#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
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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
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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
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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,
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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
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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
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