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02-24-50 City Council Minutes200 February 24, 1950 Pursuant to adjournment from the meeting held February 21, 1950, and due notice thereof to all members of the Village Council, an adjourned meeting of the Village Council of Golden Valley, Minnesota, was held at the Village Hall in said Village at 7:30 o'clock,n.m., on February 24, 1950. The following members were present: Pinch, Putnam, Stark, Stasel, and the following were absent: Reiss. The Village Attorney reported that he had conferred with Messrs. Dorsey, Colman, Barker, Scott & Barber respect- ing the matters discussed and considered by the Council at the meeting of February 21, particularly with reference to the possibility of the Village issuing general obligation improvement bonds for the nurnose of borrowing the moneys necessary to nay for the improvements heretofore made in Improvement No. 11 and Improvement No. 12 of the Village, in anticiration of collection of the assessments levied for said improvements. He reported that said bond attorneys had concluded that in their opinion such general obligation bonds can now be legally issued, notwithstanding the references in prior forms and proceedings to the making of sair3 improve- ments under Chapter 429 of Minnesota. Statutes or Chanter 782 Laws of 1925, as amended. Trustee Putnam introduced the following resolution and moved its adontion: RESOLUTION FOR PUBLIC SALE' OF IMPROVFMFNT BONDS TO FINANCE IYPROVFME'NTS NO. 11 and NO. 12 WHEREAS the Village Council has heretofore caused cer- tain paving improvements to be made which are known as Improvement No. 11 and Improvement No. 12, and the costs thereof have been duly assessed against property benefited by said improvements, and on January 17, 1950, this Council adopted a, certain "Resolution for Public Sale of Street Im- movement Warrants" which provided for the issuance of two issues of special assessment warrants and nrovided.for re- ceiving bids for the purchase thereof on February 21, 1950, and at such public sale only one bid was received., which offered a price of par and accrued interest for warrants bearing interest at 4% per annum; and WHEREAS the warrants so authorized to be offered would be naya.ble solely out of the assessments so levied, and would not be further supnorted by a pledge of the faith, credit, and taxing rowers of the Village, and for tha.t reason no other bids were received; and 2n1 WHEREAS the Council is now advised that it may lawfully issue general obligation Village improvement bonds under authority of Laws of Minnesota 1949, Chanter 119, which will be payable out of said special assessments, but further sup- ported by a pledge of the full faith and credit and taxing powers of the Village, and such bonds can be sold at an interest cost substantially less than would be bad upon said improvement warrants; NOW, THEREFORE, BI' IT RESOLVTD by the Village Council of Golden Valley, Minnesota, as follows: 1. The bid received at said public sale on February 21 is hereby rejected. 2. Said "Resolution for Public Sale of Street Improvement Warrants" adonted January 17, 1950, is hereb7 rescinded. 3. It is necessary and expedient and in the best interests of the Village that said Improvements No. 11 and 12 be financed by the issuance of improvement bonds of the Village pursuant to authority contained in Laws of Minnesota 1949 Chanter 119, which bonds shall be naya.ble out of the special assessments heretofore levied for said improvements, but shall be further secured and supported by a pledge of the full faith and credit and the taxing mowers of the Village, and the Village shall, for such purpose, issue its general obligation improvement bonds in the amount of 140,500, the proceeds thereof to be used for paying the costs and expenses of making said. Improvements Numbered 11 and 1?. _ 4. This Council shall meet at the time and place and for the purpose specified in the form of Notice of Sale set forth below and to take such further action as shall then be found desirable or expedient in reference to the bonds mentioned in said form of notice. 5. The Village Clerk is authorized and directed to give public notice of the sale of said improvement bonds by publi- cation in one issue of the Robbinsdale Post, not later than the issue of Basch 2, 1950, and in one issue of Commercial West, not later than Burch 4, 1950, of a notice in substan- tially the following form: NOTICE OF SALE OF $40,500 GENTRAL OBLIGATION STREET IMPROV71ENT BOYDS VILLAGE OF GOLD'E'N VALLEY NOTICE IS HEREBY GIVEN that the Village Council of the Village of Golden Valley, Minnesota,, will meet at the Village Hall in said Village on March 15, 1950, at 7:30 o'clock P.R., to open and consider sealed bids for the purchase of A40,500 principal amount of general obligation improvement bonds of 0 J the Village to be issued for the nurnose of na.ying for cer- tain street improvements heretofore made, known as Improve- ment No. 11 and Improvement No. 12. Said bonds will be darted as of February 15, 1950, and will be 41 in number, num- bered 1 to 41, inclusive, each in denomination of 11000 except No. 41 in denomination of $500, and will mature serially, in numerical order, on February 15 in the years and amounts as follows: 1952, $4000; 1953, $6000; 1954, $5000; 1955, $6000; 1956, $5000; 1957, $3000;.1958, $2000; 1959) $3000; 1960, $3000; and 1961, $3500. Bonds numbered 1 to 31, being those maturing on or before February 15, 1958, will be payable at their respective stated maturity dates without option of prior payment, but those numbered 32 to 41 will each be subject to call for redemption and prepayment at par a,nd accrued interest on February 15, 19552 and any interest na.yment date there6fter. Princinal and interest will be made payable at any Minneapolis or St. Paul Bank designated by the successful bidder. The bonds will bear interest at a rate specified by the successful bidder, payable February 15, 1951, and semiannually thereafter. The Village will furnish the printed bonds and the annr oving legal opinion of Messrs. Dorsey, Colman, Barker, Scott & Barber, Minneapolis, Minnesota, and will deliver them to the purchaser, at any Minnea.nolis or St. Paul bank designated by the successful bidder, within thirty days after accenta.nce of bid, all without cost to the purchaser. Sealed bids marked "Bid for Improvement Bonds" may be mailed or otherwise delivered to the undersigned prior to the time of said meeting. Oral bids will not be received or considered. Each bid must be unconditional and accompanied by a chehier's check or certified cheek on a responsible bank in the amount of at least $800, payable to the order of "Treasurer of the Village of Golden Valley, Minnesota", to be forfeited as liquidated damages in case the bid is ac- cepted and the bidder shall fail to comply therewith. The interest rate bid shall be uniform for all bonds and stated in an integral multiple of 1/4 or 1/10 of one per cent ner annum. The bid offering the lowest net interest cost, total interest to maturity less any premium offered, will be deemed the most favorable. No bid of less than na.r and accrued interest will be considered, and the Village reserves the right to reject any and all bids. Dated February 24, 1950. BERT D. PUTNAM Village Clerk Golden Valley, Minnesota. Post Office Address: 3245 Noble Avenue Minnea.nolis 22, Vinn. B. 'Each and all of the terms and provisions of the fore- going form of notice are hereby ado-oted and confirmed as the terms and provisions of said bonds and the sale thereof. Passed and annroved February 24, 1950. Mayor Attest: Village lerk The motion for the adoption of the foregoing resolution was duly seconded by Trustee Pinch, and upon vote being taken thereon the following voted in favor thereof: Pinch, Putnam, Stark, Stasel, and the following "voted against the same: None, whereupon raid resolution was declared duly passed and adopted, and was signed and attested by the Mayor and Clerk. Motion by Putnam seconded by Pinch carried to adjourn to the regular meeting on March 7, 1950. Mayor Attest: Village Clerk 203