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.