#179 11-28-60 Establish Municipal State Aid Street Bonds338
Resolution No. 179 November 28, 1960
Member Flannagan introduced the following resolution and MOVED its adoption:
RESOLUTION ESTABLISHING FORM AND DETAILS OF
$150,000 MUNICIPAL STATE -AID STREET BONDS
OF 1960
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota:
1. Under and pursuant to the provisions of Minnesota Laws 1959,
Chapter 500, Article III, Sec. 18 (M.S. 162.18), this Council is authorized to
issue negotiable coupon general obligation bonds of the Village for the purpose
of financing state -aid street improvements. The bonds herein authorized are
necessary to be issued for said purpose and have been duly advertised at public
sale and sold upon the terms hereinafter stated. The amount of principal and
interest to become due in any calendar year on said bonds does not exceed 50%
of the amount of the last annual allotment preceding this issue, received by
the Village of Golden Valley from the Construction Account in the Municipal
State -Aid Street Fund of the State of Minnesota, such annual allotment having
been in the amount of $ No other obligations of the Village
payable from said allotments are now outstanding. The proceeds of said bonds
are hereby appropriated to be used solely for the construction of approved
municipal state -aid street projects within the Village.
2. Said bonds shall be designated as "Municipal State -Aid Street
Bonds of 1960", shall be dated as of December 1, 1960, shall be 150 in number
and numbered from 1 to 150, inclusive, each in the denomination of $1,000, shall
bear interest at the respective annual rates stated below, payable June 1, 1961,
and semiannually thereafter on December 1 and June 1 of each year, and shall
mature serially on December 1 in the respective years and amounts as follows:
Maturity
Interest
Maturity
Interest
Years
Amounts
Rates
Years
Amounts
Rates
1961
$10,000
3.25%
1969
$10,000
3.50%
1962
10,000
"
1970
10,000
it
1963
10,000
It
1971
10,000
to
1964
10,000
'•
1972
10,000
it
1965
10,000
it1973
10,000
3.80%
1966
10,000
to
1974
10,000
to
1967
10,000
to
1975
10,000
to
1968
10,000
3.50%
All bonds shall bear additional interest, to be represented by a separate set
of "B" coupons, from January 1, 1961, to December 1, 1961, at the rate of 1.50%
per annum. The bonds of said issue maturing in the years 1961 through 1970 shall
be payable on their respective stated maturity dates, as aforesaid, without
option of prior payment. The bonds maturing in the years 1971 through 1975 shall
each be subject to redemption and prepayment, at the option of the Village, in
inverse order of serial numbers, on December 1, 1970, and any interest payment
Resolution No. 179 (Continued) Page 2.
date thereafter, at par and accrued interest, upon notice of 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.
The Village Clerk and his successors in office are hereby authorized and
directed to maintain a register for the purpose 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. The bonds and interest thereon 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, St. Paul, Minnesota, and
the Village hereby agrees to pay the reasonable and customary charges of said
paying agent for the receipt and disbursement of the principal and interest
moneys.
3. Said bonds and the interest coupons to be attached thereto
shall be in substantially the following form, with suitable insertions of
dates, numbers and interest rates:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
MUNICIPAL STATE -AID STREET BOND OF 1960
No.
$1,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley,
in the County of Hennepin, State of Minnesota, acknowledges itself indebted
and for value received promises to pay to bearer the principal sum of ONE
THOUSAND DOLLARS on the 1st day of December, 19 , or, if this bond is redeem-
able as stated below, on a date prior thereto on which it shall have been duly
called for earlier redemption, and promises to pay interest on said principal
sum from the date hereof until said principal sum is paid, or, if this bond
is redeemable, until it shall have been duly called for earlier redemption, at
the basic rate of per cent
%) per annum, and, for the period from January 1, 1961, to December 1,
1961, only, at the additional rate of one and fifty -hundredths per cent (1.50%)
per annum, all interest being payable June 1, 1961, and semiannually thereafter
on December 1 and June 1 of each year, interest to maturity being payable in
accordance with and on presentation and surrender of the interest coupons
appurtenant hereto, which are in two sets, one representing interest at said
basic rate from date of issue to maturity, and the other, designated as "B"
coupons, representing interest at said additional rate for the limited period
above set forth. 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, St. Paul, Minnesota, and are payable in
any coin or currency of the United States of America which on the date of
640
Resolution No. 179 (Continued)
Page 3.
payable is legal tender for public and private debts. For the prompt and full
payment of such principal and interest, the full faith, credit and unlimited
taxing powers of the Village of Golden Valley have been and are hereby irrevoc-
ably pledged.
This bond is one of an issue in the aggregate principal amount of
$150,000, all of like date and tenor except as to serial number, maturity,
interest rate and redemption privilege, issued for the purpose of locating,
relocating, constructing, reconstructing, and improving municipal state -aid
streets within the Village, by authority of resolutions duly adopted by its
Village Council, and is issued pursuant to and in full conformity with the
provisions of the Constitution and laws of the State of Minnesota thereunto
enabling, including Minnesota Laws 1959, Chapter 500, Article III, Section 18,
and Minnesota Statutes 1957, Chapter 475.
Bonds of this issue bearing serial numbers 1 through 100 are
payable on their respective stated maturity dates, without option of prior
payment. Bonds of this issue bearing serial numbers 101 through 150, maturing
in the years 1971 through 1975, are each subject to redemption and prepayment,
at the option of the Village, in inverse order of serial numbers, on December 1,
1970, and any interest payment date thereafter, at par and accrued interest,
upon 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. Holders of redeemable bonds of this
issue who wish to receive such notice may register their names and addresses
and the serial numbers of their bonds in the office of the Village Clerk in
Golden Valley, Minnesota.
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 happen, to exist and to be performed precedent to and in the issuance
of this bond, in order to make it a valid general obligation of the Village
according to its terms, have been done, have happened, do exist and have been
performed in regular and due form, time and manner as so required; that the
issuance of this bond did not cause the indebtedness of said Village to exceed
any constitutional or statutory limitation; that, prior to the issuance hereof,
the Village Council has by resolution irrevocably pledged and appropriated to a
separate and special sinking fund, to be maintained for the payment of this and
other bonds issued under said Chapter 500 as long as any such bonds are out-
standing, an amount of the moneys allotted and to be allotted to the Village
from its account in the Municipal State -Aid Street Fund of the State, sufficient
to pay when due the principal of and interest on all such bonds; and that in the
event that in any year the moneys so allotted and transferred to the sinking
fund should be insufficient to pay all such principal and interest due in the
following year, the Village is obligated to levy a direct, irrepealable ad valorem
tax upon all taxable property within its corporate limits for the payment of such
deficiency, which levy may be made without limitation as to rate or amount.
IN WITNESS WHEREOF the Village of Golden Valley, Minnesota, has
caused this bond to be executed in its behalf by the signature of its Mayor,
countersigned by its Village Clerk, and by affixation of its official seal,
and 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 as of December 1, 1960.
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Resolution No. 179 (Continued)
Countersigned:
%.'Village Clerk
(SEAL)
Q,
Mayor
(Form of Coupon)
Page 4.
No. $
On the 1st day of June (December), 19 , the Village of Golden
Valley, 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, in St. Paul, Minnesota, the sum of
DOLLARS, lawful money of the United States
of America for interest then due on its Municipal State -Aid Street Bond of 1960,
dated December 1, 1960, No.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Clerk
4. Said bonds shall be prepared for execution under the direction
of the Village Clerk, and when so prepared shall be executed on behalf of the
Village by the signatures of the Mayor and Village Clerk, who shall affix the
corporate seal to each of the bonds; and the interest coupons shall be executed
and authenticated by the printed, lithographed or engraved facsimile signatures
of the Mayor and Village Clerk. When the bonds have been so executed, they shall
be delivered by the Village Treasurer to the purchaser thereof, and the purchaser
shall not be required to see to the application of the purchase price.
5. There is hereby created and shall be maintained by the Village
Treasurer on the official books and records of the Village a separate and
special sinking fund to be designated as the "Municipal State -Aid Street Bond
Sinking Fund", the moneys in which shall be used solely for the payment of the
principal of and interest'on the bonds herein described, and on any additional
general obligation Municipal State -Aid Street Bonds hereafter issued under the
authority cited in paragraph 1, and directed by the Village Council to be paid
from such fund. I£ at any time the moneys in said fund should be insufficient
to pay all principal and interest due on such bonds, the Village Treasurer
shall nevertheless pay the same from any moneys on hand in other funds of the
Village and available for such purpose, and the moneys so used shall be restored
to the appropriate funds from the moneys next received by the Village from the
Construction or Maintenance Account in the Municipal State -Aid Street Fund of
o42
Resolution No. 179 (Continued) Page 5.
the State, which are not required for the payment of additional principal and
interest. There is hereby irrevocably appropriated to said fund, out of the
moneys allotted and to be allotted to the Village from its account in the
Municipal State -Aid Street Fund of the State, such amount as shall be sufficient
to pay the principal of the the interest on the bonds herein described, as such
principal and interest respectively become due, on the dates and in the amounts
as follows:
Year Principal
Interest Payable on
June 1 December 1
1961
$10,000
$30,520.00
$3,707.50
1962
10,000
2,420.00
2,420.00
1963
10,000
2,257.50
2,257.50
1964
10,000
2,095.00
2,095.00
1965
10,000
1,932.50
1,932.50
1966
101000
1,870.00
1,870.00
1967
10,000
1,607.00
1,607.00
1968
10,000
1,445.00
1,445.00
1969
10,000
1,270.00
1,270.00
1970
10,000
1,095.00
1,095.00
1971
10,000
920.00
920.00
1972
10,000
745.00
745.00
1973
10,000
570.00
570.00
1974
10,000
380.00
380.00
1975
10,000
190.00
190.00
6. For the prompt and full payment of said principal and interest
when due the full faith, credit and unlimited taxing powers of the Village
shall be and are hereby irrevocably pledged. It is estimated that the municipal
state -aid street allotments appropriated in paragraph 5 will produce, and will
permit to be paid into the Municipal State Aid Street Bond Sinking Fund, on or
before October 10 in each year, annual sums not less than 5% in excess of the
annual amounts of principal and interest to become due on said bonds in the
following twelve months. However, if on October 10 in any year the balance
on hand in the Municipal State -Aid Street Bond Account of the Sinking Fund is
not sufficient to pay the full amount of principal and interest due in the fol-
lowing twelve months, as set forth in Section 5 above, there shall be extended
against all taxable property within the corporate limits of the Village, assessed
and collected in accordance with Minnesota Statutes 1957, Section 475.61, an ad
valorem tax in an amount sufficient to produce, with such balance on hand, the
total sum of the principal and interest so to become due.
7. The Village Clerk is hereby authorized and directed to file
with the County Auditor of Hennepin County, Minnesota, a certified copy of this
resolution, together with such other information as the County Auditor may
require, and to obtain from said Auditor prior to the delivery of the bonds
herein described a certificate that said issue has been entered upon his bond
register.
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Resolution No. 179 (Continued)
Page 6.
8. 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 relating to said
bonds, and such other affidavits and certificates as may be required to show the
facts relating to the legality and marketability of the bonds, as such facts appear
from the Village's books and records in their custody and control or are otherwise
known to them, and all such certified copies, certificates and affidavits, includ-
ing any heretofore furnished, shall be deemed representations of the Village as
to the correctness of all statements contained therein.
Mayor
Attest:
Vi a,ge, anager (Clerk)
r./
The motion for the 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 and adopted and was signed
by the Mayor and his signature attested by the Village Manager (Clerk).
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