#019 04-21-59 Determine Park Bonds Sinking Fund, Levying TaxesResolution No, 19 April 21, 1959
Member Bies introduced the following resolution and MOVED its adoption:
RESOLUTION DETERMINING THE FORM AND DETAILS OF
$247,000 VILIAGE HALL AND PARK BONDS OF THE
VILIAGE, CREATING A SINKING FUND THEREFOR,
AND LEVYING TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Hennepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable coupon general
oblication bonds in the aggregate principal amount of $247,000, all dated
February 1, 1959, for the purpose of providing $150,000 for erecting and
equipping a civic center and $97,000 for park development, improvement and
equipment, said bonds to be 247 in number and numbered 1 through 247, each
in the denomination of $1,000, bonds of said issue maturing in the years and
having serial numbers as stated below to bear interest at the respective
rates per annum set opposite such maturity years and serial numbers, as
follows:
Plus additional interest of
1.20% per annum from 8/1/59
to 2/1/60.
Interest shall be payable August 1, 1959, and semiannually thereafter on
February 1 and August 1 of each year, and said bonds shall mature serially
in order of serial numbers, lowest numbers first, on February 1, in the amount
of $12,000 in 1962, $15,000 in each of the years 1963 through 1975, and
$10,000 in each of the years 1976 through 1979, bonds maturing after February
1, 1974, to be each subject to redemption and prepayment, at the option of
the Village in inverse order of serial numbers, on said date and any interest
payment date thereafter, at par and accrued interest, upon notice of call
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 the bond or bonds so to be redeemed; and the Village Treasurer
is hereby directed to maintain a record of the names, addresses and bond
numbers of holders of redeemable bonds of said issue, so far as such informa-
tion is made available to him,.for the purpose of giving such notice. The
principal of and interest on said bonds shall be payable at the main office
of American National Bank of St. Paul, in St. Paul, Minnesota, and the Village
agrees to pay the reasonable charges of such paying agent.
Maturity Years
Serial
Numbers
Interest Rate
1962/1969
1970/1972
1 -
118
117
162
3.50%
-
3.80%
1973/1975
163
- 207
3.90%
1976/1979
208 -
247
4.00%
Plus additional interest of
1.20% per annum from 8/1/59
to 2/1/60.
Interest shall be payable August 1, 1959, and semiannually thereafter on
February 1 and August 1 of each year, and said bonds shall mature serially
in order of serial numbers, lowest numbers first, on February 1, in the amount
of $12,000 in 1962, $15,000 in each of the years 1963 through 1975, and
$10,000 in each of the years 1976 through 1979, bonds maturing after February
1, 1974, to be each subject to redemption and prepayment, at the option of
the Village in inverse order of serial numbers, on said date and any interest
payment date thereafter, at par and accrued interest, upon notice of call
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 the bond or bonds so to be redeemed; and the Village Treasurer
is hereby directed to maintain a record of the names, addresses and bond
numbers of holders of redeemable bonds of said issue, so far as such informa-
tion is made available to him,.for the purpose of giving such notice. The
principal of and interest on said bonds shall be payable at the main office
of American National Bank of St. Paul, in St. Paul, Minnesota, and the Village
agrees to pay the reasonable charges of such paying agent.
Resolution No. 19 (continued)
April 21, 1959
2. Said bonds and the interest coupons to be thereto attached
shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
VILLAGE HALL AND PARK BOND
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 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 earlier redemption, and to pay interest thereon from the date
hereof until said principal sum be paid, or, if this bond is redeemable,
until it has been duly called for redemption, at the rate of .r..s
per cent (w„%) per annum, payable August 1, 1959, and semiannually
thereafter on the 1st day of February and the 1st day of August of each
year, such interest to maturity being represented by and payable in
accordance with and upon presentation and surrender of the interest
coupons hereto attached (; and the Village also promises to pay additional
interest on said principal sum from , 19—, to
19 at the rate of per cent %) per annum,
payable on such additional interest
being represented by the extra ++B++ coupon(s) 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 such principal and interest as the
same become due, the full faith, credit and taxing powers of the Village
are hereby irrevocably pledged.
This bond is one of an issue of $247,000 aggregate principal amount,
all of like date and tenor except as to maturity, serial number (,interest
rate) and redemption privilege, issued by said Village for the purpose of
providing $150,000 for erecting and equipping a civic center and $97,000
for park development, improvement and equipment, and is issued pursuant
to the requisite majority vote of the electors of the Village voting at
an election duly called and held in and for said Village, and pursuant to
resolutions duly adopted by the Village Council and pursuant to and in
full conformity with the Constitution and laws of the State of Minnesota
thereunto enabling.
Bonds of said issue numbered 1 through 192 are payable on their
respective stated maturity dates, without option of prior payment, but
bonds of said issue numbered 193 through 247, which have stated maturity
it
u
1
11
Resolution No. 19 (continued) April 21, 1959
dates subsequent to February 1, 1974, are each subject to redemption and
prepayment, at the option of the Village, in inverse order of serial
numbers, on said date and any interest payment date thereafter, at par
and accrued interest, upon notice of call mailed not less than thirty (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. Bondholders desiring to receive such notice
must register their names, addresses and bond numbers with the Village
Treasurer.
IT IS HEREBY CERTIFIED AND RECITED 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 have been done, do exist, have happened
and have been performed in regular and due form, time and manner as so
required; that prior to the issuance hereof a direct, annual, irrepealable,
ad valorem tax has been duly levied upon all of the taxable property in
said Village for the years and in amounts at least five per cent (5%) in
excess of sums sufficient to pay the interest hereon and the principal
hereof as they respectively become due, and additional taxes, if needed,
will be levied upon all of such property without limitation as to rate
or amount; and that this bond, together with all other indebtedness
of the Village outstanding on the date hereof and on the date of its
actual issuance and delivery, does not exceed any consitiutional or
statutory limitation of indebtedness.
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 the Mayor, attested by the Village
Clerk, and sealed with its corporate seal, and the attached interest
coupons to be executed and authenticated by the facsimile signatures of
said Mayor and Clerk, all as of February 1, 1959.
or
Attests
lage Clerk
(SEAL)
(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
0
Resolution No. 19 (continued) April 21, 1959
of in '
the sum of
DOLLARS for interest then due on its Village Hall and Park Bond, dated
February 1, 1959, No. �.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
(Coupons numbered 31 and up shall bear the phrase
"[finless the bond described below is called for
earlier redemption".)
3. Said bonds shall be prepared under the direction of the Village
Clerk, and when so prepared shall be executed in behalf of the Village
by the signature of the Mayor, attested by the Village Clerk and sealed
with the corporate seal of the Village, and the interest coupons shall
be executed and authenticated by the printed, engraved or lithographed
facsimile signatures of the Mayor and Clerk. When said bonds have been
so executed and authenticated, they shall be delivered by the Village
Treasurer to the purchaser on receipt of the purchase price heretofore
agreed upon, and said purchaser shall not be required to see to the
application thereof.
4. There is hereby created a separate sinking fund for said
Village Hall and Park Bonds, which fund shall be kept by the Treasurer
apart from all other funds of the Village and used for no purpose other
than payment of principal and interest on said bonds; provided, that
if any payment of principal or interest shall become due when there is
not sufficient money in said fund therefor, the Treasurer shall pay the
same from the general fund of the Village, and said general ufnd shall
be reimbursed for such advances out of the proceeds of the taxes here—
inafter levied. Into said sinking fund shall be paid the proceeds of
all taxes levied pursuant to this resolution and all other moneys
received for or appropriated to the payment of said bonds and interest.
5. For the prompt and full payment of the principal and interest
on said bonds as the same respectively become due, the full faith,
credit and taxing powers of the Village shall be and are hereby irrevocably
pledged. To provide moneys for the payment thereof,there is hereby levied
upon all of the taxable property in the Village a direct, annual, ad
valorem tax which shall be spread upon the tax rolls for the years and in
the amounts as follows, and collected with and as a part of other general
taxes of the Village in the respective ensuing years:
1
Said tax shall be irrepealable as long as any of said bonds are outstanding
and unpaid; provided, that the Village reserves the right and power to
reduce the levies in the manner and to the extent permitted by Minnesota
Statutes 1957, Section 475.61.
6. The Village Clerk is hereby authorized and directed to file
with the County Auditor of Hennepin County a certified copy of this
resolution, together with such other information as the County Auditor
may require, and to obtain from said County Auditor a certificate that
the tax required by law for the payment of said bonds has been levied,
and that said bonds have been entered upon his bond register.
7. 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 of
the Village, and such other affidavits, certificates and information as
may be required to show the facts relating to the legality and market-
ability 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.
Attests
Ivilp9e Cler4LAdmiZni�strator
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 Clerk.
Resolution No.
19 (continued)
April 21, 1959
Year
Amount
Year
Amount
1959
$20,800.00 C1�t
1969
$20,500.00
1960
22,200.00
1970
19,900.00
1961
24,900.00
1971
19,300.00
1962
24,400.00
1972
18,700.00
1963
23,800.00
1973
18,100.00
1964
23,300.00-
1974
12,200.00
1965
22,700.00
1975
11,800.00
1966
22,200.00 =' °�
1976
11,300.00
1967
21,600.00
1977
10,900.00
1968
21,100.00
Said tax shall be irrepealable as long as any of said bonds are outstanding
and unpaid; provided, that the Village reserves the right and power to
reduce the levies in the manner and to the extent permitted by Minnesota
Statutes 1957, Section 475.61.
6. The Village Clerk is hereby authorized and directed to file
with the County Auditor of Hennepin County a certified copy of this
resolution, together with such other information as the County Auditor
may require, and to obtain from said County Auditor a certificate that
the tax required by law for the payment of said bonds has been levied,
and that said bonds have been entered upon his bond register.
7. 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 of
the Village, and such other affidavits, certificates and information as
may be required to show the facts relating to the legality and market-
ability 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.
Attests
Ivilp9e Cler4LAdmiZni�strator
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 Clerk.