#340 11-05-63 Issue State-Aid Street Bonds1
1
Resolution No. 340
,
Member Flannagan introduced the following resolution and MOVED its
adoption:
November 51963
RESOLUTION DETERMINING UPON ISSUANCE OF
$1101000 MUNICIPAL STATE -AID STREET BONDS
OF 1963
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota, as follows:
1. Under and pursuant to the provisions of Minnesota Statutes, Sec-
tion 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. It is hereby found and determined that it is necessary and
expedient for the Village to issue its bonds
Pursuant
said
for said purpose in the amount of $110,000. Saidbondsoshall betda edy and
November 1, 1963, and shall mature serially, without option of prioray -
ment, in the amount of $10,000 on February 1 in each of the years 1965
through 1978. It is hereby further found and determined that the Village
now has outstanding similar obligations in the amount of $130,000, and tnat
the average annual amount of principal and interest due in the years 1965
through 1978 on the bonds herein authorized and on said outstanding bonds
does not exceed 50% of the amount of the last annual allotment received by
the Village from the Construction Account in the Municipal State -Aid Street
Fund.
2. The Municipal State -Aid Street'Bonds herein determined to be nec-
essary and desirable to be issued shall be issued and sold forthwith.
Attest: Mayor
Ali Clerk �
The motion for the adoption of the foregoing resolution was duly
seconded by Member Schaphorst, and upon vote being taken thereon, the
following voted in favor thereof: Flannagan, Nadasdy, Schaphorst, Scherer,
and Teresi; and the following voted against the same: None, whereupon
said resolution was declared duly passed and was signed and attested by
Mayor and Clerk.