#133 12-21-65 Issue Improvement Bonds and Assessmentsv
Resolution No. 133 December 21, 1965
Member Teresi introduced the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING ISSUANCE AND PROVIDING FOR
THE FORM AND DETAILS OF $490,000 IMPROVEMENT BONDS OF
1965, 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 hearing as required by law, ordered the construction of
1964 Curb and Gutter Improvement, Zenith Avenue Street Improvement, 1961
Sanitary Sewer Improvement, 1964 Grading and Gravelling Improvement, 1964
Bituminous Surfacing Improvement, 1964 Concrete Paving Improvement, 1964
Water Main Improvement No. 2 and 1965 Water Main Improvement, 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 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 not be 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 in
the following amounts:
1964 Curb and Gutter Improvement $60,320
Zenith Avenue Street Improvement 8,400
1964 Sanitary Sewer Improvement 62,900
1961 Grading and Gravelling Improvement 8,500
1961 Bituminous Surfacing Improvement 90,000
1961 Concrete Paving Improvement 16,500
1964 Water Main Improvement No. 2 30080
1965 Water Main Improvement 183,000
$490,000
that it is necessary and expedient for the Village to borrow at this time
the sum of $4903000 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 Minnesota Statutes, Section 429.091; that such bonds have
heretofore been duly sold to the American National Bank and Trust Company,
in St. Paul, Minnesota, 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
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Resolution No. 133 December 21, 1965
hereof; and that all acts, conditions and things required by the Consti-
tution 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, each thereof to be known
and designated as the " Fund," the name of the improvement to be
inserted in the blank before the word "Fund." The proceeds of sale of the
bonds herein authorized shall be credited to each of said funds in the
respective amounts set forth in paragraph 1 hereof. 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 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 proceedings 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 pro-
ceedings 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, annual, installments, the number of installments being as
follows:
Type of Improvement Number of Installments
Bituminous Surfacing 5
Curb and Gutter, Grading and
Gravelling and Zenith Avenue 10
Concrete Paving 15
Lateral Sewer and Water Main 20
The first installment of all said assessments has been certified to the
County Auditor for collection with general taxes in the year 1966, 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 until December 31 of the year in which
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Resolution No. 133 December 21, 1965
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.
!a. 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 there-
on. 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 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 of Minnesota Statutes, Section 175.61.
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 Bonds of
1965, in the principal amount of $490,000. Said bonds shall be dated as of
November 1, 1965, each in the denomination of $5,000, shall be 98 in number,
numbered serially from 1 to 98, 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
1967 $5,000
1968 45,000
3.30%
1977 $15,000 3.70%
3.30%
1978 15,000 3.70%
1969 45,000
3.30%
1979 15,000 3.70%
1970 15,000
3.30%
1980 15,000 3.70%
1971 45,000
3.30%
1981 15,000 3.70%
1972 25,000
3.50%
1982 15,000 3.70%
1973 25,000
3.50%
1983 15,000 3.80%
1974 25,000
3.50%
1981 15,000 3.80%
1975 25,000
3.50%
1985 10,000 3.80%
1976 25,000
3.50%
1986 10,000 3.80%
In addition, all
bonds shall bear interest
at the rate of 2.00% per annum
from February 11
1966, to August 1,
1966, such additional interest to be
represented by a
separate "B" coupon
appurtenant to each bond. All interest
shall be payable
on August 1, 1966,
and semiannually thereafter on each
February 1 and August 1. Bonds maturing
the years of 1967 through 1978
shall be payable
on their respective
stated maturity dates, without option
of prior payment.
Bonds which have
stated maturity dates in the years 1979
through 1986 shall each be subject to
redemption and prepayment in inverse
order of serial numbers, at the option
of the Village, on February 1, 1978,
and any interest
payment date thereafter,
at par and accrued interest. 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
206
Resolution No. 133 December 21, 1965
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 American National Bank and Trust Company, in St.
Paul, Minnesota, and the Village hereby agrees 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 1965
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden V^lley, 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 the bearer the sum of FIVE 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 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 basic rate of per cent( 0 per annum, plus additional
interest from February 1, 1966, to August 1, 1966, at the rate of two per
cent (20) per annum, all interest being payable on August 1, 1966, and
semiannually thereafter on February 11 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 American National
Bank & Trust Company, in St. Paul, 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
$490,000, 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 local im-
provements 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 Redemption 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.
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Resolution No. 133 December 21, 1965
Bonds of this issue bearing serial numbers 1 through 76 are payable
on their respective stated maturity date, without option of prior payment.
Bonds of this issue bearing serial numbers 77 through 98, 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, 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 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 (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 tax-
able 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 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 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, 1965.
(Facsimile signature)
Mayor
'1 ge.Marager
(Form of Coupon)
No.
On the 1st day of August (February), 19 , the Village of Golden
Valley, Hennepin County, Minnesota,will pay to the bearer at the
,of , , the sum shown hereon in lawful money
of the United States of America for interest then due on its Improvement Bond
of 1965, dated November 1, 1965, No.
LUV
Resolution No. 133
(Facsimile signature)
Village Manager
December 21, 1965
(Facsimile signature)
Mayor
(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, Minnesota, which includes the within bond, dated as of the
date of delivery of and payment for the bond.
(Facsimile signature) (Facsimile signature)
Village Manager) Mayor
(Coupons numbered 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 facsimile
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, lith-
ographed 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 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, as required by Minnesota Statutes, Sections 175.62 and 475.63.
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 recored 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.
n
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Resolution No. 133
Attest:
Village Clerk
December 21, 1965
u "j -q -
Mayor
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 bythe Mayor and
attested by the Village Clerk.
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