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#121 02-04-58 Authorize Bonds Second SeriesResolution No. 121 February 4, 1958 Member Teresi introduced the following resolution and r,DVED its adoption: RESOLUTION AUTHORIZING AND PROVIDING FOR THE FORM AND DETA ILS.OF $73,000 IMPROVEMENT BONDS OF 1958, SECOND SERIES, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYPENT THEREOF BE IT RESOLVED by the Council of the Village of Golden Valley, I,1inne- sota, as follows: 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 determined, after public hearing as required by law, the necessity of the construction of each of the improvements described below and the area pro- posed to be assessed therefor, and has ordered, received and approved plans and specifications and entered into contracts therefor after due advertisement for bids; that the total benefits resulting from each of said improvements to the lots and tracts of land subject to assessment therefor and to the Village at large will be not less than the total cost of such improvement; that the total cost of each of said improvements, including all expenses incurred and to be incurred from its inception to its completion and all fees and expenses in con- nection therewith, is estimated to be not less than the amount set opposite the designation of such improvement in the following tabulation: Date Date Contract Estimated Name of Improvement Imp. Ordered Awarded Cost Western Avenue Storm July 16, 1957 August 9, 1957 $5,000.00 Drainage 'Fund 21e) Douglas Drive -St. Croix August 6, 1957 October 1, 1957 34,000.00 Honeywell Drainage (Fund 21c) ThotlandIs Twin View July,23, 1957 August 9, 1957 16,000.00 Terrace -Curb and Gutter and Bituminous Surfacing (Fund 27h) Toledo Avenue Bituminous July 23, 1957 August 9, 1957 18,000.00 Surfacing (Fund 21i)73,000.00 that it is necessary and expedient for the Village to borrow at this time the sum of $73,000.00, for the purpose of paying all of the expenses incurred and to be incurred in connection with the above-mentioned improvements, by the iss- uance of general obligation improvement bonds in accordance with the provisions of ilinnesota Statutes 1953, Section 429.091, Subdivision 4; that such bonds have heretofore been duly sold to Juran and Moody, Inc., of St. Paul, Mdnnesota, and associates, and shall forthwith be issued and delivered to said purchaser; that said bonds shall be payable from the Improvement Bond Redemption Fund created by Current Ordinance No. 28 of the Village, adopted on January 21, 1958, which ord- inance is by reference incorporated herein and made a part hereof; and 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 preliminary to the issuance and sale of said bonds have been done, do exist, have happened and have been performed in due form, time and manner as so required. 4, d Resolution No. 121 (continued) February 4, 1958 2. A separate fund is hereby created and shall be maintained for each of the improvements financed by this issue which funds shall be desig- nated by the names of the improvements to which they respectively pertain. The proceeds of sale of the improvement bonds herein authorized shall be credited to said funds in the following amounts: To Improvement Fund No. 21(e) Western Avenue Storm Drainage To Improvement Fund No. 21(c) Douglas Drive, etc., Drainage To Improvement Fund No. 21(h) Thotland's Twin View Terrace To Improvement Fund No. 21(i) Toledo Avenue Bit. Surfacing - $ 51000.00 - 3.,000.00 - 16,000.00 - 18,000.00 73,000.00 To said improvement funds there shall also be credited the proceeds of sale of additional improvement bonds which may hereafter be authorized for the purpose of paying the expenses of making said improvements, and such available moneys of the Village which may hereafter be appropriated thereto by the Council, all as may be directed by further resolutions of the Council. 3. It is hereby determined that not less than SEVENTY-THREE THOUSAND AND N0/100 DOLLARS ($73,000.00) of the costs of said improvements shall be paid by the levy of special assessments upon all assessable lots and tracts of land Lying within the assessable areas heretofore specified in the respective reso- lutions ordering said improvements, based upon the special benefits received by each such lot and tract. 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. In the event that any such assess- ment be at any time held invalid with respect to any lot or tract of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the Village or by this Council or by 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 hereby covenants and agrees that it will forthwith do all such further acts and take all such further proceedings as shall be required by law to make such assessment a valid and binding lien upon said property. Said assessments shall be payable in 10 equal, consecutive, ann- ual installments, the first of which shall be certified to the County Auditor for collection with general taxes for the year 1958, and the remaining install- ments of said assessments shall be certified for collection with the general taxes for each subsequent consecutive year until the assessment is paid. To the first installment shall be added interest at the rate of 6% per annum on the entire assessment from the date of the resolution levying the assessment until December 31 of the year in which the first installment is payable. To each subsequent installment shall be added interest at 6% per annum for one year on all unpaid installments. 4. The full faith and credit of the Village shall be and is hereby pledged to the prompt and full payment of said bonds and the interest thereon. Resolution No. 121 (continued) February 4, 1958 Each and all of the provisions of said 'Ordinance No. 28 of the Village and of this resolution shall constitute covenants for the security of the holders from time to time of said bonds. It is estimated that the collections of said special assess- ments agreed to be levied in paragraph 3 above will produce sums not less than I in excess of the amounts needed to pay said principal and interest when due, in accordance with the provisions of Minnesota Statutes, Section 475.61. 5. For the purpose of paying costs of said improvements and in anti- cipation of the collection of said special assessments, the Village shall forth- with issue its negotiable coupon general obligation Improvement Bonds of 1958• Second Series, in the principal amount of $73,000.00. Said bonds shall be dated as of January 1, 1958, shall be 73 in number and numbered from 1 to 73, inclusive, each in the denomination of $1,000, shall be payable to bearer, and shall mature in order of serial numbers, on January 1, in the years and amounts set forth be- low, without option of prior payment, the bonds of the various maturities to bear interest at the rate per annum set forth opposite such respective maturities, as follows: Interest Interest Year Amount Rate Year Amount Rate 1960 $10,000 3.60% 1965 $7,000 3.60% 1961 7,000 3.60% 1966 7,000 3.60% 1962 7,000 3.60; 1967 7,000 3.25% 1963 7,000 3.60% 1968 7,000 3.25% 1964 7,000 3.6o% 1969 7,000 3.25% Interest shall be payable on July 1, 1958, and semiannually thereafter on Janu- ary 1 and July 1 of each year. The principal of and interest on said bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, and the Village hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disbursement thereof. 6. Said improvement bonds shall be in substantially the following form: UNITED STATES OF AMERICA.. S'T'ATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1958, SECOND SERIES No. --- $1,000 KNO%T ALL MEN BY THESE PRESENTS that the Village of Golden Valley a duly orgainized and existing municipal corporation of the County of Hennepin, State of Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the 1st day of January, 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 per cent ( �) per annum, payable July 1, 1958, and semiannually thereafter on January 1 and July 1 of each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the -'interest Resolution No. 121 (continued) February �i., 1958 coupons appurtenant hereto. Both principal and interest are payable at the main office of — ._... , in __ , in ary coin or currency of the United States of Americ� ch 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 a series in the aggregate principal amount of $73,000, all of like date and tender except as to serial number, maturity, and interest rate, all issued for the purpose of defraying expenses incurred and to be incurred in constructing necessary improvements in said Village, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, and pursuant to resolutions duly adopted by the Vill- age Council. This bond is payable primarily from the 1958 Second Series Bond Sink - in g'Gund, to which fund the Council has appropriated special assessments to be levied for the payment of the cost of said improvements, but the Village Council is required to pay the same out of any fund of the Village in the event that the assessments collected are at any time insufficient to meet the payment of maturing principal and interest. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minn- esota 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 ob- ligation of said Village according to its terms have been done, do exist, have happened and have been performed as so required; that the estimated collections of said special assessments will be in the years and amounts sufficient to pro- duce sums not less than five per cent (5%) in excess of the amounts required for payment when due cf the principal and interest on all bonds of this series; that general ad valorem taxes, if needed for the payment of such principal and interest, may 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 statutory limitation. IN WITNESS HJT EREOF 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, countersigned by its Village Clerk and sealed with its official seal, and 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. Countersigned: 1 77: Resolution No. 121 (continued) February 4, 1958 (Form of Coupon) No. On the lst day of July (January), 19 , the Village of Golden Valley, Hennepin County, Minnesota, will pay to bearer at the main office of in , the sum of DOLLARS lawful money of the United tates of America for interest then due on its Improvement Bond of 1958, Second Series, dated January 1, 1958,• No. (Facsimile signature) Mayor (Facsimile signature) Village Clerk 7. Said bonds shall be forthwith prepared for execution under the direction of the Village Clerk, and shall then be executed by the signature of the Mayor, countersigned by the Village Clerk and sealed with the corporate seal of the Village, and the appurtenant interest coupons shall be executed and authenticated by the printed, lithographed or engraved facsimile signatures of said Mayor and Clerk. When so executed, the bonds 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 obligated to see to the application of the purchase price. 8. The Village Clerk is hereby authorized and directed to transmit a certified copy of this resolution to the County Auditor of Hennepin County for certification that the bonds herein authorized have been duly registered. 9. The officers of the Village and the County Auditor of Hennepin County are hereby authorized and directed to prepare and furnish to the pur- chaser of said bonds and to the attorneys approving the legality of the issuance thereof certified copies of all proceedings relating to said bonds and to the financial affairs of the Village, and such other affidavits, certi- ficates 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 custndy and control or as otherwise known to the3m, 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. E ATTEST: X Village Clerk The motion for the adoption of the foregoing resolution was duly seconded by Member Flannagan, and upon vote being taken thereon, the following voted in favor thereof: Bies, Flannagan, Nadasdy, Scherer and Teresi; and the following voted against the same: None; whereupon said resolution was declared duly passed and adopted, signed by the Mayor and -'his signature attested by the Village Clerk.