#014 03-05-57 Provide Assessments Improvement Bondsirl
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Resolution No. 14.
March 5,1957
Member Bies then introduced the following resolution and moved its
adoptions
RESOLUTION PROVIDING FOR AND APPROPRIATING
ADDITIONAL SPECIAL ASSESSMENTS TO THE SUPPORT AND
MAINTENANCE OF THE SERIES OF AUGUST 1,1956,
IMPROVE WT B0M FUND, AND DIRECTING ISSUANCE OF
$775,000 IMPMVFENT BONDS OF 1957,FIRST SERIES
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as foll.owss
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 $1,400,000,
the total cost of Trunk Suer Improvement No. 3 of the Village will
actually be approximately equal to and not less than $1,451,448.72,
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 from the
funds received from the sale of $1,000,000 Improvement Bonds, Series
of August 19 1956 ,of the Village, there was paid into the Trunk
Sewer No. 3 Fund, created for the payment,of costs of making said
improvement, the sum of $702,282.30 and that it is necessary that the
sum of $749,166.42 be borrowed at this time, in addition to said
$702,282.30 heretofore borrowed to pay for said improvement, by the
issuance of improvement bonds of the Village, in accordance with the
provisions of Minnesota Statutes 1953, Chapter 4290 as hereinafter
provided, the right to issue additional bonds to pay the costs of
said improvement having been expressly reserved in the resolution
authorizing issuance of said Improvement Bonds, Series of August 1,
1956s adopted on October 12,1956.
2. This Council has investijated the facts necessary to ascertain
and does hereby further find, determine and declare that the Village
of Golden Valley has ordered and contracted for the construction of
lateral sewer improvements on Jersey Avenue extended (Church of the
Good Shepherd) and in Hope Chest Additionr.411.as more definitely
described in the notice of assessment hearinj published on,February
21,1957, in the official newspaper; that said improvements were con-
tracted to be made as a part of Improvement No. 20, which improvement
was also financed from the proceeds of $1,000,000 Improvement Bonds,
Series of August 1, 1956; that the total cost of said lateral sewer
improvements, including all expenses incurred and to be incurred
from their incept
;�ion to their completion and all fees and expenses
in connection therewith, is hereby determined to be in the sum of
$25033.58; that the benefits resulting from said improvements to
the lots and parcels of land subject to assessment therefor and to
the Village at large will be not less than the total cost of said
lateral sewer improvements; that it is necessary that the .sum of
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Resolution No, Ili. (continued) Narcb, 5, 1957
$25,833.58 be borrowed at this time for the purpose of paying said
cost, by the issuance of improvement bonds of the Village, in
accordance with the provisions of Minnesota Statutes 1953, Chapter
129; and that such borrowing may best be made in conjunction with
the borrowing hereinabove determined to be necessary, to complete
Trunk Sewer Improvement No, 3.
3. The special fund designated as the "Series of August 1,1956,
Improvemant Bond Fund" created by said 1556 resolution shall con-
tinue
ontinue 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 1956 resolution, except as herein otherwise pro-
vided. The proceeds of sale'of the improvement bonds herein ;
authorized, less any accrued interest and premium received thereon,
shall be credited to the Trunk Sewer Improvement No, 3 Fund in the
amount of $749,166.42 and to the Improvement No.20 Fund in the amount
of $25,833.58, and expended in the manner prescribed by said resolu-
tion dated October 12,1956. There shall be credited to the Series
of August 1,. 1956, Improvement Bond Finad all collections of the
special assessments and general ad valorem taxes heretofore, herein
or hereafter levied or agreed to be levied for said improvements
and for the other improvements financed by bonds made payable from
said fund all collections of arW 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 fund 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 dae;
provided, that in the event that the cost of any improvement.financed
by bonds which are payable from said fund shall exceed the amount
estimated, the.Village shall have the right and power to issue
additional improvement bonds payable from said fund on a.parity with
the bonds payable therefrom heretofore issued and herein authorized,
but the amount of all bonds issued in respect of said improvements
shall not exceed the total cost thereof or the total amount of the
assessments (excluding interest thereon) and taxes levied therefor
and appropriated to said fund. The full, faith and credit of they
Village shall be and are hereby pledged to pay the bonds herein
authorized, and the principal and interest thereof shall be paid out
of any funds in the treasury, if the moneys on hand in said 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 sufficient in amount to take care of accumulated
or anticipated deficiencies in said fund, as requir6d by Minnesota
Statutes, Section 429.091(2)
5. For the purpose of borrowing money to pay additional costs of
constructing improvements as set forth in paragraphs 1 and 2 above,
the Village shall forthwith issue and deliver to the purchaser
thereof its negotiable coupon general obligation Improvement Bonds
of 1957, First Series, dated February 1, 1957. Said bonds shall be
in the principal amount of $775,000, shall be 775 in number and
numbered from 1 to 775,.inclusive, each in the denomination of $1,000,
and shall mature serially on February 1 in the years and amounts as
follower °
Year
Resolution No. 14 (continued) March 5,1957
Year
Amount
Year
4. There shall be levied for said Trunk sewer Improvement No. 3
1959
special assessments in the amount of $1,451,448.72 (inclusive of the
1966
special assessments in the amount of $702,282.30 heretofore promised
1973
to be levied for said improvement), and there shall be levied for said
1960
lateral sewer improvements special assessments in the amount of
1967
$25,833.58. Said assessments shall be levied upon all assessable
1974
lots, pieces and parcels of land lying within Trunk Sewer District
1961
No. 3, as described in the published notice of hearing on the making
1968
of Trunk Sewer Improvement No. 3, and on all assessable properties
1975
described in the notice of assessment hearing on said lateral sewer
1962
improvements heretofore published on February 21,1957• It is here-
1969
by found that the amount of assessments herein determined to be
1976
levied will not exceed the total benefits to be conferred by said
improvements 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
special assessments against said properties in amounts not less than
said sums. In the event that any such assessments 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 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 such further acts and take all such further
proceedings as may be required by law to make such assessment a
valid and binding lien upon such property. Said special assessments
shall be payable in 20 equal, consecutive, annual installments,
the first of said installments to be payable with general taxes for
the year 1957, collectible with such taxes during the year 1958.
Deferred installments of any assessment shall bear interest at the
rate of six per cent (6%) per annum, from the date of the
resolution levying such assessment until December 31 of the year
in which the installment is payable.
5. For the purpose of borrowing money to pay additional costs of
constructing improvements as set forth in paragraphs 1 and 2 above,
the Village shall forthwith issue and deliver to the purchaser
thereof its negotiable coupon general obligation Improvement Bonds
of 1957, First Series, dated February 1, 1957. Said bonds shall be
in the principal amount of $775,000, shall be 775 in number and
numbered from 1 to 775,.inclusive, each in the denomination of $1,000,
and shall mature serially on February 1 in the years and amounts as
follower °
Year
Amount
Year
Amount
Year
Amount
1959
$ho,0o0
1966
$35,000
1973
$40,000
1960
35,0oo
1967
40,000.
1974
40,Ooo
1961
40,000
1968
359000
1975
40,Oo0
1962
35000
1969
40,000
1976
40000
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Resolution No. 14
(continued)
March 5s 1957
Year Amount
Year
Year Amount;
.mount
1963 W,0o
1970
$40,000
1977 $ 40'000
1964 35,000
1971
40,000
1978 40,000
1965 40,000
1972
40,000
Bonds maturing prior to 1972 shall be without option of prior payment,
but those maturing in the years 1972 through 1978 shall each be
subject to redemption by the Village on February 1,1964, and any
interest payment date thereafter, in inverse order of serial numbers,
at par and accrued interest plus a premium of 30 for each bond
redeemed prior to February 1, 1968s, or a premium of $15 for each bond
redeemed on or after February 1, 1968s but prior to February 1,1972,
or no premium for any bond redeemed on or after February 1, 1972. 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 which principal and interest are then payable, and to the holder,
if known, of each bond to be redeemed. The Village Clerk is hereby
authorized and directed to maintain a register of the names, addresses
and bond numbers of holders of redeemable bonds, insofar as such in-
formation is made available 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 Rats
1959 through 1963 3.25%
1964 " 1966 3.50%
1967 it 1971 3.75%
1972 1978 3.90%
In addition, each bond shall bear additional interest, for the period
from May 1,1957, to August 1, 1958s at the rate of lz� per annum,
such additional interest to be represented by an extra set of "B"
coupons.
All interest shall be payable on August 1, 1957s and semiannually
thereafter on February 1 and August 1 of each year. Principal of and
interest on said bonds shall be payable at the main office of The
American National Bank of Saint Paul, in St.Paul, Minnesota, and the
Village hereby agrees to pay the reasonable and customary charges of
such paying agent for the receipt and disbursement thereof.
6.. Said improvement bonds shall be in substantially the following
forms
Resolution No. 14 (continued) March 5,1957
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1957s FIRST SERIES
No. $1s000
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden
Valleys Hennepin County, Minnesotas acknowledges itself to be in
debted and for value received promises to pay to bearer the sum of
ONE THOUSAND DOLLARS on the first day of Februarys 19 s cir° if.'this
bond is prepayable as stated belows on a date prior thereto on which
it shall have been duly called for redemptions 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 curt ( %) per annums
payable August 1.,1957, semiannually thereafter onPebrr ary 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 one and
one-half per cent (1J%) per annum from May 1, 1957, to August 1,
1958, payable on August is 1957s and February l and August 1,1958,
such additional interest being represented by the separate set of
HB" coupons hereto appurtenant. Both principal and interest are
payable at the main office of The American National Bank of Saint
Pauls in St.PaulsMinnesotas in any coin or currency of the Uhtted
States of America which on the respective dates of payment is legal
tender for public and private debts. For the prompt and full pay-
ment of said principal and interest as the same respectively become
due the full faiths credit and unlimited taxing pavers of said Village
have been and are hereby irrevocably pledged.
This bond is one of an issue in the°aggregate principal amount
Of $775,9000, all of like date and tenor except as to serial numbers
interest -rate., maturity, arra redemption privileges issued for the
purpose of defraying expenses incurred and to be incurred in con-
structing certain trunk and lateral suer improvements in said Villages
and is issued pursuant to and in full conformity with the Constitution
and laws of the State of Minnesota thereunto enabling. This bond
is payable primarily from the Series of ,August 1,1956, Improvement
Bond Fund of the Villages on a parity of lien thereon with any
outstanding improvement bonds of the Series of -August 1,1956, but
the Council is required by law to pay maturing principal hereof and
interest hereon 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 495 (maturing in the
years 1959 through 1971) are payable on their respective stated
maturity dates, without option of prior payments but those numbered
496 through 775 (maturing in the years 1972 through 1978) are each
subject to redemption and prepayment at the option of the Village on
February 1, 1964,. -and any interest payment date thereafter, in in-
verse order of their serial numbers, at par and accrued interest
Resolution No. 14. (continued'
March 5,,1957
plus a premium of 30 for each bond redeemed prior to February 1,,1968,
or a premium. of $15 for each bond redeemed on or after February
1, 1968, bat prior to February is 1972, or no premium for any
bond redeemed on or after February 1s 1972. The Village will
mail notice of call of any of said bonds for redemptions not less
than 30 days prior 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 496
through 775 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,RECITEDs COVENANTED AND AGREED
that all acts' conditions, and things required by the Constitution
and laws of the State of Minnesota to be done, to exists 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 so 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 Series of August 1, 1956s Improvement Bond Fund has been
duly created and provision made for the support thereof by special
assessments which the Village has covenanted and agreed to levy
upon property benefited by said improvements, 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 improve-
ments, as such principal and interest respectively become dues
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 issuance of this bond did not cause
the indebtedness of said Village to exceed any constitutional or
statutoty limitation.
IN WITNESS WHEREOF the Village of Golden Valley sHennepin
County, Minnesota.. by its Village Councils has caused this bond
to be executed in its behalf by the signature of its Mayors attested
by the signature of the Village Clerks 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 officerso andh{�s caused this bond to be dated as
of February la 1957. �
Attest��Gi/ �!�,,(�
3.age erg—
(SEAL)
Resolution No. 14. (continued) March 5,1957
(form of Coupon)
No. $
On the 1st day of August (February), 19 , the Village
of Golden Valley, Hennepin County, Minnesota, will pay to bearer
at the main office of , in
e SUIS o
lawful money of the United T9—tes
of America for Interest then due on its Improvement Bond of 1957,
First Series, dated February 1, 1957, No. 40
(Facsimile signature)
Mayor
,(Facsimile signature)
Village Clerk
(Coupons numbered 15 and upwards attached to bonds
numbered 496 and upwards shall also include the
phrase "UnlOss the bond described below is called
for earlier redemption")
7. Said bonds herein authorized to be issued shall be
prepared ander the direction of the Village Clerk and shall be exe-
cuted 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 authenticated 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 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.
8. 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.
9. The officers of the Village and the County Auditor
of Hennepin County are herebyauthorized 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 xelat3ng�# ,sa:I >.b9nds:and to the
financial affairs of the Village, and such other affida�iits,
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 under their custody and
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Resolution No. 14 (continued' March 5,1957
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.
yor
FST:
age Ulerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Mahn, and upon vote being taken thereon, the
following voted in favor thereof: Bies, Nadasdy, Rahn, Stara'
Teresi, and the following voted against the same: None, whereupon
said resolution was declared duly passed and adopted, and was
signed by the Mayorq which was attested by the Clerk.
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