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#161 05-22-56 Create Improvement No. 19 FundResolution No. 161 May 22, 1956 Member Ratan introduced the following resolution and moved its adoption: RESOLUTION CREATING 1955 IMPROVEMENT NO. 19 FUND, PROVIDING FOR AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE SUPPORT AND MAINTENANCE THEREOF, AND DIRECTING ISSUANCE OF IMPROVMUHT BONDS OF 1955 BE IT RESOLVED by the Village Council of the Village of Golden Valley, Minnesota, As follows: 1. This Council has investigated the facts necessary to ascertain and does find, determine and declare that: 1.1 The Village of*Golden Valley has heretofore, on March 15, 1955 and June 21, 1955, ordered the making of certain improvements in the Village in accordance with the provisions of Minnesota Statutes 1953, Chapter 429, the improvements so ordered being as follows: Watermain construction in T�enty-Sixth Avenue North between Zenith Avenue North and Xerxes Avenue North Changing and establishing the grade, opening, grading and graveling France Avenue North from Poplar Drive to Woodstock Avenue Storm sewer construction in Lowry Terrace Scarifying and oiling on Xerxes Avenue from Plymouth+,Avenue to McNair Avenue that the Village Council has duly approved plans and specifications for said improvements and duly awarded contracts therefor or ordered them done by day labor; that all of said improvements have now been completed and special assessments duly levied by resolution of this Council adopted on October 4, 1955, except that no assessments have as yet been levied for the improvement in Lowry Terrace, that the costs of said improvements have been defrayed by temporary loans from funds of the Village held for other purposes; and that such temporary borrowings must be restored to the proper funds. 1.2 The total cost of said improvements (hereinafter designated col- lectively as 1955 Improvement No. 19) is approximately equal to and not less than $13,000, including all items of cost from the inception to the completion of the improvement, and all fees and expenses in - carred in connection therewith, and that the total benefits resulting from said 1955 Improvement No. 19 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 of said improvement. 1.3 In order to finance the cost of constructing said improvement it is necessary to borrow the sum of $13,000 by the issuance of general obligation improvement bonds of the Village in accordance with the 342 Resolution No. 161 (continued) Ott May 22, 1956 provisions of Chapter 129 of Minnesota Statutes as hereinafter pro- vided. 2. There is hereby created a special fund of the Village to be known as the "1955 Improvement No. 19 Fund", to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund shall be continued and maintained in the manner herein specified until all of the improvement bonds herein authorized and interest thereon shall have been fully paid. In said fund there shall be maintained two separate accounts, to be designated as the "Construction Account" and "Sinking Fund Account", respectively. The proceeds of sale of the improvement bonds herein authorized less accrued interest received thereon shall be credited to the Construction Account, from which the moneys temporarily borrowed from other funds of the Village for the purpose of paying costs and expenses of said improvement shall be restored to such funds, and the moneys in said account shall be used for no other purpose; provided, that if there shall remain any unexpended balance in said , Construction Account, such balance shall be transferred to the Sinking Fund Account. There shall be credited to the Sinking Fund Account all collections heretofore or hereafter made of the special assessments here-, tofore and hereafter levied on account of said improvement, plus interest thereon, and all accrued interest received upon delivery of said bonds. The moneys in said account shall be held and used only for the payment of the principal of and interest on said bonds as such payments become due. The full fiLith and credit of the Village shall be and are hereby pledged to pay said bonds and interest, and the principal and interest thereof shall be paid out of any funds in the treasury, if the moneys on hand in said Sinking Fund Account are at any time insufficient to meet the payment of maturing principal and interest. The Village hereby recognizes its obligation to levy sufficient taxes to take care of deficiencies, as provided in Minnesota Statutes, Section 1129.091(2). 3. It is hereby found and determined that the total principal amount of special assessments heretofore levied on October 4, 1955, for said improve- ment, excluding the improvement in Lowry Terrace, is as followst watermain in 26th Ave. No. $1,183.63 Graveling, etc. on France Ave. No. 11928.71 Oiling, etc. on Xerxes Ave. 312.63 TOTAL $-3,724-97 and that said assessments are payable in 10 equal annual installments, the , first installment being payable with taxes for the year 1955, and with interest on unpaid installments of assessments at 5% per annum, except that the assessment for the Xerxes improvement is payable in one install- ment, with taxes for the year 1955, payable in 1956. It is hereby further found and determined that the sum of not less than $9,275.03 of the cost of the storm sewer construction in Lowry Terrace included in said 1955 Improvement No. 19 shall be paid by special assessments upon all assess- able lots, pieces and parcels of land, which amount will not exceed the total benefits to be conferred by said storm sewer improvement upon all of M Resolution No. 161 (continued) May 22, 1956 the properties benefited thereby. Said assessments shall be payable in 10 equal consecutive annual installments, the first of said installments to be payable with general taxes for the year 1956, collectible with such taxes during the year 1957. Deferred installments shall bear interest at ' the rate of 5% per annum from the date of the resolution levying said assessments until December 31 of the year in which the installment is payable. In the event that any such assessment heretofore or hereafter levied for said 1955 Improvement No. 19 be at any time held invalid with respect to any lot, piece or 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 amy of the Village's officers or employees, either in the making of such assessment or in the performance of any condition pre- cedent thereto, the Village and this Council hereby covenant: and agree that they will forthwith do all such further acts and take all such further i' proceedings as may be required by law to make such assessment a valid and binding lien upon such property. 4. In anticipation of the collection of said special assessments, and for the purpose of borrowing money to pay the cost of making said improvements, the Village shall forthwith issue and deliver to Piper, Jaffray & Hopwood, of Minneapolis, Minnesota, as the purchaser thereof, in accordance with the contract heretofore entered into with said purchaser, its negotiable coupon general obligation Improvement Bonds of 1956, to be payable primarily from said 1955 Improvement No. 19 Fund. Said bonds shall be dated February 1, 1956, shall be 13 in number and numbered from 1 to 13, inclusive, each in the denomination of $1000, and shall mature serially, lowest numbers first, on February 1, in the amount of $1,000 in each of the years 1958 to 1970, inclusive, all without option of prior payment. Said bonds shall be payable to bearer, or, if the bond is registered, to the registered holder thereof, and while registered, any of said bonds shall not be transferable by delivery but only by registration in the office of the Village Clerk, all as provided in the text of said bonds which follows; however, such registration shall be as to principal only, and the coupons shall continue to be payable to bearer and transferable by delivery. The Village Clerk and his successors in office are authorized and directed to procure, establish and maintain a register suitable for registering any of said bonds, as to principal only, upon request therefor by the holders of any of said bonds. Bonds of said issue maturing in the years 1958 through 1969 shall bear interest at the a rate of 3.70% per annum, and the bond maturing in 1970 shall bear interest at the rate of 3.60% per annum, from date of issue until paid, payable August 1, 1956 and semiannually thereafter on February 1 and August 1 of each year, plus additional interest, to be represented by a separate "B" coupon, from dune 1, 1956 to February 1, 1957, payable on February 1, 1957• The principal of and interest on said bonds shall be payable at the main office of Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, or, at the option of the holder, at Chemical Corn Exchange Bank, in New York City, and the Village hereby agrees to pay the reasonable and customary charges of such paying agent for the receipt and disbursement thereof. 344 Resolution No. 161 (continued) May 22, 1956 5. Said improvement bonds shall be in substantially the following forms UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1956 NO. $1000 KNOT 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, or, if this bond is registered, to the registered holder hereof, the sum of ONE THOUSAND DOLLARS on the lst day of February, 19 , without option of prior payment, and to pay interest thereon from the date hereof until said principal sum be paid at the rate of percent ( %) per annum, payable on August 1, 1756� an sem annually t ere ter on the lst day of February and the lst day of August of each year, such interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupons representing the same which are hereto attached; plus additional interest on said principal sum at the rate of two and one-tenth per cent (2.10%) per annum from June 1, 1956 to February 1, 1957, payable on February 1, 1957, in accordance with and upon presentation and surrender of the sep- arate "B" coupon hereto appurtenant. Both principal and interest are payable at the main office of Northwestern National Bank of Minneapolis, In Minneapolis,.Minnesota, or at the option of the holder at Chemical Corn Exchange Bank, in New York City, New York, in any coin or currency of the United States of America which on the respective dates of payment is legal tender for public and private debts. For the prompt and full payment of such principal and interest as the same respectively become due the full faith, credit and taxing powers of the Village are hereby irrevocably pledged. This bond is one of an issue in the aggregate principal amount of $13,000, all of like date and tenor except as to serial number, maturity and interest rate, all issued by said Village for the purpose of defraying expenses incurred and to be incurred in constructing improvements in said Village heretofore designated as 1955 Improvement No. 19, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, including Chapter 129, Minnesota Statutes 1953. This bond is payable primarily from the 1955 Improvement No. 19 F° Fund of the Village, but the Council is required to pay the principal and interest thereof out of any funds in the treasury in the event that the moneys on hand in said fund are at any time insufficient f Resolution No. 161 (continued) May 22, 1956 to meet the payment of maturing principal and interest. This bond is transferable by delivery, except while registered as to principal in the name of the holder on the bond register of the Village kept for that purpose at the office of its Clerk, in Golden Valley, Minnesota, such registration being noted hereon by the Clerk. Nile so registered, no transfer hereof shall be valid unless on such register by the registered holder in person or by his attorney duly authorized in writing and similarly noted herein; but this bond may be discharged from registration by being in like manner transferred to bearer, and thereupon transferability by delivery shall be restored, but this bond may again and from time to time be registered in the name of a holder or transferred to bearer as before.' Such registration shall not affect the negotiability of the coupons hereto attached, which shall always continue to be payable to bearer and transferable by delivery. IT IS HEREBY CERTIFIED, RECITED, COVENANTED, AND AGREED that all acts, conditions, and things required by the Constit1.tion and laws of the State of Minnesota to be done, to exist, to happen, and to be performed preliminary 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 so required; that the Village has duly contracted for the making of said improvements and will cause the same to be completed with the funds made available by this issue; that said 1955 Improvement No. 19 Fund has been duly created and provision made for the support thereof by special assessments heretofore levied for the years and in aggregate amounts at least five percent in excess of sums sufficient to pay the interest hereon and the principal hereof as they respectively be- come due, and general ad valorem taxes, if needed, are required to be levied upon all taxable property in the Village without lim- itation as to rate or amount; and that the issuance of this bond,'_ did not cause the indebtedness of said Village to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF 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 the Mayor, attested by the Village Clerk, and sealed with its official seal, and the interest coupon hereto attached to be executed and authenticated by the facsimile signatures of said officerg, and has caused this bond to be dated as of February 1, 1956. yam' ATTEST: C.Leric &Ir" Resolution No. 161 (continued) May 22, 1956 (Form of text and grill fur registration to appear on back of each bond.) The within bond has been registered, as to ownership of principal only, on the bond register kept at the office of the Village Clerk in Golden Valley, Minnesota. Date Registered Owner Signature of Clerk S s • s (Form of Coupon) NO. On the lst day of August (February), 19 , the Village of Golden Valley, Hennepin County, Minnesota, wiff"pay to bearer at e of in MLLARB for interest -then due on its Improvement BoRgo , ted February 1, 1956, No. (Facsimile signature) Mayor (Facsimile signature) Village Clerk 6. Said bonds 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 Clerk, and the corporate seal shall be affixed thereto, and the interest coupons shall be executed and authentic- ated by the printed, engraved or lithographed facsimile signatures of said 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 said purchaser of the price heretofore agreed upon, being par and accrued interest, and said purchaser shall not be obliged to see to the application of said purchase price. i, 1 1 1 Resolution No. 161 (continued) May 22, 1956 7. The Village Clerk 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 and that the taxes herein set forth have been levied and filed. 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 redords under their custody and control ar 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 correctness of all statements contained therein. ATTES The motion for the adoption of the foregoing resolution was duly seconded by Member Bies, and upon vote being taken thereon, the following voted in favor thereof: Bies, Nadasdy, Rahn, Stark, and Teresi; and the following voted against the same: None; whereupon said resolution was delcared duly passed and adopted, signed by the Mayor and his signature attested by the Clerk. _ STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) ss VILLAGE OF GOLDEN VALLEY ) I do hereby certify that at a regular meeting of the Village Council of Golden Valley, Minnesota, on the 22nd day of May, 1956, at which a majority of the members of said Council were present, the foregoing resolution was adopted. Given under my hand and seal this 22nd days, 1956.