#002 01-06-59 Authorize Improvement Bonds and AssessmentsResolution No. 2 January 6, 1959
Member Flannagan introduced the following resolution and MOVED its
adoption:
"RESOLUTION AUTHORIZING AND PROVIDING FOR THE FORM AND DETAILS
OF $1,000,000 IMPROVEMENT BONDS OF 1958, SIXTH SERIES, AND
APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYMENT THEREOF"
BE IT RESOLVED by the 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 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 proposed 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, includ-
ing all expenses incurred and to be incurred from its inception to its
completion and all fees and expenses in connection therewith, is estimated
to be not less than the amount set opposite the designation of such im-
provement in the following tabulation:
Date Date Con- Estimated
Name of Improvement Imp,.Orde`� d tract Awarded Cost
Lateral Sewer Im- various dates, May 13, 1958
provement No. 58 -LF, March 111 1958 to and October 7, $832,000*
Nos. I through 32 August 5, 1958 1958
Storm Ponding No. July 1, 1958 (No contract;
58 -SP -1 land acq.) 5,000
Kewanee Way Watermain June 17, 1958 August 19, 1958 12,300
Parkview Terrace Water- July 1, 1958 August 19, 1958 341250
main No. 58-41M-2
Spring Green So. Storm April 15, 1958 Sept. 2, 1958 50000
Sewer No. 58 -SS -1
Mary Hills Curb and October 15, 1957 Sept. 2, 1958 18,:300
Gutter
Sunset Ridge Curb and August 5, 1958
Gutter
Green Valley Road Curb August 5, 1958
and Gutter Nos. 58 -CG -1,2,
and 5
Resolution No. 2. (Continued)
January
6, 1959
Date
Date Con-
Estimated
Name of Improvement Imp. Ordered
tract Awarded
Cost
Mary Hills Bit. Surf. October 15, 1957
Day Labor
5,200
No. 58 -BS -1
Major Avenue Bit. Surf. August 5, 1958
Day Labor
1,900
No. 58 -BS -2
Unity Avenue Bit. Surf. August 5, 1958
Day Labor
3,100
No. 58 -BS -3
Hope Chest Addn. Bit. August 5, 1958
Day Labor
61750
Surf. No. 58 -BS -4
Westbrook Addn. Bit. August 5, 1958
Day Labor
211000
Surf. No. 58 -BS -5
Triton Drive, etc., August 5, 1958
Day Labor
6,500
Bit. Surf. No. 58 -BS -7
Green Valley Road Bit. August 5, 1958
Day Labor
1,800
Surf. No. 58 -BS -8
Ottawa Avenue No. Bit. August 5, 1.958
Day Labor
3,100
Surf. No. 58 -BS -11
Road from Westwood Drive September 2, 1958
Day Labor
900
Grading and Graveling
No. 58-0G-9 Curb and
Gutter No. 58 -CG -9
2,200
Xenia Avenue (So. of December 4, 1957
Day Labor
1,200
Laurel), Grading and
Gravelling No. 58 -GG -4
Douglas Drive Imp.
392500
TOTAL
$1,0009000
* Exclusive of $500,000 heretofore borrowed
by the issuance of
$500,000
Improvement Bonds of 1958, Fourth Series
that it is necessary and expedient for the
Village to borrow at
this time the
sum of $1,000,000, for the purpose of paying
all of the expenses
incurred and
to be incurred in connection with the above-mentioned
improvements,
by the
issuance of general obligation improvement
bonds in accordance
with the pro-
visions of Minnesota Statutes 1957, Section
429.091, Subdivision
4; that such
bonds have heretofore been duly sold to Juran
and Moody, Inc.,
of St. Paul,
Minnesota, and associates, and shall forthwith
be issued and delivered
to
Resolution No. 2 (Continued) January 6, 1959
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 ordinance is by reference incorp-
orated 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.
2. A separate fund is hereby created and shall be maintained for each
of the improvements financed by this issue, to be known and designated as
the "Improvement No. Fund," the number of each improvement as given
above to be inserted in the name of each respective fund. The proceeds
of sale of the improvement bonds herein authorized shall be credited to
each of said funds in the amount of the estimated cost of the improvement
to which such fund pertains. 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 di-
rected by further resolutions of the Council.
3. It is hereby determined that not less than ONE MILLION DOLLARS
($1,000,000) 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 re-
solutions 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 assessment be at any time held invalid with
respect to any lot or tract of land, due to any error, defect or irregu-
larity in any action or proceeding taken or to be taken by the Village or
by this Council or by 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 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. The assessments to be levied in respect of
lateral sewers and watermains (Nos. 58-L.F. and Nos. 58-WM-1 and 2) shall
be payable in 20 equal, consecutive, annual installments; and the assess-
ments to be levied in respect of the remainder of said improvements shall
be payable in 10 equal, consecutive, annual installments; the first install-
ment of all said assessments, shall be certified to the County Auditor for
collection with general taxes for the year 1959, and the remaining install-
ments of said assessments shall be certified for collection with the gen-
eral taxes for each subsequent consecutive year until the assessment is
paid.
Resolution'No. 2 (Continued) January 6, 1959
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 assess-
ment 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 there-
on. Each and all of the provisions of said Ordinance No. 28 of the Village
and of this resolution shall consititute covenants for the security of the
holders from time to time of said bonds. It is estimated that the collect-
ions of said special -assessments agreed to be levied in paragraph 3 above
will produce sums not less than 5% 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 antici-
pation of the collection of said special assessments, the Village shall
forthwith issue its negotiable coupon general obligation Improvement Bonds
of 1958, Sixth Series, in the principal amount of $1,000,000. Said bonds
shall be dated as of November 1, 1958, shall be 100 in number, numbered
from 1 to 100, inclusive, each in the denomination of $1000, shall be
payable to bearer, and shall mature in order of series numbers, on February
1, in the years and amounts set forth below, the bonds of the various mat-
urities to bear interest at the rate per annum set forth opposite such
respective maturites, as follows.-
Interest
ollows:Interest Interest
Year Amount Rate Year Amount Rate
1961 $60,000 3.50% 1971 $45,000 3.90%
1962 60,000 3.50% 1972 45,000 3.90%
1963 601,000 3.50% 1973 45,000 3.90
1964 600000 3.50 1974 45,000 3.90
1965 55,000 3.50% 1975 451,000 3.90
1966 550000 3.50010 1976 459000 3.90%
1967 55,000 3.50% 1977 40,000 3.90%,
1968 55,000 3.50% 1978 40,000 3.90%
1969 55,000 3.50% 1979 40,000 3.90%
1970 55,000 3.90% 1980 40,000 3.90%
In addition, all bonds shall bear interest at the rate of 9/10 of 1% per annum
from February 1, 1959, to February 1, 1960, such additional interest to be
represented by a separate set of "B" coupons appurtenant to each bond. All
interest shall be payable on August 1, 1959, and semiannually thereafter on
each February 1 and August 1. Bonds of said issue bearing serial numbers 1
to 795, inclusive, shall be payable on their respective stated maturity dates,
without option of prior payment. Bonds bearing serial numbers 796 to 1000,
inclusive, which have stated maturity dates in the years 1976 to 1980, incl-
usive, shall each be subject to redemption and prepayment in inverse order
of serial numbers, at the option of the Village, on February 1, 1970, and
any interest payment date thereafter, at par and accured 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 said date.
Resolution No. 2 (Continued) January 6, 1959
All such redemptions shall be made on notice of call mailed not less than
thirty days prior to the date specified for redemption to the holder, if
known, and to the bank at which principal and interest on said bonds are
then payable. The Village Clerk and his successors in office are hereby
authorized and directed to maintain a register for the purpose of record-
ing the names and addresses of holders of redeemable bonds, and the serial
numbers of bonds held by them, insofar as such information is made avail-
able to said Clerk and his successors in office. The principal of and
interest on said bonds shall be payable at the main office of the North-
western 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
STATE OF MINNESC9A
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
1
IMPROVEMENT BOND OF 1958, SIXTH SERIES
No. $1,000 ,
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley,
a duly organized 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 February, 19 �, or, if this bond is redeemable 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 be paid, or until this bonds if redeemable, has
been duly called for redemption, at the rate of
per cent (+ o) per annum, plus additional interest from February 1,
1959, to February 1, 1960, at the rate of nine -tenths of one per cent
(9/10 of 1%) per annum, all interest being payable August 1, 1959, and
semiannually thereafter on February 1 and August 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,
the additional interest hereinbefore mentioned being represented by a
separate set of "B" coupons. 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 such principal and interest as the
same respectively become due the full faith, credit and taxing powers of
the Village are hereby irrevocably pledged.
Resolution No. 2 (Continued) January 6, 1959
This bond is one of a series in the aggregate principal amount of $1,000,000,
all of like date and tenor except as to serial number, maturity, redemption
privilege 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 Constitu-
tion and laws of the State of Minnesota thereunto enabling, and pursuant to
resolutions duly adopted by the Village Council. This bond is payable
primarily from the Improvement Bond Redemption Fund of the Village, 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 assess-
ments collected are at any time insufficient to meet the payment of maturing
principal and interest.
Bonds of this series bearing serial numbers 1 through 795 are payable on
their respective stated maturity dates, without option of prior payment.
Bonds of this series bearing serial numbers 796 through 1000, maturing in
1976 and later years, are each subject to redemption and prepayment, at the
option of the Village, in inverse order of serial numbers, on February 1,
1970, and any subsequent interest payment date, 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 redemp-
tions will be made on notice of call for redemption mailed not less than
30 days prior to the date specified for redemption to the holder, if known,
and to the bank at which principal and interest are then payable. Any
holder of redeemable bonds desiring to receive such notice must register his
name and address and the serial numbers of redeemable bonds held by him in
the office of 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 preliminary
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 the esti-
mated collections of said special assessments will be in the years and
amounts sufficient to produce sums not less than five per cent (5%) in
excess of the amounts required for payment when due of the principal and
interest on all bonds of this series; that general ad valorem taxes, if
needed for the payment of such principal and in erest, may be levied upon
all taxable property in the Village without limitations 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, countersigned by its Village Clerk, and sealed
with its official seal, and the interest coupons appurtenant hereto to be
Resolution No. 2 (Continued) January 6, 1959
executed and authenticated by the facsimile signatures of said officers,
and has caused this bond to be dated as of November 1, 1958.
/s/ Carl J. Nadasdy
Mayor
Countersigned:/s/ Romer K. Ulstad
Village Clerk
(Form of Coupon)
No. $
On the 1st day of August (February), 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, Sixth Series, dated November 1, 1958,
No.
(Facsimile Signature)
Mayor
(Facsimile Signature)
Village Clerk
(Coupons numbered 25 and up attached to bonds numbered
796 and up shall state: "Unless the bond described below
is called for earlier redemption.")
7. Said bonds shall be forthwith prepared for execution under the
direction of the Village Clerk, and shall then be executed by the signa-
ture 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
Resolution No. 2 (Continued) January 6, 1959
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 purchaser
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, certifi-
cates, 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.
Attest:
Vi.L ge C1 and Administrator
The motion for adoption of the foregoing resolution was duly seconded by
Member Teresi, 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 and was
signed by the Mayor and attested by the Village Clerk.
1