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#034 04-18-57 Provide Assessments Sanitary Sewer Improvements 4a & 4bm Resolution No. 34 April 18, 1957 Member Stark introduced the following resolution and MOVED its adoptions RESOLUTION CREATING LATERAL SANITARY SEWER IMPROVEMENTS NOS. O(a) AND 4(b) FUND, PROVIDING FOR AND APPROPRIATING SPECIAL ASSESSMENTS TO THE SUPPORT AND MAINTENANCE THEREOF, AND DIRECTING ISSUANCE OF $1,100,000 IMPROVEMENT BONDS OF 1957 SECOND SERIES BE IT RESOLVED by the Village Council of the Village of Golden Valley, Minnesota, as followst 1. This Council has investigated the facts necessary to ascertain and does hereby find, determine and declare that the Village of Golden Valley has duly entered into a contract for the construction of Lateral Sanitary Sewer Improvements Nos. 4(a) and 4 (b) of the Village with Orfei & Mariam & Sons, Inc., of St. Paul, Minnesota, pursuant to public advertisement for bids as required by Minnesota Statutes 1953, Chapter 429, and said con- tractor has furnished a bond for the performance of said contract as re- quired by law; that the total cast of said improvements to the Village will be approximately equal to and not less than $1,265,000, according to present estimates, including all items of cost from the inception to the completion thereof, and all fees and expenses incurred and to be incurred in connection therewith; that the total benefits resulting from said construction 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; and that it is necessary that the sum of $1,100,000 be borrowed at this time, by the issuan a of general obli- gation improvement bonds of the Village in accordance with the provisions of Minnesota Statutes 1953, Chapter 429, as hereinafter provided, in order to finance a portion of the costs and expenses of constructing said improvements. 2. There is hereby created a special fund to be designated as the "Lateral Sanitary Sewer Improvements Nes. 4(a) and 4(b)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 maintained in the manner herein specified until all of the improvement bonds now or hereafter issued primarily payable from said fund, and interest on such bonds, 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 Accounts, respectively., The proceeds of sale of the improvement bonds herein authorized, and of bonds': hereafter authorized and issued to pay any part ©f the cost of said ivi�ovement, less any accrued interest and premium received thereon, and less the sum of $50,000, representing interest accruing on the bonds during the period of construction, shall be credited to the Construction Account. Froom said account there shall be paid costs and expenses of making said improvements, as incurred and allowed, and the moneys in said account shall be used for no other purpose; provided, that if the moneys on hand in the Sinking Fund Account described below are at any time insufficient to meet the payment of maturing principal and interest on any outstanding bonds which are primarily payable from said fund, moneys in said Con- struction Account may be used to the extend necessary to pay all such principal and interest when due; and further provided, that if upon �2 Resolution No. 34 (continued) April 1$, 1957 completion df said improvements there shall remain any unexpended bal- ance 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 of the special assessments and general taxes herein or hereafter levied or agreed to be levied, all accrued interest and premium received upon delivery of such bonds, and said sum of $50,00. The moneys in said Sinking Fund Account shall be held and used only for the payment of the principal of and interest on such bonds, as such payments become due; provided, that in the event that it shall be determined by the Council to be necessary to borrow additional moneys for the payment of the cost of said improvements the Village shall haven the right and power to issue additional improvement bonds payable from said Sinking Fund Account on a parity with the bonds of the issue herein authorized, but the amount of all bonds issued in respect of said improve- ments shall not exceed the total cost thereof or the total amount of the assessments (excluding interest thereon) and takes levied therefor and appropriated to said Sinking Fund Account. The full faith and credit of the 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 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. 3. It is hereby determined that the sum of not less than One Million One Hundred Thousand and No -100 Dollars ($1,100,000.00) of the cost of Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) shall be paid by special assessments upon all assessable lots, pieces and parcels of land lying within the area proposed to be assessed for said improvements, as described in the notice of hearing on the making of sai,d.� improvements published on January 3 and 10, 1957' in the Suburban Press, published in Hopkins, Minnesota, (said improvements, however, being therein erron- eously numbered 2(a) through 2(g). It is hereby found that -the amount of assessments herein determined to be levied will not exceed the total benefits to be conferred by said improvements upon all of said properties. The Village hereby covenants and agrees that it will do and perform, as soon as may be, all acts and things necessary for the final and valid levy of special assessments against said properties in an amount not less than said sum. In the event that any such assessments be at any time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in apy action or proceeding taken or to be taken by the Village or this Council or any of the Villages officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the Village and this Council hereby covenant and agree that they will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessment a valid and binding lien upon such property. Said assessments shall be payable to 20 equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the 195$, collectible with such taxes during the year 1959• 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. Resolution No. 34 (continued) I April 18, 1957 4. For the purpose of borrowing' money to pay the costs to the Village of constructing Lateral. Sanitary Sewer Improvements Nos. 4(a) and 4(b), the Village shall forthwith issue and deliver to the purchaser thereof its negotiable coupon general obligation Improvement Bonds of 1957, Second Series, dated May 1, 1957. Said bonds shall be in the principal amount of $1,100,000, shalt be 1,100 in number and numbered from 1 to 1,100, in- clusive., each in the denomination of $1,000, and shall mature serially on February 1 in the amount of $55,000 in each of the years 1960 through 1979• Bonds numbered 1 through 660 shall be without option of prior payment, but those numbered 661 through 1,100 which mature in the years 1972 through 1979s shall each be subject to redemption by the Village on February 1, 1964, and any interest payment date thereafter, 3n inverse order of serial numbers, at par and accrued interest plus a premium of $30 for each bond redeemed prior to February 10 1968, or a premium of $15 for each bond redeemed on or after February 1, 1968, but prior to February 1, 1972, or on premium for any bond redeemed on or after February 1, 1972. All redemptions shall be made upon notice of call for redemp- tion mailed not less than 30 days prior to the date specified for redemp- tion to the bank at which principal and interest are then payable, and to the holder, if known, of each bond to be redeemed. The Village Clerk is hereby authorized and directed to maintain a register of the names, addresses and bond numbers of holders of redeemable bonds, insofar as such information is made available to him, for the purpose of giving such notice of redemption. Bonds maturing in the years set forth below shall bear interest at the respective rates per annum set forth opposite such maturity years, as follows: Maturity Years interest Acte 1960 thru 1967 3.80% 196$ thru 1972 4.00% 1973 thru 1979 4.10% Plus additional interest of 1.80% per annum for the period 6/1/57 to 8/1/58 Such interest shall be payable on February 1, 1958, and semiannually thereafter on August 1, and February 1 of each year. Principal of and interest on said bonds shall be payable at min office of The American National Bank of St. Paul, in St. Paul, Minnesota, and the Village here- by 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 forms UNITED STATES OF AMERICAN STATE OF MINNESOTA COUNTY OF HOMPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1957, SECOND SERIES NO. $1, 000 j! Resolution No. 34 (continued) April 18, 1957 KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, Hennepin County, Minnesota, acknowledges itself to be indebted and for value receiv- eceived edpromises 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 on which it shall have been duly called for redemptioli, 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 re- demption, at the rate of per cent (__,__r__%) per annum, payable on February 1, 1958, and semia—im- ly thereafter on August 1, and February 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 the Village further promises to pay additional interest on said principal sum at the rate of per cent ( %) k per annum from to , payab a own s , such additional interest being represe�nted`by the separate set o nB coupons hereto appurtenant. Both principal and interest are payable at the main office of ,� , r-, in any coin or currency of the United States�rica which on Me res- pective 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 $1,100,000, 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 Sanitary Sewer Improvements Nos. 4(a) and 4(b) in said Village, and is issued pur- suant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling. This bond is payable primarily from the Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) Fund of the Village of Golden Valley, but the Council is required by law to pay maturing prin- cipal thereof and interest th out of any funds in the treasury 3.f moneys on hand in said spec al fund are insufficient therefor. Bonds of this issue numbered 1 through 660 (maturing in the years 1960 through 1971) are payable on their respective stated maturity dates, with- out option of prior payment, but those numbered 661 through 1,100 (maturing in the years 1972 through 1979) are each subject to redemption and pre- payment at the option of the Village on February 1, 1964, and any interest payment date thereafter, in inverse order of their serial numbers, at par and accrued interest 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,`but prior to February 1, 1972, or no premium for any bond redeemed on or after February 1, 1972. The Village will mail notice of call of any of said bonds for redemption, 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 661 through 1,100 who desire to receive such notice may register their names and addresses and the number of such bonds with the Village Clerk. 1 Resolution No. 34 (continued) April 18, 1957 IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preced- ent to and in the issuance of this bond in order to make it a valid and binding general obligation of said Village accoring to its terms have been done, do exist, have happened and have been performed as so required; .that prior to the issuance hereof the Village has covenanted and agreed that it will levy special assessments upon property benefited by said improvements within the Village, which special assessments are collect- ible in the years and is aggregate amounts not less than 5% in excess of sums sufficient to pay and for the purpose of paying the principal of and interest on the bonds of this issue as such principal and interest res- pectively become due, and have been irrevocably pledged and appropriated to said Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) Fund, and general ad valorem taxes, if needed for said purpose, may be levied upon all taxable property within 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 consitutional 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 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 May 1, 1957• Mayor Attest106 LF Ok (SEAL) (Form of Coupon) No. On the 1st day of February (August), 19 , the Village of Golden Valley, Hennepin County, Minnesota, will pay tc bearer at the main office of in e sum of DOLLARS lawful money --of e U' ted'SM.. Aeries for teres en due on its Improvement Bond of 1957, Second Series, dated May 1, 1957s No. (Facsimile signature) Village Clerk (Fascimil.e signature) Magor a� 96 rte., Resolution No. 34 continued) April 18, 1957 (Coupons numbered 14 and upwards attached to bonds numbered 661 and up shall also include the phrase "Unless the bond described below is called for earlier redemption".) 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 Clerk, and the corporate seal shall be affixed thereto, and the interest coupons shall be executed and authenticated by the printed, engraved, or litho- graphed 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. 7. The Village Clerk is hereby authorized and directed to file a certi- fied 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 affi- davits, 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 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 Atter(.. V lage Clerk The motion for the acb ption of the foregoing resolution was duly seconded by Member Bies, and upon vote being taken thereon, the following voted in favor thereof: Bies, Nadasdy, and Stark and the following voted aginst the same: None whereupon said resolution was declared duly passed and adopted, signed by the Mayor, and his signature attested by the Clerk. 1