:
$10,000 1973-1979
$ 9,000 1980 11
All dates are inclusive.
REDEMPTION• All bonds shall be without option
of prior payment.
PAYING AGENT: Bidder's discretion.
DELIVERY• 40 days after award subject to
approving legal opinion of Messrs.
Briggs and Morgan of St. Paul,
Minnesota. Bond printing and
TYPE OF BID:
_j ftV�� h
Mr. Char1M J. SaImUs
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.
Sealed bids of not less than
$77,815 and accrued interest
on the principal sum of $79,000
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 $1,580, 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 addressed to:
Village Clerk - Village Hall -
Elk River, Minnesota.55330.
RATES: Determined by successful bidder.
Must be in integral multiples of
1/20th of 1%. No restriction is
placed upon the number of rates,
except no rate and combination
of rates may exceed 7% per annum.
All bonds of the same maturity
bear a single basic rate of interest
from date of issuance to maturity.
The basic rate of interest applicable
to any bonds may not be lower than
the basic rate applicable to bonds
having an earlier maturity date.
Additional interest coupons may
not 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
effective .average rate of the
issue may not exceed 7% per annum.
The issuer reserves the right to reject any and all bids, to
waive informalities and to adjourn the sale.
BY ORDER OF THE VILLAGE COUNCIL
/s Charlaa J. Savala
Village Clerk
Additional information
may be obtained from:
ROBERT D. MILNE & ASSOCIATES
266 Sexton Building
Minneapolis, Minnesota 55415
Tel. No. 612-336-8722
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 gobs,& ntta
and upon a vote being taken thereon, the following voted
in favor thereof:
Syri wo Otto, BABO s KOUOp
and the following voted against the same:
AMC
Whereupon said resolution was declared duly.
passed and adopted.
-2-
0
STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS
VILLAGE OF ELK RIVER)
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 a meeting of the Village Council held on the date therein
indicated, 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 $79,000
Improvement Bonds of 1971 of said Village.
WITNESS my hand and the official seal of said
Village this day of /C��' , 197.
(Seal)