Loading...
1934-11-26278 MINUTES OF MEETING OF VILLAGE COUNCIL, VILLAGE OF MOUND, MINNESOTA, F~ELD NOVEMBER 28, 19S4. Pursuamt to due call and notice thereof, a special meeting of the Village 0ouncil of the Village of MOund, Hennepin County, Minnesota, was held in the council room in the basement of the State Bank of Mound on Monday, the ESth day of November, 1954, at eight o'clock P.M. The following members were present: O. L. Tuff, F. Yost, H. I. Horton. J. C. Krause, President, and the following were absent: G.F. Broeckert, account il'lness. The President announced that this w~s the time and place for r.~eceipts of bids for the purchase of SZZS0.O0 Cer, tificates of Indebtedmess on account of Watermain Improvement Ma. Z, of said Village. All bids were received and tabulated and found to be as follows: Name of Bidder Interest Rate Amount of Bid State Bank of. Mound 8% 8% After due consideration of all bids, Member Yost introduced the following resolution and moved its adoption: RESOLUTION SELLING WATERMAIN CERTIFICATES OF INDEBTEDNESS AND FIXING THE FORM THEREOF. BE IT RESOLVED by the Village 0ouncil ~ the Village of Mound, Minnesota, as follows: 1. The bid of State Bank of Mound, Minnesota, for the purchase of $Z~50.00 Certificates of Indebtedness on account of Watermain Improvement No. ~ of the Village of Mound, which bid is to purchase said Certiflca%es of Indebtedness bearing interest at 8% per annum, payable semiannually, at a price of par and accrued - interest, is hereby found, determined, and declared to >e the bid deemed most favorable, and is hereby accepted. ~. The Village of Mound shall forthwith issue its negoti- able Certificates of Indebtedness on account of Watermain Improve- ment No. Z in the aggregate principal amount of $~50.00, all dat- ed December l, 1954, to be l0 in number and numbered from I to lC, both inclusive, in the denomination of $~5.00 each, bearing inter- est at the rate of 8% per annum payable semiannually on the 1st days of June and December in each year, and maturing serially $Z~5 on December i in each of the years 1935 to 1944, both inclusive. ~S. Bothprincipal of and interest on said Certificates of Indebtedness shall be payable at State Bank of Mound, Minnesota, and said ~ertificates of Indebtedness and the coupons thereto attached shall bein substantially the following form: (Form of Certificate.) UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF MOUND (continued.) November 279 WATERMAIN IMPROVEMENT NO. Z CERTIFICATE OF INDEBTEDNESS. No. $~E5. O0 KNOW ALL MEN BY .THESE PRESENTS that the Village of Mound, Hennepin County, Minnesota, certifies that i~ is i'ndebted and for value received promises to pay to bearer the sum of 'TWO HUNDRED TWENTY-FIVE DOLLAR2 on the first day of December, 19 , and to pay interest thereon from the date hereof until paid at the rate of 6% per annum, pay- able semiannually, on the first days of June and December of each year in accordance with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal of and interest on this Certificate of Indebtedness are payable at the State Bank of Mound, Minnesota, in lawful money of the United States of America, and to provide money for the prompt and full payment of said principal and interest as the same become due the full faith, credit and resources of said Village have been anda-re hereby irrevocably pledged. This Certificate of Indebtedness is one of a series of $2250 of said Certificates, all of like date and tenor except as to maturity, ass issued by the Village of Mound pursuant to and in conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Chapter 4~5 Laws 'of 1921 and acts amendatory thereof and supplemental thereto, and is issued for the purpose of defraying a part of the expenses incurred and to be incurred'in'constructing a watermain improvement is said Village, heretofore designated as Watermain Improvement No.~. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Oonstitution and lawa of the State of Minnesota to have been done, to have happened, and to have been performed precedent to and in the issuance of this Certificate of Indebtedness, have been done, have happened, and have been performed in regular and due form, time and manner as required by law, and that this Certificate of Indebtedness, together with all other debts of said Village outstanding on the date hereof, does not exceed any statutory .or constitutional limitation of 'indebtedness. IN WITNESS WHEREO¥ the Village of Mound, Hennepin County, Minnesota, by its Village Council, has caused this Certificate of Indebtedness to be signed by its President of the Village Council and countersigned by its Village Clerk and sealed with the seal of said Village, and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of December l, 1934. - V~llage Clerk. · aent, Village Oouncil Village of Mound, Minnesota 250 ~con~inued) November ~8, 19[$4. (Form of Coupon) No.I ~ On the 1st day of June (December), 19 , the Village of Mound, Hennepin County, ~innesota, will pay to bearer at State Bank of Mound, Minnesota, the sum of Dollars, being thc, installment of interest then due on its Watermain Improvement No. 2 Certificate of Indebtedness dated December ~, 1934, NO · . Village Clerk. l~esident, Villa~je Council, Village of Mound, },~innesota. 4. The President of the Village Council and the Village Clerk are hereby authorized and directed to cause to be printed Certificates of Indebtedness in substantially the above form and to execute the same and affix the Village seal thereto, and to cause the interest coupons to be executed and suthenticat- ed by the printed, engraved, or lithographed facsimile signatures of said officers. 5. When said Certificates of Indebtedness ha~e been fully executed as required by law, they shall be delivered by the Village Treasurer to the purchaser thereof upon receipt of the purchase price, and the said purchaser shall not be obliged to see to the application of said purchase price. ATTEST: Village Olerk . The motion for the adoption of the foregoing resolut- ion was duly seconded by ~ember C. L. Tuff, and upon vote being taken thereon the followinf~ voted in favor thereof: Yost, Tuff, Horton. and the following voted against the seine: None. Whereupon said resolution was declared duly passed and adopted.