#152 04-12-56 Provide Assessments Lateral Sewer Improvement No. 1 Fund310
Resolution No. 152 April 12, 1956
Member Stark introduced the following resolution and moved its adoptions
RESOLUTION PROVIDING FOR AND APPROPRIATING
ADDITIONAL SPECIAL ASSESSMENTS TO THE SUPPORT AND MAINTENANCE
OF LATERAL SEWER IMPROVEMENT NO. 1 FUND, AND DIRECTING ISSUANCE
OF LATERAL SEWER IMPROVEMENT NO. 1 BONDS (Second.Series)
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as followsr
1. This Council has investigated the facts necessary to ascertain and
does hereby find, determine and declare that although heretofore estimated
to be approximately equal to and not less than $1,250,000, the total cost
of Lateral Sewer Improvement No. 1. of the Village will actually be approx-
imately equal to and not less than $1,375,000, according to present estimates,
including all items of cost from the inception to the completion thereof,
and all fees and expenses incurred in connection therewith; that the total
benefits resulting from construction of 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 thereof; that no receipts
of special assessments have been heretofore credited to the Construction
Account of the Lateral Sewer Improvement No. 1 Fund of the Village, as
permitted in the resolution heretofore adopted on April 12, 1955, entitled
"Resolution Creating Lateral Sewer Improvement No. 1 Fund, Providing for
and Appropriating Special Assessments to the Support and Maintenance
Thereof, and Directing Issuance of Lateral Sewer Improvement No. 1 Bonds";
that the funds received from the sale of $1,000,000 Lateral Sewer Improve-
ment No. 1 Bonds of the Village, dated February 1, 1955, which were paid
into said account are insufficient to complete said improvement; and that
it is necessary that the sum of $375,000 be borrowed at this time, in
addition to said $1,000,000 heretofore borrowed, by the issuance of $375,000
Lateral Sewer Improvement No. 1 Bonds (Second Series) of the Village, in
accordance with the provisions of Minnesota Statutes 1953, Chapter 129, as
hereinafter provided, the right to issue additional bonds to pay the costs
of said improvement having been expressly reserved in said 1955 resolution.
2. The special fund designated as the *Lateral Sewer Improvement No. 1
Fund" created by said 1955 resolution shall continue to be held and
administered by the Village Treasurer separate and apart from all other
funds of the Village, and in the manner specified in said.1955 resolution,
except -as herein otherwise provided. The proceeds of sale of the improvement
bonds herein authorized, and of any bonds which may hereafter be authorized
and issued to pay .any_ part of.the cost. of said improvement, less any accrued
interest and premium re eived thereon, shall be.credited to the Construction
Account in said Fund. re
and after the date this resolution. is adopte4;
no collections of special assessments heretofore or hereafter levied for
said improvement shall be credited to said Construction Account, or other-
wise than to said Sinking Fund Account. From said Construction Account
there shall continue to be paid costs and expenses of making said improve-
ment, as incurred and allowed, and the moneys in said account shall be
used for no other purpose; provided, that if the moneys on hand in the
Sinking Fund Account described below are at any time insufficient to
meet the payment of maturing principal and interest on any outstanding
k;. Resolution No. 152 (Continued)
April 12, 1956
bonds which are primarily payable from said fund, moneys in said Construction
Account may be used to the extent necessary to pay all such principal and
interest when due; and further 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 Funk Account.
There shall be credited to the Sinking Fur*d Account all collections of the,
special assessments and general ad valorem taxes heretofore, herein or here: -
after levied or agreed to be levied for said improvement, all collections
any ad valorem deficiency taxes levied as required by Minnesota Statutes,
Section 429.091, subdivision 2, and all accrued interest and premium received
upon delivery of the bonds herein authorized. The moneys in said Sinking Fund
Account shall be held and used only for the payment of the principal of and
interest on•the bonds primarily payable therefrom, as such payments become
due; provided, that in the event that the cost of said improvement shall
exeeed the amount herein estimated, the Village shall have the right and power
to issue additional improvement bonds payable from said Sinking Fund Account
on a parity with the bonds heretofore issued for said improvement and herein
authorized, but the amount of all bonds issued in respect of said improvement
shall not exceed the total cost thereof or the total amount of the assess-
ments (excluding interest thereon) and taxes levied therefore and appropriated
to said Sinking Fund Account. The full faith and credit of the Village shall
be and hereby pledged to pay the bonds herein authorized, and the principal
and interest thereof shall be paid out of any funds in the treasure, if the
moneys on hand in said improvement fund are at any time insufficient to meet
the payment of maturing principal and interest on said bonds, and on all other
bonds primarily payable from said fund. The Village recognizes its obligation
to levy each year ad valorem taxes in amount to take care of accumulated or
anticipated defieiencies in said fund, as required by Minnesota Statutes,
Section 429.091 (2).
3. It is hereby found and determined that special assessments have heretofore
been levied on account of Lateral Sewer Improvement No. 1 in the total amount
of $1,160,160. There shall be levied for said improvement $215,000 of additional,
special assessments, which shall be levied upon all assessable lots, pieces
and parcels of land lying within Lateral Sewer Districts Nos. 1 (a) through
1 (1), as described in the published nodoea of hearings on the making of
lateral sewer improvements therein, and as modified in the resolutions
ordering such improvements adopted on November 4, 1954 and March 1, 1955.
It is hereby found that the amount.of assessments heretofore levied and
herein determined to be levied will not exceed the total benefits to be
conferred -by said improvement upon all of said properties. The Village
hereby covenants and agrees that it will do and perform, as soon as may be,
all acts and things necessary for the final and valid levy of said additional
special assessments against said properties in an amount not less than said
sum. In the event that any such assessments be at any time held invalid
with respect to.any lot, piece of 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 further acts and take all such further proceedings as may be
312
Resolution No. 152 (continued)
April 12, 1956
required by law to make such assessment a valid and binding lien upon.
such property. Said additional special assessments in the amount of $215,000
shall be payable in 19 equal, consecutive, annual installments, the
first of said installments to be payable with general taxesfor the
year 1956, collectible with such taxes during the year 1957. 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. For the purpose of borrowing money to pay additional costs of
constructing Lateral Sewer Improvement No. 1, the Village shall forth-
with issue and deliver to the purchaser thereof its negotiable coupon
general obligation Lateral Sewer No. 1 Bonds (Second Series), dated
February 1, 1956. Said bonds shall be in the principal amount of
$375,000, shall be 375 in number and numbered from 1 to 375, inclusive,
each in the denomination of $1,000, and shall mature serially on
February 1 in the amount of $15,000 in 1958, $20,000 in each of the
years 1959 through 1976. Bonds numbered 1 through 255 shall be without
option of prior payment, but those numbered 256 through 375., which
mature in the years 1971 through 1976, shall each be subject to redemption
by the Village on February 1, 1970 and any interest payment date there-
after, at par and accrued interest, in inverse order of serial numbers.
All redemptions shall be made upon notice of call for redemption mailed
not less than 30 days prior to the date specified for redemption to
the bank at thi.ch principal and interest are then payable, and to the
holder, if known, of each bond to be redeemed. The Village Clerk is
hereby authorised and directed to maintain a register of the names,
addresses and bond numbers of holders of redeemable bonds, insofar as
such information is made availabM to him, for the purpose. of . giving
such notice of redemption. Bonds maturing in the years set forth
below shall bear interest at the respective rates per annum set forth
opposite such maturity years, as follows:
maturity Years Interest Rate
1
1
1958
3.70%
1959
1960
1961
1962
1963
n
1961
p
19d5
n
1966
n
1967
a
1968
1969
n
Resolution No. 152 (continued)
April 12, 1956
Maturity Years Interest Rate
1970 3.6o%
1971 "
1972 n
1973 "
1974
1975
1976 a
Plus 2,10 per cent per annum to be expressed by an extra coupon
for the period June 1, 1956 to February 1, 1957, to consist of
of $14.00 each, payable on February 1, 1957, per bond.
on all bonds
one coupon
Such interest shall be payable on August 1, 1956, and semiannually thereafter
on February 1 and August 1 of each year. Principal of and interest on said
bonds shall be payable at the Northwestern National Bank in Minneapolis,
Mir 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:
UNITED STATES OF ANERI CA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
No. $1,000
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 to bearer the sum of ONE THOUSAND DOLLARS
on the first day of February, 19 , or, if this bond is prepayable as stated
below, on a date prior thereto oa 4lhich it shall have been duly called for
redemption, and to pay interest thereon from the date hereof until said
principal sum is paid, or until this bond, if prepayable, has been duly
called for redemption, at the rate of per cent ( %) per annum,
payable -August 1, 1956 and semiannuallyereafter on FeTr` 1 and August 1
of each year, interest to maturity being represented by and payable in
accordance with and upon presentation and surrender of -the interest coupons
appurtenant hereto, -.and said Village further promises to pay -.additional
interest on said principal sum at.the.rate of per cent
{�) per annum fromo , payable
on , suc a ona Brest be ng represented by the
separate set o coupons hereto appurtenant. Both principal and interest
are payable at the main office of the Northwestern Nt6tional Bank, in
Minneapolis, Minnesota, in any coin or currency of the United States of America
314 c
Resolution No.,152 (continued) Nit
April 12, 1956
which on the respective dates of payment is legal tender for public and
private debts. For the prompt and full payment of said principal and
interest as the same respectively become due the full faith, credit and
unlimited taxing powers of said Village have been and are hereby irrevocably
pledged.
This bond is one of an issue in the aggregate principal amount of $375,000,
all of like date and tenor except as to serial number, interest rate,
maturity, and redemption privilege, issued for the purpose of defraying
expenses incurred and to be incurred in constructing Lateral Seger Improve-
ment No. 1 in said Village, and is issued pursuant to and in full conform-
ity with the Constitution and laws of the State of Minnesota thereunto
enabling. This bond is payable primarily from the Lateral Sever Improvement
No. 1 Fund of the Village of Golden Valley, but the Council is required by
law to pay maturing principal thereof and interest thereon out of any funds
in the treasury if moneys on hand in said special fund are insufficient
therefor.
Bonds of this issue numbered 1 through 255 (maturing in the years 1958
through 1970) are payable on their respective stated maturity dates, with-
out option of prior payment, but those numbered 256 through 375 (maturing
in the years 1971 through 1976) are each subject to redemption and pre-
payment at the option of the Village on February 1, 1970 and any interest
payment date thereafter, in inverse order of their serial numbers and at a
price equal to the par value thereof, plus interest to accrue thereon to
the date specified for redemption. The Village will mail notice of call
of any of said bonds for redemption, not less than 30 days pr#r to the
date specified for redemption, to the holder thereof, if known, and to
the bank at which principal and interest are then payable. Holders of
said bonds numbered 256 through 375 who desire to receive such notice may
register their names and addresses and the numbers of such bonds with the
Village Clerk..
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions, and things required by the Constitution and laws of the State
of MLnnesota to be done, to exist, to happen and to be performed precedent
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 to 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;
that said Lateral. Sewer Improvement No. 1 Fund has been duly created and
provision made for the support thereof by special assessments heretofore
levied and agreed to be levied upon property benefited by said improvement,
for the years and in aggregate amounts not less than 5% in excess of sums
sufficient to pay the principal of and interest on the bonds of this issue
and the bonds heretofore issued to pay the expenses of said improvement,
as such principal and interest 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
Resolution No. 152 (continued)
April 12, 1956
issuance of this bond did not cause the indebtedness of said Village to
exceed any constitutional or statutory limitation.
IN WWNESS THEREOF 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 its Mayor, attested by the signature of the Village Clerk,
and the corporate seal of the Village to be affixed hereto, and has caused
the interest coupons appurtenant hereto to be executed and authenticated
by the facsimile signatures of said officers, and has caused this bond to be
dated as of February 1, 1956.
I!�L
:rr-tir.
No.
(Form of Coupon)
or
$tee....__..
On the lst day of August (February), 19 , the Village of Golden Valley,
Hennepin County, Minnesota, will pay to earer.--,at the main office of the
Northwestern National Bank, in Minneapolis, Minnesota, the sum of
DOLLARS lawful money of the United States of America for
Merest Men due on its Lateral Sewer Improvement No. 1 Bond (Second Series),
dated February 1, 1956, No. .
(Facsimile signature)
Mayor
(Ffiicsimile signature)
Village Clerk
(Coupons numbered 29 and upwards shall also include the phrase "Unless the
bond described below is called for earlier redemption".)
316
Resolution No. 152 (continued) ,it
April 12, 1956
6. Said bonds herein authorized to be issued 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 Cle#,
and the corporate seal shall be affixed thereto, and the interest
coupons shall be executed and authenticated by the printed, engraved, or
lithographed facsimile signatures of tai.d Mayor and Village Clerk. When
said bonds have been so executed and authenticated, they shall be delivered
by the Treasurer to the purchaser thereof, upon payment by the purchaser
of said bonds 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 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 -certificate that said bonds have been entered on his
bond register.
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 udder their custody 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 facts recited therein.
Mayor
The motion for the adoption of the foregoing resolution was duly seconded
by Membor Rahn, and upon vote being taken thereon, the following voted in
favor thereof: Hies, Nadasdy, Rahn, Star, and Teresi; and the following
voted against the sanies None; ghereupon said resolution was declared duly
passed and adopted, signed by the Mayor and.his signature attested by the
Clerk.