HomeMy WebLinkAbout01-28-1959672 2 Record of Official Proceedings of the Common Council
of the City of Rochester, Minn., January 28 1959 •
Minutes of an adjourned regular meeting of the Common Council -of the City.of Rochester,
Minnesota, held in the Council Chambers in the City Hall, in said City, on January 28, 1959.
President Kamm called the meeting to order at 7:30 o'clock P. M., the following members
being present: President Kamm, Aldermen Haas,.Hanlon, McGuckin, Morris, Tingley, Wilkus.
The City Clerk presented affidavits showinglpublication of,notice of sale of the,
$767,000 General Obligation Bonds, Series B, and the $950,000 Improvement Bonds, Series D, both
to be dated as -of January 1, 1959, in accordance with the resolution providing for such sale at
this time and place, adopted January 5, 1959. Said affidavits were examined and found satisfactory
and directed to be placed on file in the office of the Clerk, •
The Clerk then reported that thirteen (13) sealed bids for the purchase of said bonds
had been received at her office prior to the time of this meeting, which bids were Hereupon opened
and publicly read and considered, and the highest and best bid of each bidder was found to be as
follows:
Name and Address of Manager Interest Rate
of Bidding Account or Rates Premium
1.
The Northern Trust Company & Associates
3..1495
7.00
2.
Harris Trust and Savings Bank
3.157599
55.00
3.
Kidder, Peabody & Co.
3.166053
16.62
4.
Halsey Stuart & Co. & Associates
3.1777
15.00
5.
American National Bank, St. Paul, Minnesota
3.187122
126.37
6.
Guaranty Trust Company of New York & Associates
3.195457
1,157.50
7.
Continental Illinois National Bank &
Trust Company of Chicago
3.23629
44.64
8.
Harriaman Ripley & Co. Inc. & Associates
3.245237
686.80
9.
Smith, Barney & Co. and Associates
3.2531
none
10.
Phelps, Fenn & Co.
3.2674
none
11.
J. P. Morgan & Co. Inc. & Associates
3.096
4,160.00
12,
White, Weld & Co.
3.100743
none
13.
First National Bank of Chicago
3.080983
2,461.00
motion was then made by Alderman Morris that the bids be referred to the Internal Affairs I -
Committee for tabulation. Alderman Tingley seconded the motion, and all voting in favor
thereof, President Kamm declared the motion carried.
Alderman Tingley moved that the meeting be recessed until the Internal Affairs
Committee tabulates the bids. Alderman Morris seconded the motion and all voting in favor thereof,
President Kamm declared the meeting recessed until 8:30 P. M.
President Kamm called the meeting to order again at 8:30 o'clock P. M., the following II is
members being present: President Kamm, Aldermen Haas, Hanlon, McGuckin, Morris, Wilkus. Absent:
Alderman Tingley.
Alderman Haas introduced the following resolution which was read:
RESOLUTION AWARDING SALE OF $767,000
GENERAL OBLIGATION BONDS, SERIES B, AND
$950,000 IMPROVEMENT BONDS, SERIES D
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
1. Pursuant to notice of sale heretofore duly published the Council has
received and considered all bids submitted for the purchase of $767,000
General Obligation Bonds, Series B. and $950,000 Improvement Bonds, Series D,
of the City of Rochester, both to be dated as of January 1, 1959, and does
hereby find and determine that the highest and best bid so received is that
of First National Bank of Chicago, of Chicago, Illinois, and the associates
named therein, to purchase each and all of said bonds at an aggregate price
of par plus accrued interest, plus a premium of $2,461.00, the bonds of each
Record of Official Proceedings of the Common Council
of the. City _of Rochester, :Minn., January 28, 1959
673�
series maturing in the respective years set forth below to bear interest at
the annual rates indicated opposite their maturity years:
A. General Obligation Bonds, Series B:
Maturity Years Interest Rates
1961 thru 1970 3%
1971 thru 1977 3r%
B. Improvement Bonds, Series D:
:rJ
Maturity Years Interest Rates
1961 thru 1970 3%
2.- Said bonds shall be forthwith issued, sold and delivered upon the terms
specified in said bid, and the Mayor and City Clerk are tereby authorized and
directed to endorse the City's acceptance upon duplicate copies of said bid,
to file one copy in the office of the City Clerk, and to return the other to
said bidder.
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3. The City Treasurer is directed to retain the good faith check in the
amount of $34,340 submitted by said bidder until delivery of the bonds and
payment of the purchase price in full, and to return the checks of other
bidders to them forthwith."
A motion was then made by Alderman Haas that the said resolution be adopted as read. Alderman
Hanlon seconded the motion and upon roll call and all present voting in favor thereof, President
Kamm declared the resolution duly passed and adopted.
Alderman Haas introduced the following resolution which was read:
RESOLUTION ESTABLISHING FORM AND DETAILS OF
$767,000 GENERAL OBLIGATION BONDS, SERIES B,
AND LEVYING TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
1. It is hereby found and determined that the electors of the City, at the
special election called and held July 16, 1957, by the requisite majority of
votes cast upon each proposition, authorized the issuance of negotiable coupon
general obligation bonds of the City in the aggregate principal amount of
$3,442,000, for improvements to the street system, the storm sewer system and
sewage disposal plant and for the construction of a swimming pool; that under
and pursuant to the resolution adopted March 31, 1958, entitled "Resolution
Establishing Form and Details of $1,500,000 General Obligation Bonds, Series A,
and Levying Taxes for the Payment Thereof", which resolution is by reference
incorporated herein and made a part hereof, the City has heretofore issued
bonds pursuant to said authorization in the aggregate principal amount of
$1,500,000, designated as the "General Obligation Bonds, Series A", which
bonds included the entire amount of $549,600 authorized for sewage disposal
plant improvements and $175,000 for swimming pool construction, together with
$300,400 for street system improvements and $475,000 for storm sewer
improvements; that it is necessary at this time for the City to issue
additional bonds pursuant to said authorization in the amount of $767,000
including the entire remaining amount of $134,800 authorized for storm sewer
improvements, and $632,200 of the total sum authorized for improvements to
the street system; that it is deemed in the best interest of the City to
combine said bonds in a single issue in the amount of $767,000, to be des-
ignated as the "The General Obligation Bonds,
Series B"; that said bonds
have been duly advertised at public sale and sold in accordance with the
most favorable bid received therefor; and that it is now necessary to
establish the form and details thereof in accordance with the authorization
by the electors and the contract of sale.
2. Said General Obligation Bonds, Series B, shall be dated as of
January 1, 1959, shall be 767 in number and numbered from 1 to 767, inclusive,
shall bear interest at the respective annual rates set forth opposite their
maturity years below, payable July 1, 1959, and semiannually thereafter on
January 1 and July 1 of each year until paid, and shall mature serially, with-
out option of prior payment, on January 1, in the years and amounts as follows:
Maturity Years Amounts Int. Rates Maturity Years Amounts Int. Rates
1961 $77,000 3.% 1970 $45,000 3.%
1962 30,000 3.% 1971 50,000 3.25%
1963 30,000 3.% 1972 45,000 3.25%
1964 35,000 3 A 1973 50,000 3.25%
1965 35,000 3.% 1974 55,000 3.25%
1966 35,000 3% 1975 55,000 3.25%
1967 35,000 3.% 1976 55,000 3.25%
1968 35,000 3.% 1977 60,000 3.25%
1969 40,000 3.%
The principal thereof and interest thereon shall be payable at The First National Bank
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674
Record of Official Proceedings of the Common Council
of the City of Rochester, Minn., January - 28 , 1959
in Chicago, Illinois and the City hereby agrees to pay the reasonable and
customary charges of said paying agent for the receipt and disbursement of
the principal and interest moneys. The City Clerk and her successors in office
are hereby authorized and directed to procure, establish and maintain a register
suitable for the registration of any of said bonds, as to principal only, upon
request therefor by the holder of any bond, and each and all of said bonds shall
be registrable, as to the ownership of principal only, in the manner set forth
in the form of bond provided below.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF OLMSTED
CITY OF ROCHESTER
GENERAL OBLIGATION BOND,
SERIES B
No. $1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Rochester, in the County of
Olmsted and State of Minnesota, acknowledges itself indebted and f6r value
•
received promises to pay to bearer or, if this bond is registered, to the
registered holder hereof, the principal sum of ONE THOUSAND DOLLARS on the 1st
day of January, 19 , without option of prior payment, and promises to pay
interest on said principal sum from the date hereof until said principal sum
is paid, at the rate of per cent ( %) per annum,
payable July 1, 1959, and semiannually thereafter on January 1 and July 1 of
of each year, interest to maturity being payable in accordance with, and on
presentation and surrender of, the interest coupons appurtenant hereto. Both
principal and interest are payable at
in , and are payable in any coin or currency of
the United States of America which on the date of payment is legal tender for
public and private debts. For the prompt and full payment of such principal
and interest, the full faith, credit and unlimited taxing powers of the City of
Rochester have been and are hereby irrevocably pledged.
This bond is one of a series in the total principal amount of $767,000, all
of like date and tenor except as to serial number, interest rate and maturity
date, issued by said City for the purpose of providing the sum of $134,800 for
the improvement and 4xtension of the storm sewer system and $632,200 for the
improvement of streets. The bonds of this series are issued pursuant to due
authorization of bonds for each of said purposes by the Common Council of the
City and by the favorable vote of more than the requisite majority of the quali-
fied electors ofthe City voting on each of said propositions at an election
duly and legally called and held therein, and pursuant to and in full conformity
with the provisions of the Constitution and laws of the State of Minnesota dnd
the Charter of the City thereunto enabling. The aggregate principal amount of
bonds authorized at said election is $3,442,000, of which bonds Series A, in the
amount of $1,500,000, were issued and sold under date of April 1, 1958.
This bond is transferable by delivery, except while registered as to
principal in the name of a holder on the bond register of the City kept for that
purpose at the office of its City Clerk with such registration noted hereon by
said Clerk. While so registered, no transfer hereof shall be valid unless made
on such register by the registered holder in person or by his attorney duly
authorized in writing and similarly noted hereon; but this bond may be discharged
from registration by being in like manner transferred to bearer, and thereupon
transferability by delivery shall be restored; but the bond may again and from
time to time be registered in the name of a holder or transferred to bearer as
before. Such registration shall not effect the negotiability of the interest
coupons appurtenant thereto, which shall always continue to be payable to bearer
•
and transferable by delivery.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things
required by the Constitution and laws of the State of Minnesota dnd the Charter
of the City to be done, to happen, to exist and be performed precedent to and
in the issuance of this bond, in order to make it a valid general obligation of
the City according to its terms, have been done, have happened, do exist, and
have been performed in regular and due form, time and manner as so required;
that the issuance of this bond did not cause the indebtedness of said City to
exceed any constitutional, statutory or charter limitation; that, prior to the
issuance hereof, a direct, annual, ad valorem tax has been duly levied upon all
taxable property in said City for the years and in amounts at least 5% in excess
of sums sufficient to pay the interest hereon and the principal hereof as they
respectively become due, and additional taxes, if needed, will be levied upon
all•of such property, without limitation as to rate or amount; and that said tax
levies are irrevocable, save and except to,the extent that moneys are provided
from other sources and irrevocably appropriated and paid into the special
Sinking Fund Account heretofore created within the municipal Sinking Fund for
the -payment of said bonds and interest thereon.
-IN WITNESS WHEREOF the City of Rochester, Minnesota, has caused this bond
to be executed in its behalf by the facsimile signature of its Mayor and by the
• Record of Official Proceedings of the Common Council
of the City of. Rochester, .Minn., January 28, 1959
6 ® . e .
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manual signature of its City Clerk and its official seal to be affixed, and
the interest coupons appurtenant hereto to be executed and authenticated by
the facsimile signatures of said Mayor and City Clerk, and this bond to be
dated January 1, 1959.
(Place for signature of City Clerk)
City Clerk
(SEAT.)
(Facsimile of Mayor's signature)
Mayor
(Form of Coupon)
No. $
On the 1st day of July (January), 19 , the City of Rochester, Minnesota
will pay to bearer at
in ,
the sum of DOLLARS
for interest then due on its General Obligation Bond, Series B, dated January 1,
1959, No.
XFacsimile signature)
Mayor
(Facsimile signature)
Clerk
(Form of text and grill for registration
to appear on the back of each bond)
The within bond has been registered, as to ownership of principal only, on
the bond register kept at the office of the City Clerk in Rochester, Minnesota.
NO WRITING HEREON EXCEPT BY THE CITY CLERK
Date Registered Owner Signature of Clerk
Q. Said bonds shall be prepared for execution under the direction of the
City Clerk and attorneys, and when so prepared shall be executed in behalf of
the City by the facsimile signature of the Mayor being engraved, printed or
lithographed thereon and by the manual signature of the City Clerk, who shall
affix the official seal to each of said bonds; and the interest coupons shall
be executed and authenticated by the printed, engraved or lithographed
facsimile signatures of the Mayor and City Clerk. When the bonds have been so
executed, they shall be delivered by the City Treasurer to the purchaser upon
receipt of the purchase price heretofdre agreed upon, and the purchaser shall
not be required to see to the application thereof.
5. The special "General Obligation Bond Account" created by said resolution
of March 31, 1958 within the Sinking Fund created by the City Charter shall
continue to be maintained and to be used solely for the payment of and interest
on the bonds herein authorized, and the bonds of said Series A, and any additi-
onal general obligation bonds hereafter designated by the Common Council. If
any payment of principal or interest on said bonds shall become due when the
moneys in said account are not sufficient therefor, the Treasurer shall make
the payment from any moneys which are available in other funds of the City, and
such other funds may be reimbursed for such advances out of the proceeds there-
after received from the taxes herein levied. All sums collected on the taxes
herein levied and all accrued interest and principal received by the City upon
the delivery of said bonds to the purchaser thereof are hereby irrevocably
appropriated to said account.
6. For the prompt and full payment of the principal of and interest on said
bonds as such payments respectively fall due, the full faith, credit and unlimited
taxing powers of the City shall be and are hereby irrevocably pledged. To provide
moneys for such payments, there is hereby levied upon all the taxable properties
within the territorial limits of the City a direct, annual ad valorem tax which
shall be spread upon the tax rolls and collected as a part of other general
taxes of the City for the years (collectible in the respective ensuing years) and
in the amounts as follows:
Year Amount Year Amount
1959 125,715.00 1968 61,295.00
1960 54,205.00 1969 65,125.00
1961 53,260.00 1970 58,170.00
1962 57,563.00 1971 61,885.00
1963 56,465.00 1972 65,430.00
1964 55,360.00 1973 63,550.00
1965 54,260.00 1974 61,675.00
1966 53,155.00 1975 65,050.00
1967 57,305.00
Said levies are hereby made and declared to be irrevocable as long as any of said
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�676 Record of Official Proceedings of . the Common Council
of the City of Rochester, Minn., January . 28,. 1959
OSWALD PIIBLIBHIND CO., NEW ULM, MINN. 75195
bonds are outstanding, save and except that the City hereby expressly reserves
the right and power to reduce any"of the above levies at the time and in the
member and to the extent permitted by Minnesota Statutes Section 475.61.
7. The City Clerk is hereby authorized and directed to file with the
County .Auditor of Olmsted County, Minnesota, 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 tax required by law for
the payment of said bonds has been levied and that said bonds have been entered
upon his bond register.
8. The officers of the City and the County Auditor of Olmsted County are
-hereby authorized and directed to prepare and furnish to the purchaser of said
bonds, and to the attorneys Approving the legality of the issuance thereof,
certified copies of all proceedings and records of the City relating to said
bonds and to the financial condition and affairs of the City and such other
affidavits, certificates, and information as may be required to show the facts
relating to the legality and marketability of the bonds as the same appear
from the books and records under their custody and control or as otherwise known
to them, and all such certified copies, certificates, and affidavits, incldding
•
any heretofore furnished, shall be deemed representiations of the City as to the
truth of the facts purported to be shown therein."
A motion was then made by Alderman Hanlon that the said resolution be adopted as read. Alderman
Wilkus seconded the motion and upon roll call and all present voting in favor thereof, President
Kamm declared the resolution duly passed and adopted.
Alderman Haas introduced the following resolution which was read:
RESOLUTION AUTHORIZING AND DIRECTING THE
ISSUANCE OF $950,000 IMPROVEMENT BONDS,
SERIES D, PAYABLE FROM THE IMPROVEMENTBBUND
ACOOUNT OF THE SINKING FUND, AND APPROPRIATING
SPECIAL ASSESSMENTS AND TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
1. It is hereby found and determined that the City has heretofore ordered and
contracted for the construction of various local improvements and has determined
the area proposed to be assessed therefor, after proper hearing and advertisement
for bids, in accordance with the provisions of Minnesota Statutes 1957, Chapter
429; that the total benefits resulting from each of said improvements to the
properties within the area assessable therefor is not leas than the cost thereof,
and the City now has full power and authority to finance the same by the levy of
special assessments upon such properties and, to the extent to be determined by
the Council, by the levy of ad valorem taxes on all taxable property within its
corporate limits, for the payment of such portions of the cost as. should be borne
by the City at large, or such portions of the cost of water and sewer improvements
as should be deferred for assessment at a later date; that it is necessary and
expedient for the City at this time to issue its negotiable coupon general obliga-
tion improvement bonds pursuant to said Chapter 429 in the principal amount of
-$950,000, to pay expenses necessarily incurred and to be incurred in connection
with said improvements, which bonds have been duly advertised and sold at public
sale; that it is necessary to establish the precise form and details of said bonds
as hereinafter provided, in accordance with the contract of sale heretofore made;
and that the general nature of each of said improvements, the project number
heretofore assigned thereto and the total cost thereof as presently estimated are
•
as follows:
Project Estimated
Nature Number Cost
Paving 5015 $204,709.73
Water Main, service connections and grading
and surfacing 5209 17,438.02
_
Water Main and sanitary sewer 5402 20,078.70
Storm sewer 5614-2 90,355.39
Water Main 5619-B 35,042.89
Sanitary Sewer 5620 79,118.00
Curb and gutter 5626 4,071.82
Curb and gutter 5634 1,929.26
Sanitary sewer trunk line 5710 32,243.20
Water main, service connections, sanitary sewer,
storm sewer and grading and surfacing 5716 32,886.22
Water main,.sanitary sewer, storm sewer, service
connections and grading and surfacing 5719 67,091.68
Water tower and foundations 5803 82,941.28
Water main and sanitary sewer 5805 4,214.18
Water main, service connections, sanitary sewer,
storm sewer and grading and surfacing 5808 165,764.13
iL
Record of Official Proceedings of the Common Council
of the. City of Rochester, Minn., January 28, 1959;
Sidewalks 5811 34,138.50
Water main and sanitary sewer 5812 3,873.59
Water main, sanitary sewer, service connections,
grading and bituminous surfacing 5813 26,191.95
Water main, service connections, sanitary sewer,
storm sewer and grading and surfacing 5815 306,909.60
Water main, sanitary sewer, service connections
and storm sewer 5822 28,813.63
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Water main, sanitary sewer, service connections,
<
storm sewer, grading and surfacing 5821 247,175.73
Curb and Gutter 4610)
Curb and Gutter 5605) 19,786.71
Curb and Gutter 5419)
Curb and Gutter 5816)
$1,504,774.21
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2. Said bonds shall be designated as "Improvement Bonds, Series D", shall
be 950 in number and numbered from 1 to 950, inclusive, each in the denomination
of $1,000 and in the aggregate principal amount of $950,000, and shall be dated
as of January 1, 1959. Said bonds shall bear interest at the respective annual
rates set forth opposite their maturity years below, payable July 1, 1959, and
semiannually thereafter on January 1 and July 1 of each year, and shall mature
serially, without option of prior payment, on January 1 in the years and amounts
as follows:
Maturity Interest Maturity Interest
Years Amounts Rates Years Amounts Rates
1961 $95,000 3% 1966 $95,000 3%
1962 95,000 3% 1967 95,000 3%
1963 95,000 3% 1968 95,000 3%
1964 95,000 3% 1969 95,000 3%
1965 95,000 3% 1970 95,000 3%
The principal thereof and interest thereon shall be payable at the First National
Bank of Chicago, in Chicago, Illinois, and the City hereby agrees to pay the
reasonable and customary charges of said paying agent for the receipt and
disbursement of the principal and interest moneys. The City Clerk and her
successors in office are hereby authorized and directed to procure, establish
and maintain a register suitable for the registration of any of said bonds, as
to principal only, upon request therefor by the holder of any bond, and each
and all of said bonds shall be registrable, as to the ownership of principal
only in the manner set forth in the form of bond provided below.
3. Said bonds and the interest coupons to be attached thereto and'the
registration forms to appear on the backs thereof shall be in substantially
the following form, with suitable insertions of dates, numbers and interest
rates:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF OLMSTED
CITY OF ROCHESTER
IMPROVEMENT BOND, SERIES D
No. $1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Rochester, in the County of
Olmsted and State of Minnesota, acknowledges itself indebted and for value
received promises to pay to bearer or, if this bond is registered, to the
•
registered holder thereof, the principal sum of ONE THOUSAND DOLLARS on the 1st
day of January, 19 , without option of prior payment, and promises to -pay interest
on said principal sum from the date hereof until said principal sum is paid, at the
rate of per cent ( %) per annum, payable July 1, 1959, and
semiannually thereafter on January 1 and July 1 of each year, interest to maturity
being payable in accordance with, and on presentation and surrender.of, the interest
coupons appurtenant hereto. Both principal and interest are payable at
in , and are payable in any coin or currency of the
United States of America which on the date of payment is legal tender for public
and private debts. For the prompt and full payment of such principal and interest,
the full faith, credit and unlimited taxing powers of the City of Rochester have
been and are hereby irrevocably pledged.
This bond is one of a series in the total principal amount of $950,000, all
of like date and tenor except as to serial number, interest rate and maturity date,
issued by said City for the purpose of defraying expenses incurred and to be incurred
in the construction of local improvements heretofore duly ordered and directed to be
made in and for said City, in anticipation of the levy and collection of special
assessments with respect to said improvements and of taxes for the payment of the
portion of the cost thereof devolving upon'the City, and is issued pursuant to and in
full conformity with resolutions duly adopted by the Common Council after hearing as
required•by law, and pursuant to and in fully conformity with the provisions of the
Constitution and laws of the State of Minnesota and the Charter of said City thereunto
6 7 8 Record of Official Proceedings of. the Common Council
of the. City of Rochester, Minn., -January 28, 1959
OSWALD PUBLIBHON13 CO.. NEW IILM. "INN 5195
enabling, including Minnesota Statutes, Chapter 429. This bond is payable primarily
from the Improvement Bond Account of the Sinking Fund of the City of Rochester, to
which said taxes and assessments have been appropriated, but the Council is required
to pay the. principal and interest thereon out of any funds in the treasury in the
event that the moneys on hand in said account should at any time be insufficient to
meet the payment of maturing principal and interest.
This bond is transferrable by delivery, except while registered as to principal
in the name of a holder on the bond register of the City kept for that purpose at
the office of its City Clerk with such registration noted hereon by said City. While
so registered, no transfer hereof shall be valid unless made on such register by the
registered holder in person or by his attorney duly authorized in writing and similarly
noted hereon; but this bond may be disbharged from registration by being in like
manner transferred to bearer, and thereupon transferability by delivery shall be
restored; but the bond may again and from time to time be registered in the name of
a holder or transferred to bearer as before. Such registration shall not affect
the negotiability of the interest coupons appurtenant hereto, which shall always
continue to be payable to bearer and transferable by delivery.
•
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required
by the Constitution and laws of the State of Minnesota and the Charter of the City
to be done, to happen, to exist and to be performed precedent to and in the issuance
of this bond, in order to make it a valid general obligation of the City according
to -its terms, have been done, have happened, do exist, and have been performed
in regular and due form, time and manner as so required; that the issuance of this
bond did not cause the indebtedness of said City to exceed any constitutional,
statutory or charter limitation; that it is estimated that said special assessments
and taxes will be collected in the years and amounts required to produce sums not
less than 5% in excess of sums sufficient to pay the interest hereon and the princi-
pal hereof as they respectively become due; and that additional taxes, if needed
for said purpose, may be levied upon all taxable property in the City, without
limitation as to rate or amount.
IN WITNESS WHEREOF the City of Rochester, Minnesota, has caused this bond to
be executed inoits behalf by the facsimile signature of its Mayor and by the
manual signature of its City Clerk and its official seal to be affixed, and the
interest coupons appurtenant hereto to be executed and authenticated by the
facsimile signatures of said Mayor and City Clerk, and this bond to be dated as
of January 1, 1959.
(Place for signature of City Clerk) (Facsimile of Mayor's signature)
City Clerk Mayor
(SEAL)
(Form of Coupon)
No. $
On the 1st day of July (January), 19 , the City of Rochester, Minnesota,
will pay to bearer at
in , the sum of
DOLLARS for interest then due on its Improve-
ment Bond, Series D, dated January 1, 1959, No.
(Facsimile signature) (Facsimile signature)
Clerk Mayor
(Form of text and grill for registration
to appear on the back of each bond)
The within bond has been registered, as to ownership of principal only, on
the bond register kept at the office of the City Clerk in Rochester, Minnesota.
NO WRITING HEREON EXCEPT BY THE CITY CLERK
Date Registered Owner Signature of Clerk
•
4. Said bonds shall be prepared for execution under the direction of the City
Clerk and attorneys, and when so prepared shall be executed in behalf of the City
by the facsimile signature of the Mayor being engraved, printed or lithographed
thereon and by the manual signature of the City Clerk, -who shall affix the official
seal to each of said bonds; and the interest coupons shall be executed and authenti-
cated by the printed, engraved or lithographed facsimile signatures of the Mayor
and City Clerk. When the bonds have been so executed, they shall be delivered by
the City Treasurer to the purchaser upon receipt of the purchase price heretofore
agreed upon, and the purchaser shall not be required to see to the application
thereof.
5. In accordance with said Chapter 429 there shall continue'to be maintained
(as a subfund or account within the Permanent Improvement Revolving Fund) a separate
fund for each of the improvements listed in paragraph 1 hereof, and the proceeds of
sale of the bonds herein authorized, except accrued interest and premium, shall be
paid into said respective funds in the amounts required for the payment of the
expenses of said improvements, and used solely for such purpose. After completion
of each of said improvements, and payment of the cost thereof in fully, any unexpended
Record of Official Proceedings of the Common Council
of. the. City.of Rochester, .Minn., January 28, 1959- .
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portion of the bond proceeds then held in the fund, may, if directed by the Council,
be transferred to the fund of any other improvement to be financed by the issuance
of bonds under said Chapter 429; and all other moneys remaining therein, and all
subsequent collections of special assessments levied for said improvement, shall be
credited and paid into the Improvement Bond Account heretofore created within the
municipal Sinking Fund.
6. Said Improvement Bond Account shall continue to be maintained within the Sinking
Fund as long as any of the bonds herein authorized are outstanding, and shall be used
solely for the payment of the principal and interest when due on said bonds, and on
the Improvement Bonds, Series A and C, and .on any additional bonds hereafter authorized
to finance improvements instituted pursuant to Chapter 429 and any acts amendatory
thereof and supplemental thereto, or to prepay and redeem such bonds when and as they
become prepayable according to their terms. It is contemplated that the special assess-
ments to be levied for the improvements listed in paragraph 1 hereof, and herein approp-
riated to said Improvement Bond Account, will be in an aggregate principal amount not
less than $850,000, and will be collected with and as a part of the general taxes
levied by the City on the tax rolls for 1959 and each subsequent year, in not exceeding
ten equal annual installments of principal, with interest at the rate of 5% per annum
on the installments of said assessments from time to time remaining unpaid. For the
purpose of paying that portion of the cost of said improvements to be assumed by the
City or to becarried by the City pending the future levy of special assessments on
benefited property, and for the purpose of providing, together with estimated collect-
ions of the special assessments to be levied initially, sums not less than 5% in
excess of the annual principal and interest payments required to be made on said bonds,
there is hereby levied upon all taxable property within the. City of Rochester a direct,
annual, ad valorem tax to be spread on the tax rolls for the years and in the amounts
as follows, and collected in the respective ensuing years:
Year
Amount
Year
Amount
1959
85,000
1964
85,000
1960
85,000
1965
855000
1961
85,000
1966
85,000
1962
85,000
1967
85,000
1963
85,000
1968
85,060
Said taxes when collected shall be credited and paid into the Improvement
Bond Account of the Sinking Fund and shall be irrevocable as long as any bonds
payable from said account are outstanding, provided that the City reserves the
right and power to reduce said levies by the amount of any moneys hereafter irrevocably
appropriated to and actually paid into said Improvement Bond Account, other than specia
assessments and taxes levied for the bonds of this series and other series made payable
from said account. The full faith and credit of the City shall be and is hereby
irrevocably pledged for the prompt and full payment of the principal and interest on
all of the bonds herein authorized, and if at any time the moneys in said Improvement
Bond Account should be insufficient to pay all principal and interest due, the Common
Council shall provide sufficient moneys therefor from any other funds in the City
Treasury, and such funds may be reimbursed from the proceeds of said special assessment
and taxes when collected. The City furthercovenants and agrees that it will levy
additional taxes to any extent required to restore any deficiency in said Improvement
Bond Account for the payment of bonds and interest chargeable thereto, which levies
may be made without limitation as to rate or amount.
7. The City Clerk is hereby authorized and directed to file with the County
Auditor of Olmsted County, Minnesota, 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 tax required by law for the payment of said bonds
has been levied and that said bonds have been entered upon his bond register.
8. The officers of the City and the County Auditor of Olmsted County are hereby
authorized and directed to prepare and furnish to the purchaser of said bonds, and to
the attorneys approving the legality of the issuance thereof, certified copies -of all
proceedings and records of the City relating to said bonds and to the financial
conditions and affairs of the City and such other affidavits, certificates, and inform-
ation as may be required to'show the facts relating to the legality and marketability
of the bonds as the same appear from the books and records under their custody and
control or as otherwise known to them, and all such certified copies, certificates and
affidavits, including any heretofore furnished, shall be deemed representations of the
City as to the truth of the facts purported to be shown therein."
A motion was then made by Alderman Wilkus that the said resolution be adopted as read. Alderman
Morris seconded the motion and upon roll call and all present voting in favor thereof, President
Kamm declared the resolution duly passed and adopted.
Upon motion by Haas, second by Hanlon, the meeting was adjourned.
Cio Clerk