#257 12-07-66 Determine Park Bonds Levying Taxes�"_x
Resolution No. 257
adoption:
December 7, 1966
Member Stockman introduced the following resolution and MOVED its
RESOLUTION DETERMINING THE FORM AND. DETAILS OF
$185,000 PARK BONDS OF 1966 OF THE VILLAGE,
CREATING A SINKING FUND THEREFOR, AND LEVYING
TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Hennepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable coupon general
obligation bonds in the aggregate principal amount of $185,000, all dated
December 11 1966, for the purpose of park development and improvement, said
bonds to be 37 in number and numbered 1 through 37, each in the den6mination of
$5,000, bonds of said issue maturing in the years and having serial numbers as
stated below to bear interest at the respective rates per annum set opposite
such maturity years and serial numbers, as follows:
Maturity Years Serial Numbers Interest Rate
1967 through 1982 1 through 32 h-30%
1983 and 1984 33 it 37 4.40
In addition all bonds bear interest, represented by separate "R" coupons, for
the period from February 1, 1967, to December 1, 1967, only, at the rate of
1.50% per annum.
Interest shall be payable on June 1, 1967, and semiannually thereafter on
December 1 and June 1 of each year, and said bonds shall mature serially in
order of serial numbers, lowest numbers first, on December 1, in the amount of
$10,000 in each of the years 1967 through 1983, and $15,000 in 1984, bonds
maturing after December 1, 1977, to be each subject to redemption and prepay-
ment, at the option of the Village, in inverse order of serial numbers, on said
date and any interest payment date thereafter, at par and accrued interest plus
a premium of 1-1/2% of par value for each bond redeemed on or before June 1,
1980, or no premium for any bond for
after June 1, 1980, upon notice of
call mailed not less than 30 days prior to the date specified for redemption
to the bank at which principal and interest are then payable, and to the holder,
if known, of the bond or bonds so to be redeemed; and the Village Clerk is
hereby directed to maintain a record of the names, addresses and bond numbers
of holders of redeemable bonds of said issue, so far as such information is made
available to him, for the purpose of giving such notice, The principal of and
interest on said bonds shall be payable at the main office of the Northwestern
National Rank of Minneapolis, in Minneapolis, Minnesota, and the Village agrees
to pay the reasonable charges of such paying agent.
2. Said bonds and the interest coupons to be thereto attached shall
be in substantially the following form:
1
1
1
Resolution No. 257 December 7, 1966
UNITED STATES OF AMFRICA
STATE OF MINNESOTA
COUNTY OF HFNNFPIN
VILLAGE OF GOLDEN VALLEY
VILLAGE PARK BOND
No.
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley,
Hennepin County, Minnesota, acknowledges itself to be indebted and for value
received promises to pay to bearer the sum of THOUSAND DOLLARS on the
lst day of December, 19 , or, if this bond is redeemable as stated below, on a
dalte prior thereto on which it shall have been duly called for earlier redemp-
tion, and to pay interest thereon from the date hereof until said principal sum
be paid, or, if this bond is redeemable, until it has been duly called for re-
demption, at the rate of per cent ( ,%) per annum, payable
on June 1, 1967, and semiannually thereafter on the lst day of December and the
lst day of June of each year, such interest; to maturity being represented by
and payable in accordance with and upon presentation and surrender of the inter-
est coupons hereto attached; and the Village also promises to pay additional in-
terest on said principal sum from, 19 , to 19
at the rate of per cent () per annum, payable on
, such additional interest being represented by the extra
"B" coupon(s) hereto appurtenant. Both principal and interest are payable at
the main office of
in
in any coin or currency of the United States of Americal 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 be-
come due, the full faith, credit and taxing powers of the Village are hereby
irrevocably pledged.
This bond is one of an issue of tl85,000 aggregate principal amount,
all of like date and tenor except as to maturity, serial number, interest rate
and redemption privilege, issued by saie Village for the purpose of park develop-
ment and improvement, and is issued pursuant to the requisite majority vote of the
electors of the village voting at an election duly called and held in and for
said Village, and pursuant to resolutions duly adopted by the Village Council
and pursuant to and in full conformity with the Constitution and laws of the State
of Minnesota thereunto enabling.
Bonds of said issue numbered 1 through are payable on their re-
spective stated maturity dates, without option of prior payment, but bonds of
said issue numbered through which have stated maturity dates subsequent
to December 1, 1977, are each subject to redemption and prepayment, at the
option of the Village, in inverse order of serial numbers, on said date and any
interest payment date thereafter, at par and accrued interest plus a premium of
1-1/2% of par value for each bond redeemed on or before June 1, 1980, or no pre-
mium for any bond redeemed after June 1, 1980, upon notice of call mailed not
0"
Resolution No. 257 December 7, 1966
less than thirty (30) days prior to the date specified for redemption, to the
bank at which principal and interest are then payable and to the holder, if
known, of each bond to be redeemed.. Bondholders desiring to receive such notice
must register their names, addresses and bond numbers with the Village Treasurer.
IT IS HERFBY CERTIFIED AND RECITFD 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 precedent to and in the issuance
of this bond have been done, do exist, have happened and have been performed
in regular and due form, time and manner as so required; that prior to the
issuance hereof a direct, annual, irrepeal.able, ad valorem tax has been duly
levied upon all of the taxable property in said Village for the years and in
amounts at least five per cent (5%) in excess of sums sufficient to pay the
interest hereon and the principal hereof as they respectively become due, and
additional taxes, if needed, will be levied upon all of such property without
limitation as to rate or amount; and that this bond, together with all other
indebtedness of the Village outstanding on the date hereof and on the date of
its actual issuance and delivery, does not exceed any constitutional or statu-
tory limitation of indebtedness.
IN WITNESS 1,,HEREOF, 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 the Mayor and the manual signature of the
Village Manager, and by a printed facsimile of its corporate seal, and the
attached interest coupons and the certificate as to legal opinion on the re-
verse side hereof to be executed and authenticated by the facsimile signatures
of said Mayor and Manager, all as of December 1, 1966.
(Facsimile signature)
Mayor
Vi -a
Iage Clerk
(SEAL)
(Form of Coupon)
No.
On the lst day of June (December),
Valley, Hennepin County, Minnesota, will pay
, in
the sum shown hereon for interest then due on
dated December 15 1966, No.
(Facsimile signature)
Village Manager
19 , the Village of Golden
to bearer at the main office of
its Village Park Bond of 1966,
(Facsimile signature)
Mayor
(Coupons numbered 23 and up shall bear the phrase:
"Unless the bond described below is called for earlier
redemption".)
P�
1
arew
ZAMBA
Resolution No. 257 December 7, 1966
(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)
Village Manager
(Facsimile signature)
Mayor
3. Said bonds shall be prepared under the direction of the Village
Clerk, and when so prepared shall be executed in behalf of the Village by the
facsimile signature of the Mayor, and the manual signature of the Village
Manager, and by a printed facsimile of the corporate seal of the Village, and
the interest coupons and certificate as to opinion of bond counsel shall be
executed and. authenticated by the printed, engraved or lithographed facsimile
signatures of the Mayor and Manager. When said bonds have been so executed
and authenticated, they shall be delivered by the Village Treasurer to the
purchaser on receipt of the purchase price heretofore agreed upon, and said pur-
chaser shall not be required to see to the application thereof.
1t. There is hereby created a separate sinking fund for said Park Bonds.
which fund shall be kept by the Treasurer apart from all other funds of the
Village and used for no purpose other than payment of principal and interest
on said bonds and on any other general obligation bonds which the Council shall
decide to make payable from said fund; provided, that if any payment of princi-
pal or interest shall become due when there is not sufficient money in said fund
therefor, the Treasurer shall pay the same from the general fund of the Village,
and said general fund shall be reimbursed for such advances out of the proceeds
of the taxes hereinafter levied. Into said sinking fund shall be paid the pro-
ceeds of all taxes levied pursuant to this resolution and all other moneys re-
ceived for or appropriated to the payment of said bonds and interest.
5. For the prompt and full payment of the principal and interest on
said bonds as the same respectively become due, the full faith, credit and tax-
ing powers of the Village shall be and are hereby irrevocable pledged. To pro-
vide moneys for the payment thereof, in addition to a levy of 125,000 hereto-
fore made and certified to the County Auditor for collection in 1967, there is
hereby levied upon all of the taxable property in the Village a direct, annual,
ad valorem tax which shall be spread upon the tax rolls collectible the years
and amounts as follows;
Collection
Collection
Collection
Year
Amount
Year
Amount
Year
Amount
1968
1969
$18,400
18,000
1974
1975
15,700
15,300
1980
1981
13,000
1970
17,500
1976
14,800
1982
12,600
12,100
1971
17,100
1977
14,1100
1983
11,700
1972
16,600
1978
13,900
1984
16,100
1973
16,200
1979
13,500
398
Resolution No. 257 December 7, 1967
Said tax shall be irrepealable as long as any of said bonds are outstanding
and unpaid; provided, that the Village reserves the right and power to reduce
the levies in the manner and to the extent permitted by Minnesota Statutes,
Section 1175.61.
6. The Village Clerk is hereby authorized and directed to file with
the County Auditor of Hennepin County a certified copy of this resolution,
together with such other information as the County Auditor may require, and to
obtain from said County Auditor a certificate that the tax required by law for
the payment of said bonds has been levied, and that said bonds have been
entered upon his bond register.
7. The officers of the Village and theCounty 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 and records 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,
certificates and affidavits, including any heretofore furnished, shall be
deemed representations of the Village as to the facts recited therein.
M
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Flanagan, and upon vote being taken thereon, the following
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, signed by the Mayor and his signature attested by
the Village Clerk.
I I