HomeMy WebLinkAbout06-28-1950Record of Official Proceedings.of the Common Council
of the City of Rochester, Minn., June 29. 1950 ,
Minut.os of an adjourned regular meeting of the Common Council of the City of I1
Rochester, Minnesota, held in the Council Chambers in the City Hall, in said City, on
June 29, 1950-
President Fryer called the meeting to order at 11:00 o'clock A. M. the
following members being present: President Fryer, Aldermen Amundsen, -Anderson, Helmkay,'�
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McPherson, ?Miner and Morris. Absent: None.
President Fryer stated this a,.s being the date and time set for receiving,
opening and considering sealed bids for the purchase of $2,800,000.00 general obligationl!
Sewage Disposal Plant Bonds of the City of Rochester, Minnesota: The following bids
were received and opened:
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Name of Bidder of Interest Rate
Manager of Biddinig Group and Maturities Premium
First National Bank, Chicago 1953/70, 1.70% $15,456.00
Phelps Fenn & Co. 1953/59, 1 3/4%
1960/63, 12% l'
1964/70, 1 3/4% none
J. P. *Morgan & Co. 1953/70, 1 3/4% 7,574.00
Kidder Peabody & Co. 1953/56, 2%%
1957164, 1 3/4%
1965/ 70, 1.70% none
Northern Trust Company. 1953%57, 2%
19 59/ 70 , 1 3/4% 375. 00
Continental Illinois National
Bzn'_c & Trust Co. 1953/ 59, 2%
1960/70, 1 3/4% 896.no
Harris Trust & Savings Bank 1953/70, 1.90% 5,320.00
Halsey Stuart & Co. 1953/57, 1.90% 1,920.90.
Harriman Ripley & Co. 1953/56, 2%
1957/60, 1Ar%
1961/66, 2%
lo67/ 70, 1 3/4% 1, 400. o0
After opening and reading the bids President Fryer called a recess until 2:00
o'clock P. M.
President Fryer called the meeting to order at 2:00 P. M. and the following
resolution, introduced by Alderman Amundsen, was read:
"Be it resolved by the Common Council of the City of Rochester,
Minnesota:
That the bid of First National Bank of the City of Chicago, Illinois
and associates therein named, to purchase the $2,900,000 General
Obligation Sewage Disposal Plant Bonds dated as of July 1, 1950, of the
City of Rochester, said bonds to be issued as specified in the official
notice of sale thereof, is hereby found and declared to be the bid most.
favorable to the City received pursuant to due notice, and should be and
is hereby accepted, said bid being to purchase said bonds at a price of
par plus accrued interest plus a premium of $11--,456.00 for bonds bearing
interest Ps follows:
1.70% for those maturing in 1953 through 1970
The Mayor and City Clerk are authorized and directed to endorse an
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acceptance on said bid and on a copy thereof and to return such copy to
said bidder. The City Treasurer is directed to'retain the $50,000.00
good faith check of the successful bidder pending completion and dolivery
of the bonds, and the good faith checks of the other bidders shall be
forthwith returned ter them."
Upon motion by .Morris, second by Miner, that the said resolution_ be adopted
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as read, and all voting in favor thereof, President Fryer declared the said resolution
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duly passed and adopted.
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Record of Official Proceedings of the Common Council
of .the City_ of Rochester, Minn., June 28,. ,19 50
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Alderman Morris introduced the foll-owing- resolution which was read:
BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, as follows:
1. Pursuant to due authorization, advertisement, and contract of sale
heretofore made, the City_ shall forthwith prepare for issuance and shall
execute and deliver its negotiable coupon General Obligation Sewage Disposal
Plant bonds in the aggregate principal amount of $2,800,000. Said bonds
shall be dated as of July 1, 1950, shall be 2900 in number and,in denomination
of �1000 each,.and numbered serially from 1 to 2900. They shall mature
serially, in numerical order, on July 1 in the years and amounts as follows:
Year
Amount
Year
Amount
Year
Amount
195�
$ 90,000
1959
$130,000
1965
$190,000
195
95,000
1960
14o,000
1966
200,.000
1955
100,000
1961
150,000
1967
210,000
1956
105,000
1962
160,000
196s
210,000.
1957
110,000
1963
170,000
1969
220,000
1958
120,000
1964
180,000
1970
220,000
Bonds numbered 1 to 1940, inclusive, being those maturing on or before July
1, 1966, shall, be payable as aforesaid without option of prior payment.
Bonds numbered 1941 to 2800, inclusive, shall each be subject'to redemption
and prepayment, in inverse order of serial numbers, at par and accrued interest,
at the option of the City, on July 1, 1960, and on any interest -due date
thereafter, upon thirty days prior notice of call for redemption mailed
to the banking institution at which principal -and interest thereon are then"
payable and similarly mailed to the holder, if known, of each bond so to be
redeemed. Said bonds shall bear interest payable semiannually or_ each
January 1 and July 1 at the following rates:
Nos. 1 through 2800 at 1.70% per annum
Both principal and interest shall be payable at the main office of The
First.National Bank of Chicago, in Chicago, Illinois, or, at the option
of the holder of the respective bond or coupon, at the main office of the
First National Bank of St. Paul, in St. Paul, Minnesota.. The City hereby
agrees to pay the reasonable and customary charges of said paying agents
for the receipt and disbursement of the principal and interest moneys.
2. Said bonds and. the interest coupons to be attached thereto and the
registration forms to appear or. the backs thereof shall be.in substantially
the following form, with suitable insertions of dates, numbers a.nd interest
rates:
UNITES STATES OF AMERICA
STATE OF MIS?i1ESOTA
CITY OF RO CHESTER
GENERAL OBLIGATION SEWAGE DISPOSAL PLANT BOND
No.
$1000
KNOW ALL MEN BY 1HESE 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 OP:E,THOUSAND DOLLARS
on the 1st day of July, 19 , or, if this bond is prepayable as stated below,
on a date prior thereto.on which it shall have been duly called for
redemption, and promises to pay interest on said principal sum from the date
hereof until said principal sum.is paid or, if prepayable, until duly called
for redemption, at the rate of One and 70/100ths per cent (1.70%) per annum,
payable semiannually on each January 1 and July 1, 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 the
main office of The First National Bank of Chica.gq, in Chicago, Illinois, or,
at the option of the holder hereof and of said coupons, at the main office
of The First National Bank of St. Paul, in St. Paul, Minnesota, and are
payb.ble 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 an issue in a, total principal amount of $2,800,000,
all of like date and tenor: e; cept as to serial numbers, maturity dates, and
redemption privileges, all issued by said City for the purpose of acquisition
and betterment of a. sew ge disposal plant at and for the City, and is issued
pursuant to due authorization thereof by its governing body and pursuant to
the favorable vote of more than the requisite majority of the qualified
electors of the City voting at an election duly and legally called and held
therein, and. pursuant to and in full conformity with the' Constitution and
Laws of the State of Minr_escta and the Charter of the City thereinto enabling.
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Record of,Official Proceedings of the Common Council
of the City of Rochester, Minn., June 29. 19 50
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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 vith 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 I,
this bond may be discharged from registration by being in like manner
transferred to -bearer, and thereupon transferability by delivery shall be it
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
stall not affect the negotiability of the interest coupons appurtenant hereto,!,
which shall always continue to be payable to bearer and transferable by i
delivery.
Bonds of this- issue bearing a. serial number from 1 to 1940, inclusive,
are payable at their respective stated'me.turity dates, without option of
prior payment. Bonds of this issue bearing a serial number from 1941 to
2800, inclusive, are each subject to redemption and prepayment, in inverse
order of serial numbers, at par and accrued interest, at the option of the
City of Rochester, on July 1, 1960, and on any interest due date thereafter,
on thirty days prior notice of call for redemption mailed to the banking
institutions at which the principal and interest are then oayFble and to the
holder, if known, of each bond so to be redeemed. Folders of prepayable
bonds who desire to receive such notice may have their names, aadresses, j
and the serial numbers of their bonds recorded by the City Clerk for the li
purpose of such notice, with or without registering their bonds under the
preceding paragraph.
IT IS HEREBY CERTIFIED AND RECITED; that all acts, conditions, and
things required by the Constitution and Laws of the State of Minnesota i
and the Charter of the City to be clone, to happen,"to exist and be
performed precedent to and in the issuance of this bond,'in order to make
it the 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, statu-
tory, or charter limitation; that, prior to the issuance hereof, 4 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 suffi-
cient to pay the interest hereon and the principal hereof as.they respec-
tively become due, and additional taxes, if needed, will be levied upon all
of such. property, without limitation as to rate or amount; that the City
has by ordinance established rates and charges to be imposed and collected jl
for the services and facilities to be provided by said sewage disposal
plant, and the net revenues thereof and from the sale of products and by-
products have been irrevocably appropriated to the sinking fund of said
bond issue, to be used for cancellation and- reduction of said levies; and
that said tax levies are Irrevocable, save and. except to the extent that G
moneys are provided by said net revenues or from other sources and -irrevo-
cably appropriated and paid into said sinking fund.
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 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 July 1, 1950.
(Facsimile of Mayor's signature)
Mayor
(Place for signature of City Clerk)
City Clerk
( SEAL)
( Form of Coupon)
No.
On the 1st day of January (July), 19 , the City of Rochester,
Minnesota, will pay to bearer at the main office of the First National
Bank of Chicago, in Chicago, Illinois, or at the holder's option, at the
main office of The First National Bank of St. Paul, in St. Paul, Minnesota,
the sum of Eight and 50/100ths DOLLAS for interest then due on its
General Obligetior_ Secrage Disposal Plant Bond dated July,- 1950, P?o.
(Facsimile signature)
(Facsimile signature) Mayor
Clerk
Coupons numbered 21 and upwards on bonds bearing numbers from 1941 through
2600 shall also contain a clause reading substantially -"Unless called for
earlier redemption,".
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Record of Official Proceedings, of the Common Council
of .the City of Rochester; Minn., June` 29, . 19 50
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3. 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 a.uther_ticated' 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.
!�. The City Clerk and his successors in. office are authorized and
directed to procure, established, and maintain a resister suitable for
registering any of said bonds, as to principal only, upon request therefor
by the. holders of any of said bonds, and likewise to procure, establish,
and -maintain a register listing the names and addresses of the holders of
b.)onds of said issue which are prepayable by their terms and the serial
numbers of the bonds held by such holders, anO. to enter on such register
all information made known to him or his successors in office as to such
ownership of said redeemable bonds^.
5. There is hereby created in the City's records a separate "Sinking
Fund for $2,900,000 Sewage Disposal Plant Bonds", wlLich fund shall be kept
by the City Treasurer apart from all other funds of the City and used for
no purpose othern than the payment of principal or and interest on said
bonds; provided that, if any payment of principal of or interest on said
bonds shall become due when.there is not sufficient money in said Sinking
Fund therefor, the Treasure- shall pay the same from moneys in any other
fund of the City,,and such other funds may be reimbursed for such advances
out of the.proceeds of the taxes and/or revenues hereby appropriated to
said Sinking Fund and which are thereafter received. There are hereby ir-
revocably appropriated to said Sinking Fund (a) all accrued interest and
any premium received by the City upon the delivery of said "ponds to the
purchaser thereof, (b) an additional sum out of the proceeds, of sale of
said bonds in an amount such that it, with said accrued interest and premium,
shall equal all interest to fall due on said bonds on January 1 and July 1,
1751, (c) 8.11 sums collected on the taxes hereby levied, and (d) all net
revenues derived from the rates and charges to be assessed and collected for
the services and facilities to be provided by said sewage disposal plant
and from the sale of products and by-products thereof, such net revenues be-
ing determined as defined in that certain resolution of the Common Council
of the City of Rochester relating to said bonds passed and adopted on April
17, 1950. The right to appropriate from time to time additional moneys from
any other source is reserved.
6. For the prompt and full payment of the principal of and interest on
said bonds as such paymets 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 nronerties within the territorial limits of the City a, di-
rect, annual, ad valorem tax which shall be spread upon the tax rolls and
collected as a part of other general taxes ofthe City for the years (col-
le.ctible in the respective ensuing years) and in the amounts as follows:
Year
Amount
Year
Amount
1951
9�+`9so
1971
199- T ,15
1952
144, 4so
1962
207, oho
1953
149,125
1963
214,525
1954
151, 6so
1964
221, 915
1955
155,145
1965
22s,920
1956
159,520
1966
235,920
1957
i67,055
1967
232,100
1959
175,E+15
1968
238,955
1959
193,595
1969
234,925
1960
191,595
Said levies are hereby made and declared to be irrevocable as. long as any
of said 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 manner and to the extent permitted by Subdivision 3 of Section 11
of Chapter 692, Session Laws of Minnesota for 1949.
7. The City Clerk is hereby authorized and directed to file with the
County Auditor of Olmsted County, Minnesota, a certified copy of this resolu-
tion, 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.
9. The officers of the City and the County Auditor of Olmsted County
are hereby a.¢athorized" and directed to prepare and furnish to the purchaser
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Record of Official Proceedings of the Common Council
of the City .of Rochester, Minn., June 28, 1950
of said bonds, and to the attorneys approving the legality of the issuance
thereof, certified copies of all proceedings and records of the City relat- I
ing to said bonds and to the financial condition and affairs of the City
and such other affidavits, certificates, and information as may be required II
to show the facts relating to the legality and marketability of the bonds I�
as the same appear from the books and records under their custody and con-
trol or as otherwise known to them, and all such certified copies, certifi-
cates, and affidavits, including any heretofore furnished, shall be deemed j
representations of.the City as to the truth of the facts purported to be
shown therein. I'
Passed and adopted by the Common Council of the City of Rochester,
this 28th day of June, A. D. 1950. "
Upon motion by Anderson, second by McPherson, that the said resolution be
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adopted'as read, and all voting in favor thereof, President Fryer declared the said
'resolution duly -passed and adopted.
The application of Mr. C. R. Jensen for a license to sell wholesale non
intoxicating malt liquor was read together with his request that the Council revoke his
"off sale" license to sell non -intoxicating malt liquor at retail. Upon motion by
Amundsen, second by Helmkay, the application of Mr. C. R. Jensen for a wholesale dealer's
license to sell non -intoxicating malt liquor was granted and license No. 1249 issued to
Mr. C. R. Jensen to sell non -intoxicating malt liquor "off sale" at retail was revoked.
Mr. A. H. Clemens, Attorney representing the Kahler Corporation, and Mr. I. B.,
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Iiunt and Mr. D. F. Sutton, * representing the Shell Oil Company, were present at the
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!meeting in regard to the matter of gasoline storage tanks to be installed at the site !'
of the Shell Service Station located at Broadway and Center Street Northwest. After
discussing the matter with the mire Warden it was finally agreed that the Shell Oil
Company be permitted to install .two 2000 gallon storage tanks and one•3000 gallon storage
tank. A motion was made by Amundsen, second by Miner, that the Shell Oil Company be j
'permitted to install two 2000 gallon gasoline storage tanks and one 3000 gallon gasoline'
storage tank at the site of the new Shell Service Station at the corner of Broadway and
Center Street Northwest. All present voted in favor of the motion.
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Upon motion by Morris, second by Amundsen, the meeting was adjourned.
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City Clerk
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