#026 11-03-53 Create Assessment Street Improvement No. 17duly published, is hereby found and declared to be the highest
and best bid received pursuant to advertised notice of sale.
of said bonds, and is hereby accepted. The Village Clerk is
directed to retain the good faith check of said successful
bidder and.to return all other good faith checks forthwith.
Mayor
Attest:
Clerk
The motion for the adoption of the foregoing resolution _
was duly seconded by Member Stark, and upon vote being taken
thereon, the following voted in favor thereof: Rahn, Reiss,
Stark, Stasel; and the following voted against the same: None
(Member Foss was absent); whereupon said resolution was de-
clared duly passed and adopted, and signed by the Mayor, which _
was attested by the Clerk.
Resolution No. 26
November 34 1953
Member Reiss introduced the following resolution and moved
its adoption:
RESOLUTION CREATING FUND OF 1953 STREET
IMPROVEMENT NO. 179 PROVIDING FOR AND
APPROPRIATING SPECIAL ASSESSMENTS, GENERAL
TAXES AND CASH ON HAND FOR THE SUPPORT
AND MAINTENANCE THEREOF, AND DIRECTING
ISSUANCE OF IMPROVEMENT BONDS
BE IT RESOLVED by the Village Council of the Village of
Golden Valley, Minnesota, as follows:
1. This Council has investigated the facts necessary to
ascertain and does hereby find, determine and declare that the
Village of Golden Valley has made and executed contracts, and
bonds as required by law have been furnished for the construction
of 1953 Street Improvement No. 17 of the Village; that the
total, cost of 1953 Street Improvement No. 17 will be approxi-
mately equal to and not less than $68,329.23, including all
items of cost from the inception to the completion of the im-
provement and all fees and expenses incurred in connection there-
with; that the total benefits resulting from said improvement
to the assessable lots, pieces and parcels of land affected
thereby and to the Village at large will be substantially in
excess of the total cost of said improvement; and that it is
necessary that the sum of $66,000.00 be borrowed by the issuance
of general obligation improvement bonds of the Village in ac-
cordance with the provisions of Chapter 398, Minnesota Session
Laws for 1953, as hereinafter provided, in order to finance the
cost of constructing said improvement.
2. There is hereby created a special fund to be designat-
ed as the "1953 Street Improvement No. 17 Fund", to be held and
administered by the Village Treasurer separate and apart from
all other funds of the Village. Said fund shall be continued
and maintained in the manner herein specified until all of the
improvement bonds herein authorized and interest thereon shall
have been duly paid. In said fund there shall be maintained
two separate accounts, to be designated as the "Construction
Account" and "Sinking Fund Account", respectively. The pro-
ceeds of sale of the improvement bonds herein authorized (less
accrued interest received thereon) and the sum of 42,329.23
hereinafter ordered transferred from the general fund shall be
credited to the Construction Account, from which there shall
be paid costs and expenses of making said improvement, as in-
curred and allowed, and the moneys in said account shall be
used for no other purpose; provided, that if upon completion of
said improvement there shall remain any unexpended balance in
said Construction Account, such balance shall be transferred to
the Sinking Fund Account. There shall be credited to the Sink-
ing Fund Account all collections of the general taxes and spec-
ial assessments herein levied and appropriated and all accrued
interest received upon delivery of said bonds. The moneys in
said account shall be held and used only for the payment of the
.principal of and interest on said bonds as such payments become
due. The full faith and credit of the Village shall be and
are hereby pledged to pay said bonds and interest, and the prin-
cipal and interest thereof shall be paid out of any funds in
the treasury, if the moneys on hand in said sinking fund are
at any time insufficient to meet the payment of maturing prin-
cipal and interest.
3. It is hereby determined that the sum of Sixty -Three
Thousand Six Hundred Seventy and 77/100 Dollars 0663,670.77)
of the cost of said improvement shall be paid by special asses-
sments upon all assessable lots, pieces and parcels of land,
in accorance with the assessment roll for said improvement here-
tofore filed and approved, based upon the special benefits re-
ceived by each such lot, piece or parcel, which amount will not
exceed the total benefits to be conferred by said improvement
upon all of said properties. In the event that any such asses-
sment be at any time held invalid with respect to any lot,
piece or parcel of land, due to any error, defect or irregu-
larity in any action or proceeding taken or to be taken by the
Village or. this Council or any of the Villagers officers or
employees, either in the making of such assessment or in the
performance of any condition precedent thereto, the Village
and this Council hereby covenant and agree that they will
forthwith do all such further acts and take all such further
proceedings as may be required by law to make such assessment
a valid and binding lien upon such property. Said assess-
ments shall be payable in 10 equal consecutive, annual install-
ments, the first of said installments to be payable with general
taxes for the year 1953, collectible with such taxes during
the year 1954. Deferred installments shall bear interest at
the rate of six per cent (6%) per annum from the date of the
resolution levying said assessment until December 31 of the
year in which the installment is payable.
4. There is hereby transferred from the general fund of
the Village to the Construction Account of the 1953 Street Im-
provement No. 17 Fund the sum of 42,329.23, which is hereby
found and determined to be on hand and available for such trans-
fer. The Village Treasurer is hereby authorized and directed
.to record such transfer forthwith on the books of account of
the Village. The resolution adopted by this Council on Octo-
ber 6, 1953, entitled "Resolution Amending•Resolution, Declaring
Assessable Cost, etc.,of 1953 Street Improvement No. 17", is
hereby amended to provide that only $2,329.23 of the cost of
said' improvement slittll be paid by a transfer of cash on hand in
the general fund.
5. It is hereby determined that the remainder of the cost
of said improvement, not paid by collections of special assess-
ments or cash on hand,shall'be paid from general ad valorem
taxes upon all of the taxable property in the Village, and
that said portion of the cost will not exceed the total bene-
fits to be conferred by said improvements upon the Village at
large. To provide moneys for the payment of such portion of
said cost, there is hereby levied upon all of the taxable prop-
erty in the Village a direct, annual, ad valorem tax, which
shall be spread upon the tax rolls for the year's 1954 through
1962, in the.amount of $260 in each of said years, and shall
be collected together with and as a part of other general prop-
erty taxes in each of the respective ensuing years. Said tax
shall be irrepealable as long as any of said improvement bonds
are outstanding and unpaid; provided, that the Village reserves
the right and power to reduce said levies in the manner and
to the extent provided in Minnesota Statutes, Section 475.61,
as amended.
6. In anticipation of the collection of said special asses-
sments, and for the purpose of borrowing money to pay the cost
of making said improvement, the Village'shall forthwith issue
and deliver to the purchaser thereof its negotiable coupon gen-
eral obligation Street Improvement Bonds of 1953, to be payable
primarily from said 1953 Street Improvement No. 17 Fund. Said
bonds will be dated November 1, 1953, shall be 66 in number
and numbered from 1 to 66, inclusive, each*in the denomination
of $1,000.00, shall bear interest at the rate of two and eighty
hundredths per cent (2.80%) per annum, payable on May 1, 1954
and semiannually thereafter on November 1 and May 1 of each
year, and shall mature serially, lowest numbers first, on May 1,
in the years and amounts as follows, without option of prior
payment:
Year
Amount
Year
Amount
1955
$6,000
1960
46,000
1956
7,000
1961
7,000
1957
7,000
1962_
7,000
1958
6,000
1963
6,000
1959
7,000
1964
7,000
The principal of and interest on said bonds shall be payable
at Northwestern National Bank of Minneapolis, in Minneapolis,
Minnesota, and the Village hereby agrees to pay the reasonable
and customary charges of such paying agent for the receipt and
disbursement thereof.
7. Said improvement bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
VILLAGE OF GOLDEN VALLEY
COUNTY OF HENNEPIN
STREET IMPROVEMENT BOND OF 1953
No. 41000
KNOWN ALL MEN BY THESE PRESENTS that the Village of Golden
Valley, Hennepin County, Minnesota, acknowledges itself to be
indebted and for value received promises to pay to bearer the
sum of ONE THOUSAND DOLLARS on the lst day of May, 19 .with-
out option of prior payment, and to pay interest thereon from
the date hereof until said principal sum be paid, at the rate
of two and eighty hundredths per cent (2.80%) per annum, pay-
able on May 1, 1954 and semiannually thereafter on the lst day
of November and the lst day of May of each year, interest to
maturity being represented by and payable in accordance with and
upon presentation and surrender of the interest coupons here-
to attached. Both principal and interest are payable at the
main office of Northwestern National Bank of Minneapolis in
Minneapolis, Minnesota, in any coin or currency of the United
States of America which on the respective dates of payment is
legal tender for public and private debts. For the prompt and
full payment of such principal and interest as the same respect-
ively become due the full faith, credit and taxing powers of
the Village are hereby irrevocably pledged.
This bond is one of an issue in the aggregate principal
amount of $66,000.00, all of like date and tenor except as to
maturity.(and interest rate), all issued by said Village for
the purpose of defraying expenses incurred and to be incurred
in constructing an.improvement in said Village heretofore desig-
nated as 1953 Street Improvement No. 170 and is issued pursuant
to and in full conformity with the Constitution and laws of the
State of Minnesota thereunto enabling, including .Chapter 3981
Minnesota Session Laws for 1953• This bond is payable prim-
arily from the 1953 Street Improvement No. 17 Fund of the Village,
btat the Council is required to pay the principal and interest
thereof out of any funds in the treasury in the event that the
moneys on hand in said fund are at any time insufficient to
meet the payment of maturing principal and interest.
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED
that all acts, conditions, and things required by the Constit-
ution and laws of the State of Minnesota to be done, to exist,
to happen, and to be performed preliminary to and in the issu-
ance of this bond in order to make it a valid and binding gen-
eralcbligation of said Village according to its terms have
been done, do exist, have happened and have been performed as
so required; that the Village has duly contracted for the making
of said improvement and will cause the same to be completed with
the funds made available by this issue; and that said 1953
Street Improvement No. 17 Fund has been duly created and provis-
ion.made for the support thereof by general ad valorem taxes
and special assessments heretofore levied for the years and in
aggregate amounts at least five per cent in excess of su m suf-
ficient to pay the interest hereon and the principal hereof as
they respectively become due, and additional taxes, if needed,
are required to be levied upon all taxable property in the
Village without limitation as to rate or amount; and that the
issuance of this bond did not cause the indebtedness of said
Village to exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF the Village of Golden Valley, Hennepin
County, Minnesota, by its Village Council, has caused this bond
to be executed in its behalf by the signature of the Mayor,
attested by the Village Clerk,and sealed with its official seal,
and the interest coupons hereto attached to be executed and
authenticated by the facsimile signatures of said officers, and
has caused this bond to be dated as of November 11 1953•
Mayor
Attest:
Village Clerk
(SEAL-)
m
(Form of Coupon)
No. 6
On the lst day of May (November), 19 , the Village of
Golden Valley, Hennepin County, Minnesota, will pay to bearer
at in , ,
the suin of DOLLARS for in-
terest then due on its Street Improvement Bond of 1953, dated
November 1, 19531 No. .
(Facsimile signature)
Mayor
(Facsimile signature)
Village 'Clerk
8. Said bonds shall be prepared under the direction of the
Village Clerk and shall be executed on behalf of the Village by
the signature of the Mayor, attested by the Village Clerk, and
the corporate seal shall be affixed thereto, and the interest
coupons shall be executed and authenticated by the printed, en-
graved, or lithographed facsimile signatures of said Maydr and
Village Clerk. When said bonds have been so executed and au-
thenticated, they shall be delivered by the Treasurer to the
purchaser thereof, upon payment by said purchaser of the price
heretofore agreed upon, and said purchaser shall not be obliged
to see to the application of said purchase price.
9. The Village Clerk is hereby authorized and directed to
file a certified copy of this resolution with the County Auditor
of Hennepin County, together with such other information as he
shall require, and to obtain from said County Auditor a certi-
ficate that said bonds have been entered on his bond register,
and that the taxes herein set forth have been levied and filed.
10. The officers of the Village and the County Auditor of
Hennepin County are hereby authorized and directed to prepare
and furnish to the purchaser of said bonds and to the attorneys
approving the legality of the issuance thereof certified copies
of all proceedings and records relating to said bonds and to
the financial affairs of the Village, and such other affidavits,
certificates, and information as may be required to show the
facts relating to the legality and marketability of said bonds
as the saiie appear from the books and records under their cust-
ody and control or as otherwise known to them, and all such
certified copies, certificates and affidavits, including any
heretofore furnished, shall be deemed representations of the
Village as to the correctness of all statements contained there-
in.
Mayor
Attest:
Clerk