#256 12-07-66 Issue Improvement Bonds and Special Assessments387
Resolution No. 256 December 7, 1966
Member Stockman introduced the following resolution and MOVED its
adoption:
RESOLUTION AUTORIZING ISSUANCE AND PROVIDING FOR
THE FORM AND DETAILS OF $1132,000 IMPROVFMFNT BONDS OF
166, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THF PAYMENT THFRFOF
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 Vallpy'has,
after public hearings as required by law, ordered the construction of 1965 Curb
and Gutter Improvement, 1965 Sanitary Sewer Improvement, 1965 Grading and Gravel-
ling Improvement, 1965 Bituminous Surfacing Improvement, 1965 Concrete Paving
Improvement (65CP-3), 1965 Storm Sewer Improvement (65SS-8), and 1966 Water
Main Improvement, and the area proposed to be assessed therefor, and has ordered,
received and approved plans and specifications and entered into contracts there-
for 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 be not less than the total cost of such improve-
ment; that the total cost of each of said improvements, including all expenses
incurred from its inception to its completion and all fees and expenses in con-
nection therewith, is estimated to be in the following amounts:
1965 Curb and Gutter Improvement X36,500
1965 Sanitary Sewer Improvement 138,000
1965 Grading and Gravelling Improvement 32,500
1965 Bituminous Surfacing Improvement 123 000
1965 Concrete Paving Improvement 30,000
1965 Storm Sewer Improvement 2 200
1965 Water Main Improvement 19,800
1966 Water Main Improvement 50,000
32,000
that it is necessary and expedient for the Village to borrow at this time the
sum of $43210001 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 pro-
visions of Minnesota Statutes, Section 1129.091; that such bonds have heretofore
been duly sold to the highest and best bidder, and shall forthwith be issued and
delivered to said purchaser; that said bonds shall be payable from the Improve-
ment Bond Redemption Fund created by Current Ordinance No. 28 of the Village,
adopted an January 21, 1958, which ordinance is by reference incorporated herein
and made a part hereof; and 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 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.
88
Pesolution No. 256 December 7, 1966
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 desig-
nated as the " Fund", the name of the improvement to be in-
serted in the blank before the word "Fund". The proceeds of sale 6f the bonds
herein autorized 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 resolu-
tions of the Council.
3. It is hereby determined that the Village has levied special assess-
ments 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 improve-
ments, 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 prodeedings taken or to be taken by the Village or by this Council or
by any of the Villagers 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 assess-
ment 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
Curb and Gutter, Grading and
Gravelling, Lateral Sewer and
Storm Sewer 10
Concrete Paving 15
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 1967, and the re-
maining 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 the first installment is pay-
able. To each subsequent installment there has been added interest at 6 % per
annum for one year on all unpaid installments.
L. 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 thereon.
Each and all of the provisions of said Ordinance No. 28 of the Village and of
Resolution No. 256 December 7, 1966
this resoluta-on shall constitute covenants for the security of the holders from
time to time of said bonds. For the purpose of paying principal of and interest
on said bonds there is hereby levied, in addition to the special assessments
heretofore levied as described in paragraph 3 above, a direct,,,.,general ad valorem
tax on all taxable property in the Village, which shall be collectible in the
amount of $3,000 in 1968, and $1,500 in each of the years 1969 through 1986.
It is estimated that the collections of said special assessments and taxes 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 05.61.
5. For the purpose of paying costs of said improvements and in anti-
cipation of the collection of said special assessments and taxes, the Village
shall forthwith issue its negotiable coupon general obligation Improvement Ponds
of 1966, in the principal amount of $432,000. Sail bonds shall be dated as of
December 11 1966, each in the denomination of $5,000, except bonds Nos. 1 and 21
which shall be in the denomination of $1,000 each, shall be 88 in number, numbered
serially from 1 to 88, and shall mature in order of serial numbers on December 11
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 th7,000
1968 h 5,000
b.30%
1.30%
1977 �,15,000
1.30%
1969 15,000
1.30%
1978 10,000
4.30%
1970 45,000
L.30%
1979 10,000
1980
4.30%
1971 15,000
4.30%
10,000
1981
L.30%
`
1972 20,000
1973
11.30%
10,000
1982 10,000
4.30%
b•30%
20,000
197b 201 000
h-30%
1983 10,000
.1�0
197 20,000
.30
L.30%
1981 10,000 ...
1985
19766 20,000
x.30%
10,000
1986
10,000
In addition, all bonds
February 1, 1967,
shall bear interest at the rate of 1.50°! per annum
to December
from
sented by separate
11 1967, such
"R" coupons
additional interest to be repre-
payable on June 1,
appurtenant to
1967, and semiannually thereafter
each bond. All interest
shall be
June 1. Ponds maturing in the years 1967 through
respectively stated
on each December 1
1977 shall be payable
and
on their
maturity dates, without
have stated maturity dates in the 1978
option of prioram
through
nds
years 1986 shalleach beosubjectch
to redemption and prepayment in inverse order of serial numbers, at the
of the Village, on
at par and accrued
December 11 1977, and any
interest
option
interest, payment date thereafter,
plus a premium of 1-1/2% of par value for any bona
redeemed on or before June 11 1980, or no for
June 1, 1980. All
premium
such redemptions shall be
any bond redeemed after
made on notice
of call mailed
less than thirty days prior to the date specified for redemption to the
if known, and to the bank
not
holder,
then payable. The
at which principal and interest on said bonds are
Village Clerk and his successors in office are hereby author-
Resolution No. 256 December 7, 1966
ized 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, 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 main office of the Northwestern National Bank of Minneapolis,
in Minneapolis, 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 POND OF 1966
No.
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 received
promises to pay to bearer the sum of THOUSAND DOLLARS on the 1st day
of December, 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 ( %) per annum, plus additional interest from
19 , to , 19 , at the rate of per cent ( %)
perannum, all interest being payable on June 1, 1967, and semiannually there-
after on December 1 and June 1 of each year, interest to maturity being represen-
ted by and payable in accourdance with and upon presentation and surrender of the
interest coupons appurtenant hereto, the additional interest hereinbefore men-
tioned being represented by a separate set of "B" coupons. Roth principal and
interest are payable at
in , , 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
,W2,000, all of like date and tenor except as to serial number, maturity, re-
demption privilege and interest rate, all issued for the purpose of defraying
expenses incurred and to be incurred in constructing local improvements 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 resolu-
tions duly adopted by the Village Council. This bond is payable primarily from
Resolution No. 256
December 7, 196E
the Improvement Bond Redemption Fund of the Village, to which fund the Council
has appropriated special assessments which the Village has levied or 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.
Bonds of this issue bearing serial numbers 1 through are payable
on their respective stated maturity dates, without option of prior payment.
Bonds of this issue bearing serial numbers through .1 maturing in 1978
and later years, are each subject to redemption and prepayment, at the option of
the Village, in inverse order of serial numbers, on December 1, 1977 and any
subsequent interest payment date, at par and accrued interest plus a premium of
1-1/2 % of par value for any bond redeemed or or before June 1, 1980, or no pre-
mium for any bond redeemed after June 1, 1980. 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 prin-
cipal 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, C011ENANT7P ANP AGRFFP 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 ob-
ligation 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 pro-
duce sums not less than five per cent (5%0 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 inter-
est, 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 in-
debtedness of said .Village to exceed any constitutiona; 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 December 1, 1966.
ViIiage manager
1
(Facsimile signature)
Mayor
391
392
Resolution No. 256 December 7, 1966
(Form of Coupon)
No. $
On the 1st day of June (Pecember), 19 , the Village of Golden
Valley, Hennepin County, Minnesota, will pay to 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 1966, dated December 1, 1966, No.
(Facsimile signature) (Facsimile signature)
Village Manager 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 bonds.
(Facsimile signature) (Facsimile signature)
Village Manager Mayor
(Coupons numbered 23 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, lithographed or en-
graved facsimile signatures of said Mayor and Village Manager, and the certifi-
cate 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 to the application of the pur-
chase 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 re-
quired by Minnesota Statutes, Sections 475.62 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 there-
of, certified copies of all proceedings relating to said bonds and to the finan-
cial affairs of the Village and such other affidavits, certificates and informa-
tion as may be required to show the facts relating to the legality and market-
Resolution No. 256
December 7, 1966
ability 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,
certificates and affidavits, including any heretofore furnished, shall be deemed
representations of the Village as to the facts recited therein.
da
n�/j Mayor - --
Atteat:
%�
Village Clem
The motion for the adoption of the foregoing resolution was duly
seconded by Member Garis, and upon vote being taken thereon, the follow-
ing voted in favor thereof: Flannagan, Garis, Stockman, 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.
G
1
393