1941-08-21VILLAGE OF MOUND
601
~INUTE~ 0M THE SFE. CIAL },~ETI"G OF THE 7~30UND VILL~G~ C0~CIL H~D
AAugust 21st, 1941.
The purpose of this meeting was te receive bids on $3,000 worth ef
Village of ~ound Water ~?ain Improvement Certificate~ of Indebtedness,
s~e ~elug for the financing of the Wern~ide and ~awlin~ Avenue~
water main extension~. Present for rol!-c~ll were ~.~ayor J. C. Krause,
Trustees ~. ?. ~inkel, ~an Jones, and Earl 01son, with Alwin as
Recorder. Present end repre,~enting, ~?ong the bidders, the :~tate
=ank of ~m~ound, was 7.~. H. A. Koehler.
On a call for Bids, the ~tate ~ank of ~ound offered to accept an
interest rate cE 4~ on $3,000.00. There being no further ~Id~, Trustee
~. M. ?~inkel moved the ~doption of the following re~olutiou:
WHEREAS notice has ~een duly given of the sale of certificates
of indebtedness in the sum of $3,000.00 for the purpose of extending
water mains on Fernside Avenue from County Mlghway Ne. 7 to the ~eten
Short Cut Read and on Hawlins avenue from Dell ~treet te the inter-
secting alley and whereas sealed ~ids for the purchase of said certi-
ficates have ~een reqelved and h~ve ~een opened and duly considered
by the council at a special meeting held on the 21st day of August,
1941, and ~tate Pank ef ~eund having made a ~id for ~aid certificates
in the sum ef ~3,000.00 with interest at the rate of four (4) per
cent p~r annum, which ~id was the only one submitted and which ~id is
fs~,r and reasonable.
NO~, TM~EREF01TE, ~e it reselved that the ~ld of ~tate Eank of Neund
accepted and that said certificates ef Indebtedness ~e sold te said
~tate Pank of Mound for the ameund offered.
Alwin seconding the motion for the adoption of the above resolution, the
vote ef the council steed unanimous, ~nd so the re~olution ~tood
adopted.
With reference te the certiflcete~ sold te the ~tate i~ank of Hound,
Trustee Earl W. 01sen moved that the council accept ~nd authorize that
the certificates ~e prepared in the following form, to wit:
VILLA G~ OF
Water ?.?aln Certlficate~ of Indebtedness
KN0~ ALL 5~ ~Y T~ESE PRESENTS, That the Village of 5~ound,
Mennepin County, ~inneseta, acknowledges itself inde~ted and for value
received here~y premises to pay te ~earer the sum of
T~O MUNDRED DOLLARS (200.00)
on the Fir~t Day ef ~arch, 1943 together with interest thereon from
the date hereof ~nttl paid at the rate of 4 percent per annum, payable
~emi-annuslly en the b'irst Day of ~arch and Oeptem~er in each year
in accordance with and upon pre~entatlon and surrender of the attached
intere,t ceuoen~ as they ~everally ~ecome due. ~oth principal
intere~t of this certificate are payerBle art the First National =ank
and T ru~t Company, in the City of ~inneapeli~, ~inne,ota, in lawful
money ef the United ~tates o~ America and te provide moneys for the
prompt payment of said principal and interest a.~ the same Become due
the full faith, credit and resources of ssld village ef ~feund have ~een
and are hereby irrevocably pledged.
VILLAGE OF MOUND
Thi~ Certificate of Indebtedne~ is i~ued by ~aid villsge pursuant
to and in full conformity with the Co~titution and Law~- of the ~tate
of ~inne~ota thereunto enabling encluding Chapter ~25, ~enersl Laws,
~,~inne~ota, 1921, and acts amend~otory thereof ~nd ~upole~ental thereto
~nd wss i~ued for the purpose of detraying ~ o~rt of the expen~
incurred in the making of Water ~ain I~prove~ent Mo. 6.
It is Mereby Oertified snd Recited that all acts, c~nditlons rnd
thing~ required by the Constitution ~nd Law~ of the ~%a%~ of ~{inne~ota
to hsve been done, to have happened ~nd to have been performed oreeedent
to ~nd in the i~uance of thi~ Certificate have been done, have h~poened
and have been performed in regular ~nd due form, ti~e snd m~nner a~
required ~y law ~nd th.~t thin Certificate of Indebtedness, together
with all other debts of s~id village out~t~ndlng on the dste her=el doe~
not exceed any constitutional or statutory li~it~tlon of in~eebtedne~s.
In Witness Whereof the Village of ~found, Hennepin County, ;~inne~ota,
by its Village Council ha~ caused this Certificate of Indebtednes~ to be
signed by its Pre~Id.ent and countersigned by it~ Village Clerk and ~ealed
with the seal of ~atd Village snd ha~ caused the interest couponm thereto
attached to be executed and authenticated with the facsimile slgnstures
oe it~ President snd Villsge Clerk~ and h~ caused this Certificate of
Indebtednes~ to be dated am of the W~r~t Dey of ~eptem~er~ 1941.
dY Pre s id ent
Countersigned:
Village Clerk
COUPON
¥o. On the First Day of ~4.00
~ar~h, I9~2
!['be Village of ~ound, Hennepin County, ~innesota, will pay to
bearer at the msin off'toe of State Fank of ~ound, '~ound, Hennepln
County, '~innesota, the mum of
FO~ and no/lO0 DOI..~Mo
~E!~IG TH? IM~T,~.I.I:~r'?T OF I~ITERE~T TH~? DI~m 0~ IT~- W;.TmR ~I~ C~TIFIC~TE
OF I~DE~TEDNM2S ?o. dated oeote~ber 1, 1941
J. C. Mrause.
Prezldent
L. V. /'.lwtn,
Clerk
VILLAGE OF MOUND
The purpose of the mee%ing being ~.ccempli~hed and there
· u~iness befere the council, the meeting ~.dJourned.
being ne
603
further
A%te~t ~ ........................
Recorder