#140 02-04-56 Authorize Bond Sale1
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Resolution No. 140
February 4, 1956
Member Rain introduced the following resolution and moved its adoption:
RESOLUTION TO AUTHORIZE BOND SALE ($1,425,000)
WBEAS, a contract has been entered into for the construction of Trunk
Sewer No. 2, 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 said construction have been duly adopted,
all at a total cost of $1,425:000, all of which cost mill be specially
assessed against property benefited thereby, NOW THEREFORE,
BE IT RESOLVED, by the Village.Council of the Village of Golden Valley,
Minnesota, as follows:
1. The improvements herein above 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 respectively as Trunk Sewer
Improvement No. 2, and Supplemental Lateral Sewer Improvement No. 1.
Separate improvement funds are hereby established for such improvements
which shell be called respectively, Trunk Seater No. 2 Improvement Fund, and
Supplemental Lateral Sewer No. 1 Improvement Fund. „The proceeds from the
sale of the improvement bonds ereAri p vided for"aid from-bollectione of
special assessments levied for said improvements, and any othez4monies
appropriated thereto by the Village, shall be paid to such funds and they
shall be used solely to defray expenses of the improvements and payment of
principal and interest due upon obligations.
2. Improvement bonds on account of Trunk Sewer No. 2 shall be issued in
the total amount of $1,000,000, and on account of Lateral Sewer Improvement
No. 19 in the amount.of $425,000. Said bonds shall be appropriately numbered
and in 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 Clem 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 April 3, 1956, at 7:30 o'clock F.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 improvements shall be placed in the special
funds and shall be used only to defray the expenses incurred and to be incurred,
in making said improvements, including incidental ewpenses, and for the
payment of principal of and.interest on the improvement bonds.
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The motion for the adoption of the foregoing resolution was duly seconded
by Member Teresi, and upon vote being taken thereon, the following voted
in favor thereof: Yadasdy, Rahn, Stark, Teresi, Bies; 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.
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