#093 12-21-54 Create Improvement Bond Sinking FundResolution No. 93 December 21,_1954
Member Rahn then introduced the following resolution and moved
its adoption:
RESOLUTION :CREATING 1955 IMPROVEMENT BOND
SINKING FUND, PROVIDING FOR AND APPROPRIATING
SPECIAL ASSESSMENTS FOR THE SUPPORT AND
MAINTENANCE THEREOF, AND DIRECTING ISSUANCE
OF IMPROVEMENT BONDS OF 1955
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-.
1.1 The Village of Golden Valley has made and executed a
contract, and a bond as required by law has been furnished for
the construction of 1954 Street Improvement No. 18 of the
Village; that the total cost of 1954 Street Improvement No.
18 will be approximately equal to and not less than $21,000,
including all items of cost from the inception to the com-
pletion of the improvement and all fees and expenses incurred
in connection therewith; 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;
1.2 That the Village of Golden Valley has made and execu-
ted a contract, and a bond as required by law has been furnish-
ed for the construction of Water Main Improvement No. 2 of
the Village; that the total cost of Water Main Improvement No.
2 will be approximately equal to and not less than 665,000,
Including all items of cost from the inception to the comple-
tion of the improvement and all fees and expenses incurred in
connection therewith; 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;
1.3 And that in order to finance the cost of constructing
said improvement it is necessary to borrow the sum of $86,000
by the issuance of general obligation improvement bonds of
the Village, in accordance with the provisions of Chapter 429
of Minnesota Statutes, as hereinafter provided. ,
2. There are hereby created special funds of the Village
to be known as the "1954 Street Improvement No. 18 Fund" and
the "Water Main Improvement No. 2 Fund", to be held and admin-
istered by the Village Treasurer separate and apart from all
other funds in the Village. Each of said funds shall be
166
continued and maintained until the improvement to which it
pertains has been completed and all costs and expenses of
making the same have been incurred and paid. The proceeds
of sale of the improvement bonds herein authrozied (less
accured interest received thereon) shall be credited to said
funds in the amount of $21,000 to the 1954 Street Impro-
vement No. 18 Fund and the sum of $65,000 to the Water Main
Improvement No. 2 Fund. The moneys in said funds shall be
used for no other purpose than payment of the costs of said
improvements, respectively; provided, that if upon completion
of either of said improvements there shall remain any unexpended
balance in the fund of such improvement, such balance shall
be transferred to the 1955 Improvement Bond Sinking Fund,
which is hereby created. There shall be credited to said
1955 Improvement Bond Sinking Fund all collections of the
special assessments herein levied and appropriated and all
accured interest received upon delivery of said bonds, and
also the premium agreed to be paid by the purchaser. The
moneys in said fund shall be held and used only for the pay-
ment 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 principal and interest thereof shall be paid out of
any funds in the treasury if the moneys on hand in said 1955
Improvement Bond Sinking Fund are at any time insufficient
to meet the payment of maturing principal and interest.
3. It is hereby determined that the sum of not less than
Twenty-one Thousand and No/100 Dollars ($219000) of the cost
of said 1954 Street Improvement No. 18, and the sum of not
less than Sixty-five Thousand and No/100 Dollars 065,000)
of the cost of said 'Water Main Improvement No. 2 shall be
paid by special assessments upon all assessable lots, pieces
and parcels of land, which amounts will not exceed the total
benefits to be conferred by each of said improvements upon
all of the properties benefited thereby, respectively, In
the event that any such assessment be at any time held invalid
with respect to any lot, piece or parcel of land, due to any
error, defect or irregularity in any action or proceeding
taken or to be taken by the Village or this Council or any
of the Villagets 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 assessments shall be payable in 10 equal
consecutive, annual installments, the first of said install-
ments to be payable with general taxes for the year 1955:
collectible with such taxes during the year 1956• 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 install-
ment is payable.
4. In anticipation of the collection of said special
assessments, and for the purpose of borrowing money to pay
the cost of making said improvements, the Village shall
forthwith issue and deliver to the purchaser thereof its
negotiable coupon general obligation Improvement Bonds of
1955, to be payable primarily from said 1955 Improvement
Bond Sinking Fund. Said bonds shall be dated January 1,
1955, shall be 86 in number and numbered from 1 to 86,
inclusive, each in the denomination of $1000, and shall
mature serially, lowest numbers first, on January l in the
years and amounts as follows:
Year amount Year amount
1957 $80000 19628,000
1958 90000 .1963
1959 8,000 1964 9,000
1960 92000 1965 8,000
1961 9,000 1966 92000
Bonds numbered 1 through 77 shall be payable at their respec-
tive stated maturity dates, without option of prior payment,
but those numbered 78 through 86 (maturing in 1966) shall
be subject to redemption and prepayment at the option of the
Village on January 1, 1960 and any interest payment date
thereafter, at par and accused interest. The Village Treasurer
shall mail notice of the call of any of said bonds, not later,
than 30 days prior to the date specified for redemption thereof,
to the holder, if known, and to the bank at which principal
and interest are then payable, and shall maintain a register
of the names and addresses of holders of prepayable bonds.so
far as such information is made available to him. Said bonds
shall bear interest at the rate of 2.50% per annum from date
of issue until paid, payable July 1, 1955, andsemiannually
thereafter on January 1 and July 1 of -each year, plus additional
interest, to be represented by a separate set of coupons
designated "B" coupons, from July 1, 1.955 to July 1, 1956,
payable semiannually on January 1 and July 1, 1956. The
principal of and interest on said bonds shall be payable at
the American National Bank of Saint Paul, in St. Paul, Minn-
esota, and -the Village hereby agrees to pay the reasonable
and customary charges of such paying agent for the receipt
and disbursement thereof.
5. Said improvement bonds shall be.in substantially the
following form:
1
UNITED STATES OF AMERICA
:STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1955
No.
$1000
KNOW 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 the bearer
the sum of ONE THOUSAND DOLLARS on the 1st day of January,
19 or, if this bond is prepayable as noted below, on a date
prior thereto on which it shall have been duly called for
earlier redemption, and to pay interest thereon from the date
hereof until said principal sum be paid, or until this bond,
If prepayable, has been called for earlier redemption, at
the rate per cent ( %)
per annum., payable on July 12 1955 and semiannually thereafter
on the lst day of January and the lst day of July of each year,
such interest to maturity being payable in accordance with
and upon presentation and surrender of the interest coupons
representing the same which are hereto attached; plus additional,
interesl?OY, 1955 to July 1, 1956s payable semiannually on
January 1 and July 11 1956, in accordance with and upon
presentation and surrender of the separate set of coupons
hereto attached which are designated as "Big coupons. Both
principal and interest are payable at the American National
Bank of Saint Paul, in St. Paul, Minnesota, in any coin or
currency of the Unites States of America which on the respec-
tive dates of payment is legal tender for public and private
debts. For the prompt and full payment, of such orincipal
and interest as the same respectively become due and 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 $86,000, all of like date and tenor except as to
serial number, maturity and redemption privilege, all issued
by said Village for the purpose of defraying expenses incurred
and to be incurred in constructing improvements in said Village
heretofore designated as 1954 Street Improvement No. 18 and
Water Main improvement No. 2, and is issued pursuant to and
In full conformity with the Constitution and laws of the
State of Minnesota thereunto enabling, including Chapter 429,
Minnesota Statutes 1953. This bond is payable primarily,from
the 1955 Improvement Bond Sinking Fund of the Village, but
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 insuffi*ieht
to meet the payment of maturing principal and interest.
Ll
1
1
Bonds of this issue numbered 1 through 77 (maturing in
the years 1957 through 1965) are payable as their respective
stated maturity dates without option of prior payment, but
those numbered 78 through 86 (maturing in 1966) are each
subject to redemption and prepayment at the option of the
Village on January 10 1960 and any interest payment date
thereafter, at par and accured interest. Not less than 30
days prior to the date specified for redemption of any of
said bonds the Village will mail notice of the call thereof
to the holder, if known, and to the bank at which principal
and interest are then payable. Holders of prepayable bonds
desiring to receive such notice may register their names and
address and the serial numbers of their bonds with the Village
Treasurer,
IT IS HEREBY CERTIFIED, RECITED, CONVENANTED AND AGREED
that all acts, conditions, and things required by the Con-
stitution and laws of the State of Minnesota to be done, to
exist, to happen, and to be performed preliminary to and -in
the issuance of this bond in order to make it a valid and
binding general obligation 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 improvements and will cause the same
to be completed with the funds made available by this issue;
P that said ,1955 Improvement Bond Sinking Fund has been duly
created and provisions made for the support thereof by
special assessments heretofore levied for the years and in
aggregate amounts at least five per cent in excess of sums
sufficient to pay the interest hereon and the principal hereof
as they`respectively become due, and general ad valorem
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.
IT 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
January 11 1955. .
Mayor
Attests
1 e Clerk
170
( Form of Coupon ) Ott
No.
On the lst day of July (January), 19'_I the Village of
Golden Valley, Hennepin County, Minnesota, will pay to
bearer at s
in , , the sum of
DOLLARS for interest then
ue on its Improvement Bond of 1 55, dated January 1, 1`955s
No.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
b. Said bonds shall be prepared under the direction of
the Village Clerk and shall be executed on behalf of the
Village by the signatures of the Mayor, attested by the
Village Clerk, and the corporate seal shall be affixed there-
to, and the interest coupons shall be executed and authenti-
cated by the printed, engraved, or lithographed facsimile
signatures of said Mayor and Village Clerk. When said bonds
have been so executed and authenticated, they shall be
delivered by the Treasurer to the purchaser t hereof, 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.
7. 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 infor-
mation as he shall require, and to obtain from said County
.Auditor a certificate that said bonds have been entered on
his bond register, and that the taxes herein set forth have
been levied and filed.
8. 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 same appear from the
books and records under their custody and control or as
otherwise known to them, and all such certified copies,
certificates and affidavits, including any heretofore
C'
furnished, shall be deemed representations of the Village as
to tbA nnrrAntness of all statements contained therein.
Attest:
PqV,T,KfOe Clerk
The motion for the adoption of the foregoing resolution
was duly seconded by Member Stark and upon vote being taken
thereon, the following members voted in favor thereof: Bies,
Foss, Huebsch, Rahn, and Stark; and the following voted against
the same: None, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and his signature
attested by the Clerk,
t