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1942-05-26VILLAGE OF MOUND 649 ~INUTES OF THE SPECIAL MEETI~G OF THE MOUND VILLAGE CO[~.WCIL HELD May 26th, 1942. The purpose of this meeting was to receive bids on $2,700.00 ?~ater Main Certificates of Indebtedness. Responding to roll-call were ~ayor Louise Muestis, Trustees Evan Jones, R. J. Rondorf, ~.nd Calvin Inman, with Alwin as Recorder. Present as a bidder was 'V. H. A. Koehler, representing the ~tale Bank of ~m~ound . The meeting opened with a reception of bids. W. M. A. Koehler, the sole bidder, offered to take ~2,700.00 certificates of indebtedness at 42~. The bid being considere~ reasonable, Trustee E~an Jones presented t~e following resolution and moved its adootion, to wit: W~ERE^~ notice has been duly given of the sale of certificates of indebtedness in the sum of $2,700.00 for the puroo~e of extending water mains on Plummet ^venue between Bryant ~venue and ~'hase Avenue in the Village of ?ound, which notice was given by two weeks public- ation of notice of sale of oertificates of indebtedness in the ~.~innetonka Pilot, said sale to be held at a special meeting of the ~illage Council at the council room on the 26th day of ~.~ay, 1942, at 8 o'clock P. M., and the ~tate ~ank of Mound having made a bid for said certificates in the sum of ~2,7©0.00 with interest at the rate of four (4) per cent per ann~m, which bid w~ the only one sub- mitted and which bid is fair and reasonable. NO~, THEREFORE, be it resolved that the bid of 9tats Bank of~ound be accepted and that s&&d ce~tificates of indebtedness be sold to said State Bank of Mound for the amount offered. Alwin seconding the motion for the adoption of the above resolution, the vote of the council s~ood unanimous. And so the resolution stood adopted. In legal sequence to the above, Trustee Jones offered, in order, the following resolution and moved it~ adoption: WNEREA~ a resolution has heretofore been passed by the council that ex~ension of water mains on Plummet Avenuebbetween Bryant ~,venue ~nd Cha~e Avenue in the Village of ~ound, designated ~s ~ater ~ain Improvement L~o. 7 be financed by is~ua~g water main certificates of indebtedness in the amount of .~2,700.00 to be dated June 1st, 1942, to be paid in eighteen annual in~t~llments of $150.00 each, the first installment to be paid June 1st, 1943, e. nd whereas ~tate Bank of Mound ~ound, Minnesota, has offered to purchase said certificates at parity, with interest to be paid at the r~te of (4) four per cent per annum, and whereas said offer has been accepted and said certtflc-ates have accordinglF been sold to ~!tate Bank of ~.',~o. und, now, therefore, it is hereby resolved that sa~d certificates shall be dated and issued as ~une l, 1942, in the sum of $150.00 each bearing interest at the rate of four percent per annum, said interest being payable semi-annually on the 1st day of June and the 1st day of December of each year until paid, said ~ertific~ates to be payable at the First National Bank and Trust Company, ~.~inneapolis, Minnesota., the first certificate to mature and be payable on the ist day of June, 1943, and one certificate to mature annually thereafter on the 1st day of June of each year until and including the 1st day of June. 1960, and be it further resolved that the form of said certificates end of the interest coupons to be attached to each certificate shall be as follows: ~50 VILLAGE OF MOUND .qTATE OF ~fINNE°OTA COU>?Y OF MEMNEPIN VILLAGE OF WC UND WATER ~AIN CERTIFIUATE OF KNOW ALI ~...~,N P..v THEncE PR~qENT2, that the village of ?~ound, Henne- pin Oounty, Winnesota, acknowledged ~tself indebted and for value received hereby oromi~es to pay to bearer the sum of ONE HUNDP~ED FIFT~ on the First day of June, 1943, together with interest thereon from the date hereof until paid at the rate of four percent (4%) per annum, payable semi-annually on the 1st da~ of June and December in each year in accordance with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal sad interest of this Certificate are oayable at the main office of the First National Bank anx q~rust Company of ~..~Inneapolis, Minnesota, in lawful money of the United qtates of America and to provide moneys for the prompt payment of said principal and interest as the same become due the full faith, credit and resources of said Village of Mound have been and are hereby irrevocably pledged. This Certificate of Indebtedness is issued by ssld village oursuant to and in f~ll conformity with the Constitution and laws of the ~tate of .~innesota thereunto enabling including Chapter 425, General Laws, ~innesota, 1921, and acts amendatory thereSf and suoolimental thereto and was issued for the .purpose of defraying a oart of the expen,~e incdrred and to be incurred in the making of ~¥ater ~,~ain Imorovement No. 7. It is Mereby Certified and Recited that all acts, conditions and thing~ required by the Constitution and laws of the ~tate of ~,~innesota to have been done, to have happened ~nd lo have been performed precedent to and in the issuance of' this Certificate have been done, h.ave happened and have been performed in regular and due form, time and manner as reeuired by law and that this Certificate of Indebtedness, together with all other debts of said village out- standing on the date hereof does not exceed any con~titutlonal or statutory limitation of indebtedness. IN WITheS? WHEREOF; The Village of Mound, Mennepin Oounty, ~,{innesota, by its Village Council has caused this Certiricate of Indebtedness to be signed by its President and countersigned b~ its Village Clerk and sealed with the seal of said Village and has caused the interest coupons thereto attached to be executed and authentic.oted with the facsimile signatures of its President and Village Clerk, and has caused this Certificate of Indebtedness to be dated as of the First Day of JU~, 1942 Counters igned: President Village Clerk VILLAGE OF MOUND -651 COUPON No. On She first day of ¢ 3.O0 , 194 . The Village of ~ound, Hennepin County, ~,,linnesota, will pay to bearer st the main office of ~'Irst National Bank and Trust Company of Minneapolis, Minnesota, the sum of Three and ~o/lOOs Doll~rs being the installment of interest then due on its ~Nater Main Certi- ficate of Indebtedness No. 7, dated June 1st, 1942. No. Clerk President Trustee Jones moved that the village purchase a l~wn mower for use in the ~tllage Park. Phis m~mtion was supported by Trustee Inman, the council agreeing. Trustee R. J. Rondorf, with the support of Trustee Inman, moved t~.t, beginning June 1st, 1942, B. A. Muff be paid $125.00 per month ss ~Tanager of the Off ~ale Liouor 2tore. This wa~ carried by the council. There being no further business, the meeting adjourned. Pre side nt Attest ................. ....