HomeMy WebLinkAboutWater & Sanitary Sewer Improvement Bonds PROSPECTUS
Village of a Heights, Mi ne t a
Oak P rk n so
(Washington County)
$900
GENERAL OBLIGATION
WATER & SANITARY SEWER IMPROVEMENT BONDS OF 1967
DATE AND TIME PLACE OF
OF SALE SALE
Wednesday, August 9, 1967 Village Hall
8:00 p.m. Village of Oak Park Heights
P.O. Rt. 1, Stillwater, Minn.
JURAN & MOODY, INC.
MUNICIPAL BONDS EXCLUSIVELY
SAINT PAUL, MINNESOTA 55101
NOTICE OF SALE
$900,000 WATER AND SANITARY SEWER IMPROVEMENT BONDS OF 1967
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that the Village Council of the
Village of Oak Park Heights, Washington County, Minnesota, will meet
at the Village Hall in said Village on Wednesday, the 9th day of
August, 1967, at 8:00 o'clock P.M. to open, receive and consider
sealed bids for and award the sale of $900,000 general obligation
Water and Sanitary Sewer Improvement Bonds of 1967 of said Village,
to be issued under authority of Chapter 429, Minnesota Statutes,
for the purpose of constructing a municipal water and sewer system.
Said bonds will be dated September 1, 1967, each in the denomination
of $1,000 or $5,000, whichever may be specified by the purchaser
within 48 hours after award of sale, will bear interest at a rate
or rates to be designated by the successful bidder, expressed in
integral multiples of 1/4 or 1 /10 of 1% per annum, payable on
September 1, 1968, and semi - annually thereafter on March 1 and
September 1 of each year, and said bonds will mature serially on
September 1 in the amount of $25,000 in each of the years 1970
through 1974, $30,000 in each of the years 1975 through 1985,
$35,000 in each of the years 1986 through 1992, and $40,000 in each
of the years 1993 through 1997. Bonds of said issue maturing in
• the years 1978 through 1997 will each be subject to redemption at
the option of the Village on September 1, 1977, and any interest
payment date thereafter, at a price of 102% of par value plus accrued
interest. Principal and interest will be made payable at any suit-
able national or state bank in the United States designated by the
successful bidder. The Village will furnish, without cost to the
purchaser and within forty days after award of sale, the printed
and executed bonds and the unqualified approving legal opinion of
Messrs. Dorsey, Marquart, Windhorst, West $ Halladay, of Minneapolis,
Minnesota. Delivery will be made without cost to the purchaser
anywhere in the continental United States.
Sealed bids marked "Bid for $900,000 Bonds" may be mailed
or delivered to the undersigned and must be received prior to the
time of said meeting. Oral auction bids will not be considered.
Each bid must be unconditional except as to legality, in which
respect bids may be conditioned upon the opinion of the above
attorneys, and must be accompanied by a cashier's or certified check
or bank draft in the amount of $18,000, payable to the Village
Treasurer, to be retained by the Village as liquidated damages if
the bid is accepted and the bidder fails to comply therewith. All
• bonds having the same maturity date shall bear interest at the same
basic rate, which shall be uniform from date of issue to maturity.
to
d
The basic rate applicable to any bond shall not be lower than the
basic rate applicable to any earlier- maturing bond. Bids may
provide that some or all of the bonds shall bear interest at an
additional rate for part of their term, interest at such additional
rate to be represented by a separate set of "B" coupons and not to
exceed $18,000 in amount. The bid offering the lowest net interest
cost (interest payable from date of issue to stated maturities at the
interest rate or rates specified, less any cash premium) will be
deemed the most favorable. No bid of less than par will be con-
sidered, and the Council reserves the right to reject any and all
bids, and to waive any informality in any bid.
Dated July 19, 1967.
BY ORDER OF THE VILLAGE COUNCIL
KEN HEUER
Village Clerk
Oak Park Heights, Minnesota
Further information may be obtained from:
JURAN $ MOODY., INC.
114 East 7th Street
St. Paul, Minnesota 55101
612 -224 -9661
BIDS MAILED OR DELIVERED TO JURAN & MOODY, INC. TO REACH
THEM BY 4:30 P.M., AUGUST 9, WILL BE PRESENTED AT THE MEETING.
•
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
VILLAGE OFFICIALS
Raymond N. Johnson Mayor
Lester Bell Councilman
Bennell Draxton Councilman
Lloyd Larson Councilman
George Monty Councilman
Ken Heuer Village Clerk
Donald M. Oelke Treasurer
PROFESSIONAL SERVICES
Eckberg & Lammers Village Attorney
Stillwater, Minnesota
Dorsey, Marquart, Windhorst, West $ Halladay Bond Counsel
Minneapolis, Minnesota
Bonestroo, Rosene, Anderlik $ Associates Consulting Engineer
Saint Paul, Minnesota
Juran $ Moody, Inc. Financial Consultant
Saint Paul, Minnesota
NEW ISSUE SELLING WEDNESDAY, AUGUST 9, 1967, 8:00 P.M., C.D.S.T.
s
$900,000
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
WASHINGTON COUNTY
GENERAL OBLIGATION
WATER AND SANITARY SEWER IMPROVEMENT BONDS OF 1967
DATED September 1, 1967.
DUE: September 1, 1970 - 1997.
DENOMINATION: $1,000 or $5,000, per bidder's request.
INTEREST PAYABLE: September 1, 1968, and March 1 and September 1 thereafter.
PAYING AGENT: Suitable bank to be designated by purchaser.
MATURITY SCHEDULE
Amount Maturity Amount Ma&"
$25,000 9 -1 -70 $30,000 9 -1 -84/77
25,000 9 -1 -71 30,000 9 -1 -85/77
25,000 9 -1 -72 35,000 9 -1 -86/77
25,000 9 -1 -73 35,000 9 -1 -87/77
25,000 9 -1 -74 35,000 9 -1 -88/77
30,000 9 -1 -75 35,000 9 -1 -89/77
30,000 9 -1 -76 35,000 9 -1 -90/77
30,000 9 -1 -77 35,000 9 -1 -91/77
30,000 9 -1 -78/77 35,000 9 -1 -92/77
30,000 9 -1 -79/77 40,000 9 -1 -93/77
30,000 9- 180/77 40,000 9 -1 -94/77
30,000 9 -1 -81/77 40,000 9 -1 -95/77
30,000 9 -1 -82/77 40,000 9 -1 -96/77
30,000 9 -1 -83/77 40,000 9 -1 -97/77
Optional bonds callable inversely September 1, 1977, at 102.
LEGAL OPINION: Dorsey, Marquart, Windhorst, West & Halladay
Minneapolis, Minnesota
-1-
• FINANCIAL STATEMENT
ACTUAL VALUATION (1966 Estimate) . . . . . . . . .$10,000,000 )
FULL $ TRUE VALUE (1966) . . . . . . . . . . . . . 1,964,847 1 (1)
TAXABLE VALUATION (1966) . . . . . . . . . . . 937,717 )
GENERAL OBLIGATION BONDS (This Issue Only) . . . . 900,000
OVERLAPPING DEBT . . . . . . . . . 446
TAX COLLECTIONS (1963 and 1964 Levies). 99.6%
(1) The new Northern States Power Company's Allen S. King Steam -
Electric Generating Plant is located within the Village of
Oak Park Heights on a site that totals 180 acres. The Unit
#1 nameplate rating of this plant is 550,000 kilowatts and
the expected maximum capability is 610,000 kilowatts. The
original estimate of the cost of Unit #1 was $68,300,000;
however, company officials have now revised estimates upward
to approximately $76,000,000. The full impact that this
valuable utility property will have on the Valuation of the
Village is not.known at this time. Of the Village's Taxable
Valuation shown above, $237,198 is Northern States Power Co.
property. Preliminary 1967 figures of the County Assessor
indicate that the Northern States Power Company's Full and
True Valuation is $4,743,073, and that the Taxable Valuation
is $1,701,235. These figures are based on less than 1/3
completion of the plant. The Actual Valuation shown in the
Financial Statement is our estimate based on the 1§66 Taxable
Valuation. The following ratios and debt -per- capita figures
are based on the 1966 Estimated Actual Valuation and the present
estimated population. They do not reflect the possible
increased valuation to be realized from Northern States Power
Company's property and plant, or proposed future annexations.
The plant is expected to begin operation on a test basis in
February of 1968, and full operation is scheduled for March of
that year.
V.t,P.eage Popu,QzWon: Present Estimate - 1,000
Met. Planning Comm. 1966 Est. - 911
1960 U. S. Census - 332
Diucx Debt Inctuding OvVL&p
Ratio to Actual Valuation 9.00% 13.47%
Per Capita $900 $1,347
-2-
i
NOTE The plant presently under construction is called Unit #1
• because Northern States Power Company does consider the
construction of another unit a possibility. The 180 acres owned
by Northern States Power Company is large enough for construction
of Unit #2 if and when there is a need for additional facilities
at this location. The changing demands for power, and several
other factors, does not allow an opinion from Northern States
Power Company officials concerning the possibility of Unit #2
becoming a reality.
1966 PROPERTY VALUATIONS:
PuP,e 8 True Vatue Taxabte Va eua t i on
Real Estate $1,693,800 $834,144
Personal Property 271,047 103,573
Total $1,964,847 $937,717
TAX COLLECTIONS:
Year of Levy 1963 1964 1965 1966
Amount of Levy $4,500.30 $4,501.96 $4,502.20 $16,775.76
Amount Collected in
the Following Year 4,471.26 4,498.12 8 - - -
Total Amount Collected
to February 28, 1967 $ 964.52
* Oak Park Township annexed to Oak Park Heights during 1965.
-3-
MILL RATES
1964 1965 1966
STATE
Homestead 6.24 Mills 18.32 Mills 17.14 Mills
Non - homestead 16.14 Mills 18.42 Mills 17.24 Mills
COUNTY 69.92 Mills 71.60 Mills 69.30 Mills
VILLAGE 18.78 Mills 17.89 Mills 17.89 Mills
SCHOOL
I.S.D. # 834 Non -ag 182.10 Mills 187.62 Mills 164.55 Mills
I.S.D. # 834 Ag 157.10 Mills 162.62 Mills 139.55 Mills
OVERLAPPING DEBT:
Taxabte In PeA Cent Bonded Vittage'a
Ia.auen Va.Euv on Vittage Appei.cabte Debt Shane
Washington
County $41,695,074 $937,717 2.23% (1)
I.S.D. # 834 $14,723 $937,717 6.37% $7,011,000 $446,600
TOTAL OVERLAPPING DEBT. . . . . . $446,600
(1) Washington County has no general obligation debt. The County
does, however, have $535,000 State -Aid Road Revenue Bonds
outstanding, payable solely from State -Aid allotments.
-4-
THESE BONDS, in the opinion of counsel, constitute legal and binding
general obligations of the Village of Oak Park Heights,
Minnesota, payable from unlimited ad valorem taxes on all property
within the Village.
PURPOSE AND AUTHORITY: Water and Sanitary Sewer System Improvements
have been ordered by the Village Council at
a total estimated cost of $1,200 and these bonds are being
issued to defray the costs under contract to date. It is anticipated
• that the remainder of the bonds will be issued in the Spring of 1968.
Of the total project, approximately $475,000 will be assessed
against benefited property.
The Water System consists of a deep -well, 250,000 - gallon, elevated
storage tank, trunks, mains, hydrants, pumps, pumphouse and all
other correlated appurtenances.
The Sanitary Sewer. System consists of a sewage treatment facility
on the St. Croix River, interceptor sewers and a collection system
of lateral sewers together with all correlated appurtenances.
The two systems will presently serve approximately one -half of the
Village with initial connections estimated at 275, and the water
trunks and interceptor sanitary sewers have been designed to
eventually serve the entire Village. In addition, capacity has
been provided to serve the Washington County Court House, one and
one -half sections of land in the Town of Stillwater and eight
sections of land in the Town of Baytown.
i
-5-
THE VILLAGE OF OAK PARK HFIWS lies between the City of Stillwater
and the Villager of Bayport, and
contains land on both sides of U.S. Highway 212; at one point ex-
tending westward and south of the highway. The Village was incor-
porated in 1959, and since that time, has annexed part of Baytown
Township so that it presently contains 1,400 acres. The Village
Council is considering petition requests for further annexation
and, if granted, this would add another 4,500 acres to the Village
area. As are many suburban communities, Oak Park Heights is
experiencing commercial growth from nearby larger communities. In
addition to the Northern States Power Company's plant previously
mentioned, the Village offers business, commercial and service
establishments including an auto supply dealer, a new car dealer,
a wood products manufacturing company, an auto body and upholstery
shop, a large and modern office building, a supper club, three
taverns, a transfer company, several service stations, a Dairy
Queen refreshment stand (to be enlarged to include a restaurant),
a funeral home, two animal hospitals and two veterinarians, a
memorials manufacturing company and four apartment buildings. The
Sunnyside Marina is located in the Village and its facilities
include 100 boat slips, high - and -dry storage for boats from 25 feet
to 60 feet in length, complete boat servicing, houseboat rentals
and cruiser charters, and retail sales of both boats and motors.
Most of the commercial development is along Highway 212. It is
the Village's intention to restrict as much new commercial
development to this area as is possible A shopping center is
presently being developed in this area by the Oak Park Heights
Development Corporation. Site grading has commenced and it is
anticipated that the footings for the building will be poured
within six to eight weeks. To date, eleven leases have been signed
and returned, and will include the following businesses:
Stillwater Motors - new and used cars, Chev. and Olds.
Goggins Candy - card shop $ retail outlet - 1,100 sq. ft,
Red Owl - 18,000 square feet
Snyder Drugs - 9,000 square feet
Scott Variety - 10,400 square feet
Baskin Robbins - ice cream shop, 1,000 square feet
The Five Company - laundromat, 3,600 square feet
Barber Shop
Beauty Shop - 1,380 square feet
Montgomery Wards - catalog sales, 8,500 square feet
Hardware Store - paint, appliances, hardware, home
decorating, 15,000 square feet
-6-
In addition, there are four lease agreements out which have
not yet been signed and returned. These include a cocktail
lounge (1,500 sq. ft.), a liquor store (1,300 sq. ft.), a
restaurant (4,500 sq. ft.) and a jewelry store (900 sq. ft.).
Long -range plans include a name department store and eight 18 -unit
apartment buildings. A department store has expressed interest
and tentative plans indicate that it would be a reality in 1969.
Construction of the apartment complex will depend on growth of
the center. Other proposed developments in this area include a
service station, self - service car wash and an automatic car wash.
This will be the only shopping center of its type in the area,
and it is anticipated that it will draw from the surrounding
communities and from Wisconsin.
Employment opportunities for the residents of the Village are
excellent with the City of Stillwater, the State Prison and
Anderson Window Corporation located within a few minutes' driving
time of the Village. The Twin Cities, of course, are also easily
accessible and many area residents are employed there.
• The Village contains approximately 285 homes, most of which are
well maintained older homes. Some sections of the Village have
newer homes interspersed with one area of approximately 40 new
homes ranging in price from $20,000 to $30,000. This area is
expected to grow with water and sewer facilities having been added.
Educational facilities are provided by Independent School District
No. 834, Stillwater. Both the School District and The City of
Stillwater have Moody's Investors Service and Standard and Poor's
ratings of "A."
IN SUMMARY: With the Village's location and proximity to the
metropolitan areas, together with the growing tax
base, it appears that the Village will experience its share of
residential and commercial growth.
ALL INFORMATION CONTAINED HEREIN WHILE NOT GUARANTEED,
HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE.
-7-
i
E
4
• I
E
• � Ua
• NORTHERN STATES POWER PLANT
(UndeA Con6ttru.c ion)
4
• r.
ARCHITECT'S RENDERING OF COMPLETEt?
NORTHERN STATES POWER 'PLANT
I
� �'a `4' k 3 .yg-. ' • .: ;; �.
2^w -.� - ,
R e
I
I
I }
FUNERA HOME
k.
OFFICE BU ILDING 6 SERVICE S7 �T�ON
® `:s
1�
Z� HOSPITAL
i
l ('
Area Homes
A'ARTMEW COMPLEX
$900,000
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
• GENERAL OBLIGATION WATER AND SANITARY IMPROVEMENT BONDS OF 1967
CUMULATIVE BOND YEARS AND WORKSHEET
CwmtPati.ve
Am Yea& Bond 4&au $25 970 5 1 Ban ff
25,000 1971 100 175
25,000 1972 125 300
25,000 1973 150 450
25,000 1974 17S 625
30,000 1975 240 865
30,000 1976 270 1,135
30,000 1977 300 1,435
30,000 1978 330 1,765
30,000 1979 360 2,125
30,000 1980 390 2,515
30,000 1981 420 2,935
30,000 1982 450 3,385
30,000 1983 480 3,865
30,000 1984 510 4,375
30,000 1985 540 4,915
35,000 1986 66S 5,580
35,000 1987 700 6,280
35,000 1988 735 7,015
35,000 1989 770 7,785
35,000 1990 805 8,590
35,000 1991 840 9,430
35,000 1992 87S 10,305
40,000 1993 1,040 11,345
40,000 1994 1,080 12,425
40,000 1995 1,120 13,545
40,000 1996 1,160 14,705
40,000 1997 1,200 15,905
AVERAGE MATURITY: 17.722 years.
BONDS DATED: September 1, 1967.
INTEREST PAYMENTS: September 1, 1968, and March 1 and September 1 thereafter.
CALL FEATURE: Bonds maturing September 1, 1978, and thereafter, are
callable inversely September 1, 1977, and on subse-
quent interest payment dates, at 102.
BID: Sealed bids only for not less than par. Good faith
check for $18,000 must accompany bid.
RA's Each bid must specify in multiples of 1/4 or 1 /10
• of 1% a rate or rates not to exceed 6% per annum.
No bond may bear interest at a basic rate which
is lower than the basic rate borne by an earlier -
maturing bond. Additional interest coupons are
permitted and may not exceed $18,000.
ij
BID FORM
Dated:
Honorable Village Council
Village of Oak Park Heights
• Oak Park Heights, Minnesota
We offer for all or none of your $900,000 General Obligation Water
and Sanitary Sewer Improvement Bonds of 1967 described in the Notice
of Sale, the terms of which are made a part of this offer: Par
($900,000) and accrued interest from date of bonds to date of delivery
to us, plus a cash premium of $ for bonds maturing and
bearing interest at the annual rate, as follows:
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 thru 19
% per annum on bonds maturing September 1, 19 �_thru 19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of % for the period
to Bonds will be issued in
the denomination of $ ,000 and will be payable at (Bank)
* This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
at
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest:
Clerk
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Net Interest Cost: $
Net Interest Rate:
Additional Interest Coupons (per $1,000 of principal):
First Coupon: $
Others: $
Total Amount: $
• THESE COMPUTATIONS ARE NOT A PART OF THIS OFFER
It is not necessary to use this form; however, any bid must comply
with the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
Special Instructions
Sale results will be furnished bidders at 8:30 A.M: on day after sale.
If results are desired immediately, complete the following:
Contact:
Telephone No.:
----------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $18,000 to be returned to the unsuccessful bidder.
By:
Dated:
i r
BID FORM
Dated:
Honorable Village Council
Village of Oak Park Heights
• Oak Park Heights, Minnesota
We offer for all or none of your $900,000 General Obligation Water
and Sanitary Sewer Improvement Bonds of 1967 described in the Notice
of Sale, the terms of which are made a part of this offer: Par
($900,000) and accrued interest from date of bonds to date of delivery
to us, plus a cash premium of $ for bonds maturing and
bearing interest at the annual rate, as follows:
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 thru 19
% per annum on bonds maturing September 1, 19 _thru
19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of `k for the period
to Bonds will be issued in
the denomination of $ ,000 and will be payable at (Bank)
* This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
• at
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest:
Clerk
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Net Interest Cost: $
Net Interest Rate: %
Additional Interest Coupons (per $1,000 of principal):
First Coupon: $
Others: $
• Total Amount: $
THESE COMPUTATIONS ARE NOT A PART OF THIS OFFER
It is not necessary to use this form; however, any bid must comply
with the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
Special Instructions
Sale results will be furnished bidders at 8:30 A.M. on day after sale.
If results are desired immediately, complete the following:
Contact:
Telephone No.:
----------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $18,000 to be returned to the unsuccessful bidder.
By:
Dated:
BID FORM
Dated:
Honorable Village Council
Village of Oak Park Heights
Oak Park Heights, Minnesota
We offer for all or none of your $900,000 General Obligation Water
and Sanitary Sewer Improvement Bonds of 1967 described in the Notice
of Sale, the terms of which are made a part of this offer: Par
($900,000) and accrued interest from date of bonds to date of delivery
to us, plus a cash premium of $ for bonds maturing and
bearing interest at the annual rate, as follows:
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 thru 19
% per annum on bonds maturing September 1, 19 — thru 19
% per annum on bonds maturing September 1, 19 _thru 19
% per annum on bonds maturing September 1, 19 _thru 19
Plus additional interest to be evidenced by extra coupons on
bonds at the annual rate of % for the period
to Bonds will be issued in
the denomination of $ ,000 and will be payable at (Bank)
* This bid is for
prompt acceptance and subject to our being furnished with the unqual-
ified approving legal opinion stated in the Notice of Sale, together
with the printed and executed bonds, without expense to us, within 40
days after award or at our option thereafter. Delivery will be made
at
Special Instructions - See Over
Account Members
Account Manager
By:
Accepted for the addressee this day of 19
By:
Mayor
Attest:
• Clerk
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Net Interest Cost: $
Net Interest Rate:
Additional Interest Coupons (per $1,000 of principal):
First Coupon: $
Others: $
• Total Amount: $
THESE COMPUTATIONS ARE NOT A PART OF THIS OFFER
It is not necessary to use this form; however, any bid must comply
with the terms stated in the Notice of Sale.
Please Submit Bid in Duplicate
i
Special Instructions
Sale results will be furnished bidders at 8:30 A.M. on day after sale.
If results are desired immediately, complete the following:
Contact:
Telephone No.:
----------------------------------------------------------------------
The undersigned hereby acknowledges receipt for the good faith check
in the amount of $18,000 to be returned to the unsuccessful bidder.
By:
Dated:
0