#091 11-21-61 Issue Improvement Bonds and Special Assessments. 5 4
Resolution No. 91 November 21, 1961
Member Flannagan introduced the following resolution and MOVED its
adoption:
RESOLUTION
(Authorizing Issuance and Providing for the Form
and Details of $990,000 Improvement Bonds of 1961,
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, including all expenses incurred and to be incurred from its
inception to its completion and all fees and expenses in connection there-
with, is estimated to be not less than the amount set opposite the
designation of such improvement in the following tabulation:
Date
Con-
Estimated
Name of
Improvement
Imp: Ordered
tract
Awarded
Cost
Lateral
Sewer Improvement
60 -LF:
Nos.
12, 22, 23, 24,
25,
26 & 27
August
16,
1960
November
29,
1960)
No.
29
October
18,
1960
November
29,
1960)
$159,000
No.
31
November
1,
1960
November
29,
1960)
Lateral
Sewer Improvement
61 -LF:
Nos.
1, 3, 6, 7, 8, 9,
11,
12, 13
May
2,
1961
July
5,
1961)
No.
5
May
16,
1961
July
5,
1961)
No.
10
June
20,
1961
July
5,
1961)
281,000
No.
17
August
15,
1961
)
No.
19
October
3,
1961
October
3,
1961)
Water Main
Improvement
61-WM:
No.
3
June
6,
1961
day
labor )
No.
4
July
5,
1961)
Nos.
13, 14, 18, 19
&
24
August
15,
1961
September 5,
1961)
337,000
Nos.
23, 26 & 27 September
5,
1961
September 5,
1961)
No.
30
October
3,
1961
day
labor )
No.
37
155
Resolution No. 91 (Continued)
Seal Coating 61 -SC -2 March 21, 1961 day labor 22,500
Bituminous Surfacing
Improvement 61 -BS:
Nos. 2, 3, 4, 5, 9,
11, 12, 13, 14, 16,
19, 20 & 22 April 4, 1961 day labor 51,750
Nos. 27, 43 & 44 October 3, 1961 " is 6,650
Nos. 30, 33, 35 & 36 June 20, 1961 to " 23,400
Curb and Gutter Improve-
ment 61 -CG:
Nos. 3, 4, 6, 9 & 11 April 4, 1961 May 2, 1961 22,700
Nos. 13 & 14 June 20, 1961 June 20, 1961 3,200
Grading and Gravelling
Improvement 61 -CG:
Nos. 1 & 3 May 2, 1961 June 20, 1961 29,500
No. 5 August 1, 1961 August 15, 1961 35,000
Storm Sewer Improvement
61 -SS:
Nos. 3 & 4 April 4, 1961 May 2, 1961 13,500
No. 5 May 2, 1961 June 20, 1961 4,800
Total $990,000
that it is necessary and expedient for the Village to borrow at this time
the sum of $990,000, 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
provisions of Minnesota Statutes 1957, Section 429.091, Subdivision 4; that
such bonds have heretofore been duly sold to Juran & Moody, Inc., & Associates,
of St. Paul, Minnesota, and shall forthwith be issued and delivered to said
purchaser; that said bonds shall be payable from the Improvement Bond Re-
demption 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 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.
156
Resolution No. 91 (Continued)
3. It is hereby determined that not less than NINE HUNDRED NINETY
THOUSAND AND NO/100 DOLLARS ($990,000) 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 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 perform-
ance 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 assess-
ment a valid and binding lien upon said property. The assessments to be
levied in respect of lateral sewers and water mains shall be payable in
20 equal, consecutive, annual installments; the assessments to be levied
in respect of the bituminous surfacing improvement shall be payable in
5 or 10 equal, consecutive, annual installments; the assessments to be
levied in respect of 61 -SC -2 shall be payable in a single installment;
the assessments to be levied in respect of the curb and gutter improvements
shall be payable in 5 or 10 equal, consecutive, annual installments; and
the assessments to be levied in respect of the remainder of said improvements
shall be payable in 10 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 1962, 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
67o 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"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 5'16 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
1
1
1
Resolution No. 91 (Continued)
Bonds of 1961, in the principal amount of $990,000. Said bonds shall be
dated as of November 1, 1961, shall be 990 in number, numbered from 1 to
990, 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 $20,000 2.80% 1973 $501000 3.60%
1964 80,000 2.80% 1974 50,000 3.60%
1965 65,000 2.80% 1975 50,000 3.60%
1966 65,000 2.80% 1976 40,000 3.60%
1967 65,000 2.80% 1977 35,000 3.80%
1968 65,000 2.80% 1978 35,000 3.80%
1969 50,000 3.00% 1979 35,000 3.80%
1970 50,000 3.00% 1980 35,000 3.807o
1971 50,000 3.00% 1981 35,000 3.80%
1972 501000 3.60% 1982 35,000 3.80%
1983 30,000 3.80%
In addition, all bonds shall bear interest at the rate of 1.50 % per annum
from February 10, 1962, to February 1, 1963, 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, 1962, and semi-annually thereafter
on each February 1 and each August 1. Bonds of said issue bearing serial
numbers 1 to 750, inclusive, shall be payable on their respective stated
maturity dates, without option of prior payment. Bonds bearing serial
numbers 751 to 990, inclusive, which have stated maturity dates in the years
1977 to 1983, 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 plus a premium of $20 for each bond redeemed prior to
February 1, 1977, 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 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 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 hereby agrees to pay
the reasonable customary charges of said paying agent for the receipt and
disbursement thereof.
7. Said improvement bonds shall be in substantially the following
forms:
157
Resolution No. 91 (Continued)
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
IMPROVEMENT BOND OF 1961
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 ,
19 to , 19 , at the rate of
per cent ( %) per annum, all interest being
payable August 1, 1962, 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.
This bond is one of an issue in the aggregate principal amount
of $990,000, 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 Re-
demption Fund of the Village, to which fund the Council has appropriated
special assessments which the Village has covenanted and agreed to levy
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.
159
Resolution No. 91 (Continued)
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 signatures of its Mayor and Village Manager, and sealed
with its official seal, and the interest coupons appurtenant hereto and
the certificate on the reverse side hereof to be executed and authenticated
by the facsimile signatures of said officers, and has caused this bond to
be dated as of November 1, 1961.
t
Mayor
Village Manager
(Form of opinion and certificate to be printed on the back of each bond.)
Text of opinion to be furnished by bond attorneys)
Bonds of this issue bearing serial numbers 1 through 750 are
payable on their respective stated maturity dates, without option of prior
payment. Bonds of this issue bearing serial numbers 751 through 990,
maturing in 1977 and later years are each subject to redemption and pre-
payment, 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 plus a premium of $20 for each bond redeemed prior to
February 1, 1977, or no premium for any bond redeemed on or after February 1,
1976. All redemptions 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 MI.) in excess of the amounts required for payment when due
of the principal and interest on all bonds of this issue; that additional
taxes, 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 in-
debtedness 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 signatures of its Mayor and Village Manager, and sealed
with its official seal, and the interest coupons appurtenant hereto and
the certificate on the reverse side hereof to be executed and authenticated
by the facsimile signatures of said officers, and has caused this bond to
be dated as of November 1, 1961.
t
Mayor
Village Manager
(Form of opinion and certificate to be printed on the back of each bond.)
Text of opinion to be furnished by bond attorneys)
-160
Resolution No. 91 (Continued)
We certify that the above is a full, true and correct copy of
the legal opinion rendered by bond counsel on the issue of the Village
of Golden Valley, Minnesota, which includes the within bond, dated as
of the date of delivery of and payment for the bonds.
(Facsimile signature)
Village Manager)
(Form of Coupon)
(Facsimile signature)
Mayor
No. $
On the lst 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 1961,
dated November 1, 1961, No.
(Facsimile signature)
Mayor
(Facsimile signature)
Village Manager
(Coupons numbered 21 and up attached to bonds numbered
751 and up shall state; "Unless the bond described below
is called for earlier redemption.")
8. Said bonds shall be forthwith prepared for execution under the
direction of the Village Manager and shall then be executed by the signatures
of the Mayor and Village Manager and sealed with the corporate seal of the
Village. The appurtenant interest coupons shall be executed and authentica-
ted by the printed, lithographed or engraved facsimile signatures of said
Mayor and Village Manager, and the certificate as to legal opinion on the
back of each bond shall be executed by the printed, lithographed or engraved
facsimile signatures of the Mayor and Village Manager. 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.
i
1
Resolution No. 91 (Continued)
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.
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 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 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.
XrU
Mayo
Attest:
Village Clerk
The motion for the adoption or the foregoing resolution was duly seconded
by Member Teresi and, upon vote being taken thereon, the following members
voted in favor thereof: 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.
t6i