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#345 12-17-63 Establish Municilpal State Aid Street BondsV Resolution No 315 December 17' 1963 Member Teresi introduced the following resolution and MOVED its adoption: RESOLUTION ESTABLISHING FORM AND DETAILS OF $110,000 MUNICIPAL STATE -AID STREET BONDS OF 1963 , Minnesota. BE RESOLVED by the Village Council of the Village of Golden 1. Under and pursuant to the Section 162.18, this Council is authorizedoto issue ns Of nnegotiable nesota tctes, general obligation bonds of the Village for the oupon state -aid improvements. The bonds herein authorized are necessary be issued for said Purpose of financing and sold upon the termsoherei afteand r stated. Tadvertised at to and interest to become due al in any calendar he amount of public sale Municipal State -Aid Street Bonds of 1960 ofythe Village nr on said ondsiandp°n the does not exceed 50% of the amount of the last annual allotment nowOutstanding this issue, received by the Village of Golden Valley from the Co ion Account in the Municipal State Aid Street Fund of the Stat Preceding sota, such annual allotment having been in the amount of Of Min e other obligations al the Village e of Min o Outstanding.g Payable from oceedssaid allotments Oriow No used solelfor hthe rconstrucfio odboonds are herebyappropriated projects within the Village. approved municipal Village. street 2. Said bonds shall be designated n Bonds of 196311, shall be dated as f November Municipal u ici 6l State -Aid Street number and numbered from 1 to 28, inclusive ' 9 3, shall be 2$ in e $5,000, shall bear interest at the respective annual rrateech in the sstated below, payable on August 1 reary 1 and August 1 of ea ary 1, without option of Prior year, and shall mature serially on Febru- amounts as follows; Payment in the respective years and Maturity Years Interest Maturity --- Amounts rimes Interest Years_ Amounts 1965 $10,000 ---_ nts R' a'_ 1966 10,000 3: 0� 1972 $10,000 3.50 1967 10,000 3.00% 1973 10,000 3.50% -1968 10,000 3.00 1971 10,000 3,50 1969 l0 000 1975 10,000 3.60 1970 103000 3.25% 1976 10 000 1971 1977 � 3.60 1©,000 3.25% 1978 101000 3.6o% 10,000 3.60% 20S December 17, 1963 Resolution No. 345 resented by a separ- All bonds shall bear additional interest, to August 1, 1964, at ate set of "B" coupons, from February , e per annum- The bonds and interest thereon shalllis, the rate of 2.10% p in Minneapo agrees to pay the reasonable and payable at the office of Northwestern National Ban ' and disbursement Minnesota, and the Village hereby ent for the receipt customary' charges of said paying ag of the principal and interest moneys. to attached thereto 3. Said bonds and the interest coupons with with suitable insertions shall be in substantially the following 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 1963 $ No. KNOW ALL MEN BY THESE PRESENTS that the Village of in in the County of Hennepin, State of Minnesota, d and for value received prom�.ses to pFebruary, 19 ay to bearer the principal debte THOUSAND DOLLARS on the 1st day of sum of and promises to pay interest on said tion of prior payment, principal sum is paid, without op) per annum, principal sum from the date hereof untiler cent ( 19�, at the basic rate of _� X964 to and, for the period from per cent only, at the additional rate of a able August 1, 964, and (� %) per annum, all interest being d August 1 of each year, interest semiannually thereafter on February presentation and to maturity being payable in accordance with and °n P which are in two surrender of the interest coupons appurtenant hereto, ets one representing interest at said basic rate f.* date issue s designated as B coupons, to maturity, and the other, period above set forth. interest at said additional rate aoabtl ea the office of the Both principal and interest arenp Y —� coin or currency of the United States of America and are payable in any tender for public and private debts. is leg principal and interest, the full which on the date of payable of such p For the prompt and full Payment Owers of the Village 0f Golden Valley faith, credit and unlimited taxing ably pledged* have been and are hereby irrevo's bond is one of an issue in the aggregate Principal amount of This t as to serial number, maturity $140,000, all of like date and tenor except relocating, and interest rate issued for the purpose of locating, and improving municipal state -aid streets with - ng reconstructing, reconstructing, adopted by its Village b authority of resolutions duly with the provisions in the Village, Y Council, and is issued pursuant to and in full conformity Resolution No. 345 December 17, 1963 Of the Constitution and laws of the State of Minnesota thereunto en- abling, including Minnesota Statutes Section 162.18. 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 obliga- tion 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 indebt- edness of said Village to exceed any constitutional or statutory limit- ation; that, prior to the issuance hereof, the Village Council has by resolution irrevocably pledged and appropriated to a separate and spec- ial sinking fund, to be maintained for the payment of this and other bonds issued under said Minnesota Statutes, Section 162.18 as long as any such bonds are outstanding, an amount of the moneys alloted 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 follow- ing 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 limit- ations 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 Manager and by affixation of its official seal, and the interest coupons appurtenant hereto and the cer- tificate 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, 1963. } ' Mayor Countersigned: Village Manager (SEAL) 1 239,-- Resolution 39 240 Resolution No. 345 (Form of Coupon) mm December 17, 1963 on the lst day of August (February), 19_, the Village of Golden Valley, Minnesota, will pay to bearer at the office of the sum shown hereon in law - in ful money of the United States of America for interest then due on its Municipal State -Aid Street Bond of 1963, dated November 1, 1963, No. (Facsimile signature) Mayor (Facsimile signature) Village Manager (Form of certificate to be printed on the reverse side of each bond, following a full copy of the legal opinion on the issue) 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 which includes the within bond, dated as of the date of delivery of and payment for the bonds. (Facsimile signature) Mayor (Facsimile signature) Village Manager 4. Said bonds shall be prepared for execution under the direction of the Village Manager, and when so prepared shall be executed on behalf of the Village by the signature of the Mayor and the Village Manager, who shall affix the corporate seal to each of the bonds; and the interest cou- pons and certificate as to the opinion of bond counsel shall be executed and authenticated by the printed, lithographed or engraved facsimile sig- nature of the Mayor and Village Manager. When the bonds have been so ex- ecuted, they andd the pi.irchaser shall no by the beVillage requiiredrto seer toothethe applica.tion thereof, an of the purchase price. 5. There shall continue to be maintained by the Village Treasurer on the official books and records of the Village the separate and special sinking fund designated as the "Municipal State -Aid Street Bond Sinking Fund", as created by resolution of the Village adopted on November 28, 1960, 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 add- itional general obligation Municipal State -Aid Street Bonds heretofore or hereafter issueVillagunder e Counciletoubeority cited in paragraph paid from such fundl. If at any dir- ected ected by the g 1 1 1 1 1 Ij Resolution No. 315 December 17, 1963 the moneys in said fund should be insufficient to pay all principal and interest due on such bonds, the Village Treasurer shall neverthe- less 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 re- stored to the appropriate funds from the moneys next received by the Village from the Construction or Maintenance Account in the Municipal State -Aad Street Fund of the State, which are not required for the pay- ment 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 and 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 19 1965 1966 1967 1968 1969 1970 1971 1972 1973 197 1975 1976 1977 1978 Principal $101000 10,000 101000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10, 000 10,000 10,000 Interest Payable on February 1 -- August 1 $4,96T. $2,332.50 79 2,182.50 2,182.50 2,032.50 2,032.50 1,882.50 1,882.50 1,732.50 1, 732.50 1,570.00 1.,570-00 13407-50 1.,407-50 1,245.00 11245-00 1,070.00 1,070.00 895.00 895.00 720.00 720.00 540.00 50.00 360.00 360.00 180.00 180.00 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 following twelve months, as set forth in Section 5 above, there shall be extended against all tax- able 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. 2-41