1935-05-31 31, lS35
NINU~E~ (~ NEETIN~ O~ VILIAGE ¢OU~IL~ VILLAGE O~ I~)UND,
Pursuant to due call ar~ notice .thereof, a special meeting of the Village
CocciI of the Village of Mox~n~l, ttezzrA~pin Cou.nt~, MirAn~$otaI w~. 1. el~ in
Ma~, 1935, at g o'clock P.M.
The following men~ers were preient: Huestll, Yost, ~uff an~ Horto~ ard the
following were ablent: Mar~h. ~
The President announced that this was the time ami place for receipt of bidl
for the purchase of $3350 Certificates of .Indebtedness on account of Watexmain
Improvement No. 3 of saib Village. Ail bibs were received ~ t~bulate~ anti
found ,to Be as follow~:
Name of Bidder
State ~ank of Mound
Midland National ~ank and Trust C~ar~
Interest ~mount
Rate of ~id
$ $335o. oo
After d~e consideration of a~ll bibs, Member Yoot introduced the following
re~olution and move~ its adoptior~
EE~OLUTXON S~L~ING WA~AAIN C~RTIFICATES OF II~TEDNE~$
A~D FIXING T~E FOI~ THEREOF.
2E IT RESOLVED 2y the Village Council of the Village of Mourn,
as follows~
1./ The bid of Midlan~ National:Yank ami Trust CompS, of Minneapolis,
~inne~ota, for the purchase of $3350 Certificates ~ Indebtedness on account
of Watexmain Improvement No. 3 cf the Village of Mou~, which bid is to
purchase said Certificates of Indebtedness bearing interest at $ per cent per
anmam, payable semiaramxmlly, at a price of par and premium of $16.?~' ie
hereby found, determined, and declara~ to be the bib beemed most favorable,
a~ is hereb~ accepted.
~. The Village of Mound shall £orthwith issue its negotiable Certificates of
Indebtedness on account of Watermain Improvement No. 3 in the aggregate
principal amount of $3350, all ~ated~ July 1, 1~35, to be 10 in member a~
~bered from 1 to 10, both inclusive, in the denomination of $33~ e~m;
bearing interest at the rate of $ per cent per aunm~ payable semiann~ally cn
the let ~ays of ~ar~Aary and July in each year, a~i maturing serially, $33~
on ~ul~v 1 in each of the years 1~36 to 1~3, both i~clusive.
3. ~oth principal of.ami interest on eaib Certi$1cates of Indebtedness shall
be payable at
State Bank 'of Mo~nd, Mound, Minnesota,
and said certificates of iniebteiness ar~ the coupons thereto attahced shall
be in ~abstantially the following fozm
(Fca of Certificate)
UNITED STATE~ OF AMERXCA~
STATE OF MINNESOTA
COUNTY OF H]~tEPIN
VILLAGE OF MOUND
313
$335.
~e.o~, certifies that it ia i~e~t~ ~ for v~e ~ceiv~
to pay ~ bea~r ~e ~ of ~ ~~ ~R~-FI~
lint ~ of ~ly, 19· ...... , ~ ~ p~ inte~.t ~e~n f~
he.of un~l ~ at ~e rate of six (6) per cent per a~,m, payable
· ~i-~~ on the ~at ~a ~ Ja~a~ ~ July in ~ year in
acco~ce v~ ~ u~n presentation ~ ~rre~er of ~e at~he~
interest c~pone as ~e seventy beco~ ~e. ~o~ p~n~p~ of
inte~st on ~ia Oer~ficate of I~ebt~ss a~ pebble at ~e
of
~nneao~, in la~ul ~y of the U~t~ S~te. of ~e~ca, ~ to p~e
~D~Z for ~e p~t ~ full p~ent of ~a p~=ip~
~e a~e bec°~ due the full f~, c~it, a~ ~.~ea of a~a Vil~e
have been ~ a~ here~ ir~o~bly pl~g~.
~hi. certificate of Indebtedness is one of a eeries of $3350 of eaid, certificatee,
all of like bate ami tenor except ae to maturity, all issue~ By the
Village of Moun~ pursuant to and in confo~nity with the 0onstit ution
and law~ of the State of Minnesota thereunto enabling, including Chapter
Lawe of 19~1 an~ acre smer~atory thereof ami ~Applemental thereto, an~
ia iseue~ for tho purpose of ~efra.ving a part of the expeneea incur're~
and to Be incurrecl in constructing a watexmain improvement in
Village, heretofore d~signate~ as Watennain Improvement No.
IT 18 ~ CERTIFIED AltD RECITED that all acre, condition~, and thinge
require~ By the Con~t~t~tion ami lawe of the State of Minnesota to h~ve
been ~one, to h~ve happeme~, ~ to have been perfo~mei precedent to ancl
in the iaeuance of this certificate of ind~btednese have been ~one~ have
ha~pene~, ~ have Been perfor~ecl in regular ~ d~xe form, time ~
manner as requirel By law, a~l that this certificate of in~ebteiness,
~ogether with all other ~ebta of eai~ Village outatandAng on the ~ate
hereof, ~oes not excee~ an~ stamtorF or constitutional limitation of
i ndeb re&ne, e.
IN WI TI~E~ S
it~ Vil~ge Co~cil, h~
aign~ by
its Vil~e Cle~
interest c~n. he~
~e fac~le
~~ Vil~geof~, ~so~
(Form of Coupon)
On the let d~y of Jammary (July), 19....., the Village of Mound, Hennepin
County, Minnesota, will pay to Bearer at
of Minne.ota, the sum of
DOLLARS, being the installment of interest than
on its Watermatn Improvement No. 3 Certificate~of Indebte~neae ~ate~
11 I
~ay 31, 1935
President, Vill~e Council
Countersigned
Vi llage Clerk
4. The president of the Village Council and the Village Clerk are hereby
~atho ri zed and directed to cause to be printed Certificates of Indebtedness
in substantially the above i'orm and to execute the same and affix the
Village seal thereto, and to cause the inter~s~ coupons to be executed
and anthenticated by the printe~, e~raved, o~r lithographed facsimile
signatures of said officers.
5- When said certificates of in&e0te~ness have been fully executed ms
required by law, they shall be delivere~ by the Village Trea~u~rer to the
· ~archaser thereof upon receip~t of the i~urchase price, and the said
purchaser shall not be obliged to see to ~he applicatio~ of said ir~rchase
price.
Attest:
Village Clerk
President, Village Cou~cil
The motion f~r the adoption of ths £oregoing resolution ~:'as duly seconded
by ~ember Tuff, ani upon ~vote being taken thereon the follo~ing voted in
favor thereof: Yost, Tu~f and Horton, an~ the £ollo~ing voted against
~he same: None, ~d~ereupon said reso~tion v,~s .~eclarea duly passed an~
adopted.
On motion meeting adjourned.
Clerk
P re si dent