#078 10-06-59 Authorize Improvement Bonds and Special AssessmentsResolution No, 78 October 6, 1959
Member Teresi introduced the following resolution and MOVED its adoption:
"RESOLUTION AUTHORIZING AND PROVIDING FOR THE FORM
AND DETAILS OF $825,000 IMPROVEMENT BONDS OF 1959,
AND LEVYING AD VALOREM TAXES 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 ad-
vertisement 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, including
all expenses incurred and to be incurred from its inception to its com-
pletion 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. Ordered tract Awarded Cost__
Lateral Sewer Improvement Dec. 16, 1958 April 7, 1959 )
No. 59 -LF, Nos. 205,6,7,8 )
& 9 )
Same Nos. 10,11,12,13,14, March 17 and May 5, 1959 ) $755,350
161,17,19,20, April 9, 1959 )
20 Supp., 21 & 22 )
Same Nos. 23,24,25,27,29 July 7, 1959 August 18, 1959)
& 30
Concrete Curb Gutter:
59 -CG -1 May 19, 1959 June 16, 1959 5,300
59 -CG -3 '•#1 50000
59 -CG -4 •• •• 5,400
Bituminous Surfacing:
59 -BS -2 May 19, 1959 Day Labor 5,700
59 -BS -3 '• '• 21,050
59 -BS -4 •• '• 3,750
59 -BS -5 '• '• 1,700
59 -BS -8 '• " 2,100
Seal Coating:
59 -SC -1 May 19, 1959 Day Labor 13,650
Winnetka Avenue:
59 -BS -6 May 5, 1959 County Contract) 25,000
59 -CG -5 of •• )
59 -GG -1 i• +• )
Resolution No. 78 (Continued) October 6, 1959
that it is necessary and expedient for the Village to borrow at this
time the sum of $825,000, for the purpose of paying all of the expenses
incurred and to be incurred in connection with the above-mentioned im-
provements, by the issuance of general obligation improvement bonds in
accordance with the provisions of Minnesota Statutes 1957, Section
429.091, Subdivision 4; that such bonds have heretofore been duly sold
to Piper, Jaffray & Hopwood of Minneapolis, Minnesota, and associates,
and shall forthwith be issued and delivered to 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 incorporated 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 per-
formed 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 disignated
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 directed by further resolutions of the
Council.
3. It is hereby determined that not less than EIGHT HUNDRED TWENTY-
FIVE THOUSAND AND NO -100 DOLLARS ($825,000.00) 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 resolutions ordering said im-
provements, 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 irregularity 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 pre-
cedent thereto, the Village hereby covenants and agrees that it will
forthwith do all such further acts and take all such further proceed-
ings 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 shall be payable in 20 equal, consecutive,
annual installments; the assessments to be levied in respect of 59 -
CG -3,
Resolution No. 78 (Continued) October 6, 1959
59 -CG -4, 59 -BS -3, 59 -BS -4, and the Winnetka Avenue improvement shall be
payable in 10 equal, consecutive, annual installments; the assessments
to be levied in respect of 59 -SC -1 shall be payable in a single in-
stallment; and the assessments to be levied in respect of the remainder
of said improvements shall be payable in 5 equal, consecutive, annual
installments; the first installment of all said assessments shall be
certified to the County Auditor for collection with general taxes for
the year 1960, and the remaining installments of said assessments shall
be certified for collection with the general taxes for each subsequent
consecutive year until the assessment is paid. To the first installment
shall be added interest at the rate of 6% per annum on the entire assess-
ment from the date of the resolution levying the assessment until December
31 of the year in which the first installment is payable. To each sub-
sequent installment shall be added interest at 6% per annum for one year
on all unpaid installments.
4. For the purpose of paying the remainder of the cost of said im-
provements which will of be paid from special assessments, 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 in the
amount of $1200 for each of the years 1960 through 1979, said levies to
be collected with and as a part of other general property taxes in the
respective ensuing years. Said taxes shall be irrepealable as long as
any of said bonds are outstanding and: unpaid, and the collections there-
of are hereby irrevocably pledged and appropriated to said Improvement
Bond Redemption Fund; provided, that the Village reserves the right and
power to reduce said levies in accordance with the provisions of Minn-
esota Statutes, Section 475.61.
5. 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
thereon. Each and all of the provisions of said Ordinance No. 28 of
the Village and of this resolution shall constitute convenants for the
security of the holders from time to time of said bonds. It is estimated
that the collections of said special assessments agreed to be levied in
paragraph 3 above and the ad valorem taxes levied in paragraph 4 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 pro-
visions of Minnesota Statutes, Section 475.61.
6. For the purpose of paying costs of said improvements and in an-
ticipation of the collection of said special assessments, the Village
shall forthwith issue its negotiable coupon general obligation Improvement
Bonds of 1959, in the principal amount of -$825,000. Said bonds shall be
dated as of August 1, 1959, shall be 825 in number, numbered from 1 to
825, inclusive, each in the denomination of $1000, and shall mature in
order of serial numbers, on February 1, in the years and amounts set forth
below, the bonds of the various maturities to bear interest at the rate
per annum set forth opposite such respective maturities, as follows:
In addition, all bonds shall bear interest at the rate of 1.50% per
annum from November 1, 1959, to February 1, 1961, such additional
interest to be represented by a separate set of •`B'• coupons appurt-
enant to each bond. All interest shall be payable on February 1, 1960,
and semiannually thereafter on each August 1 and each February 1. Bonds
of said issue bearing serial numbers 1 to 445, inclusive, shall be pay-
able on their respective stated maturity dates, without option of prior
payment. Bonds. bearing serial numbers 446 to 825, inclusive, which
have stated maturity dates in the years 1971 to 1980, inclusive, 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 $25 for each bond redeemed prior to February 1, 1976, or
no premium for any bond redeemed on or after said date. 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 pur-
pose of recording the names and addresses of holders of redeemable bonds,
and the serial numbers of bonds held by them, insofar as such information
is made available to said Clerk and his successors in office. Said bonds
shall be payable to bearer; provided, that if any bond is registered, it
shall be payable to the registered holder thereof, and while registered,
any of said bonds shall not be transferable by delivery but only by
registeration in the office of the Village Clerk, all as provided in the
text of the bond hereinafter set forth; however, any such registeration
shall be as to principal only, and the coupons shall always continue
to be payable to bearer and transferable by delivery. The Village Clerk
and his successors in office are hereby authorized and directed to pro-
cure, establish and maintain a register suitable for registering any of
said bonds, as to principal only, upon request therefor by the holders
of any of said bonds. The principal of and interest on said bonds shall
be payable at the main office of the Northwestern National Bank of Minnea-
polis, in Minneapolis, Minnesota, and the Village hereby agrees to pay
the reasonable and customary charges of said paying agent for the re-
ceipt and disbursement thereof.
Resolution
No. 78
(Continued)
October
6, 1959
Year
Amount
Interest
Year
Amount
Interest
Rate
Rate
1961
$55,000
4.00%
1971
$35,000
4.25%
1962
45,000
'•
1972
40,000
it
1963
45,000
"
1973
35,000
4.40%
1964
45,000
1974
40,000
it
1965
45,000
"
1975
35,000
of
1966
40,000
"
1976
40,000
4.50%
1967
45,000
1977
35,000
it
1968
40,000
4.25%
1978
40,000
'•
1969
451000
it
1979
40,000
If
1970
40,000
•'
1980
40,000
it
In addition, all bonds shall bear interest at the rate of 1.50% per
annum from November 1, 1959, to February 1, 1961, such additional
interest to be represented by a separate set of •`B'• coupons appurt-
enant to each bond. All interest shall be payable on February 1, 1960,
and semiannually thereafter on each August 1 and each February 1. Bonds
of said issue bearing serial numbers 1 to 445, inclusive, shall be pay-
able on their respective stated maturity dates, without option of prior
payment. Bonds. bearing serial numbers 446 to 825, inclusive, which
have stated maturity dates in the years 1971 to 1980, inclusive, 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 $25 for each bond redeemed prior to February 1, 1976, or
no premium for any bond redeemed on or after said date. 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 pur-
pose of recording the names and addresses of holders of redeemable bonds,
and the serial numbers of bonds held by them, insofar as such information
is made available to said Clerk and his successors in office. Said bonds
shall be payable to bearer; provided, that if any bond is registered, it
shall be payable to the registered holder thereof, and while registered,
any of said bonds shall not be transferable by delivery but only by
registeration in the office of the Village Clerk, all as provided in the
text of the bond hereinafter set forth; however, any such registeration
shall be as to principal only, and the coupons shall always continue
to be payable to bearer and transferable by delivery. The Village Clerk
and his successors in office are hereby authorized and directed to pro-
cure, establish and maintain a register suitable for registering any of
said bonds, as to principal only, upon request therefor by the holders
of any of said bonds. The principal of and interest on said bonds shall
be payable at the main office of the Northwestern National Bank of Minnea-
polis, in Minneapolis, Minnesota, and the Village hereby agrees to pay
the reasonable and customary charges of said paying agent for the re-
ceipt and disbursement thereof.
SII
G'
I
Resolution No. 78 (Continued)
October 6, 1959
7. Said improvement bonds shall be in substantially the following
form;
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1959
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 bearer or, if this bond has been registered,
to the registered holder hereof, 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 re-
demption, and to pay interest thereon from the date hereof until said
principal sum be paid, or until this bond, if redeemable, has been duly
called for redemption, at the rate of
per cent (X) per annum, plus additional interest from November 1,
1959, to February 1, 1961, at the rate of one and fifty hundredths per cent
(1.50X) per annum, all interest being payable February 1, 1960, and semi-
annually 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, 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 the Northwestern National Bank of Minneapolis, in Minneapolis
Minnesota, 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.
This bond is one of an issue in the aggregate principal amount of $825,000,
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 Constitution
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 ad valorem taxes heretofore
levied and 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 taxes and
r
Resolution No. 78 (continued) October 6, 1959
assessments collected are at any time insufficient to meet the payment
of maturing principal and interest.
This bond is transferable by delivery, except while registered
as to principal in the name of the holder on the bond register of the
Village kept for that purpose in the office of its Clerk, in Golden
Valley, Minnesota, such registration being noted hereon by they Clerk.
While so registered, no transfer hereof shall be valid unless on
such register by the registered holder in person or by his attorney
duly authorized in writing and similarly noted hereon; but this bond may
be discharged from registration by being in like manner transferred to
bearer, and thereupon transfereability by delivery shall be restored,
but this bond may again and from time to time be registered in the name
of a holder or transferred to bearer as before. Such registration shall
not affect the negotiability of the coupons hereto attached, which shall always
continue to be payable to bearer and transferable by delivery
Bonds of this series bearing serial numbers 1 thorugh 445 are payable
on their respective stated maturity dates, without option of prior payment.
Bonds of this series bearing serial numbers 446 through 825, maturing in
1971 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 $25 for each bond redeemed prior to February 1,
1976, or no premium for any bond redeemed on or after February 1, 1976.
All redemptions will be made on notice of a 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, with or without
registration of such bonds as to principal as herein provided.
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 prelim-
inary 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 preformed as so
required; that the estimated collections of said ad valorem taxes and
special assessments will be in the years and amounts sufficient to pro-
duce 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 issue; that additional tales, if needed for the payment of such
principal and interest, may be levied upon all taxable property in 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.
1
Resolution No. 78 (continued) October 6, 1959
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, countersigned by its Village
Clerk, and sealed with its official seal, and the interest coupons appurt-
enant hereto to be executed and authenticated by the facsimile signatures
of said officers, and the certificate on the reverse side hereof to be
executed by a printed facsimile of the Village Clerk, and has caused this
bond to be dated as of August 1, 1959.
Countersigned;
ayor
� Village Cle k
(Form of text and grill for registration
to appear on back of each bond.)
The within bond has been registered, as to ownership of principal
only, on the bond register kept at the office of the Village Clerk in
Golden Valley, Minnesota.
Date
No.
NO WRITING HEREON EXCEPT BY THE VILLAGE CLERK
Registered Owner
(Form of Coupon)
On the 1st day of August (February), 19 , the
Hennepin County, Minnesota, will pay to the bearer
TN
the sum o
Signature of Clerk
Village of Golden Valley,
at the main office of
DOLLARS lawful money of the United
►.o
e
Resolution No. 78 (continued) October 6, 1959
States of America for interest then due on its Improvement Bond of 1959, dat
dated August 1, 1959, No.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
(Coupons numbered 22 and up shall state: "Unless
the bond described below is called for earlier
redemption.")
(Form of certificate as to legal opinion to
appear on back of each bond.)
I, the undersigned, hereby certify that the following is the text of
an opinion rendered by Messrs. Dorsey, Owen, Scott, Barber & Marquart,
of Minneapolis, Minnesota, on the date of the delivery of the within bond
to the original purchaser thereof, and that the signed original of said
opinion is on file in my office:
8. Said bonds shall be forthwith prepared for execution under the
direction of the Village Clerk, and shall then be executed by the
signature of the Mayor, countersigned by the Village Clerk and sealed
with the corporate seal of the Village. The appurtenant interest
coupons shall be executed and authenticated by the printed, lithographed
or engraved facsimile signatures of said Mayor and Clerk, and the -
certificate as to legal opinion on the back of each bond shall be executed
by the printed, lithographed or engraved facsimile signature of the 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.
9. 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 duly
registered, and that the tax required by law for their payment has been
duly levied.
10. 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 binds, 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, certificates, and information as may be required to show the
Resolution No, 78 (continued) October 6, 1959
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, certifications,
and affidavits, including any heretofore furnished, shall be deemed
representations of the Village as to the facts recited therein.
Mayor
Attests
ViX�age Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Scherer, and upon vote being taken thereon, the following voted
in favor thereof: Bies, 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,