HomeMy WebLinkAbout09-11-1962e
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Record of Official Proceedings of the Common Council
of the City .of Rochester, Minn., September 11, 1962
Minutyes 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
September 11, 1962.
President Tingley called the meeting•to order at 7:30 o'clock P. M., the following
members being present: President Tingley, Aldermen Bergstedt, DeVries, Leonard, Morris, Thomas,
Wilson. Absent: None.
President Tingley stated this as being -the time and place set for receiving and
opening bids for sale of $700,000 Improvement Bonds, Seriies F.
The City Clerk presented•affidavits showing publication of notice of sale of $700,000
Improvement Bonds, Series F, to be dated as of October 1, 1962, in accordance with the resolution
providing for such sale at this time and place, adopted August 6, 1962. Salid affidavits were
examined and found satsifactory and directed to be placed on file in the office of the Clerk,
The Clerk then reported that 14 sealed bids for the purchase of said bonds had been
received at hee office prior to the time of this meeting, which bids were theeeupon opened and
publicly read and considered, and the highest and best bid of each bidder was found to be as
follows:
Account Manager
C. F. Childs & Company
Barcus, Kindred & Co.
Mercantile Trust Co.
National Bank of
Commerce
Halsey,Stuart & Co.,Inc.
Hornblower & Weeks
Morgan Guaranty Trust Co.
Drexel & Company
American National Bank of
St. Paul
Brown, Bosworth & Co.
Stern Brothers & Co.
Shaerson, Hammil &Co.
Harris Trust & Savings
Blyth & Co.., Inc.
J. M. Dain Co., Inc.
N.W.National Bank of
Minneapolis
Basic
Interest
Years
Rate
1963- 1966
2%
1967-1971
2.50%
1963-1965
2%
1966-1968
2.40%
1969-1971
2.50%
1963-1965
2%
1966-1967
2.25%
1968-1969
2.40%
1970-1971
2.50%
1963-1965
2%
1966-1967
2.20%
1968-1969
2.30%
1970-1971
2.50%
1963-1965
2%
1966-1971
2.50%
1963- 1965
2%
1966-1968
2.30% _
1969-1971
2.50%
1963
1.60%
1964
1.90%
1965
2.00%
1966
2.10%
1967
2-20%
1968
2.30%
1969
2.40%.
1970
2.50%
1971
2.60%
1963-65
3%
1966
2.10%
1967
2.20%
1968
2.30%
1969
2.40%
1970-1971
2.50%
Net
Net Average
Additional Interest Ineterest Interest
Period Rate Premium Cost Cost %
None None 2,107.00 77,76750 2.318372
None None 231.00 77,026.50 2.38841
1963-1971 .60 68.39 77,981.61 2.41803
12/l/62-7/l/63
1963-1971 .90 93.00 78,283.25 2.42738
11/l/62-7/l/63
None None 147.00 78,321.75 2.428
1963-1971 2.20 None 78,615.25 2.4377
11/l/62-1/l/63
1963-1971 .90 None 78,637.50 2.43837
None
52.50 78,691.25 2.44003
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Record of Official Proceedings of the Common Council
41 of the City of Rochester, Minn., September 11,. 1962
I 73D
FY 60252
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Continental Illinois 1963-1967 2.50% None
National Bank & Trust 1968 2.30%
A. G. Becker & Co., Inc. 1969 2.40%
1970 2.50%
1971 2.60%
First National Bank of 1963-1965 2.25% None
Chicago 1966-1971 2.56%'
The Milwaukee Company
Northern Trust Company
1963-1965
2%
Shaughnessey & Co.,Inc.
1966-1967
2.25%
1968-1970
. 2.507.
1971
2.60%.
Harriman Ripley & Co.
1963-1965
3%
Goldman Sachs & Co.
1966-1967
2.25%
Allison Williams Co.
-1968-1969
2.50%
Piper,Jaffrey & Hopwood
1970-1971
2.60%
First National Bank of
1963-1965
2.107.
St. Paul
1966-1967
2.30%
Juran & Moody, Inc.
1968-1969
2.50%
Kalman & Co., Inc.
1970-1971
2.60%
Mannheimer-Egan, Inc.
Commerce Trust Company
1963-1967
2.300%
lst National Bank of
1968
2.40%
American Fletcher National
1969
2.50%
Bank & Truut Co.
1970-1971
2.60%
None
None
1963- 1969 17.
ll/l/62-7/l/63
None None
1963-1971 2.40
1963-1971 1.10
473.48 78,950..27 2.44807
317.88 79,229.00 2.45671
271.00 80,576.75 2.4985
913.50 813,070.25 2.513806
None 81,263.75 2,5198
14.00 82,028.50 2.54355
Upon motion.by Morris, second by Thomas, and all voting in favor thereof, the above
bids Qere referred to the Finance Committee for tabulation and recommendation.
Upon motion by Thomas, second by Wilson, and all voting in favor thereof, the meeting
was recessed until 8:00 o'clock P. M.
President Tingley called the meeting to order at 8:00 o'clock P. M., the following
members being present: President Tingley, -Aldermen Bergstedt, DeVries, Leonard, Morris, Thomas,
Wilson.
JA motion was then made.by Morris, second by Bergstedt, that the good faith checks of
the uAsuccessful bidders on the $700,000 Improvement Bonds, Series F be returned with the
exception of the low bidder determined by the Finance Committee. All voted in favor thereof.
The recommendation of the Finance Committee that the request of Viktor Wilson, M.D.
City Health Officer; f6r permission for himself, the General Sanitarian, the Milk Sanitarian and
the Health Engineer to attend a conference in St. Paul on Thursday, September 13, 1962 at city
expense be approved, was read. Upon motion by Leonard, second by Wilson, and all voting in
favor thereof, the recommendation was approved.
President Tingley stated this as being the time and place set for a hearing on the
vacating of 2nd Avenue Northwest between Center Street and First Street Northwest. The notice of i+
hearing, published in the paper, was read and President Tingley ordered the same placed on file.
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Mr. Harold Mickey, Hospital Administrator, was present and outlined the program for the construct-
ion of a new hospital; he said they had reviewed all the land available to them and found that JI
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this was the only land available that would accomodate the kind of structure that they felt it I!
was necessary to build and urged that the Council vacate this land so this building could become
a reality. Mr. Howard Smith, representing the Building Trades of Rochester, spoke in favor of
vacating the said street; he said they had discussed this at their last meeting and they wanted to.
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Record of Official Proceedings of the Common Council
of the City of Rochester, Minn., September 11, 1962
FY=60252
go on -record as favoring the vacation of 2nd Avenue N.-W. from Center Street to 1st Street N. W.,
he said they felt it should be vacated with the least cost to the taxpayer, that is vacate -it•
without charging and let Methodist Hospital pay for moving or replacing utilities in that particu-
lar block. 'Mr. Leonard Ekstrand, President of I.O.I.,'also spoke in favor of vacating 2nd
Avenue N. W. from Center Street to 1st Street H. W., he read a paragraph from the annual report
submitted to the stockholders on October 18, 1960 which showed that they recpmmended, at.that
time, replacement of Methodist Hospital facilities. Julius Dalsbo owner of a small hotel on 2nd
Avenue N. W: stated that he was in favor of a new hospital and everything it'stands for but was
against closing the street; he said he felt the street'was of more value to'the City than it
would be to.the hospital and suggested that they raise.the hospital above the street. Mr. -Don
Franke, Attorney, was present and stated that he thought the property should.be vacated without
cost; he said it did not seem logical to him that it it is determined that.it is in the public
need io vacate the street that a price should be put on it; he said he thought the majority of
the citizens of the City were in favor of the project and did not think the Council should -
worry about the money. A letter from the Rochester Board of Realtors and a letter from the
Rochester Jaycees endorsing and supporting the proposed project of vacating Second Avenue N. W.
between Center Street and First Street were each read and President Tingley ordered the same
placed on file. A letter from the American Public -Works Association submitting examples of
practices in the matter of vacating public thoroughfares and compensation in connection therewith,
was read and President Tingley ordered the same placed on file. After hearing those present, a
motion was made by Leonard, second by Morris, that the Council declare the hearing officially
closed and the Council take this under ddvisement, with the hope that the Council reach some
decision by the next meeting or as soon thereafter as possible. All voted in favor thereof.
President Tingley declared a recess at 9:00 o'clock P.M. The meeting was called to
order again at 9:20 o'clock P.M., with all members being present except Alderman DeVries.
The recommendation of the Finance Committee that the bid of C. F. Childs & Company
of Chicago, Illinois for a total net interest cost of $74,767.50 and the average net interest
rate of 2.318372% per annum be accepted, was read. A motion was made by Leonard, second by
Thomas, that the recommendation be approved and upon roll call, Bergstedt, Leonard, Morris,
Thomas, Wilson and Tingley voting "aye", President Tingley declared the recommendation approved.
Alderman Wilson introduced the following resolution which was read:
RESOLUTION AWARDING SALE OF
$700,000 IMPROVEMENT BONDS, SERIES F
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 $700,000
Improvement Bonds, Series F of the City of Rochester, to be dated as of
October 1; 1962, and does hereby find and determine that the highest and best
bid so received is that of C. F. CHILDS COMPANY of CHICAGO, ILLINOIS, and the
associates named therein, to purchase said bonds at a price of par plus
accrued interest, plus a premium of $2,107.00, the bonds maturing in the
respective years set forth below to bear interest at the annual rates indicated
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Record of Official Proceedings of the Common Council
_of _the_City of Rochester, Minn., • SPptPmhPr 11, 1962
Fri60Z52
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opposite their maturity #ears; from date of issue until paid: -
Maturity Years` Interest -Rates
- 1963-through 1966 2%
1967 through 1971 2.5%
2. Said bonds shall be forthwith issued, sold and delivered upon tfie terms
specified in said bid, and the Mayor and City Clerk are hereby authorized and
directed to endorse the City 's aeceptance 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.
3. The City Treasurer is directed to retain the good faith check in the -
amount of $14,000 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."
Alderman Leonard moved the adoption of the above resolution and Alderman Thomas duly seconded
said'motion, and upon vote being taken thereon, the following Aldermen voted in favor thereof:
Aldermen Bergstedt, Leonard, Morris; Thomas, Wilson and President Tingley, and no onve voting
against the same, whereupon'said resolution was declared duly passed and adopted and was signed
by the President of the Common Council, which was attested by the City Clerk.
Alderman Wilson introduced .the following resolution which was read:
RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE OF
$700,000 IMPROVEMENT BONDS, SEREES F, PAYABLE FROM
THE IMPROVEMENT BOND ACCOUNT 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 1961, Chapter
429; that the total benefits,resulting from each of said improvements to the
properties within the area assessable therefor is not less 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 obligation improvement bonds pursuant to Chapter 429 in the
principal amount. of $700,000, 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:
Special
Project Assessment Clerk's
No. Number-- No:-- Nature of Project
5720-61B 3363 (5) 459 Sidewalk (7th St. N.W.-36 Ave N.W. to
14 Ave)
Sidewalk(both sides 15.Ave. N.W..from
22 St.)
Curb, Gutter and Sidewalk (4th
Ave. N.E. - 15 to 16 St.)
Curb sand Gutter (W side 36 Ave NW -
•'.-3rd St. to 3rd Place NW)
Sidewalk (both sides Cascade St.
- NW - 13 to 18 Ave.)
Sidewalk (various locations)
Sidewalk (14 Ave. NW from 15 Ave. to
22. S,t) (Elton Hills 4th)
Sidewalk (17th Ave. NW from Elton Hills
Drive to Cascade St.
Paving (llth Ave. SE &NE from 5 St.
to 14 St.)
Paving, widening, curb & gutter
(llth Ave. NE & SE)
5721-60A 3365 (5) 432a
5609-61 3371 (10) 473
5720-60B 3372 (10) 446
5706-61
1961-1
5910.,61
5612-61
5111-60B
C5111-60A
3373 (5 ) 463
3374 (5)k 477
3375 (5 ) 469
3377 (5) 471
3384 (10) 457
3385 (10) 429
Cost to be
Financed
$ 2,026.22
3,168.68
5,625.60
317.92
8,109.83
2,216.32
3,444.06
9,960.00
22,134.89
30,217.12
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176 Record of Official Proceedings of the Common Council
of the City of Rochester, Minn., September 11, 1962 •
Fv'sa'2'sz
6011 3386 (10) 476 Paving, sidewalk, curb and gutter
(4th Ave. NW) 7,685.00
6015 (1&2) 3388 (10) 443a Sanitary Sewer, Water Main (West 20,885.18
Zumbro Addition) 196,562.44
---- 458 Downtown Street Lighting I 15,786.25
---- 458 Downtown Street Lighting II 49,874.54
5720-61A 453` Curb & Gutter (36 Ave. NW -Country
Club Manor) 4 locations 29,000.00
6101 3390 452 Street Grading & Surfacing (Cascade
Center Plat) 9,415.34
6104 461 Water Main (No Sunnly Slopes) 1,608.20
6105 467 Sanitary Sewer (Folwell Heights Add.) 3,427.90
6108 474 Water Tank (Southeast Area) 140,000.00
6115 478 Remove or replace curb (Head &
McMahon's Addition) 500.00
6107 Sec. 1 475 Sanitary Sewer, Water, Grading &
Surfacing (Garden Acres Golden Hills) •11,198.80
4762-60 3335 (5) 451 Curb & Gutter(Hetzel & Hagen Addition) 147.70
5708-61 3376 (5) 470 Sidewalk (19th Ave.NW-16 to 18� both sides) 8,305.12
1960-3 3329 (5) 414 Sidewalk (north side llth Ave. NW) 520.98
1960-5(5520) 3345 (10) 364 Curb & Gutter (4th Ave. NE-Greenway Sub.) 1,997.42
5904 3327 (10) 382 Street Grading, Surfacing, Sanitary Sewer, 12,566.94
Water Main, Service Connections 503.80
5010 3319 (5) 407 Sanitary Sewer
5717-62 489 Sanitary Sewer 13,501.50
5016-59 387 Storm Sewer (NE area-14th Ave. NE) 24,000.00
5708-182-62 485 Sidewalk 1,500.00
6110-13A-62 482 Sidewalk 10,500.00
6110-14A-62 486 Sidewalk 2,500.00
5301-61 487 Sidewalk 22800.00
6316-3-62 507 Resurfacing (16 Ave. NW & SW) 12,000.00
5720-61C 472 Curb & Gutter (3ra St. NW) 10,172.70
6114A 488 Water Main, Grading & Surfacing (Bumpus) 17,801.70
5720-62A 512 Sidewalk (South side 43rd St. NW from
36 Ave. NW to west line Block 7) 4,955.40
5316-61 515 Water Main, Sanitary Sewer (17th St.
NE from 3rd Ave. NE to Kellogg Jr.High) 4,391.00
$701,328.73
2. Said bonds shall be designated as "Improvement Bonds, Series F", shall be
140 in number and numbered 1 to 140, inclusive, each in the denomination of $5,000 and
in the aggregate principal amount of $700,000, and shall be dated as of October 1,1962.
Said bonds shall bear interest at the respective annual rates set forth opposite their
maturity years below, from date of issue until paid, payable January 1, 1963, and
semiannually thereafter on July 1 and January 1 of each year, and shall mature serially
without option of prior payment, on July 1 in the years and amounts as follows:
Maturity Interest Maturity Interest
Years Amounts Rates Years Amounts Rates
1963 $ 65,000 2% 1968 $ 85,060 2.50%
1964 85,000 2% 1969 85,000 2.50%
1965 85,000 2% 1970 85,000 2.50%
1966 85,000 2% 1971 40,000 2.50%
1967 85,000 2.5%
The principal thereof and interest thereon shall be payable at American National Bank,'
415 Robert Street in St. Paul, Minnesota, 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 requast therefor
by the holder of any bond,,and each and all of said bonds shall be registerable, 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 registra-
tion form 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 F r
No. 1 _ $5,000
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
hereof, the principal sum of THOUSAND DOLLARS on the 1st day of July, 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, plus additional interest on said principal sum at the
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Record of Official Proceedings of the Common Council
of the City of \Rochester, Minn., September 11, 1962
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rate of per cent ( %) per annum from ,19 to
, 19 Said interest is payable January 1, 1963 and semiannually
thereafter on July 1 and January 1 of each year, interest to maturity being payable
in accordance with, and on presentation and surrender of, the interest coupons
appurtenant hereto, consisting of one set of coupons representing interest from
date of issue to maturity at the basic rate stated above, and a separate set
designated as "B" coupons, representing interest at the additional rate and for the
limited period stated above. 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 $700,000, 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 full
conformity with the provisions of the Constitution and laws of the State of Minnesota
and the Charter of said City thereunto 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 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 thename 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 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
especial 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 principal 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 Rochetter, Minnesota, has caused this bond to
be executed in its 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 has caused the
interest coupons appurtenant hereto and.the certificate appearing on the reverse
side hereof to be executed and authenticated by the facsimile signatures of said
officers, and has caused this bond to be dated as of October 1, 1962.
(Place for signature of City Clerk) (Facsimile of Mayor's signature)
City Clerk Mayor
(SEAL)
(Form of Coupon)
No. - $
On the, 1st day of January (July), 19 , the City of Rochester, Minnesota, will
pay to bearer at ,
in , the sum stated hereon in lawful money of the United States
of America for interest then due on7its Improvement Bond, Series F, dated October 1,
1962, No. .
(Facsimile signature)
City Clerk
(Facsimile signature)
Mayor
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Record of Official Proceedings of the Common Council
of the City of Rochester, Minn., September 11, 1962
F -r02B2
(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
(Form of certificate to be printed on the reverse side of each
bond, following a full copy of the legal opinion on the issue)
We certify that the above is a full, true and correct copy of the legal opinion
rendered by bond counsel on the issue of bonds of the City of Rochester which include
the within bond, dated -as of the date of delivery of and payment for the bonds.
(Facsimile signature) (Facsimile signature)
City Clerk Mayor
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 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 heretofore agreed upon,.and the purchaser
sahll 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 full, any unexpended 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 Chpter 429; and all other moneys remaining therein, 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, C, D and E,- and on any additional bonds hereafter
authorized tofinance 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 assessments to be levied for the improvements listed in paragraph 1 hereof, and
herein appropriated to said Improvement Bond Account, will be in an aggregate principal
amount not less than $680,543.55, and will be collected with and as a part of the
general taxes levied by the City on the tax rolls for 1962 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 assessed
on City property or carried by the City pending the future levy of special assessments
on benefited property, and for the purpose of providing,. together with estimated
collections 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 herevy 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
1962 $ 6,500.00 1966 $ 6,500.00
1963 6,500.00 1967 6,500.00
1964 6,500.00 1968 6,500.00
1965 6,500.00 1969 6,500.00
Said taxes when collected shall be credited and paid into the Improvement Bond Account
of the Sinking Fund and shdl 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 special assessments and taxes leyied 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 pledges 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 shall be insufficient to pay all principal
and interest due, the Common Council shall provide sufficient moneys therefor from any
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other funds in the City treasury, and such funds may be reimbursed from the proceeds
of said special assessments and taxes when collected. The City further covenants
and agrees that it will levy additional taxes to any extent required to restore
andy 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
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, inclduing any heretofore furnished, shall be deemed
representations of the City as to the truth of the facts purported to be shown
therein."
Alderman Thomas moved the adoption of the above resolution, and Alderman Wilson duly seconded said
motion, and upon vote being taken thereon, the following Aldermen voted in favor thereof: Aldermen
Bergstedt, Leonard, Morris, Thomas, Wilson and President Tingley, and no one voting against the
same, whereupon said resolution was declared duly passed and adopted and was signed by the President
of the Common Council, which was attested by the City Clerk.
Upon motion by Thomas, second by Wilson, and all voting in favor thereof, the meeting
was adjoruned until 7:30 P. M. on September 17, 1962.
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