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#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.