#134 12-21-65 Issue Certificate Indebtedness Levying Taxes2tO
Resolution No. 134 December 21, 1965
Member Flannagan introduced the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING ISSUANCE OF
$22,755 CERTIFICATE OF INDEBTEDNESS,
PRESCRIBING THE FORM AND DETAILS THEREOF,
AND LEVYING TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden
Valley, Minnesota, as follows:
1. It is hereby found and determined that it is necessary and
expedient for the Village to issue a Certificate of Indebtedness in the
amount of $22,755, for the purpose of financing the purchase of equipment,
in accordance with the provisions of Minnesota Statutes, Section 41.2.301;
that the assessed valuation of the Village for the year 1965 is $22,215,222;
that the amount of the certificate to be issued is within 1% of the assessed
valuation of the Village, and there are no other certificates of indebtedness
outstanding issued pursuant to said Section 412.301; and that the sale of
said certificate to the Improvement Bond Redemption Fund of the Village of
Golden Valley, Minnesota on terms hereinafter set forth, is fair and reason-
able, and should be and is hereby ordered.
2. The Village shall forthwith issue its general obligation
Certificate of Indebtedness in the amount of $22,755, as authorized by and
pursuant to the provisions of Minnesota Statutes, Section 412.301, for the
purpose of financing the purchase of street equipment. Said Certificate
shall be dated as of December 22, 1965, bear interest at the rate of 4% per
annum, payable on December 1, 1966, and annually thereafter on each December
1, the principal to be payable in annual installments on December 1, in the
amount of $4,551.00 of each of the years 1966 to 1970, inclusive, without
option of prior payment, Said Certificate shall be payable to the
Improvement Bond Redemption Fund of the Village of Golden Valley.
3. Said Certificate shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
CERTIFICATE OF INDEBTEDNESS
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley,
Hennepin County, Minnesota, hereby acknowledges itself to be indebted and
for value received promises to pay to the Improvement Bond Redemption Fund
of the Village of Golden Valley on order, the sum of DJENTY IWO THOUSAND
SEVEN HUNDRED FIFTY FIVE DOLLARS in annual installments of $4,551.00 on
December 1 in each of the years 1966 to 1970, inclusive, without option
of prior payment, and the Village promises to pay interest on the unpaid
balance of the principal of this Certificate at the rate of Four per cent
(4p) per annum, payable on December 15 1966, and annually thereafter on
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Resolution No. 134 December 21, 1965
the first day of December of each year. Both principal of and interest
on this Certificate are payable 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, at the office of the Village of Golden Valley.,
Minnesota, and for the prompt payment of said principal and interest, as
the same respectively fall due, the full faith, credit and taxing powers of
said Village have been and are hereby irrevocably pledged.
This Certificate is issued for the purpose of purchasing street
equipment for the Village, and is authorized by a duly adopted resolution
of the Village Council of said Village dated December 21, 1965, and is
issued pursuant to and in full conformity with the Constitution and Laws of
the State of Minnesota thereunto enabling, including Minnesota Statutes,
Section 412.301.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required by law to be done, to exist, to happen and to be performed,
precedent to and in the issuance of this Certificate have been done, do
exist, have happened, and have been performed in regular and due form, time
and manner; that a direct, annual, irrepealable ad valorem tax has been
duly levied by said Village in an amount sufficient to pay the interest on
this Certificate when it falls due, and also to pay and discharge the principal
installments hereof on their respective due dates; and that this Certificate,
together with all other existing indebtedness of said Village, does not
exceed any constitutional or statutory limitation indebtedness.
IN WITNESS IJMREOF, said Village has caused this Certificate to be
executed in its behalf by its Mayor and Clerk, and the official seal of the
Village to be affixed hereto, as of
Attest:
Village Clerk
(SEAL)
x.. Said Certificate shall be executed on behalf of the Village by
the signatures of the Mayor and Clerk, and the official seal of the Village
shall be affixed thereto. The full faith, credit and taxing powers of the
Village shall be and they are hereby pledged to the full and prompt payment
of the principal and interest of said Certificate as they respectively fall
due.
5. For the purpose of paying the principal installments of and
interest on said Certificate as such installments and interest respectively
become due, there is hereby levied a direct, annual, irrepealable tax upon
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Resolution No. 134 December 21, 1965
all of the taxable property in the Village for the years and in the
amounts as follows:
Year Amount
1965 $ 5,735 (Provided in 1965 General Levy)
1966 5,543
1967 5,352
1968 5,161
1969 4,969
6. Said taxes shall be extended upon the tax rolls for the above
years and shall be collected in the respective ensuing years with and as a
part of the other general taxes levied in and for the Village, and the
proceeds thereof, when and so collected shall be placed in a sinking fund
which is hereby created, and shall be used for no other purpose than to
pay the principal and interest of said Certificate when and as the same
became due, except that in case any payments of principal or interest shall
fall due on said Certificate when there is not sufficient money in said fund
to pay the same, then such principal or interest shall be paid out of any
funds of the Village available therefor, and such funds shall be reimbursed
for such advances out of said levies when collected.
7. The Village Clerk is hereby authorized and directed, prior to
delivery of said Certificate, to file in the office of the County Auditor
of Hennepin County a certified copy of this resolution, and to obtain from
said County Auditor a certificate that the Certificate herein authorized
has been entered on his register of municipal obligations.
8. The officers of the Village are hereby authorized and directed
to prepare and furnish to the purchaser of said Certificate and to the
attorneys approving the legality of the issuance thereof, certified copies
of all proceedings and records of the Village relating to said Certificate
and to the financial condition and affairs of the Village, and such other
affidavits, certificates and information as may be required to show the
facts relating to the legality of said Certificate, as such facts 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:
/�� e."_1 (;z�)'c —
Village Clerk
Resolution No. 134
December 21, 1965
The motion for the adoption of the foregoing resolution was duly
seconded by Member Teresi, 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, signed by the Mayor and his signature
attested by the Village Clerk.
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