#139 01-28-56 Authorize Sale of Sanitary Sewer Lateral BondsResolution No. 135
January 28, 1956
Member Rabn introduced the following resolution and moved its adoptions
RESOLUTION TO AUTHORIZE SALE OF $375,000 SUPPLEMEI9TAL ISSTE
SANITARY SEWER. LATERAL T
AREAS, a contract has been entered into for the construction of Lateral
Sewer Improvement No. 1, and contracts have been entered into and resolutions
providing for the purchase of certain materials and doing of certain work
by day labor, all in connection with Lateral Sewer Improvement No. 1, have
been duly adopted, all at a total cost of $375,000, all of which cost will
be specially assessed against property benefited thereby, NOIi THEREFORE,
BE IT RESOLVED, by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. The improvement hereinabove described shall be financed by the issuance
of improvement bonds pledging the full faith and credit of the Village, and
shall be hereafter referred to as Supplemental Lateral Sewer Improvement No. 1.
An improvement fund is hereby established for Supplemental Lateral Sewer
No. 1 Improvement Fund. The proceeds from the sale of the improvement bonds
herein provided for and from collections of special assessments levied for
said improvement, and any other monies appropriated thereto by the Village,
shall be paid to such fund, and it shall be used solely to defray expenses
of the improvement and payment of principal and interest due upon the
obligation.
2. Improvement bonds on account of Lateral Sewer Improvement No. 1 shall
be issued in the amount of $375,000. Said bonds shall be appropriately
numbered and in the denomination of $1,000 each. They shall bear interest
at the rate determined at the sale thereof.
3. Improvement bonds shall be payable at any suitable bank or trust company
designated by the purchaser, and the reasonable charges of the paying agent
shall be paid by the Village out of the improvement funds.
4. The bonds shall be prepared under the direction of the Village Attorney
and shall be executed on behalf of the Village by the Mayor and Cleft, and
the corporate seal of the Village shall be affixed thereto, and the interest
coupons shall be executed and authenticated by the printed, engraved, or
lithographed facsimile signatures of said officers.
5. The Clerk is hereby instructed to advertise for bids for the purchase
of such bonds. The advertisement shall be published once in Commercial West.
Bids shall be opened on February 21, 1956, at 7:30 o'clock P.M. The Council
hereby reserves the right to reject any or all bids and re -advertise, or to
sell the bonds at private sale if a better price can be obtained thereby.
6. The proceeds for the sale of the bonds and all monies collected on the
special assessments levied for the improvement shall be placed in the
special fund and shall be used only to defray the expenses incurred and to
be incurred, in making said improvement, including incidental expenses,
and for the payment of principal -of and interest on the improvement bonds.
The motion for the adoption of the foregoing resolutian was duly
seconded by Member Teresi and upon vote being taken thereon, the
following members voted in favor thereofa Nadasdy, Rahn, Stark,
and Teresi; and the following voted against the sames done, whereupon
said resolution was declared duly passed and adopted, signed by the
Mayor and his signature attested by the Clerk.
Dated January, 28, 1956
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