77-2564 CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
IIIRESOLUTION NO. 77-2564
RESOLUTION AUTHORIZING THE ISSUANCE OF
CERTIFICATE OF INDEBTEDNESS
IN THE SUM OF $160,000 TO PAY FOR THE
COST OF A NEW ADDITIONAL WELL AS PART OF THE
CITY WATER SYSTEM WHICH CERTIFICATE SHALL
BE PAID FROM THE WATER REVENUE
WHEREAS, the City of Hopkins has entered into the contract for the
construction and installation of an additional well as part of the City
Public Water Department, and
WHEREAS, the entire cost of such well shall be paid over a ten
year period from the receipts and other revenue received from the sale of
water to the public which receipts are known as the Hopkins Water Fund, and
WHEREAS, the Hopkins City Water Fund is at present unable to
finance the entire cost thereof by a cash payment and the Hopkins Permanent
Improvement Revolving Fund has available moneys to loan to said Hopkins Water
Fund the amount necessary, and
• WHEREAS, the funds of said Permanent Improvement Revolving Fund are
presently invested at a rate of interest averaging not less than 7% per annum
which rate is under present conditions reasonable.
NOW, THEREFORE, it is hereby resolved by the City Council of the
City of Hopkins as follows:
1. The City of Hopkins is hereby authorized to prepare, execute,
issue, and sell its Certificate of Indebtedness to be dated July 15, 1977,
and to bear interest at the rate of 7% to be payable in ten equal annual
payments each of which payments are in the sum of $22,780.40, which payment
is inclusive of and is applied first upon said interest and thereafter upon
principal.
2. That the schedule pertaining to said payments of said
Certificate of Indebtedness is as follows:
Annual Principal
Due Date Payment 7% Interest Amount Balance
160,000.00
0 7-15-78 22,780.40 11,200.00 11,580.40 148,419.60
7-15-79 22,780.40 10,389.37 12,391.03 136,028.57
7-15-80 22,780.40 9,522.00 13,258.40 122,770.17
7-15-81 22,780.40 8,593.91 14,186.49 108,583.68
7-15-82 22,780.40 7,600.86 15,179.54 93,404.14
7-15-83 22,780.40 6,538.29 16,242.11 77,162.03
7-15-84 22,780.40 5,401.34 17,379.06 59,782.97
7-15-85 22,780.40 4,184.81 18,595.59 41,187.38
7-15-86 22,780.40 2,883.12 19,897.28 21,290.10
7-15-87 22,780.40 1,490.30 21,290.10 -0-
227,804.00 67,804.00
4
411
3. That the Mayor and the City Manager are hereby authorized to
execute the necessary documents including said Certificate of Indebtedness
and to deliver the same to the Permanent Improvement Revolving Fund, and the
City Finance Officer and Clerk are hereby authorized to advance from said
Permanent Improvement Revolving Fund the said sum of $160,000 for the purpose
and under the conditions here and above set forth.
4. That further, the City of Hopkins hereby pledges the general
credit of the City of Hopkins for the repayment of said amount plus interest
to the Permanent Improvement Revolving Fund if as and when the Hopkins Water
Fund should become unable to make such payments as above set forth.
Passed and adopted at a regular meeting of the City Council held
on March 15, 1977.
JERRE A. MILLER
• Mayor
H.E. RICHARDSON, City Clerk
JOSEPH C. VESELY, City Attorney
•
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411 _
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INTER-OFFICE MEMO
TO Joseph Vesely DATE Feb. 24 19 77
FROM Chris Nielsen
SUBJECT Method of Financing New Well by Borrowing $160,000.00 from
P.I.R. Fund for 10 years at 7% Interest
Due Date Annual 7% Interest Principal Balance
Payment Amount
160,000.00
7-15-77 22,780.40 11,200.00 11,580.40 148,419.60
7-15-78 22,780.40 10,389.37 12,391.03 136,028.57
•
7-15-79 22,780.40 9,522.00 13,258.40 122,770.17
7-15-80 22,780.40 8,593.91 14,186.49 108,583.68
7-15-81 22,780.40 7,600.86 15,179.54 93,404.14
7-15-82 22,780.40 6,538.29 16,242.11 77,162.03
7-15-83 22,780.40 5,401.34 17,379.06 59,782.97
7-15-84 22,780.40 4,184.81 18,595.59 41,187.38
7-15-85 22,780.40 2,883.12 19,897 .28 21,290.10
7-15-86 22,780.40 1,490.30 21,290.10 -0-
227,804.00 67,804.00
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INTER-OFFICE MEMO
TO Joseph Vesely DATE Feb. 24 19 77
FROM Chris Nielsen
SUBJECT Method of Financing New Well by Borrowing $160,000.00 from
P.I.R. Fund for 10 years at 7% Interest
Due Date Annual 7% Interest Principal Balance
Payment Amount
160,000.00
7-15-77 22,780.40 11,200.00 11,580.40 148,419.60
7-15-78 22,780.40 10,389.37 12,391.03 136,028.57
•
7-15-79 22,780.40 9,522.00 13,258.40 122,770:17
7-15-80 22,780.40 8,593.91 14,186.49 108,583.68
7-15-81 22,780.40 7,600.86 15,179.54 93,404.14
7-15-82 22,780.40 6,538.29 16,242.11 77,162.03
7-15-83 22,780.40 5,401.34 17,379.06 59,782.97
7-15-84 22,780.40 4,184.81 18,595.59 41,187.38
7-15-85 22,780.40 2,883.12 19,897 .28 21,290.10
7-15-86 22,780.40 1,490.30 21,290.10 -0-
227,804.00 67,804.00
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