05-31-1967 HUCM7L i
1
1
Special Meeting
May 31, 1967
A special meeting of the Hutchinson Utilities Commission was held
at four o'clock on May 31, 1967 at the Billing Office.
All Commissioners were T esent .
The meeting was called to order by the President.
65.
Motion was made by Commissioner Tracy and seconded by Commissioner
Filk to issue a check in the amount of $200,000.00 to the Worthington
Corporation representing advance payment on one engine. Special
Terms invoice attached to the face of these minutes--earned interest
to be 5% per annum. Motion was unanimously carried.
Bids for a gas scrubber were received and opened.
National Tank Company
400000 SCFH 347.25
C. Emery Nelson
40,000 SCFH 826.00
809000 SCFH 993.00
Black Sivalls & Bryson, Inc.
40,000 SCFH 689.00
80,000 SCFH 775.00
1209000 SCFH
Motion was made by Commissioner Tracy and seconded by Commissioner
Filk to purchase the larger gas scrubber offered by Black Sivalls
& Bryson, Inc.. This unit will be able to take care of all four
generating units using gas. Motion was unanimously carried.
There being no .further business, motion was made by Commissioner
Filk and seconded by Commissioner Tracy to adjourn the meeting.
Motion was unanimously carried.
ATTFST
H. P. qua de, resid nt.
6/
ng, SeVretary.
;o
>,c
n
of
P
cl.... y • S @ O .m-• ✓� , — p .1 LT r- — G r C— — O O C � • @ P•, Cr . -.
F.@ m n'�"� CD G `_'�•�'••@, a7'� w aR•� @ �w'D �.»,�y•m (D O coo nom; mdq
O
�^@ :° p o - ron.a,9 w G- o ao �� �`�m o o �p �P �, APP• cc
M a p CD �O '.� @ C- O ((DD O f''DD ':$ a � '' @ `* "Y C. N n y O .7 m
D�4 rn G"`G ".a«�m P'A'"'. -O�y @"M+apcoi•�`C
M a c' �• .° ^ c .aA 'd ° �. .tea° @ O•'OO t70 p I 17
v ry�-as o C m �M p CD (D M o Oyro c p o o C y n @.0 , y p_ @
@ G awe+ C CDC �j° - y O ro r a y y
ID o
° x� a @•@ p ° o Pb ° ° o @ a -p o �. �o c @ y �a� 0 o o
Como a 0 "'•z ° � o' � � "° �- O �:m ti ° E p 0 PD
CD 5'OC o CD oCi n �'o m cc 'lo p J ~= a p m O CCD
O O m @ n O ti �° D,7 ° '7 p �. (D m' ti m° «`�.•�a � -1 uq y Q'y c0+ 'p
p•�"•.G .�.+ @ @k �'.pyb p�,�c*•y..op:�°•' o"�.Gi. @ti o @n @�ti �o•@
P. _'CJ (D c . C '7 m "' m O o ro a• @ '.� y O.O- (D CD n O G.
n6 dmti p o� � �ccb�. @ati 2�0 ;���m0 ge @ d°°
M.ap �
@ R° y o0° :-�� ro z �CD o p "a�'I'D may° Aid°
° y 7, 7° o o o =� w ro° C�� iy_=r,, w@ a ti p °, W ' �` o NS: CD
- ID �pi-r� �zr ��[Ot, .O cCc cam*_ CDpn .N @P- P� @O'vi O. cr;' v.O "�-� �p•G•O
o .tin o 2da'o ° o @ @ @ ° EN @ o �:
C �,O �O 4, O'�*�o OO O ""'Y �. -�".. o`< � gyp.. ^'•.. �..'
o'Oo @'�P cr�+P, (D 'fib =fin G,V ym0.ropo CD P- m(CDO°fib
a� O 0q C"D CD
7�•� O ID z -n'P ; �• P. CD p O .°„� G p a� 0'O - -p (' ,Y M@
cD 7." �-=� .r, �+- n n � .-. _..'". y So c* p ., c' dq O' GL y C .n 0 a
O @ aC o ° m @ a_ 0 cs.d0 �dq m ��IDD'@ O °
CD CD ct xuq ti m @ -y � �r Coda cn� o�
a� mo ,� ycs._
:A ... c+ y G � CD CD ;0 -+ ma y �.y N Y C � O O O U O ,y y 'C � G 7,
o �-oA y P CD @ @ c y :"CO'ro F� c o �a @ @ - o +QOC CD
l=3q c r-.od -° o n p m c @ �° c 0 = � � a° p ro CD �n °p c oCD m °oZ p
O. o y° 7 �m o M �� Q r On ~� m p mb
y �•a �' y �ID nro+R'dOC (D r7'C, y -.LS �-(D G'(D UP O N "N
CD
p C o CD @£p mR (aD ��rt Z: cD C, Oc+ n<O'•`. cOD tii., `"7p @^4 @C`Y
(D ti '3. ••n o � C � 'M ro a' ti (DD O � O @. � 0 G C @ F.. C .. ,Fy
� m o i a
O A• .n.. '^ M ti m @ U.'7 ... ,,., .`r..`C G. y�
."�• p O U'c C Jrto .�^O , p CD , c`3 -
Er O �O. Y
O P.p Om � O -F
A.O. ,d w �� ^' „•.y...� �� n�;�y�D rt (D N„@..,�0..ycC O"¢"O�
v, ,� P•, rr'• m .'-'' (D dG @ r* in 4 p G r1 C r_n W d
�c m @ aL p o •; p @ o iL,zy v��� @ � D O* cQV -c °
<Nr: ^�O.~�.Q•'cCD��r n• ~C-''. :�•,roy WO.:7• ~`�`O �c00 �.
m `YC• U.•cCo ��m Dp`C �° dCro m �.d�
•.on ..� morn' @ '- ,�;o•mio�OCO .° �p.cbocro,,ro,cyo G� @dq�u
7 'n-•' i/1 y O '.�' c9 `�: P :"� y ?. C y @ V -. p„ n F,
iT•O y CD W r @�p�pw '�-' c�'.�7�C�O„ ,0.,7`' ^r•7C7'�?�'°U�C07Q•"- V,��o•'�.
(OD � ^@f � GY O O ,@--
c (D ° a a CD in- , CD (D °a o (n n n doc � 5 a• o
Wr
n V
0
x�
q W
°p a
O
ro
0.
O n
q @
4 �
� ro
o �
A�
Savlaaoaq Io aanluu�r5
aeumO paaalsrBa�d
aluQ
�Iosauutl�
',ClunoO poa Ioiq `uosinypi1-I ;o oql 3o uotsstuiuioO sailgtlll uosuigolnH agl ;o s�looq aql uo paia4si2aa uoaq
s it molaq palou Isiq aaamo paialsilloa agl of puoq uigltm aql ;o lunouir pudiaulad aill Io dTgsaaumop aopmil aqj;
AHVILHUDIHS :IHL
X11 lf-THO \;T NOU'351H 9NIIIIJAi ON
STATE OF MINNESOTA ftw
w, COUNTY OF McLEOD '
r� CITY OF HUTCHINSON ^
HUTCHINSON UTILITIES COMMISSION
LIGHT AND POWER PLANT REVENUE. BOND
KNOW ALL MEN BY THESE PRESENTS that the City of Hutchinson, a duly organized municipal cor-
poration of McLeod County, Minnesota, by the Hutchinson Utilities Commission, acknowledges itself to be
specially indebted and for value received promises to pay to bearer or, if the ownership of this bond is registered as
noted below, to the registered owner, but only out of the Revenue Bond Account of its Light and Power Fund, the
sum of
FIVE THOUSAND DOLLARS
on the 1st da of June 1977, or, if this bond is prepayable as stated below, on a previous date on which it shall
have been duly called for prepayment and redemtio, nd to pay and thereon out of the same account at
the rate of three and seventy -five hundredths per cent (3.75°0) per annum from the date hereof until the
Y
principal sum is paid or until this bond, if prepayable, has been duly called for redemption, and at the additional
nay
rate of two per cent (2%) per annum from November 1, 1967 to June 1, 1968; the interest hereon being payable
December 1, 1967, thereafter June 1 and December 1 in each and interest to maturity
"
► '''
and semiannually on year,
being payable in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto
-°
consisting of one set representing interest at the basic rate applicable to this bond from date of issue to maturity,
and a separate set of "B" coupons representing interest at the additional rate and for the limited period stated
'!• «
above. Both principal and interest are payable at the Fidelity Bank and Trust Company, in Minneapolis,
' °: '
Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender
�
01;r
for public and private debts.
This Bond is one of an issue in the total principal amount of $700,000, all of like date and tenor except as to
serial number, interest rate, maturity and redemption privilege, and is issued pursuant to and in full conformity°
with the Constitution and laws of the State of Minnesota thereunto enabling and an authorizing resolution dated
June 9, 1967, duly adopted by the unanimous vote of the Hutchinson Utilities Commission of the City of Hutchin-
son, for the purpose of paying a portion of the cost of the installation of equipment and the construction of buildings
.y
and additions for the municipal light and power plant, required to furnish electricity sufficient to meet the immedi-
ate demand therefor within the corporate limits of the City, and is payable solely from and as a first lien and charee
h
reserve in a sum
r he transfer of ownership of tfie principaTamoitii5f Hereof may�ie registered by the bearer on the books of the 1;
Commission by presenting this bond for registration to the Secretary, who will note the date of registration and the
name of the transferee in the registration blank on the reverse side hereof. Thereafter this bond may be transferred't ' }4
to a bona fide purchaser only by delivery with an assignment duly executed by the registered owner or his agent, ,,st-
and the Commission may treat the registered owner as the person exclusively entitled to exercise all the rights and x
powers of an owner until this bond is presented with such assignment for registration of transfer, accompanied by
assurance of the nature provided by law that the assignment is genuine and effective, and until such transfer is reg-
istered on said books and noted hereon by the Secretary. Such transfer may be to bearer, and thereby the transfera-
bility
f this bond b deliver shall be restored but the bond may again and from time to time be registered in the
Y Y Y Y g` g �^
name of a holder or to bearer as before. Notwithstanding the registration of this bond as to principal, the interest Z
coupons appurtenant hereto shall always continue to be payable to bearer and transferable by delivery.
Bonds of this issue maturing on and between December 1, 1967, and June 1, 1972, are not subject to redemp- k� '� y;
tion before maturity, but those maturing on and between December 1, 1972, and June 1, 1977, are each subject to q
redemption and prepayment at the option of the Commission on June 1, 1972, and on any interest payment date;
thereafter, at par plus accrued interest and in inverse order of their serial numbers. Not less than thirty days before
the date fixed for the redemption of any of the bonds, the Secretary will cause notice stating the amount, the serial
numbers and maturities of the bonds called for redemption to be published in a financial periodical in a Minnesota j
city of the first class, and to be mailed to the owner of the bond if registered as to principal, and to the bank at
which principal and interest are then payable, but published notice shall be effective without mailing.
It Is Hereby Certified, Recited, Covenanted and Agreed that all acts, conditions and things required by
the Constitution and laws of the State of Minnesota and the home rule charter and ordinances and resolutions of the
City of Hutchinson to exist, to happen and to be performed precedent to and in the issuance of this bond, in order 4
to make it a valid and binding special obligation of the City in accordance with its terms, do exist, have happened
and have been performed in regular and due form, time and manner as so required; that in and by the authorizing Alsa,
resolution the Hutchinson Utilities Commission, on behalf of the City of Hutchinson, has validly made and entered
into additional covenants and agreements for the security of each holder of this bond, which will be fully and t ae
promptly performed by the Commission and each of its officers and agents concerned therewith, including a cove-
nant that the Commission has established rates and charges for all services, products and by- products of its light r "�
and power plant which are estimated to be sufficient, and will revise said rates and charges, subject to concurrence *q
of the City Council, whenever and as often as required to assure that the same will be sufficient, for the payment of xi ii;
all costs of operation and maintenance as incurred and for the production of net revenues adequate to pay the prin-
cipal and interest on all bonds of this issue when due and to create and maintain said reserve that no additional
bonds or other obligations will be made payable in future from said net revenues on a parity herewith, except as itsa '
expressly permitted in the authorizing resolution, and that the issuance of this bond did not cause either the special
or general indebtedness of the City to exceed any constitutional or statutory limitation.t�'
IN WITNESS WHEREOF the City of Hutchinson, McLeod County, Minnesota, by the Hutchinson t
Utilities Commission, has caused this bond to be executed in its behalf by the signatures of the President and ��
Secretary of that Commission, and has caused the interest coupons appurtenant hereto and the certificate appearing digs
on the reverse side hereof to be executed and authenticated by the facsi ' e si natures of said officers, and hasp t�`'i
,sacs
caused this bond to be dated as of June 1, 1967.
Countersigned:
Lk
9 �
Secretary President of Hutchinson Utilities Commis5io �� � � W_
unless cne wino. aescrioea oeiow is caueu avr euruer __ON THF. FIRST DAY OF 93.75
No. 16 ON THE FIRST DAY OF $93.755 No. 15 $
JUNE, 1975 DECEMBER, 1974
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 1967, No• June 1, 1967, (D
�1
SEl ET1Rl' t -S .INI SLCRLT.1Rl' PRESIDENT
IInless the bond described below is called for earlier redemption Unless the bond described below is called for earlier redemption
ON THE FIRST DAY OF 93.75 No. 13 ON DECEMBER,I19 3 OF
No. 14 $73.75
JUNE, 1974 `H $"
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Cormission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolls, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 1967, _ No• June 1, 1967, _^ ` r, --
�- // SECRET \RY RES DENT `u
`/ CRCi1RY ~ � PRFS UENT
Unless the bond described below is called for earlier redemption Unless the bond described below is called for earlier redemption
No. 12 ON THE FIRST DAY OF $93.75 No. 11 ON DECEMBER, 1972 OF $93.75
JUNE, 1973
the IIutchinaon Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, 'will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 1967, , ,� - t "' r� 1 1' No. June 1, 1967,
� .-ET Rl' PRES DENT ECRETAM1I PRESIDENT -
ON THE FIRST DAY OF ON THE FIRST DAY OF
No. 10 JUNE, 19,2 $93.75 No. 9 DECEMBER, 1971 $93.75
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min -
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
Staten of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated No.
Bond dated No. June 1, 1967, _
June 1, 1967, titil F ' �l r i S c i )z
P-DENT
SECRCT. \Rl' RESiUENT
Q ON THE FIRST DAY OF ON THE FIRST DAY OF $93.75
o
No. JUNE, 1971 $93.75 No. 7 DECEMBER, 1970
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 1967, pp r' e _ v - No• June 1, 1967, l ,l -\
1
t,
PRIDE
:����CIi,.T, \Rl' - PRTSID[hT ` /��SECREI' \RY 'Nl'
ON THE FIRST DAY OF ON THE FIRST DAY OF $93.75
No. 6 JUNE, 1970 $93.75 No. 5 DECEMBER, 1969
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due. on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 1967.
(j o• June 1, 1967 r
�1 , r =i r ,` o� r e N 3r li a;t�
��` /�% / /SECRLTA0.Y PRFSIDLYf ` / %�LCRCTARY PRESIDENT
ON THE FIRST DAY OF ON THE FIRST DAY OF
No. 4 JUNE, 1969 $93.75 No. 3 DECEMBER, 1968 $93.75
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min -
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated 57 Bond, dated 7 No.
June 1, 1967, tr�� 7 "1 iYl `t I` ; \ (N�. June 1, 1967, {r f \ j ��, \/ii +l /",7
V rb��l
GL
1� I_f �, J6J� 1 1 R RV , I f., fRE51DC
No. 2 ON THE FIRST DAY OF $93.75 No. 1 ON THE FIRST DAY OF $93.755
JUNE, 1968 DECEMBER, 1967
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min -
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No.
June 1, 19G7, �N q` � r� ^� �7 No. June 1, 1967,
LIS
7� ON THE FIRST DAY OF Q ON THE FIRST DAY OF $,33
No. B-2 JUNE, 1968 $50.00 No. B-1 DECEMBER, 1967 $
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and 'Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated ��57 t s Bond, dated
June 1, 1967, DIE trd No • June 1, 1967, r ( 1
N� V CCIiLTARY PRESIDENT ` /�ECR[TARY PRESIDENT
Unless the bond described below is called for earlier redemption - 1155
I r° `' Unless the bond described below is called for earlier redemption
ON THE FIRST DAY OF n ON THE FIRST DAY OF $93.75
No. 20 JUNE, 1977 $73.75 No. 19 DECEMBER, 1976
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min-
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated I t fA J i\J PESIENT Bond, dated � G [25 i
No. June 1, 1967, N. June 1, 1967, q s ( .=
19 iC D l 4
RDSLERETARY
RETARY PREID[NT
Unless the bond described below is called for earlier redemption Unless the bond described below Is called for earlier redemption
No. 18 ON THE FIRST DAY OF $93.75 No. 17 ON DECEMBER, 197 OF $93.75
JUNE, 1976
the Hutchinson Utilities Commission of the City of Hutchinson, McLeod the Hutchinson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Bond Account of its County, Minnesota, will pay to bearer out of the Revenue Bond Account of its
Light and Power Fund at the Fidelity Bank and Trust Company, in Min- Light and Power Fund at the Fidelity Bank and Trust Company, in Min -
neapolis, Minnesota, the amount shown hereon in lawful money of the United neapolis, Minnesota, the amount shown hereon in lawful money of the United
States of America for interest then due on its Light and Power Plant Revenue States of America for interest then due on its Light and Power Plant Revenue
Bond, dated Bond, dated No
June 1, 1967967, , Q No. June 1, 1967,
DL r f��
IL
Extract of Minutes of Meeting
of Hutchinson Utilities Commission
City of Hutchins on, McLeod County, Minnesota
June 9, 1967
Pursuant to due call and notice thereof, a Special
meeting of the Hutchinson Utilities Commission of the City of
Hutchinson, Minnesota, was held at its office building, 22 Main
Street North, Hutchinson, Minnesota, on the 9th day of June, 1967
at 2:00 o1clock P.M., Central Davlight Saving Time, all Commis-
sioners being present as Follows:
President: Howard Quade
Vice President: Clinton Tracy
Commissioner: Herbert Filk
Ralph Young, Secretary, and W. E. Reyerson, attorney of the
Commission, were also present.
The Secretary presented affidavits showing publica-
tion of notice of sale of $700,000 Light and Power plant Revenue
Bonds, as directed by the Commission by resolution dated May 12,
1967. The affidavits were examined and found to be satisfactory
and were directed to be placed on file in the office of the
Secretary. The Secretary then reported that the following
sealed bids for the purchase of the bonds had been received
at his office prior to the time of this meeting, and the bids
were opened and publicly read and considered and ascertained
to be as follows:
Name and Address of Bidder
E.J. Prescott & Company
Paine, Webber, Jackson & Curtis
1
Interest Rate or Rates Premium
3.86971 None
3.9171' None
67
Clinton Tracy moved that the bid of F. J. Prescott
& Company be accepted and the sale of the bonds be awarded
to the account of E. J. Prescott & Company, Mgr . , of 607
Marquette Avenue, Minneapolis, Minnesota, 55402, Herbert
F ilk seconded the motion, and upon vote being taken, said
motion was unanimously carried; said syndicate being as
follows: E. J. Prescott & Company, Mgf . , Da in, Kalman &. Co.,
Inc... Piper, Jaffray & Hopwood, Allison Williams Company,
Minneapolis, and Juran & Moody, Inc., St. Paul, Minnesota.
Herbert Filk introduced the following resolution
and moved its adoption:
RESOLUTION AUTHORI7ING THE ISSUANCE AND
SALE OF LIGHT AND POWER PLANT REVENUE BONDS
CO C.0 BE IT RESOLVED by the Hutchinson Utilities Commission
N°o of the City of Hutchinson, Minnesota, as follows:
N
1. It is hereby found, determined and declared:
�C.0
M
1.01 That under and pursuant to the provisions of Chapter
0 E 17 of the Home Rule Charter of the City of Hutchinson, adopted
m _2 >, June 1, 1913, as amended September 26, 1936 and April 26, 1955,
°o cn o this Commission is granted and exercises full, absolute and
0 C U) exclusive control of and power over the City light and power
c(n plant and all parts, attachments and appurtenances thereto as
o Q well as all apparatus and material of every kind and description
o ° a � used or to be used in operating the light and power plant, in-
oL °- cluding authority to enter into contracts and to sue and be sued
o a c' in its own name, to regulate the distribution, use and sale of
= a) M light and power from the plant within and without the City limits,
Q.
L to collect for services, and to fix the rates for all sales and
a) Cn =) o services for public and private use, subject to the veto power
W Q Z LL of the City Council in the case of changes in rates, and author-
ity to extend, add to, change and modify the light and power
system and do any and all things deemed necessary and proper
for the operation of the plant., and power to pledge the net
earnings of the plant, after providing for payment of all oper-
ating and maintenance charges, to secure payment for equipment
purchased for the plant and system and of interest and princi-
pal requirements of obligations created for such purpose, and
that the light and power plant is operated, and the revenues
thereof are administered and accounted for, separately from all
other utilities of the City, except that the plant is required
to pay the reasonable cost and value of services furnished by
other utilities, necessary to the operation of the light and
power system.
.:
1.02 There are now outstanding $250,000 Light and Power
Plant Revenue Bonds dated June 1, 1962, maturing serially in
the amount of $50,000 on December 1 and $50,000 on June 1 in
each year from and including December 1, 1967, to and including
December 1, 1969, which bonds were issued under authority of a
resolution adopted July 10, 1962, entitled "Resolution Author -
izing the Issuance and Sale of Light and Power Plant Revenue
Bonds ". This resolution is incorporated herein by reference,
and all provisions thereof are approved, ratified and confirmed.
In Section 6.032 of said resolution the Commission reserved the
right to issue additional revenue bonds to finance capital im-
provements or replacements of utility `properties under certain
conditions therein stated, which now exist as recited below.
1.03 That the plant is presently in need of improvement
by the installation and construction of additional equipment and
bu ild inb, modifications and additions necessary to supply in-
creasing demand from industrial and residential users of elec-
tricity the general nature and presently estimated cost of the
items required being as follows:
Base Price
Contract or Estimate
Construction and installation of two 4,000 KW
Worthington Corporation dual -fuel engines
equipped with Allis - Chalmers generator & exciter 91,069,777
Provide engine f oundations, building alterations
and the furnishing of an overhead crane 59,968
Furnish and install transformers, motor control
centers, distribution panelboards, 13.8 KV and
440 volt power and control wiring, construction
of underground ducts, interconnection between
generators and switchgear and switchboard 89,200
Diesel engine piping, fuel oil, gas and water
piping 49,973
91,258,918
Engineering and inc idental costs 101.082
Total estimated cost 9$1,3600000
1.04 That plans and specifications have been prepared by
consulting engineers and approved by the Commission, and contracts
for the installation and construction of the majority of the
project have been entered into after advertisement for bids as
required by law, and it is estimated that the sum of $700,000
should be borrowed by the issuance of the revenue bonds herein
authorized, to pay the cost of the project over and above that
which may be paid from surplus net revenues on hand and expected
to be received f uring the current year.
1.05 That the bonds have been duly advertised at public
sale and the most favorable bid received pursuant to the adver-
tisement is that of F. J. Prescott and Co, of Minneapolis,
Minnesota and associates named therein, to pure rase the bonds
.,
at a price of par and accrued interest plus a premium of
and subject to the further terms and conditions stated in this
resolution, and this proposal is accepted and the President
and Secretary of the Commission are directed to execute on the
part of the Commission a contract for the sale of the bonds in
accordance therewith, and that the check securing the success-
ful bid shall be retained by the City Treasurer until the de-
livery of the bonds and payment of the full purchase price, and
the checks of other bidders shall be returned.
2. For the purpose of paying the costs described in
Section 1 and in accordance with the contract of sale, the Comm-
ission hereby authorizes the issuance, sale and delivery to the
purchases of negotiable coupon revenue bonds of the City of
Hutchinson in the aggregate principal amount of $700,000, to
be designated as Light and Power Plant Revenue Bonds and to be
dated as of June 1, 1967. The bonds shall be in number and
numbered from 1 to 140, inclusive, each in the denomination of
$5,000, shall bear interest at the rates stated below, payable
December 1, 1967, and semiannually thereafter on June 1 and
December 1 in each ,year, and shall mature in order of serial
numbers in the amount of x$35,000 on June 1 and $35,000 on
December 1 in each year from and including December 1, 1967,
to and including June 1, 1977. The bonds maturing on and be-
tween December 1, 1967, and June 1, 1972, shall not be subject
to redemption before maturity, but those maturing on and between
December 1, 1972, and June 1, 1977, shall be each subject to
redemption and prepayment at the option of the Commission on
June 1, 1972, and on any interest payment date thereafter at
par plus accrued interest and in inverse order of their serial
numbers. Not less than thirty days before the date fixed for
the redemption of any of the bonds, the Secretary of the Comm-
ission shall cause notice stating the amount, the serial numbers
and maturities of the bonds called for redemption to be published
in a daily or weekly periodical published in a Minnesota city of
the first class, which circulates throughout the State and fur-
nishes financial news as a part of its service, and to be mailed
to the bank at which principal and interest are then payable,
and to be mailed to the owner of any bond called for redemption,
the ownership of which has been registered as provided below,
at the address shown by such registration; provided that failure
to give such mailed notice shall not invalidate the call of any
bonds for redemption. Interest shall cease to accrue on each.
bond at the date fixed for the redemption thereof, if notice of
such redemption has been duly published as herein required and
there is then on deposit with the paying agent a sum sufficient
to pay such bonds and the interest then due. The bonds maturing
on and between December 1, 1967 and December 1, 1972, shall bear
interest at the rate of 3.50% per annum, and those maturing on
and between June 1, 1973, and December 1, 1974, at 3.70% per
annum, and those maturing on and between June 1, 1975, and June 1,
1977, at 3.751 per annum. until fully paid or duly called for
redemption.. which interest shall be evidenced by an appropriate
set of interest coupons appurtenant to each bond; and all of the
bonds shall also bear additional interest, evidenced by supple-
mental coupons to be designated as "B" coupons, at the rate of
. r
70
21 per annum from November 1, 1967 to June 1, 1968. The
principal of and interest on the bonds shall be payable at
Fidelity Bank & Trust Co., 2338 Central Ave. N. E., in
Minneapolis, Minnesota, and the reasonable and customary
charges of the paying agent shall be paid as incurred, as a
cost of operation of the light and power plant.
3. The bonds and the interest coupons appurtenant
thereto shall be in substantially the following form:
UNITED STATES OF AMIFFRICA
STATE OF MINNESOTA
COUNTY OF McLEOD
CITY OF HUTCHINSON
HUTCHINSON UTILITIES COMMISSION
LIGHT AND POWER PLANT REVIF'NUE BOND
No.
KNOW ALL MFN BY THESE PRESENTS that the City of
Hutchinson, a duly organized municipal corporation of McLeod
County, Minnesota, by the Hutchinson Utilities Commission,
acknowledges itself to be specially indebted and for value re-
ceived promises to pav to bearer or, if the ownership of this
bond is registered as noted below, to the registered owner, but
only out of the Revenue Bond Account of its Lip;ht and Power Fund,
the sum of
THOUSAND DOLLARS
on the 1st day of , 19 , or, if this bond is prepayable
as stated below, on a previous date on which it shall have duly
called for prepayment and redemption, and to pay interest there-
on out of the same account at the rate of per cent ( %) per
annum from the date hereof until the principal sum is paid or
until this bond, if prepayable, has been duly called for redemp-
tion, and at the additional rate of per cent ( %)
per annum from , 19 to , 19 ; the interest
hereon being payable December 1, 1967, and semiannually there-
after on June 1 and December 1 in each year, and interest to
maturity being payable in accordance with and upon presentation
and surrender of the interest coupons appurtenant thereto, con-
sisting of one set representing interest at the basic rate appli-
cable to this bond from date of issue to maturity, and a separate
set of "B" coupons representing interest at the additional rate
and for the limited period stated above. Both principal and
interest are payabll at
in , in any coin or currency of the
United States of America which at the time of payment is legal
tender for public and private debts.
This bond is one of an issue in the total principal
amount of $700,000, all of like date and tenor except as to
serial number, interest rate, maturity and redemption privilege,
and is issued pursuant to and in full conformity with the Con-
stitution and laws of the State of Minnesota thereunto enabling
and an authorizing resolution dated June 9, 1967, duly adopted
71 Y .
by the unanimous vote of the Hutchinson Utilities Commission of
the City of Hutchinson, for the purpose of paying a portion of
the cost of the installation of equipment and the construction
of buildings and additions for the municipal light and power
plant, required to furnish electricity sufficient to neet the
immediate demand therefor within the corporate limits of the
City, and is payable solely from and as a first lien and charge
upon the net revenues to be derived from the operation of the
light and power plant, in excess of current, reasonable and
necessary costs of the operation and maintenance thereof, on a
parity with the Light and Power Plant Revenue Bonds dated June 1,
1962, which net revenues have been pledged and appropriated to
the Revenue Bond Account to the extent required for the payment
of principal and interest on the bonds when due and for the
creation and maintenance in that account of an additional reserve
in a sum at all times equal to the maximum amount of such principal
and interest to become due in any subsequent fiscal year.
The transfer of ownership of the principal amount here-
of may be registered by the bearer on the books of the Commission
by presenting this bond for registration to the Secretary, who
will note the date of registration and the name of the transferee
in the registration blank on the reverse side hereof. Thereafter
this bond may be transferred to a bona fide purchaser only by de-
livery with an assignment duly executed by the registered owner
or his agent, and the Commission may treat the registered owner
as the person exclusively entitled to exercise all the rights and
powers of an owner until this bond is presented with such assign-
ment for registration of transfer, accompanied by assurance of the
nature provided by law that the assignment is genuine and effec-
tive., and until such transfer is registered on said books and
noted hereon by the Secretary. Such transfer may be to bearer,
and thereby the transferability of this bond by delivery shall by
restored, but the bond may again and from time to time be reg-
istered in the name of a holder or to bearer as before. Notwith-
standing the registration of this bond as to principal, the in-
terest coupons appurtenant hereto shall always continue to be
payable to bearer and transferable by delivery.
Bonds of this issue maturing on and between December 1,
1967, and June 1, 1972, are not subject to redemption before
maturity, but those maturing on and between December 1, 1972, and
June 1, 1977, are each subject to redemption and prepayment at the
option of the Commission on June 1, 1972, and on any interest pay-
ment date tbereafter, at par plus accrued interest and in inverse
order of their serial numbers. Not less than thirty days before
the date fixed for the redemption of any of the bonds, the Secre-
tary will cause notice stating the amount, the serial numbers and
maturities of the bonds called for redemption to be published in
a financial periodical in a Minnesota city of the first class,
and to be mailed to the owner of the bond if registered as to
principal, and to the bank at which principal and interest are
then payable, but published notice shall be effective without
ma ifting .
I
IT IS HEREBY CERTIFIED, RECITED, COVER?ANTED AND AGREED
that all acts, conditions and things required by the Constitution
and laws of the State of Minnesota and the home rule charter and
ordinances and resolutions of the City of Hutchinson to exist,
to happen and to be performed precedent to and in the issuance
of this bond, in order to make it a valid and binding special
obligation of the City in accordance with its terms, do exist,
have happened and have been performed in regular and due form,
time and manner as so required; that in and by the authorizing
resolution the Hutchinson Utilities Commission, on behalf of the
City of Hutchinson, has validly made and entered into additional
covenants and agreements for the security of each holder of this
bond, which will be fully and promptly performed by the Commission
and each of its officers and agents concerned therewith, including
a covenant that the Commission has established rates and charges
for all services, products and by- products of its light and power
plant which are estimated to be sufficient, and will revise said
rates and charges, subject to concurrence of the City Council,
whenever and as often as required to assure that the same will be
sufficient., for the paym -nt of all costs of operation and main-
tenance as incurred and for the production of net revenues adequate
to pay the principal and interest on all bonds of this issue when
due and to create and maintain said reserve, that no additional
bonds or other obligations will be made payable in future from
said net revenues on a parity herewith, except as expressly per-
mitted in the authorizing resolution; and that the issuance of
this bond did not cause either the special or general indebtedness
of the City to exceed any constitutional or statutory limitation.
IN WTTA'ESS WHEREOF the City of Hutchinson, McLeod County,
Minnesota, by the Hutchinson Utilities Commission, has caused this
bond to be executed in its behalf by the signatures of the President
ar.d Secretary of that Commission, and has caused the interest
coupons appurtenant hereto and the certificate appearing on the
reverse side hereof to be executed and authenticated by the fac-
simile sigratures of said officers, and has caused this bond to
be dated as of June, 1.967.
President of Hutchinson Util ies Commission
C ounters igned :
;efc
(Form of Coupon.)
No.
On the 1st day of December (June), 19 , the Hutch-
inson Utilities Commission of the City of Hutchinson, McLeod
County, Minnesota, will pay to bearer out of the Revenue Pond
Account of its Light and Power Fund at
in , the amount shown hereon in lawful money of
the United States o-' America for interest then due on its Light
73
and Power Plant Revenue Bond dated June 1, 1967, No.
(Facsimile Signature) (Facsimile signature)
Secretary President of
Hutchinson Utilities Commission
(Coupons numbered 11 and upwards shall also include the
phrase: "Unless the bond described below is called for
earlier redemption".)
(Registration endorsement to be printed
on the reverse side of each bond)
NO WRITINq HEREON EXCEPT BY
THE SECRETARY
The transfer of ownership of the principal amount of the within
bond to the registered owner last noted below has been registered
on the books of the Hutchinson Utilities Commission of the City
of Hutchinson, McLeod County, Minnesota:
Date
Registered, Owner Signature of Secretary
(Form of certificate to be printed on the reverse
side of each bond , following a full copy of the
legal opinion of bond counsel)
We certify that the above is a full, true and correct
copy of the legal opinion rendered by bond counsel on the issue
of bonds of the Hutchinson Utilities Commission of the City of
Hutchinson which includes the within bond, dated as of the date
of delivery of and payment for the bonds.
(Facsimile signature) (Facsimile signature)
Secretary President of
Hutchinson Utilities Commission
4. The bonds shall be prepared for execution under the
supervision of the Secretary of the Commission, and when prepared
shall be executed by the signatures of the President and Secretary
of the Commission, and the interest coupons appurtenant thereto
shall be executed and authenticated by the printed, lithographed
or engraved facsimile signatures of said officers. On the reverse
side of each bond shall be printed a copy of the approving opinion
to be rendered by bond counsel, certified by the facsimile sig-
natures of the President and Secretary of the Commission. The
bonds shall then be delivered by the City Treasurer to the pur-
chaser thereof, upon payment of the agreed purchase price, and
the purchaser shall not be obliged to see to the application of
i
74
the purchase price, but the accrued interest and premium, if any,
shall be credited to the Revenue Bond Account of the Light and
Power Fund and the remainder of the proceeds shall be credited to
the Capital Expenditure Account of said fund and expended and
accounted for as provided in said resolution dated July 10, 1962.
5. The average of the annual net revenues, as defined
in said resolution dated July 10, 1962, received from the oper-
ation of the light and power plant and system during the two
fiscal ,years immediately preceding the issuance of the bonds
herein authorized, viz., the fiscal ,years ended March 31, 19669
and March 31, 1967, have been not less than an amount computed
as follows:
Fiscal year ended March: 1966 1967 Total
Gross revenues $898,633 $9769695 A19875,328
Operation and maintenance
expenses ( excluding de-
preciation and interest) 551,029 560,394 11111,423
Net Revenues 347,604 416,301 763,905
Average annual net revenues 381,952.50
The total amount of principal and interest to become due and pay-
able in any fiscal year of the term of the outstanding bonds
dated June 1, 1962, on those bonds and on the additional bonds
herein authorized, will not exceed the sum of $ payable in
the fiscal year ending March 31, 1969, and said average annual
net revenue figure is not less than one and one-- quarter times
this amount. There is now on hand a reserve balance in the
Revenue Bond account in the Light and Power Fund, not less than
the total amount of principal and interest to become due and pay-
able on said outstanding bonds in any future fiscal year, over and
above the sums required to be credited to said account on a month-
ly basis for the payment of current principal and interest. This
balance shall be increased by the transfer and credit to said
account of additional sums each month, over and above said current
monthly requirements, in amounts sufficient to increase said re-
serve balance, within a period not exceeding four years from the
date of this resolution, to the maximum amount of principal and
interest thereafter payable in any fiscal year from the Revenue
Bond Account; which amount is computed to be $ , payable in
the fiscal year ending March 31, 1972. The history of net revenues
stated and the increase of the bond reserve provided for in this
Section 5 conform to the conditions stated in Section 6.032 of
said resolution dated July 10, 1962; and it is therefore proper
and the Commission hereby determines, covenants and agrees that
the bonds herein authorized shall be payable from the Revenue
Bond Account of the Light and Power Fund, and from the net rev-
enues appropriated thereto, on a parity as to both principal and
interest with said Light and Power Plant Revenue Bonds dated
June 1, 1962, without preference or priority of any bond over
any other by reason of date of issue, date of maturity or any
other cause, save and except as expressly provided with respect
to all bonds payable from said fund in said resolution dated
July 10, 1962.
75
6. The Hutchinson Utilities Commission, for itself
and on behalf' of the Citv of Hutchinson, hereby certifies and
represents to and covenants and agrees with the purchaser and
the holders from time to time of all bonds issued under the
authority of this :resolution that it will promptly and fully
perform each of the covenants, agreements and provisions con-
tained in this resolution and in said resolution dated July 10,
1962, and that the provisions of said resolution dated July 10,
1962, shall govern the rights and privileges and remedies of the
holders of each and all of said bonds, as fully as though said
bonds had been expressly described and authorized in said re-
solution.
7. When all revenue bonds issued under and pursuant
to this resolution and made payable from the Revenue Bond Account,
and all coupons appertaining thereto, have been discharged as
provided in this section, all pledges, covenants and other rights
granted by this resolution to the holders of such bonds shall
cease. The Commission may discharge all bonds and coupons which
are due on any date by depositing with the paying agent or agents
for such bonds on or before that date a sum sufficient for the
payment thereof in full, or if any bond or coupon shall not be
paid when due, it may nevertheless be discharged by depositing
with the paying agent a sum sufficient for the payment thereof in
full with interest accrued to the date of such deposit. The Comm-
ission may also discharge any prepayable bonds which are called for
redemption on any date in accordance with. their terms, by depositing
with the paying agent or agents on or before that date an amount
equal to the principal, interest and redemption premium, if any,
wl)ich are then due thereon, provided that notice of such redemp-
tion has been duly given as provided in the resolution authorizing
such bonds. The Commission may also at any time discharge any
issue of such. bonds in its entirety., subject to the provision of
law now or hereafter authorizing and regulating such action by
calling all prepayable bonds of such issue for redemption on the
next date when they may be prepaid in accordance with their terms,
by giving the notice required for such redemption, and by de-
positing irrevocably in escrow, with a bank qualified by law as
an escrow agent for this purpose, cash or securities which are
general obligations of the United States or securities of United
Sates agencies which are authorized by law to be so deposited,
bearing interest payable at such times and at such rates and
maturing on such dates as shall be required to provide funds
sufficient to pay all principal, interest and redemption premiums
to become due on all bonds of the issue on and before said re-
demption date.
8. A certified copy of this resolution shall be filed
with the County Auditor of McLeod County by the Secretary of the
Commission, and the Auditor shall be requested to certify in
accordance with Minnesota Statutes, Section 475.63, that the
issue has been duly entered on his register.
76
9. The Secretary of the Commission and the City
' Treasurer are authorized and eirected to furnish to the pur-
chaser of the bonds and to the attorneys approving the legality
thereof certified copies of all resolutions of this Commission
relating to the authorization and issuance of the bonds, and
all such certificates and affidavits relating to other matters
shown by their official records or otherwise known to them, as
may reasonably be required to evidence the legality and market-
ability of the bonds., and all such certified copies, certificates
and affidavits, including any heretofore furnished, shall be
deemed representations of the Commission and of the City of
Hutchinson as to the correctness of all statements contained
therein.
---- _
President of Hutchinson Utilities Commission
Attest:-
`'_)zecret�K y
The motion for the adoption of the foregoing reso-
lution was duly seconded by Clinton Tracy, and upon vote being
taken thereon, the following voted in favor thereof:
Howard Q uade
Clinton Tracy
Herbert Filk
And the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.
STATE OF MINNESOTA)
) SS.
COUNTY OF McLF:OD )
I. the undersigned, being the duly qualified and
acting Secretary of the Hutchinson Utilities Commission of the
City of Hutchinson, McLeod County, Minnesota, hereby certify
that the attached and foregoing is a full, true and correct
transcript of the minutes of a meeting; of the Hutchinson
Utilities Commission of said City duly called and held on the
77
date therein indicated, so far as such minutes relate to '
?700,000 Light and Power Plant Revenue Bonds of said City,
and that the resolution included therein is a full, true and
correct copy of the original thereof.
WITEESS my hand officially as such Secretary this
9th day of June.. 1967.
Secretary Hutch son Utilities Commission
11
1