#120 02-04-58 Issue Improvement Bondsx
Resolution No. 120 February 4, 1958
Member Teresi then introduced the following resolution and MOVED its adoptions
"RESOLUTION DIRECTING ISSUANCE
OF $62,000 IMPROVEMENT BONDS
OF 1958, FIRST SERFS
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 hereby find, determine and declare that although heretofore estimatdd to
be approximately equal to and not less than $1,51,448.72, the total cost of
Trunk Sewer Improvement No. 3 of the Village will actually be approximately
equal to and not less than $1,513,448.72, according to present estimates, in-
cluding all items of cost from the inception to the completion thereof, and
all fees and expenses incurred in connection therewith; that the total bene-
fits 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 in 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 1,
1956, of the Village and $?75,000 Improvement Bonds of 1957, First Series, 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 $1,451,448.72, and
that it is necessary that the sum of $62,000 be borrowed at this time in add-
ition to said $1,451,448-72 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 429, as hereinafter provided,
the right to issue such additional $62,000 of bonds to pay the costs of said
improvement having been expressly reserved in the resolution authorizing issu-
ance of said Improvement Bonds, Series of August 1, 1956, adopted on October
of 1957, First :Series, adopted on March 5, 1957.
2. The special fund designated as the "Series of August 1, 1956, Im-
provement Bond Funds' created by said 1956 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 1956 resolution,
except as herein otherwise provided. The proceeds of sale of the improvment
bonds herein authorized, less any accrued interest and premium received thereon,
shall be credited to the Trunk Sewer Improvement No. 3 Fund and expended in the
manner prescribed by said resolution dated October 123 1956, Improvement Bond
Fund all colle6tions of the special assessments and general ad valorem taxes
heretofore, herein or hereafter levied or agreed to be levied for the improve-
ments financed by the issuance of bonds made payable from said fund, all coll-
ections of 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
fund shall be held and used only for the payment of the principal of and inter-
est on the bonds primarily payable therefrom, as such payments become due;
.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
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Resolution No. 120 (continued) February 4, 1958
improvement 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 the Village shall
be and are hereby pledged to pay the bonds herein authorized, and the prin-
cipal 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 obli-
gation to levy each year ad valorem taxes sufficient in amount to take care
of accumulated or anticipated deficiencies in said fund, as required by
Minnesota Statutes, Section 429.091 (2).
3. It is hereby found, determined and declared that the sum of not
less than one million foul^ hundred fiftyone_ thousdhd four: hundred .forty
eight dollars.aad.seventy.two cents ($1,451,4.8.72) of special assessments
have heretofore been levied on account of said improvement, by resolution
of the Village Council adopted on October 1, 1957, which special assess-
ments do not exceed the total benefits to be conferred by said Trunk Sewer
-Improvement No. 3 upon all of the properties so assessed. It is hereby es-
timated that the collection of said special assessments and all other special
assessments heretofore appropriated to the Series of August 1, 1956, Improve-
ment Bond Fund will provide sums not less than 510 in excess of the amounts
needed to meet when due the principal and interest payments on all obligat-
ions which are payable from said fund. The Village hereby covenants and
agrees that in the event that any such assessments be at any time held in-
valid 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 Village's officers or employees,
either in the making of such assessment or in the performance of any condi-
tion 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 assessments a valid and
binding lien upon such property.
4. For the purpose of borrowning money to pay a portion of the costs
to the Village of constructing Trunk Sewer ImprovemebtNo. 3, the Village shall
forthwith issue and deliver to the purchaser thereof its negotiable coupon
general obligation Improvement Bonds of 1958, First Series, dated January 1,
1958. Said bonds shall be in the principal amount of $62,000, shall be 62 in
number and numbered from 1 to 62, inclusive, each in the denomination of $1,000,
and shall mature serially on January 1 in the amount of $3,000 in each of the
years 1959 through 1976, and $4,000 in each of the years 1977 and 1978. Bonds
numbered 1 through 30 shall be without option of prior payment, but those num-
bered 31 through 62, which mature in the years 1969 through'1978, shall each
be subject to redemption by the Village on January 1, 1968, and any interest
payment date thereafter, in inverse order of serial numbers, at par and accrued
interest plus a premium of $20 for each bond redeemed prior to January 1, 197.,
or no premium for any bond redeemed on or after January 1, 1974. All redemp-
tions 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 prin-
cipal 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 main-
tain'a register of the names, addresses and bond numbers of holders of redeem-
able bonds, insofar as such information is made available to him, for the
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Resolution No. 120 (continued)
February 4, 1958
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:
MaturitZ Years
1959-1968
1969-1978
Interest Rate
3.50%
3.70%
Such interest shall be payable on July 1, 1958, and semiannually thereafter
on January 1 and July 1 of each year. Principal of and interest on said bonds
shall be payable at the mann office of the Northwestern National Bank of Minn-
eapolis, in Minneapb4s, Minnesota, and the Village hereby agrees to pay the
reasonable and customary charges of such paying agent for the receipt and dis-
bursement thereof.
5. Said improvement bonds shall be in substantially the following formr
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEP'IN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1958, FIRST SERIES
No. $1,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, Henn-
epin County, Minnesota, acknowledges itself to be indebted and for value recei-
ved promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day
of January, 19 , or, if this bond is prepayable as stated below, on a date
prior thereto on which 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 aper cent (—___J) per annum, payable on July 1, 1958,
and s—-nn—MarlyI—thereafter on January 1 and July 1 of each year, interest to
maturity being represented by and payable in accordance with and upon presenta-
tion and surrender of the interest coupons appurtenant hereto. Both principal
and interest are payable at the main office of
in
in any coin or currency of the United States of America which on therespective'
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 $62,000,
all of like date and tenor except as to serial number, interest rate, maturity
and redemption privilege, issued for the purpose of defraying a portion of the
expenses incurred and to be incurred in constructing Trunk Sewer Improvement No.
3 in said Village, and is issued pursuant to andin full conformity with the Con-
stitution 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
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Resolution No. 120 (continued) February 4, 1958
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 30 (maturing in the years
1959 through 1968) are payable on their"respective stated maturity dates, with-
out option of prior payment, but those numbered 31 through 62 (maturing in
the years 1969 through 1978) are each subject to redemption and prepayment at
the option of the Village on January 1, 1968, and any interest payment date
thereafter, in inverse order of their serial numbers, at par and accrued
interest plus a premium of $20 for each bond redeemed prior to January 1, 19740
or no premium for any bond redeemed on or after January 1, 1971. 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 31 through 62 who desire to receive such notice may
register their names and addresses and the numbers of such bonds with the Village
Clerk.
IT M HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions, and things required by the Constitution and laws of the State of
annesota 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 so required; that prior to the
issuance hereof the Village has validly levied special assessments upon pro-
perty benefited by said improvement within the Village, which special assess-
ments are collectible in the years and in 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
respectively become due, and have been irrevocably pledged and appropriated to
said Series of August 1, 1956, Improvement Bond 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 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 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 January 1, 1958•
ATTEST:/_ �✓
_4�yz
Village Clerk
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Resolution No. 120
No.
(continued)
(Form of Coupon)
February 4, 1958
On the lst day of July (January), 19 , the Village of Golden
Valley, Hennepin County, Minnesota, will pay to dearer at the main office of
9
in
Sum of
lawfulMELMM money of the United tates of America for interest Men due on
its Improvement Bond of 1958, First Series, dated January 1, 1958, No.
(Facsimile signature)
Village Clerk
(Coupons numbered 21 and
phrase "Unless the bond
earlier redemption".)
(Facsimile signature)
Mayor
upwards shall also include the
described below is called for
6. Sa;.d 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, countersigned by the Village Clerk, and the corporate seal shall be
affixed thereto, and the interest coupons shall be executed and authenticated
by the printed, engrafted 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
of the purchase price heretofore agreed upon, and said purchaser shall not
be obliged to see to the application of the purchase price.
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. -
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
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 deeted•'representations of the Village as to the facts
recited therein.
ATTEST: /.dy
Tilli-g—e er