#174 06-24-58 Issue Improvement Bonds Fifth Series09d
Resolution No. 174
June 24, 1958
Member Flannagan introduced the following resolution and MOVED
its adoption:
RESOLUTION DIRECTING ISSUANCE OF $33,000 IMPROVEMENT BONDS
OF 1958, FIFTH 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 $293,490.00, the total cost
of Lateral Sanitary Sewer Improvement No. 4(c) of the Village will actually
be approximately equal to and not less than $326,490.00, 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 substantially in excess of the total cost thereof;
that from the funds received from the sale of $335,000 Improvement Bonds
of 1957, Third Series, of the Village there was paid into the Lateral
Sanitary Sewer Improvement No. 4(c) Fund, created for the payment of costs
of making said improvement, the sum of $293,490.00, and that it is necessary
that the sum of $33,000 be borrowed at this time in addition to said
$293,490.00 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 $33,000 of bonds to pay the costs of said improve-
ment having been expressly reserved in the resolution authorizing issuance
of said Improvement Bonds of 1957, Third Series, adopted on July 9, 1957.
2. The special fund designated as the 1111957 Third Series Bond Sinking
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 improve-
ment bonds herein authorized, less any accrued interest and premium received
thereon, and less the sum of $ 2,000.00 , representing interest
accruing during the periof of construction on all bonds heretofore and herein
authorized for said improvement, shall be credited to the Lateral Sanitary
Sewer Improvement No. 4(c) Fund and expended in the manner prescribed by said
resolution dated July 9, 1957. There shall be credited to the 1957 Third
Series Bond Sinking Fund said sum of $ 2,000.00, representing interest
during construction, all collections of the special assessments and general
ad valorem taxes heretofore, herin 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 Statures, 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
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Resolution No. 174 (continued) June 24, 1958
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 improvement financed by bonds which are payable from
said fiund 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 amount of not less than
Thirty -Three Thousand and no -100 Dollars ($33,000.00) of special
assessments shall be levied on account of said improvement over
and above all amounts heretofore agreed to be levied in said resol-
ution of July 9, 1957, on account of the improvements financed by
said Improvement Bonds of 1957, Third Series. It is hereby found that
the amount of all assessments herein and heretofore determined to be
levied for said improvement will not exceed the total benefits to be
conferred thereby 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 amounts not less than the
amounts herein and heretofore covenanted and agreed. The Village
hereby covenants and agrees that in the event that any such assess-
ments be at any time held invalid 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 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 assessments a valid
and binding lien upon such property. Said assessments shall be payable
in 20 equal, consecutive, annual installments, the first of said install-
ments, 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 installment is payable.
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Resolution No. 174 (continued) June 24, 1958
4. It is hereby estimated that the collection of the special assess-
ments herein and heretofore agreed to be levied and appropriated to the
1957 Third Series Bond Sinking Fund, together with the amounts of capitalized
interest herein and heretofore appropriated to the payment of bonds payable
from said fund, will provide sums not less than 5% in excess of the amounts
needed to meet when due the principal and interest payments on 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 Improvement No. 4(c),
the Village shall forthwith issue and deliver to the purchaser thereof its
negotiable coupon general obligation Improvement Bonds of 1958, Fifth Series,
dated May 1, 1958. Said bonds shall be in the principal amount of $33,000,
shall be 33 in number and numbered from 1 to 330 inclusive, each in the
denomination of $1,000, and shall mature serially on February 1, in the years
and amounts as follows:
Year
Amount
Year
Amount
Year
Amount
1960
$19000
1967
$29000
1974
$21,000
1961
29000
1968
29000
1975
1,000
1962
2,000
1969
1,000
1976
2,000
1963
1,000
1970
21000
1977
2,000
1964
2,000
1971
2,000
1978
1,000
1965
21,000
1972
1,000
1979
2,000
1966
1,000
1973
2,000
Bonds numbered 1 through 26 shall be without option of prior payment, but
those numbered 27 through 33, 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
1960-65
1966-69
1970-73
1974-79
Interest Rate
3..50%
3.60%
3.70%
3.80%
All bonds shall bear interest, represented by separate 'B" coupons
400
.t
Resolution No. 174 (continued) June 24, 1958
from February 1, 1959, to February 1, 1960, at the rate of
1% per annum, payable on August 1, 1959, and February 1, 1960.
All other interest shall be payable on February 1, 1959, and semiannually
thereafter on August 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
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 19581) FIFTH 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
DOLIARS 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 , 19 ,
at the rate of per cent ( %)
per annum, payable on , 19 , 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
dater 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
$33,000, all of like date and tenor except as to serial number, interest
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Resolution No. 174 (continued) June 24, 1958
rate, maturity and redemption privilege, issued for the purpose of defraying
a portion of the expenses incurred and to be incurred in construction of
Lateral Sanitary Sewer Improvement No. 4(c) 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 1957 Third Series Bond Sinking 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 funds in the treasury if moneys on hand in said
special fund are insufficient therefor.
Bonds of this series numbered 1 through 26 (maturing in the years
1960 through 1975) are payable on their respective stated maturity dates,
without option of prior payment, but those numbered 27 through 33 (maturing
in the years 1976 through 1979) are each subject to redemption 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 27 through 33 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 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 covenanted and agreed to
levy special assessments upon property benefited by said improvement and
certain other improvements 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 1957 Third Series Bond Sinking Fund, as such
principal and interest respectively become due, and have beenirrevocably
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 officers,
and has caused this bond to be dated a`. of May , 1958.
i P \
Attest:-'� M yo
age Clerk
402
Resolution No. 174 (continued) June 24, 1958
(Form of Coupon)
No. $
On the 1st day of February (August), 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 States of America for interest then due on
its Improvement Bond of 1958, Fifth Series, dated May 1, 1958, No. _
(facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
(Coupons numbered 24 and upwards, attached to bonds numbered
27 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 said Mayor and Village Clerk. When said bonds
have been so executed and authenticated they shall be delivered by
the Treasurer to Northwestern National Bank , of Minneapolis
Minnesota, as 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. It is hereby
found and determined that the offer of said purchaser to buy said bonds
upon the terms stated in this resolution is fair and reasonable, and
the Mayor and Clerk are hereby authorized and directed to execute a
contract of sale of said bonds with said purchaser on said terms.
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 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
The motion for theadoption of the foregoing resolution was duly seconded
by Member Bies, 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. Clerk.
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Resolution No. 174 (continued)
June 24, 1958
-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.
Mkyor
Attests
V 11age Clerk
The motion for theadoption of the foregoing resolution was duly seconded
by Member Bies, 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. Clerk.
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