01-03-1972 VCM (2)EXTRACT OF MINUTES OF MEETING OF THE
VILLAGE COUNCIL OF THE VILLAGE OF
ELK RIVER, MINNESOTA
HELD: January 3, 1972
Pursuant to due call
meeting of the Village Council
Minnesota, was duly held at the
on the 3rd day of January
P.M.
and notice thereof, a, Regular
of the Village of Elk River,
Village Hall in said Village
19 71, at 7:30 o'clock
The following members were present:
Mayor Bartelt, Councilmen Syring, Otto, Hudson and Konop
and the following were absent: none
Member Councilman S;rrin,, introduced the following
resolution and moved its adoption:.
RESOLUTION CONCURRING IN RESOLUTION
OF PUBLIC UTILITIES COMMISSION
ACCEPTING BID O1`, SALE OF $1,015,000
ELECTRIC REVENUE BONDS OF 1971
AND FIXING INTEREST RATE
WHEREAS, the Public Utilities.Commission of. the
Village of Elk River has heretofore..adopted a resolution
accepting bid on. sale of $1,015,000 Electric Revenue Bonds
of 1971 and fixing interest rate;
WHEREAS, the.Village Council of the Village: of
E1k.River deems it necessary and expedient that said
bonds be sold in accordance with the terms and conditions
set forth in the notice of bond sale;
NOW THEREFORE, BE IT RESOLVED by the Village
Council of the Village of Elk River, Minnesota, that the
resolution of the Public Utilities Commission accepting
bid on sale of $1,015,000 ElectriccRevenue Bonds of 1971
and fixing interest rate is hereby concurred in and that
all provisions therein are hereby incorporated by reference,
adopted and approved..
0
Semi-monthl
The motion for the adoption of the foregoing resolu-
tion was seconded by member Councilman Otto and upon a vote
being taken thereon, the following. voted in favor thereof:
Councilmen Syring, Otto, Hudson and Konop
and the following voted against the same: none
Whereupon said resolution was declared duly passed
and adopted.
-2-
STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS
VILLAGE OF ELK RIVER)
I, the undersigned, being the duly, qualified and
i.
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 concurring in the resolution
of the Public Utilities Commission accepting bid on sale of
$1,015,000 Electric Revenue Bonds of 1971 and.fixing interest
rate.
WITNESS my hand as such Clerk and the official seal
of the Village this 3rd day of January , 19721..
r,
V 1-1a'ge Clerk
(Seal)
EXTRACT OF MINUTES OF MEETING OF THE
PUBLIC UTILITIES COMMISSION OF.THE
VILLAGE OF ELK RIVER, MINNESOTA
HELD: November 23, 1971
Pursuant to due call and notice thereof, a Special
meeting of the Public Utilities Commission of the Village of
Elk River, Minnesota, was duly called and held at the office
of the Public Utilities Commission in'said Village on the
23rd day of November , 1971, at 7:30 o'clock p M.
The following members of the Commission were present:
Arthur Erickson Richard Burgoyne Werner Banke
.and the following were absent:
None
.The Commission proceeded to open and consider bids
for the sale of $1,015,000 Electric Revenue Bonds of 1971. The
following bids were received:
Term of Bid
Name of Bidder Interest Discount
Allison Williams
Syndicate
E.J.-Prescott Company
Syndicate
$143392.70
$113115.00
(SEE ATTACHED BID TABULATION)
Net
Interest Cost
4.889%
5.18015%
TABULATION OF BIDS
D ite of Sale:. November 23, 1971 Place: Elk River, rburne&'' oun Minnesota
Amount: $1,01.5,000 _ Purpose: Electric Ut31icj Production
Date of Tssue: November 1, 1971 Plant TmDrovements
E . J . Prescott Co. "' is . Allison 1-1111ams Cov±oany
Pad ne Webber Jackson *' is . Thin Kalman 8, mil Tne .
Robert S.C. Peterson Mnls . Piper Ja.fn ay & MoDwood , Tne . "' Is.
MI_ller Schroeder 'I -'cols. Woodard Elwood & Co. Mols .
Channer NeLvan Chicano
ruran & moodv
It Paul
Columbian Securities Chicago
?.ate - ror ids "aturinp
4.50 11/1/72 to 11/1/79
4.75 %
5/1/80 to
11/1/81
5.00 %
5/1/82 to
11/1/°33
5.20 %
5/1/84 to
11/1/85
5.40
5/1/86 to
5/`1/88
Rate - ror Ponds Maturing,
3.80
w
11/1/72
to
11/1/ 6
4.10
%
5/1/77
_ to
11/1/80
4.60
5A/81
to
11/1/83
4.90
5/1/84
to
1111A5
5.20
5/1/86
to
5/1/88
Discount
$11,115
Discount _
t14.1392).70 .._
Total Cost $
52-9 , 541. 75
Total Cost
4919,820.20
?:let Rate
5.18015;
. % vet Pate
4.88g %
Courtesy of.,
ROBERT D. MIUIE & ASS(MAIMS
266 Sexton Bundin�
'.'•imeapolis, Minnesota 55415
After bids had been considered and discussed, member
Werner Banke introduced the following resolution and
moved its adoption:
RESOLUTION ACCEPTING BID ON SALE OF
$13015,000 ELECTRIC REVENUE BONDS OF
1971 AND FIXING INTEREST RATE
BE IT RESOLVED by the Public Utilities Commission of
the Village of Elk River, Minnesota, as follows:
1. That the bid 'of Allison -Williams Company Syndicate
in the amount of $ 1,000,607.30 to purchase $1,015,000 Electric
Revenue Bonds. of 1971 of the Public Utilities Commission, to
be dated November 1, 1971 and in the denomination of $5,000
each, is hereby found, determined and declared to be the most
favorable bid received and is hereby accepted, and said .bonds
are hereby awarded to said bidder.
2. The bonds maturing and bearing the serial numbers
set forth below shall bear interest payable November 1, 1972
and semiannually thereafter on May 1 and November 1 of each
year at the respective rates per annum set opposite said matur-
ity years and serial numbers:
Maturity
Serial Numbers
Interest Rate
11/l/72 thru
ll/l/76
1
- 38
3.80%
5/1/77 thru
11/l/80
39
= 81
4.1o%
5/l/81'thru
11/1/83
82
- 125
4.60%
5/l/84 thru
ll/l/85
126 —
157
4.90%
5/1/86 thru
5/l/88
158 —
203
5.20%
3. Said' b ds shall be payable as to principal and
interest at
The motion for the adoption of the foregoing resolu-
tion was . seconded by member Burgoyne and upon a vote
being taken thereon, the following voted in favor thereof:
Erickson Burgoyne Banke
and the following voted against the same:
None
Whereupon said resolution was declared duly passed
and adopted.
-2-
STATE OF MINNESOTA )
COUNTY OF SHERBURNE ) SS
VILLAGE OF ELK RIVER)
I, the undersigned,,.being the duly qualified and
acting Secretary of the Public Utilities Commission of the
Village of Elk River, Minnesota, DO HEREBY CERTIFY that
I have carefully compared the attached and foregoing extract
of minutes of a meeting of said Commission, held on the date
therein indicated, with the original minutes thereof on file
in my office, and that the same is a full, true and correct
transcript thereof insofar as said minutes relate to accepting
bid on sale .of $13015000 Electric Revenue Bonds of 1971
WITNESS my hand as such Secretary this 23rd day
of November 19 71.
Secret the Public Utilities
Commi ion
cRogE,tf JF6. 1::A&Z & 4Z14110daLei
266 SEXTON BUILDING
ACCOUNTANTS - UTILITY ' ANALYSTS
MINNEAPOLIS, MINNESOTA 55415
Mr. Charles Savela, Village Clerk
Village of Elk River,
Minnesota 55330
February 2, 1972
MUNICIPAL CONSULTANTS
PHONE 336-8722
RE: El-k River $79,000 Improvement Bonds
Dear Charles,
Enclosed herewith for your Minute Book the final closing papers on
the 1971 Improvement Bond issue as follows:
1. County Auditor's Certificate as --to Registration
2. Opinion of Briggs & Morgan
3. Signature Certificate
4. Treasurer's Receipt
5. "As Bid" Amortization Schedule indicating Principal
and Interest payments on the issue from 1211172 to
12/1/80
This concludes our services on this issue. My invoice in the
amount of $1,185 representing NA of the principal amount of the issue
is enclosed which includes all services and expenses except for legal
services which will be billed you direct.
It has been a pleasure to again have been of service to Elk River
as financial advisor on a municipal improvement project.
Very truly yours,
ROBERT D. MILNE & ASSOCIATES
t•. T 111./r �
Robert D. Milne
RDM:lm
encl.
STATE OF MINNESOTA
COUNTY OF SHERBURNE
COUNTY AUDITOR'S CERTIFICATE
AS TO REGISTRATION
I, the undersigned, being the duly qualified and
acting County Auditor of Sherburne County, Minnesota, DO
-7I
HEREBY CERTIFY that on the ,fig day of 197-21
there was filed in my office a certified copy of a.resolution
adopted on December 16, 1971, by the Village Council of the
Village of Elk River of said County, authorizing the issuance
of *$79,000 Improvement Bonds of 1971, of said Village,
together with full information regarding the obligations;
and said obligations have been entered in my Bond Register.
WITNESS my hand and the seal of said County this
day of
County Auditor
(Seal)
L —)
LAW OFFICE
-+
B Fs TT l G G S A N D M O A G A N
CHARLES W. BRIGGS
EDWARD C. STRINGER
J. NEIL MORTON
PROFESSIONAL ASSOCIATION
TERENCE N. DOYLE
RICHARD E. KYLE
RICHARD H. KYLE
'SAMUEL H. MORGAN
JONATHAN H. MORGAN
FRANK N. GRAHAM
2200 FIRST NATIONAL BANK BUILDING
JOHN L. DEVNEY
GOLE OEHLER
R.L.SORENSON
A.LAURENCE DAVIS
SAINT PAU E, M I NN E S O TA 55101
PETER H. SEED
FRANK HAMMOND
PBILIP L. BBUNEH
LEONARD J. KEYES
227-8021
SAMUEL L. HANSON
B. C. HART
AREA CODE 612
RONALD E, ORCHARD
JOHN M. SULLIVAN
JOHN 8. FRIEDMAN
BERNARD P. FRIEL
JAMES W. BOWERS
BUNT E. SWANSON
J. ZDRAZIL
M. J. GALVIN, JR.
j�j
$ 000
DAVID
DAME J. SPENCER
DAVID C. FORSBERG
I l
BHIIOE C. EGH80LM
NEELY
JOHN J. EELY
IMPROVEMENT BONDS OF 1971
DOUGLAS R. HADDOCK
MONEIL V. S B, JR.
OEBALD L.SVOBODA
VILLAGE OF ELK RIVER
SHERBURNE COUNTY
MINNESOTA
ROBERT O. SULLIVAN, COUNSEL
WE HEREBY CERTIFY that we have examined certified
copies of the proceedings taken preliminary to and in the
issuance by the Village of Elk River, Sherburne County,
Minnesota, of its Improvement Bonds of 1971, in the aggre-
gate principal amount of $79,000, dated December 1, 1971.
Bonds numbered 1 to 15, both inclusive, are in the denomin-
ation of $5,000 each, bonds numbered 16 to 19, both inclusive,
are in the denomination of $1,000 each, and mature serially
in numerical order, without option of prepayment, on December
1 in the years and amounts as follows:
$10,000 in each of the years 1973
to 1979, both inclusive;
$ 9,000 in the year 1980.
Bonds numbered 1 and 2 bean interest at the rate
of three and twenty-five hundredths per cent (3.25%) per
annum; bonds numbered 3 and 4 bear interest at the rate of
three and fifty hundredths per cent (3,50%) per annum; bonds
numbered 5 and 6 bear interest at the rate of three and
seventy-five hundredths per cent (3.75%) per annum; bonds
numbered 7 and 8 bear interest at the rate of three and
ninety hundredths per cent (3.90%) per annum; bonds numbered
9 and 10 bear interest at the rate of four per cent (4.00%)
per annum; bonds numbered 11 and 12 bear interest at the rate
of four and ten hundredths per cent (4.10%) per annum; bonds
numbered 13 and 14 bear interest at the rate of four and
twenty hundredths per cent'(4.20%) per annum; and bonds
numbered 15 to 19, both inclusive, bear interest at the
rate of four and thirty hundredths per cent (4.30%) per
annum. Said interest is payable on December 1, 1972 and
semiannually thereafter on June 1 and December 1 in each
year. Principal and interest are payable at the main office
of the Northwestern National Bank of Minneapolis, in Minne-
apolis, Minnesota.
r-
We have examined one of the bonds (No. 1) prepared
and executed for said issue, and find the same to be in due
form of law and duly executed. Said bonds have been issued
for the purpose of providing money for street, sewer and
water improvements in the Village.
In cur opinion said proceedings show lawful author-
ity for the said issue under the laws of the State of Minnesota
now in force and said bonds are valid and binding general obli-
gations of the Village, and all of the taxable property in said
Village is subject to the levy of an ad valorem tax to pay the
same without limitation as to rate or amount. Said bonds are,
in our opinion, exempt from all taxation by the State of
Minnesota and its subdivisions and municipalities, and the
interest to be paid on said bonds is not includible in the
gross income of the recipient for the purposes of United
States income tax or the State of Minnesota income tax (other
than Minnesota corporate franchise taxes measured by income)
according to present Federal and Minnesota laws, regulations,
rulings and decisions.
Dated at St. Paul, Minnesota, this 31st day of
January, 1972.
SIGNATURE CERTIFICATE
STATE OF MINNESOTA
COUNTY OF SHERBURNE
VILLAGE OF ELK RIVER
We, the undersigned, being respectively the duly
qualified and acting Mayor and Clerk of the Village of
Elk River, Sherburne County, Minnesota, DO HEREBY CERTIFY
that we did on the 26th day of January . , 1972, in our
official capacities as such officers sign our own proper
names and cause the corporate seal of the Village to be
affixed to $79,000 Improvement Bonds of 1971, of said
Village, dated December 1, 1971, said bonds being 19
in number and numbered from 1 to 9 both inclusive,
each in the denomination of $ 5,000 except for bonds
nos. -L6 to 19 , both inclusive, which shall be in the
denomination of $1,000 each. Said bonds mature serially,
lowest numbers first, without option of prepayment, on
December 1 in the years and amounts as follows:
$10,000 in each of the years 1973
to 1979, both inclusive;
$ 9,000 in the year 1980.
WE FURTHER CERTIFY that the signature of Charles J. Savela
affixed hereto is a true and proper signature of the qualified
and acting Treasurer of said Village.
WE FURTHER CERTIFY that we are now and were on the
date of signing such bonds, the duly qualified and acting
officers therein indicated, and duly authorized to execute
the same, and we hereby ratify, confirm, and adopt our fac-
simile signatures on the coupons on said bonds as the true
and proper signatures for the execution thereof.
WE FURTHER CERTIFY that said bonds have been in
all respects duly executed and delivered pursuant to author-
ity conferred upon us as such officers; and no obligations
other than those above described have been issued pursuant
to such authority, and that none of the proceedings or re-
cords which have been certified to the purchasers of said
bonds or the attorneys approving the same have been in any
manner repealed, amended or changed, and that there has
been no change in the financial condition of the Village,
or of the facts affecting said bonds, except as shown by
the proofs furnished.
WE FURTHER CERTIFY that there is no litigation
threatened or pending questioning the organization or
boundaries of said Village, or the right of any of.us to
our respective offices, in any manner questioning our right
and power to execute and deliver said bonds, or otherwise
questioning the validity of said bonds or the levy of the
assessments for the payment of the bonds and the interest
thereon.
WITNESS our hands and the seal of said Village
this 26th day of January. , �972
— -�V/ ""� ;
Mayor
--- --!Clerk - Treasur --
-- -V
Treasurer
(Seal)
TREASURER'S RECEIPT
STATE OF MINNESOTA
COUNTY OF SHERBURNE
VILLAGE OF ELK RIVER
I, the undersigned, being the duly qualified and
acting Treasurer of the Village of Elk River, Sherburne
County, Minnesota, DO HEREBY CERTIFY AND ACKNOWLEDGE that
on the 1st day of February , 19723 I received from
—M ison-44i l l i ams Company, , the purchaser
thereof, the purchase price of $79,000 Improvement Bonds
of 1971, dated December 1, 1971, said purchase price being
as follows:
Purchase Price $ 779-815.00
Premium `
Accrued interest from
December 1, 1971 to date
hereof 509.50
TOTAL $ 78; 324. 5C
and I did thereupon deliver said bonds to said purchaser.
WITNESS my hand as Treasurer of said Village this
l st day of February , 1972.
Village ,-I&a`s�X- r
(Seal)