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#467 12-15-64 Authorize Improvement Bonds and Special Assessments:_ i Resolution No. 167 December 15, 1964 Member Schaphorst then introduced the following resolution and MOVED its adoption: RESOLUTION AUTHORIZING ISSUANCE AND PROVIDING FOR THE FORM AND DETAILS OF $550,000 IMPROVEMENT BONDS OF 1964, 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, after public hearings as required by law, ordered the con- struction of 1963 Bituminous Surfacing Improvements and 1964 Watermain Improvements, 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; or ordered the same to be constructed by day labor as permitted by law; that the total bene- fits 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 therewith, is estimated to be not less than $61,41.8.06 for 1963 Bituminous Surfacing Improvements and not less than $490,557.76 for 1964 Watermain Improvements; that it is necessary and expedient for the Village to borrow at this time the sum of $550,000, for the purpose of paying all or substantially all of the expenses incurred and to be incurred in connection with said improvements, by the issuance of general obligation improvement bonds in accordance with the provisions of Minne- sota Statutes 1961, Section 429.091; that such bonds have heretofore been duly sold to Piper, Jaffray & Hopwood, of Minneapolis, Minnesota, and associates, and shall forthwith be issued and delivered to said purchaser; that said bonds 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; and that all acts, conditions and things re- quired by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to the issu- ance 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 des- ignated as the 111963 Bituminous Surfacing Improvements Fund" and the 111964 Watermain Improvements Fund", respectively. The proceeds of sale of the bonds herein authorized shall be credited to each of said funds in the amount of $61,000 (plus accrued interest) to the 1963 Bituminous Resolution No. 167 December 15, 196 Surfacing Improvements Fund and $489,000 (plus accrued interest) to the 1964 Watermain Improvements Fund. 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. 3. It is hereby determined that the Village has levied special assessments on account of said improvements in the same amounts as the estimated costs thereof 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. In the event that any such assess- ment 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 proceed- ings 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 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 are payable in equal, consecutive, ann- ual, installments the number of installments being as follows: Type of Improvement Number of Installments Bituminous Surfacing Watermain 5 20 The first installment of all said assessments have been certified to the County Auditor for collection with general taxes in the year 1965, and the remaining installments of said assessments have been certified for collection with the general taxes for each subsequent consecutive year until the assessments are paid. To the first installment there has been added interest at the rate of 6% per annum on the entire assessment from the date of the resolution levying the assessment under December 31 of the year in which the first installment is payable. To each subsequent installment there has been added interest at 6% per annum for one year on all unpaid installments. It. The fullfaith 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 esti- mated that the collections of the special assessments heretofore levied as described in paragraph 3 above will produce sums not less than 5% in excess of the amounts needed to pay principal and interest of the bonds herein authorized when due, in accordance with the provisions Resolution No. 467 December 15, 1964 of the amounts needed to pay principal and interest of the bonds herein authorized 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 Improve- ment Bonds of 1964, in the principal amount of $550,000. Said bonds shall be dated as of November 1, 1964, each in the denomination of $5,000, shall be 110 in number, numbered serially from 1 to 110, and shall mature in order ofserial 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 1966 $110,000 3.30% 1976 $25,000 3.50% 1967 40,000 3.30% 1977 25,000 3.50% 1968 35,000 3.30% 1978 25,000 3.60% 1969 35,000 3.30` 1979 25,000 3.60% 1970 35,000 3.30% 1980 25,000 3.60% 1971 25,000 3.30% 1981 25,000 3.60% 1972 25,000 3.30% 1982 25,000 3.60% 1973 25,000 3.50% 1983 25,000 3.70% 1974 25,000 3.50% 1984 20,000 3.70% 1975 25,000 3.5o% 1985 20,000 3.70% In addition, all bonds shall bear interest at the rate of 2% per annum from February 1, 1965, to August 1, 1965, such additional interest to be represented by a separate "B" coupon appurtenant to each bond. All interest shall be payable on August 1, 1965, and semiannually thereafter on each February 1 and August 1. Bonds maturing in the years 1966 through 1978 shall be payable on their respective stated maturity dates, without option of prior. payment. Bonds which have stated maturity dates in 1979 and later years shall each be subject to redemption and prepayment in inverse order of serial numbers, at the option of the Village, on Feb- ruary 1, 1978, and any interest payment date thereafter, at par and acc- rued interest. All such redemptions shall be made on notice of call mailed not less than thirty days prior to the date specified for redemp- tion 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, in- sofar as such information is made available to said Clerk and his suc- cessors in office. The principal of and interest on said bonds shall be payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, and the Village hereby agrees 1 1 1 h Resolution No. 467 December 15, 1964 to pay the reasonable and customary charges of said paying agent for the receipt and disbursement thereof. 6. Said improvement bonds and the coupons attached thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1964 No. $5,000 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 re- ceived promises to pay to bearer the sum of FIVE 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 redemp- tion, 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 February 1, 1965, to August 1, 1965, at the rate of two per cent (2%) per annum, all interest being payable on August 1, 1965, 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 prin- cipal and interest are payable at the main office of the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, 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 $550,000, all of like date and tenor except as to serial number, maturity, redemption privilege and interest rate, all issued for the purpose of de- fraying expenses incurred and to be incurred in constructing local improve- ments in said Village, and is issued pursuant to and in full conformity with the Constitution and laws of the State of Minnesota thereunto enabl- ing, and pursuant to resolutions duly adopted by the Village Council. This bond is payable primarily from the Improvement Bond Redemption Fund of the Village, to which fund the Council has appropriated special assess- ments which the Village has covenanted and agreed to levy for the payment 47 Resolution No. 467 December 15, 1964 of the cost 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 assess- ments collected are at any time insufficient to meet the payment of matur- ing principal and interest. Bonds of this issue bearing serial numbers 1 through 77 are payable on their respective stated maturity dates, without option of prior pay- ment. Bonds of this issue bearing serial numbers 78 through 110, matur- ing in 1979 and later years, are each subject to redemption and prepay- ment, at the option of the Village, in inverse order of serial numbers, on February 1, 1978, and any subsequent interest payment date, at par and accrued interest. 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 princi- pal and interest are then payable. Any holder of redeemable bonds desir- ing 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 pre- liminary 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 (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 con- stitutional 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 facsimile signature of its Mayor and the manual signature of its Village Manager and by a printed facsimile of its of- ficial seal, and the interest coupons appurtenant hereto and the certi- ficate 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, 1964. ROGER K. UISTAD Village Manager (Facsimile signature) Mayor Resolution No. 467 December 15, 1964 (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 consel on the issue of bonds 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) (Facsimile signature) Village Manager Mayor (Form of Coupon) 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 the Northwestern National Bank of Minneapolis, in Minneapolis, Minnesota, the sum shown hereon in lawful money of the United States of America for interest then due on its Improvement Bond of 1964, dated November 1, 1964, No. _ (Facsimile signature) (Facsimile signature) Village Manager Mayor (Coupons numbered 27 and up shall state: "Unless the bond described below is called for earlier redemption") 7. Said bonds shall be forthwith prepared for execution under the direction of the Village Manager and shall then be executed by the fac- simile signature of the Mayor and the manual signature of the Village Manager and by a printed facsimile of the official seal of the Village. The appurtenant interest coupons shall be executed and authenticated 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 pruchaser thereof, upon payment of the purchase price heretofore agreed upon, and said pur- chaser shall not be obligated to see to the application of the purchase price. 8. 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 475.63. 480 Resolution No. 467 December 15, 1964 9. 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, certifi- cates and affidavits, including any heretofore furnished, shall be deemed representations of the Village as to the facts recited therein. %oal U Mayor Attest: G illage Clerk The motion for the adoption of the foregoing resolution was duly seconded by Member Flannagan, and upon vote being taken thereon, the following voted in favor thereof: Flannagan, Garis, Nadasdy, 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.