#178 11-28-60 Authorize Assessments Improvement BondsResolution No. 178 November 28, 1960
Member Flannagan introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING AND PROVIDING FOR THE FORM AND
DETAILS OF $679,000 IMPROVEMENT BONDS OF 1960 AND
APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. This Council has investigated the facts necessary to ascertain and
does hereby find, determine and declare that the Village of Golden Valley has
duly determined, after public hearing as required by law, the necessity of the
construction of each of the improvements described below and the area proposed
to be assessed therefor, and has ordered, received and approved plans and speci-
fications and entered into contracts therefor after due advertisement for bids;
that the total cost of each of said improvements, including all expenses incurred
and to be incurred from its inception to its completion and all fees and expenses
in connection therewith, is estimated to be not less than the amount set opposite
the designation of such improvement in the following tabulation:
Name of Improvement
Lateral Sanitary Sewer
Improvement 60 -LF,
Nos. 4,5,6,7,8,10,
12,13,14,15,16,17
and 20
Storm Sewer Improvements:
60 -SS, No. 4
60 -SS, N o . 5
60-$S, No. 6
Bituminous Surfacing
Improvements:
60 -BS, No. 1
60 -BS, No. 3
60 -BS, No. 4
60 -BS, No. 5
60 -BS, No. 7
60 -BS, No. 8
60 -BS, No. 13
60 -BS, No. 14
60 -BS, No. 15
60 -BS, No. 20
60 -BS, No. 22
u
Date Date Contract Estimated
Imp. Ordered Awarded Cost
April 19, 1960 May 17, 1960 $182,000
Sept. 6, 1960 Sept. 20, 1960 41,200
Feb. 16, 1960 March 22, 1960 359,500
June 21, 1960 August 16, 1960 34,100
April
5, 1960
day labor
17,300
I%
It
2,300
17,750
"
2,550
"
1,350
2,550
July
19, 1960
•'
4,000
"
•'
4,700
•'
:,
5,000
Jude
7, 1960
••
20900
July
19, 1960
'•
1,800
Total $679,000
j
t�.
Resolution No. 178 (Continued) page 2.
that it is necessary and expedient for the Village to borrow at this time the
sum of $679,000, 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 & Moody, Inc., of St. Paul,
Minnesota, and associates, and shall forthwith be issued and delivered to said
purchaser; that said bonds shall be payable from the Improvement Bond Redemption
Furl 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 Constituttion 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 directed by further resolutions of the Council.
3. It is hereby determined that not less than SIX HUNDRED SEVENTY-
NINE THOUSAND AND NO -100 DOLLARS ($679,000), 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 resolutions ordering said improvements, based upon the special bene-
fits 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 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 shall be payable in 20 equal, consecutive, annual
installments; the assessments to be levied in respect of the storm sewer improve-
ments and bituminous surfacing improvements 60 -BS, Nos. 1, 8 and 20 shall be pay-
able in 10 equal, consecutive, annual installments; 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 1961, and the remaining installments of said assessments
Resolution No. 178 (Continued) Page 3.
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 assessment from the
date of the resolution levying the assessment 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 thereon.
Each and all of the provisions of said Ordinance No. 28 of the Village and of
this resolution shall constitute covenants 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 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
anticipation of the collection of said special assessments, the Village shall
forthwith issue its negotiable coupon general obligation Improvement Bonds of
1960, in the principal amount of $679,000. Said bonds shall be dated as of
November 1, 1960, shall be 679 in number and numbered from 1 to 679, inclusive,
each in the denomination of $1,000, 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;
Year Amount Interest Rate Year Amount Interest Rate
1963 $64,000 3.25% 1973 $10,000 3.80%
1964 65,000 it 1974 10,000 it
1965 65,000 if 1975 10,000 "
1966 60,000 " 1976 10,000 3.90%
1967 60,000 1977 10,000 "
1968 50,000 3.50% 1978 10,000 "
1969 50,000 " 1979 10,000
1970 55,000 it 1980 10,000 "
1971 55,000 it 1981 10,000 "
1972 559000 " 1982 10,000 "
In addition, all bonds shall bear interest at the rate of 1.50% per annum from
February 1, 1961, to February 1, 1962, 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, 1961, and semiannually thereafter on each February 1 and
each August 1. Bonds of said issue bearing serial numbers 1 to 579, inclusive,
shall be payable on their respective stated maturity dates, without option of
prior payment. Bonds bearing serial numbers 580 to 679, inclusive, which have
stated maturity dates in the years 1973 to 1982, inclusive, shall each be subject
to redemption and prepayment in inverse order of serial numbers, at the option of
the Village, on February 1, 1972, and any interest payment date thereafter, at
par and accrued interest. 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 recording the
63
Resolution No. 178 (Continued) Page 4.
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. The principal of and interest on said bonds shall
be payable at the office of the Chemical Bank New York Trust Company in the
Borough of Manhattan in the City and State of New York, or, at the option of the
holder, at the office of the American National Bank of Saint Paul, in St. Paul,
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 MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1960
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 bond, if redeemable, has been duly called for redemption, at
the rate of per cent ( %)
per annum, plus additional interest from February 1, 1961, to February 1, 1962,
at the rate of one and fifty-Ibndredths per cent (1.50%) per annum, all interest
being payable August 1, 1961, 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 presentatiion and surrender of the interest coupons
appurtenant hereto, the additional interest hereinbefor mentioned being repre-
sented by a separate set of "B" coupons. Both principal and interest are
payable at the office of the Chemical Bank New York Trust Company in the Borough
of Manhattan, in the City and State of New York, or, at the option of the holder,
at the office of the American National Bank of Saint Paul, in St. Paul, 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
$679,000, 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 Con-
stitution and laws of the State of Minnesota thereunto enabling, and pursuant
1
1
335
Bonds of this series bearing serial numbers 1 through 579 are payable
on their respective stated maturity dates, without option of prior payment.
Bonds of this series bearing serial numbers 580 through 679, maturing in 1973
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, 1972, and
any subsequent interest payment date, at par and accrued interest. 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 estimated 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 pay-
ment when due of the principal and interest on all bonds of this issue; that
general ad valorem taxes, if needed for the payment of such principal and inter-
est, 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.
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 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 signature of the Village Clerk, and has caused this bond to
be dated as of November 1, 1960.
Mayor
Countersigned:
r rte.
-'Village Manager (Clerk)
;1i
Resolution No.
178 (Continued)
Page 5.
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 assessments
collected are at any time insufficient to meet
the payment of maturing principal
and interest.
Bonds of this series bearing serial numbers 1 through 579 are payable
on their respective stated maturity dates, without option of prior payment.
Bonds of this series bearing serial numbers 580 through 679, maturing in 1973
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, 1972, and
any subsequent interest payment date, at par and accrued interest. 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 estimated 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 pay-
ment when due of the principal and interest on all bonds of this issue; that
general ad valorem taxes, if needed for the payment of such principal and inter-
est, 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.
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 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 signature of the Village Clerk, and has caused this bond to
be dated as of November 1, 1960.
Mayor
Countersigned:
r rte.
-'Village Manager (Clerk)
;1i
336
Resolution No. 178 (Continued) Page 6.
(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 office of the
Chemical Bank New York Trust Company in the Borough of Manhattan in the City and
State of New York, or, at the option of the holder, at the office of the American
National Bank of Saint Paul, St. Paul, Minnesota, the sum of
DOLLARS lawful money of the United
States of America for interest then due on its Improvement Bond of 1960, dated
November 1, 1960, No.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
(Coupons number 23 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, Barber, Marquart & Windhorst,
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.
7. 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 hereto-
fore 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 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.
9. The officers of the Village and the County Auditor of Hennepin
County are hereby authorized and directed to prepare and furnish to the pur-
chaser 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,
certificates and information as may be required to show the facts relating to
6-4
►ter
1
1
1
Resolution No. 178 (Continued)
Page 7.
61 64
'6* 6
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,
l
Mayor
Attest:
1
illage Manager an lexk
f
The motion for adoption 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
the Mayor and his signature attested by the Village
and adopted and was
Manager (Clerk).
signed by
1