#262 12-20-66 Issue Indebtedness Levying Taxes406"
Resolution No. 262
December 20, 1966
Member Flannagan introduced the following resolution and MDVED
its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF
$61,981 CERTIFICATE OF INDEBTEDNESS,
PRESCRIBING THE FORM AND DETAIIS 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 mount of
$61,981, for the purpose of financing the purchase of equipment, in accordance
with the provisions of Minnesota Statutes, Section 412,301; that the assessed
valuation of the Village for the year 1966 is $23,6011,552 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 except $18,204 balance of 1965 certif-
icate of indebtedness which together with this certificate does not exceed
limitations set by statute 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 reasonable, and should be and is
hereby ordered.
2. The Village shall forthwith issue its general obligation Certificate
of Indebtedness in the amount of $61,981 authorized by and pursuant to the
provisions of Minnesota Statutes, Section 412.301, for the purpose of financing
the purchase of street and fire equipment. Said Certificate shall be dated as
of December 21, 1966, bear interest at the rate of 4% per annum, payable on
December 1, 1967, and annually thereafter on each December 1, the pr#cipal to
be payable in annual installments on December 1, in the amount of $12,396.20
of each of the years 1967 to 1971, 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 MI2TDTESOTA
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 SIXTY ONE THOUSAND
NINE HUNDRED EIGHTY ONE DOLLARS in annual installments of $12,396.20 on
December 1 in each of the years 1967-1971, 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
R__solution No. 262 December 20, 1966
(4%) per annum, payable on December 1, 1967, and annually thereafter on
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
the 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 20, 1966, and is
issued pursuant to and in full conformity with the Constitution and Laws of
Vie 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 and 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 W1HEREOF, 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 December 20, 1966.
/s/ Carl Nadasdy
Mayor
Attest:
/s/ Helen Penniman
Village Clerk
(SEAL)
fit. Said Certificate shall be executed on hehalf 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.
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Resolution No. 262 December 20, 1966
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 all of the
taxable property in the Village for the years and in the amounts as follows:
Year Amount
1966 $15,456 (provided in 1966 General Levy)
1967 15,099
1968 1-4.,578
1969 1,057
1970 13,536
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
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 th3facts 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 here-
tofore furnished, shall be deemed representations of the Village as to the
facts recited therein.
Mayor
Attest:
Village Clerk
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Resolution No. 262
December 20, 1966
The motion for the adoption of the foregoing resolution was duly
seconded by Member Stockman and, upon vote being taken thereon, the following
voted in favor thereof: Flannagan, Garis, Nadasdy, 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.
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