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#137 05-10-62 Issue Water Improvements Bonds Series A, BI 2a 9 Resolution No. 137 May 10, 1962 Member Flannagan introduced the following resolution and I4DVED its adoption: "RESOLUTION AUTHORIZING ISSUANCE AND PROVIDING FOR THE FORM AND DETAILS OF $2,600,000 WATER IMPROVEMENT BONDS OF 1962, SERIES A AND B. 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 advertisement for bids; that the total benefits resulting from each of said improvements to the lots and tracts of land subject to assess- ment 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 too its completion and all fees and expenses in connection therewith, is est- imated to be not less than the amount set opposite the designation of such improvement in the following tabulation: Date Date Con- Estimated Name of Improvement Imp. Ordered tract Awarded Cost Project No. 62 W.M.T. February 13, 1962 February 13, 1962 $2,200.00 and March 6, 1962 and March 20, 1962 Lateral Water Main Improvement No. 62-14M: February 13, 1962 February 13, 1962 $4001000 Nos. 4,6, 75 81 10, 13, 16, 18, 193 22, 23, 323 33, 35, 37 & 39 that it is necessary and expedient for the Village to borrow at this time the sum of „fi2,200,00, for the purpose of paying all of the expenses inc- urred and to be incurred in connection with the above-mentioned improve- ments, by the issuance of general obligation improvement bonds in accord- ance with the provisions of Minnesota Statutes 1957, Section 429.091; that such bonds have heretofore been duly sold to PIPER, JAFFRAY & HIPWOOD: JURAN & MOODY, INC. , OF MINNEAFOLI6 NNESQA, and associates, and shall forthwith be issued and delivered to said pur- chaser; that the $400,00 bonds of Series B hereinafter authorized 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, while the 2. A separate fund is hereby created and shall be maintained for said Lateral Water Main Improvement No. 62, to be known and designated as the "Lateral Water Main Improvement No. 62 Fund." The proceeds of sale of the Series A improvement bonds herein authorized shall be credited to said fund, and to said improvement fund 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 improve- ment, and such available moneys of the Village which may hereafter be ap- propriated thereto by the Council all as may be directed by further reso- lotuinns of the Council. 3. There is hereby also created a special fund to be designated as the "Project No. 62 W.M.T. Improvement Fund," to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund shall be continued and maintained in the manner here- in specified until the bonds of Series A hereinafter authorized, and in- terest thereon, have been fully paid. The proceeds of sale of Series A bonds and the collections of special assessments and general ad valorem taxes levied for said Project No. 62 W.M.T. Improvement, and any other moneys appropriated to said fund by the Village Council, shall be credited and paid to said fund, and shall be used solely to defray the expenses of making said improvement and to pay principal of and interest on said Series A bonds; provided, however, that if additional bonds are issued to finance said imrpovement, the proceeds of their sale shall be credited and paid to said fund, and the moneys therein shall also be used to pay principal of and interest on such additional bonds. Upon completion and payment of all costs of making said improvement, said fund shall not be discontinued, but thereafter maintained as a special sinking fund for the payment of said Series A bonds, in accordance with Minnesota Statutes, Section 175.61, as amended. 4. It is hereby determined that not less than$ of the cost of Project No. 62 W.M.T. and $400,000 of the cost of Latera Water Main No. 62 Improvement 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 convenants 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 pro- ceeding taken or to be taken by the Village or by this Council or by any Resolution No. 137 (Continued) May 10, 1962 $2,200,000 bonds of Series A hereinafter authorized shall be payable from a separate sinlb.ng fund hereinafter created; 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 said Lateral Water Main Improvement No. 62, to be known and designated as the "Lateral Water Main Improvement No. 62 Fund." The proceeds of sale of the Series A improvement bonds herein authorized shall be credited to said fund, and to said improvement fund 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 improve- ment, and such available moneys of the Village which may hereafter be ap- propriated thereto by the Council all as may be directed by further reso- lotuinns of the Council. 3. There is hereby also created a special fund to be designated as the "Project No. 62 W.M.T. Improvement Fund," to be held and administered by the Village Treasurer separate and apart from all other funds of the Village. Said fund shall be continued and maintained in the manner here- in specified until the bonds of Series A hereinafter authorized, and in- terest thereon, have been fully paid. The proceeds of sale of Series A bonds and the collections of special assessments and general ad valorem taxes levied for said Project No. 62 W.M.T. Improvement, and any other moneys appropriated to said fund by the Village Council, shall be credited and paid to said fund, and shall be used solely to defray the expenses of making said improvement and to pay principal of and interest on said Series A bonds; provided, however, that if additional bonds are issued to finance said imrpovement, the proceeds of their sale shall be credited and paid to said fund, and the moneys therein shall also be used to pay principal of and interest on such additional bonds. Upon completion and payment of all costs of making said improvement, said fund shall not be discontinued, but thereafter maintained as a special sinking fund for the payment of said Series A bonds, in accordance with Minnesota Statutes, Section 175.61, as amended. 4. It is hereby determined that not less than$ of the cost of Project No. 62 W.M.T. and $400,000 of the cost of Latera Water Main No. 62 Improvement 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 convenants 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 pro- ceeding taken or to be taken by the Village or by this Council or by any 298 Resolution No. 137 (Continued) May 10, 1962 of the Villages 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. Said assessments shall be payable in 20 equal, consec- utive, annual installments; and the first installment of all said as- sessments 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 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 install- ment is payable. To each subsequent installment shall be added interest at 6% per annum for one year on all unpaid installments. 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 in- terest 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 Series B bonds. It is estimated that the collections of said special assessments agreed to be levied in paragraph 3 above for Lateral Water Main No. 62 Im- provement will produce sums not less than 5% in excess of the amounts needed to pay principal and interest of the bonds of Series B when due, in accordance with the provisions of Minnesota Statutes, Section 475.61. , 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 stated below, said levies to be collected together with and as a part of other general property taxes in the respective ensuing years: 6. It is hereby determined that the remainder of the cost of said Project No. 62 W.M.T., not paid by collections of said special assessments, shall be paid from general ad valorem taxes levied on all of the taxable property in the Village, and that said portion of the cost will not exceed the total benefits to be conferred by said improve- ment upon the Village at large. To provide moneys for the payment of such portion of the cost there is hereby levied upon all of the taxable Year Amount Year Amount (See page 313 (Resolution No. 142) May 15, 1960 1 C 1 Resolution No. 137 (Continued) May 10, 1962 Said tares shall be irrepealable as long as any of said bonds of Series A are outstanding and unpaid; provided, that the Village reserves the right and power to reduce said levies by the amount of any moneys ir- revocably appropriated to and actually paid into the Project No. 62 W. M. T. Improvement Fund, other than the taxes and assessments herein pledged to said fund, in accordance with the provisions of Minnesota Statutes, Section 475.61, as amended. 7. For the purpose of paying costs of said improvements and in anticipation of the collection of said special assessments and taxes, the Village shall forthwith issue its negotiable coupon general obligation Water Improvement Bonds of 1962, Series A and B, in the principal amount of $2,200,000. Said bonds shall be dated as of May 1, 1962, each in the denomination of $1,000. The bonds of Series A shall be 2,200 in number, numbered serially from 1 to 2,200, and the bonds of Series B shall be 400 in number, numbered serially from 1 to 100. The bonds of each series 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 in- terest at the rate per annum set forth opposite such respective maturities, as follows: Series A Series B Year Amount Interest Rate Year Amount Interest Rate 1964 $55,000 1964 $25,000 1965 95,000 1965 25,000 1966 105,000 1966 25,000 1967 105,000 1967 25,000 1968 120,000 1968 25,000 1969 120,000 1969 29,000 1970 120,000 1970 15,000 1971 109,000 1971 20,000 1972 100,000 1972 15,000 1973 100,000 1973 20,000 1974 lo©,000 1974 15,000 1975 100000 1975 20,000 1976 loo,000 1976 15,000 1977 110,000 1977 20,000 1978 110,000 1978 15,000 1979 110,000 1979 20,000 1980 110,000 1980 20,000 1981 110,000 1981 20,000 1982 110,000 1982 20,000 1983 110,000 1983 20,000 1984 110,000 In addition, all bonds shall bear interest at the rate of per annum from , 19 , to 19 such additional interest to be _ represented Sya separate se of f'B1 coupons appurtenant to each bond. All interest shall be payable on February 1, 1963, and semiannually thereafter on each August 1 and each 300 Resolution No. 137 (Continued) Iv,ay 10, 1962 February 1. Bonds of each series maturing in the years 1964 through 1978 shall be payable on their respective stated maturity dates, with- out option of prior payment. Bonds of each series which have stated maturity dates in 1979 and later years shall each be subject to re- demption and prepayment in inverse order of serial numbers, at the op- tion of the Village, on February 1, 1975, and any interest payment date thereafter, at pax and accrued interest plus a premium of $20 for each bond redeemed prior to February 1, 1979, 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 spec- ified 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 ad- dresses 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 and the ViTlage h ere y agrees to pay the reasonable customary MaFrEes of said paying agent for the receipt and disbursement thereof. 8. Said improvement bonds and the coupons attached thereto shall be in substantially the following form: UNITED STA'L'ES OF AFRICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY WATER IMPROVEMENT BOND OF 1962, SERIES A No. �l, 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, 911 interes eing ,pay - ab e February 1, 1963, and semiannually 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 1 1 30 This bond is one of a series in the aggregate principal amount of $2,200,000, all of like date and tenor except as to serial number, maturity, redemption privilege and interest rate, all issued for the pur- pose of defraying expenses incurred and to be incurred in constructing a waterworks improvement in said Village designated as Project No. 62 W.M.T., and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, and pursuant to resolu- tionsduly adopted by the Village Council. This bond is payable primarily from the Project No. 62 W.M.T. Improvement Fund of the Village, to which fund the Council has appropriated general ad valorem taxes levied by the Village, and special assessments which the Village has convenanted and agreed to levy, for the payment of the cost of said improve ent,,butof thetheVillage Village Council is required to pay the same out of any in the Event that the taxes and 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 15.0 are payable on their respective stated maturity dates, without option of prior payment. Bonds of this series bearing serial numbers 1541 through 2200, maturing in 1979 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, 1975, and any subsequent interest payment date, at par and accrued interest plus a premium of $20 for each bond redeemed prior to February 1, 1979, or no premium for any bond redeemed on or after said date. 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 and general ad valorem taxes will be in the years and amounts cess of sufficient uffthe dents to produce sums not less than five per cent (5%) in 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 Resolution No. 137 (Continued) r,Tav 10, 1962 in any coin or currency of the United in, States of _ America which on the _ _, respective dates of payment is legal tender full of such for public and private debts. For the prompt and payment respectively become due the full faith, principal and interest as the the same Village are hereby irrevocably pledged. credit and taxing powers of This bond is one of a series in the aggregate principal amount of $2,200,000, all of like date and tenor except as to serial number, maturity, redemption privilege and interest rate, all issued for the pur- pose of defraying expenses incurred and to be incurred in constructing a waterworks improvement in said Village designated as Project No. 62 W.M.T., and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabling, and pursuant to resolu- tionsduly adopted by the Village Council. This bond is payable primarily from the Project No. 62 W.M.T. Improvement Fund of the Village, to which fund the Council has appropriated general ad valorem taxes levied by the Village, and special assessments which the Village has convenanted and agreed to levy, for the payment of the cost of said improve ent,,butof thetheVillage Village Council is required to pay the same out of any in the Event that the taxes and 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 15.0 are payable on their respective stated maturity dates, without option of prior payment. Bonds of this series bearing serial numbers 1541 through 2200, maturing in 1979 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, 1975, and any subsequent interest payment date, at par and accrued interest plus a premium of $20 for each bond redeemed prior to February 1, 1979, or no premium for any bond redeemed on or after said date. 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 and general ad valorem taxes will be in the years and amounts cess of sufficient uffthe dents to produce sums not less than five per cent (5%) in 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 Resolution No. 137 (Continued) May 10, 1962 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 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 May 1, 1962. I Mayor Village manager (Form of certificate to be printed on the back of each bond following legal opinion) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of bonds of the. Village of Golden Valley, YfLnnesota, which includes the within bond, dated as of the date of delivery of and payment for the bonds. (Facsimile Signature) Village Manager (Form of Cpupon) No. (Facsimile signature) Mayor On the 1st day of August (February), 19 , the Village of Golden Valley, Hennepin County, IlEnnesota, willpay to bearer at the main office of ,in the sum o DOLLARS lawful money of the Unite States of America for interest then due on its hater Improvement Bond of 1962, Series A. dated May 1, 1962, No. (Facsimile signature) Village Manager (Facsimile signature) Mayor 1 i 1 303 Resolution No. 137 (Continued) May 10,1962 UNITED STATES OF A111ERICA STATE OF MINNESOTA COUN'T'Y OF HENNEPIN VILLAGE OF GOLDEN VALLEY 14ATM IMPROVEMPN BOND OF 1962, SERIES B X1,000 No. 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 I.1innesota, acknowledges itself to be indebted and for value re- ceived promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the lst 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 redemp- tion, and to pay interest thereon from the date hereof until said princi- pal 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 anterest from _ , 19—, to , 19 , at the rate of - per �%) per annum, all interest -Ueix pays a e Fe=ruar ll; -1�, and semiannually thereafter on August 1 and February 1 of each year, in- terest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons appurtenant here- to, the additional interest hereinbefore mentioned bibing represented by a separate set of "B" coupons. Both principal and interest are payable at the main office of -------- -_ —in I' , in any coin or currency of the United States o�America w ' ch on' tom, e 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 a series in the aggregate principal amount of 400,000, all of like date and tenor except as to serial number, matur- ity, redemption privilege and interest rate, all issued for the purpose of defraying expenses incurred and to be incurred in constructing a water lateral improvement in said Village, designated as Lateral Water main No. 62 Improvement, 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 Vil- lage, to which fund the Counciland agreedtolevyPforptheapaymentsofnts the�� costhich Village has convenanted greed of said improvement, 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. 304 Resolution No. 137 (Continued) May 10, 1962 Bonds of this series bearing serial numbers 1 through 300 are payable on their respective stated maturity dates, without option of prior payment. Bonds of this series bearing serial numbers 301 through 400, maturing in 1979 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, 1975, and any subsequent interest payment date, at par and accrued interest plus a premium of "20 for each bond redeemed prior to February 1, 1979, or no premium for any bond redeemed on or after said date. 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 re- deemable bonds held by him in the office of the Village Clerk. IT IS HEREBY CERTIFIED, RECITED, COVENA14TED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of MLnnesota 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 re- quired; 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 payment 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 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. IN `JITNESS ti^tH MEOF 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 :tanager, 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 May 1, 1962. Mayor �l age Manager (Form of certificate to be printed on the back of each bond following legal opinion) We certify that the above is a full, true and correct copy of jI Resolution No. 137 (Continued) May 10, 1962 the legal opinion rendered by bond counsel on the issue of bonds of the Village of Golden Valley, MILnnesota, 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) No. (Facsimile signature) Mayor 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 awful money of the United States v.._ of America�for inte' rdst -then on its Water Improvement Bond o 1962, Series B, dated May 11 1962, No._� (Facsimile signature) Mayor (Facsimile signature) Village Manager (Coupons numbered 26 and up attached to bonds numbered 1541 and up of Series A and to bonds numbered 301 and up of Series B shall state: "Unless the bond described below is called for earlier redemption") 9. Said bonds shll 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 authent- icated 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. ?,Then 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. 10. 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 the payment thereof has been duly levied, as required by Minnesota Statutes, Sections 475.61 through 175.63. Resolution No. 137 (Continued) May 19, 1962 11. 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 affi- davits, 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. Mayor Attest: Village Clerk The motion for adoption of the foregoing resolution was duly seconded by Member Scherer, and upon vote being taken thereon, the following voted in favor thereof: Flannagan, Nadasdy, Scherer; 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. 1 1