Loading...
#172 06-24-58 Issue Improvement Bonds Third Series3 Resolution No. 172 June 24, 1958 Member Bies introduced the following resolution and MOVED its adoption: RESOLUTION DIRECTING ISSUANCE OF $410,000 IMPROVEMENT BONDS OF 1958, THIRD SERIES 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 estimated to be approximately equal to and not less than $1,265,000.00, the total cost of Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) of the Village will actually be approximately equal to and not less than $1,510,000.00 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 in substantially in excess of the total cost thereof; that only $1,100,000 of the cost of said improvement has heretofore been financed by the Village, by the issuance of $1,100,000 Improvement Bonds of 1957, Second Series; and that it is necessary that the sum of $410,000 be borrowed at this time in addition to said $1,100,000.00 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 $410,000 of bonds to pay the costs of said improvement having been expressly reserved in the resolution authorizing issuance of said Improvement Bonds of 1957, Second Series, adopted on April 18, 1957. 2. The special fund designated as the "Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) Fund" created by said 1957 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 1957 resolution, except as herein otherwise provided. The proceeds of sale of the improvement bonds herein authorized, less any accrued interest and premium received thereon, and less the sum of $30,000.00 , representing interest accruing during the period of construction on all bonds heretofore and herein authorized for said improvement, shall be credited to the Construction Account in said fund, and expended in the manner prescribed by said resolution dated April 18, 1957. There shall be credited to the Sinking Fund Account in said fund said sum of $30,000.00 representing interest during construction, all collections of the special assessments and general ad valorem taxes heretofore, herein or hereafter levied or agreed to be levied for the improvements financed by the issuance of bonds made payable from said fund, all collections 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 interest on the bonds primarily payable therefrom, as such payments become due; provided, that in the event that the cost of any 084 Resolution No. 172 (continued) June 24, 1958 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 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 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 required by Minnesota Statutes, Section 429.091 (2). 3. It is hereby determined that the sum of not less than One Million Five Hundred Ten Thousand and No/100 Dollars ($1,510,000.00) 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. 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 an error, defect or irregular— ity 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 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 pro— ceedings as may be required by law to make such assessments a valid and binding lien upon such property. Said assessments shall be payable in 20 equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the year 1958, 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 install— ment is payable. 4. It is hereby estimated that the collections of the special assessments herein agreed to be levied, together with the amounts of capitalized interest herein and heretofore appropriated to the payment of bonds payable from the Lateral Sanitary Sewer Improvements -Nos. 4(a) and 4(b) Fund, will provide sums not less than 5% in excess of the amounts needed to meet when due the principal and interest payments on 1 1 1 t7L? Resolution No. 172 (continued) June 24, 1958 all obligations which are payable from said fund. 5. For the purpose of borrowing money to pay a portion of 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 1958, Third Series, dated May 1, 1958. Said bonds shall be in the principal amount of $410,000, shall be 410 in number and numbered from 1 to 410, inclusive, each in the denomination of $1,000, and shall mature serially on February 1 in the amount of $20,000 in each of the years 1960 through 1977, and $25,000 in each of the years 1978 and 1979. Bonds numbered 1 through 320 shall be without option of prior payment, but those numbered 321 through 410, which mature in the years 1976 through 1979, shall each be subject to redemption by the Village on February 1, 1970, 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 February 1, 1976, or no premium for any bond redeemed on or after February 1, 1976. 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 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 �r r 1960 - 65 1966 - 69 1970 - 73 1974 - 79 Interest Rate 3.50% 3.60% 3.70% 3.80% All bondsshall bear additional interest, represented by separate "B" coupons, from February 1, 1959, to February 1, 1960, at the rate of 176 per annum, payable on August 1, 1959, and February 1, 1960. Such interest shall be payable on February 1, 1959, and semiannually there- after on Augsut 1 and February 1, of each year. 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 such paying agent for the receipt and disbursement thereof. form: 6. Said Improvement Bonds shall be in substantially the following QQ (� ®TUU Resolution No. 172 (continued) June 24, 1958 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1958, THIRD SERIES No. $1,000 KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, Hennepin County, Minnesota, acknowledges itself to be indebted and for value received promises 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 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 per cent ( %) per annum, payable on February 1, 1959, and semiannually 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 from , 19 , to —9 19�, at the rate of per cent (� 7.) per annum, payable on August 1, 1959, and February 1, 1960, said additional interest being represented by the separate "B" coupons hereto appurtenant. 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 the respective 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 a series in the aggregate principal amount of $410,000, 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 Lateral Sanitary Sewer Improvements Nos.4(a) and 4(b) in said Village, 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 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 principal thereof and interest thereon out of any fundsin the treasury if moneys on hand in said special fund are insufficient therefor. Bonds of this series numbered 1 through 320 (maturing in the years 1960 through -1975) are payable on their respective stated maturity dates, without option of prior payment, but those numbered 321 through 410 (maturing in the years 1976 through 1979) are each subject to redemption Resolution No. 172 (continued) June 24, 1958 and prepayment at the option of the Village on February 1, 1970, 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 February 1, 1976, or no premium for any bond redeemed on or after February 1, 1976. 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 321 through 410 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, 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 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 itsterms have been done, do exist, have happened and have been performed as so required; that prior to the issuance hereof the Village has validly covenanted and agreed to levy special assessments upon property benefited by said improvement within the Village, which special assessments 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 series and on all other bonds made primarily payable from said Lateral Sanitary Sewer Improvements Nos. 4(a) and 4(b) Fund, as such principal and interest respectively become due, and have been irrevocably pledged and appropriated to said 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 officer and has caused this bond to be dated as of May 1, 1958. ayor Attestve ii ge Clerk r (Form of Coupon) No. $ On the 1st day of February (August), 19 , the Village of Golden Valley, 000 Resolution No. 172 (continued) June 24, 1958 Hennepin County, Minnesota, will pay to bearer at the main office of , in , the sum of DOLLARS lawful money of the United States of America for interest then due on its Improvement Bond of 1958, Third Series, dated May 1, 1958, No.�r. (Facsimile signature) Mayor (Fascimile Signature) Village Clerk (Coupons numbered 24 and upwards attached to bonds numbered 321 and upwards shall also include the phrase "Unless the bond described below is called for earlier redemption".) 7. Said 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, engraved or lithographed facsimile signatures of siad 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. 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 hereby authorized and directed to prepare and furnish to the purchaser of slid 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 deemed representations of the Village as to the facts recited therein. ayor Attest age Clerk 1 1 7 U Resolution No. 172 (continued) The motion for the adoption of the foregoing by Member Flannagan, and upon vote being take voted in favor thereof: Bies, Flannaga, Nada and the following voted against the same: No was declared duly passed and adopted, signed attested by the Clerk. June 24, 1958 resolution was n thereon, the sdy, Scherer, a ne; whereupon by the Mayor an duly- seconded following nd Teresi; said resolution d his signature 389