1950-01-231160
VILLAGE OF MOUND
Mlnutes of Adjourned l..~eetin~ held Ja~mary 23rd, 1950 at the Vi!!age
Hal!, l~.%und, I>!inn.
~.~eetlng was called to order at 8:15 P. if... There were' present','~ayor
Davis, Trustees Pierce, W~ite and B!y, and Attorney'WOiner. Trustee
Wi~fi~el was absent for cause.
~'fr. Biy offeree the foi~_towin~g wrltten resolution, authorizing; access
to the Safety Deposit Box:
"Resoiutlon Authorizing6 Access to Vllia~:~e of ~otund Safety Deposit
"RESOLVED: That until written notice to the contrary is (given by
this cor}~oratio'.} to the Safe Deposit Department of The State
Barfif of F~ound, access to Safety Deposit Box I,Io.145 in the name
o~ the Village of I;.ound, shall be had by any two of the follow-
ing persons: William I. Davis, Ray L. Pierce, ~ene White, Bernie
Winke!, Herbert A. Ely, Louise Huestis.
"Am_y two of the above named persoi~s shall have full authority to
open the safety deposit box or ~omxes of the Village of .t:~ound, to
make deposits therein or to remove any part or all of the contents
thereof, to rent boxes and. to execute leases, to exchange or
surrender .the box or boxes, and in ,roll other respects to repre-
sent this corporation !n ali. matters concerning safety deposit
box or boxes.
"The authorized signatures of ti~e above authorized persons are as
fo ! !ows:
( s i ~n e d)
Wllilam I Davls Herbert A. Bly
R.L. Plerce Bernard F. Wlnhel
G.S. W?~lte Loui~se Huestls
"I, Edna Gooder, Actin~i Clerk for the Village of ['found, do hereby
certify that the above Reso)ution was adopted at thle meeting of
the lf, ound Village Council on January 23, 1950, and that the
above is a t~ae and correct copy thereof.
"Dated at .~.~ound, I,~inn.
( s !~-~ned)
Act ini~ Clerk
This resolution receiving a proper second, was adopted by unanimous
rot e.
I,~r. Bly brought to the attention of the Council, the resolution passed
at the Council ~ '~'~
,;~eetz~,o held August 10th, 1948, providing for the
establlshmen,t of a Pub!lc Improvement Revolving Fund, and a copy of
the written resolution found in the mlnute book, and referred to in
the minutes as "see addendum adjoining". He directed ~iflc at-
tentionto paragraphs one and two of the resolution which provided
for the manner in which the moneys in the ftmd could be used and the
provisions for the preservation of the solvency of the Fund.
Bly polnted out in paragraph two, the posslb~l!ty that the present
balance in the P.I.R. Fund not presently needed forfinanclng projects,
VILLAGE OF MOUND
!/9~ continued
1161
might be legally invested in Tax ~uticipat!on Certificates,
which %he village could issue in anticipation of ta~xes levied to
be collected during 1980. In this way, the interest charge
involved ~mnldgr~FtSct Bac~to th~ Village and not to an out-
side purchaser, and the General and Road Funds would be provi-
ded needed moneys pending the collection of the tax levy.
~r. Bly also called attention to the Resolution certified to
the County Auditor as having been passed at the Sept. 7, !9~8
meeting, awardin~ the sale of the P.I.R. Bonds to Shaughnessy
& Co., and wherein a direct Annual Ad Va!ore~ tax, was certi-
fied to be spread against all ta~able property in the village
each year beginning 19~8 and through !9~ and that the taxes
received woul~ be held in a s~eparate sinking fund from which the
bonds and interest would be paid as they became due. He am-
phasized that this tax should be considered separate and distinct
from taxes collected as special assessments against property
benefited by projects which were financed with moneys from the
?. I.R. Fund.
After a general discussion of finances, it was left to ~r. Bly
to contact Attorney Howard in ?[inneapolis and the County Auditors
Office and report back to the Council at its next regular meet-
lng~, at which ti~e suitable action would be taken respecting
transfer of ~tu~ds, issuance of Tax Anticipation Certificates,
or other actions affecting finance.
On due motion, the meeting was adjourned at 10:0® P.}~I.
W.I. D~vis, ~ayor
Attest -
Acting Clerk