#142 02-04-56 Authorize Bond Sale Fund No. 19Resolution No. 142
February 4, 1956
Member Stark introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING BOND SALE
(FUND NO. 19 - 1955 IMPROVEMENTS - $13,000)
WHEREAS, contracts have been entered into for the construction of Improvement
No. 19, all at a total cost of $13,000, all of which cost will 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 improvement 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 as Improvement Fund No. 19. An Improvement
fund is hereby established for Fund No. 19 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 Improvement Fund No. 19 shall be issued
in the amount of $13,000. 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 Clerl, 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 Cler, 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 otclock 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,
im making said improvement, including incidental expenses, and for the pay-
ment of principal and interest on the improvement bonds.
The motion for the adoption of the foregoing resolution was duly seconded
by Member Bies, and upon vote being taken thereon, all voted in favor
thereof as follows: Bies, Rahn, Nadasdy, Stark, and Teresi; and the
following voted against the same: None, whereupon the resolution was
declared duly passed and adopted, signed by the Mayor, and his
signature attested by the Clerk.
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