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#023 04-02-57 Authorize Levying Taxes IndebtednessM Resolution No, 23 April 2,1957 Member Teresi thereupon introduced the following resolution and moved its adoptions RESOLUTION AUTHORIZING ISSUANCE OF $67.,495 CERTIFICATE OF INDEBTEDNESS, PRESCRIBING THE FOAM AND DETAILS THEREOF, AND LEVYING TAXES FOR THE PAYMENT THEREOF BE IT RESOLVED by the Village Council of the Villgge of:Golden Valley, Minnesota, as follows., 1. It is hereby found and determined that it is necessary and expedient for the Village to issue a Certificate of Indebtedness in the amount of$67.,495, for the purpose of financing the purchase of street and fire equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301; that the assessed valuation of the Village for the year 1956 is $6s749,564; that the amount of the certificate to be issued is within 1% of the assessed valuation of the Village, and there are no other certificates of indebtedness outstanding issued pursuant to said Section 412.301; and that the off&r submitted by the Lincoln Office of the Northwestern National Bank of Minneapolis for the purchase of said certificate, on terms as hereinafter set forth, is fair and reasonable., and should be and hereby is accepted. 2. The Village shall forthwith issue its general obligation Certifi- cate of indebtedness in the amount of $67,495, as authorized by and pursuant to the provisions of Minnesota Statutes, Section 412.301, for the purpose of financing the purchase of street and fire equipment. Said Certificate shall be dated as of April 10 1957., bear interest at the rate of 4% per annum, payp oVjgbruary,ls 19 8, end annually thereafter on each February 1, the principal to pe payable in annual installments on February 1 in the amount of'$161873.75 in each.of the years 1959 to 1962, inclusive., without option of prior payment. Said.IG6rtificate shall be payable to Northwestern National Bank of Minneapolis or order., and both principal of and interest thereon shall be payable at the Lincoln Office of said bank. 3, Said Certificate shall be in substantially the following forma UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY CERTIFICATE OF INDEBTEDNESS �G Resolution No. 23 (continued) April 2'1957 KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, Hennepin County, Minnesota, hereby acknowledges itself to be indebted and for value received promises to pay to Northwestern National Bank of Minneapolis, Minneapolis,Minnesota, or order, the sum of SIXTY-SEVEN THOUSAND FOUR HUNDRED NINETY-FIVE DOLLARS in annual installments of $16,873.75 on February 1 in each of the years 1959 to 1962, inclusive, without option of prior payment, and the Village promises to pay interest on the unpaid balance of the principal of this Certificate at the rate of Four per cent (4%) per annam, payable on February 1, 1958, and annually thereafter on the 1st day of Februarg of each year. Both princi- pal of and interest on this Certificate are payable 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, at the Lincoln Office of said Northwestern National Bank of Minneapolis, in Minn.eapolis,Minnesota, and for the prompt payment of said principal and interest, as the same respectively fall due, the full faith, credit and taxing powers of said Village have been and are hereby irrevocably pledged. - This Certificate is issued for the purpose of purchasing street and fire equipment for the Village, and is authorized by a duly adopted resolution of the Village Council of said Village dated April 2, 1957, and is issued pursuant to and in full con- formity with the Constitution and laws of the State.of Minnesota thereunto enabling, including Minnesota Statutes, Section 4.1.2.301. IT IS HEREBY CERTIFIED AND RECITED that all acts, condi- tions and things required by law to be done, to exist, to happen and to be performed, precedent to and in the issuance of this. Certificate have been done, do exist, have happened, and have been performed in regular and due form, time and manner; that a direct, annual, irrepealable ad valorem tax has been duly levied by said Village in an amount sufficient to pay the interest on this Certificate when it falls due, and also to pay and discharge the principal install- ments hereof on their respective due dates, and that this Certificate, together with all other existing indebtedness of said Village, does not exceed any constitutional or statutory limitation of indebtedness. IN WITNESS WHEREOF, said Village has caused this Certifi- cate to be executed in its behalf by its Mayor and Clerk, and the official seal of the Village to be affixed hereto, as of April 1,1957• 4�' �'& ��� ( Mayor Attest: C (SEAL,) 7. The Village Clerk is hereby authorized and directed,, prior to delivery of said Certificate to the purchaser, to file in the office of the County Auditor of Hennepin County a certified copy of this resolutions and Ul obtain from said County Auditor a certificate that the Certificate herein authorized has been entered on his register of municipal obligations, 8, The officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said Certificate and to the attorneys approving the legality of the issuance thereof, certified copies of all proceed s ,and records of. he Village relating to said Certificate'an1 © the financial a;edition and affairs of the Villages and such other affidavits: certificates and Resolution No. 23 (continued) April 2'1957 4, Said Certificate shall be executed on behalf of the Village by the signatures of the Mayor and Clerk' and the official seal of the Village shall be affixed thereto, When thus executed, the Treasurer shall deliver the Certificate to Northwestern National Bank of Minneapolis at its Lincoln Office, upon receipt of the principal amount of the Certificate plus interest accrued from its date to the date of delivery. The full faith, credit and tax- ing powers of the Village shall be and they are hereby pledged to the full and prompt payment of the principal and interest of said Certificate as they respectively fall due. 5. For the purpose of paying the principal installments of and interest on said Certificate as such installments and interest respectively become dues there is hereby levied a direct,, annual, irrepealable tax upon all of the taxable property in the Village for the years and in the amounts as follows: Year Amount 1957 $21:150 1958 19050 1959 19,150 1960 18,450 6, Said taxes shall be extended upon the tax rolls for the above years and shall be collected in the respective ensuing years with and as a part of the other general taxes levied in and for the Villages and the proceeds thereof.. when and as collected., shall be placed in a sinking fund which is hereby created, and shall be used for no other purpose than to pay the principal and interest of said Certificate when and as the same becom dues except that in case any payments of principal or interest shall fall due on said Certificate when there is not sufficient money in said fund to pay the same, than such principal or interest shall be paid out of arm funds of the Village available therefor, and such funds shall be reimbursed for such advances out of said levies when collected. 7. The Village Clerk is hereby authorized and directed,, prior to delivery of said Certificate to the purchaser, to file in the office of the County Auditor of Hennepin County a certified copy of this resolutions and Ul obtain from said County Auditor a certificate that the Certificate herein authorized has been entered on his register of municipal obligations, 8, The officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said Certificate and to the attorneys approving the legality of the issuance thereof, certified copies of all proceed s ,and records of. he Village relating to said Certificate'an1 © the financial a;edition and affairs of the Villages and such other affidavits: certificates and 4 - Resolution No. 23. -April 2, 1957 information as may be.required to show the facts relating to the legality of said Certificate, as such facts appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits,, including a r heretofore furnished, shall be deemed representations of the'Village as the facts recited therein. Mayor The motion for the adoption of the foregoing resolution was duly seconded by Member Rahn, and upon vote being taken thereon, the following voted in favor thereof: Bies, Nadasdy, Rahn, Stark and Teresi; and the foll.oving voted against the same; None, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and his signature attested by the Clerk. O