#328 08-01-67 Determine Park and Recreation Bonds0U
Resolution No. 328 August 1, 1967
Member Sfockman then introduced the following resolution and MOVED its adoption:
RESOLUTION DETERMINING THE FORM AND DETAILS
OF $1,350,000 PARK AND RECREATION AREA BONDS
OF 1967 OF THE VILLAGE, CREATING A SINKING
FUND THEREFOR, AND LEVYING TAXES FOR THE PAY-
MENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Hnnnepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable coupon general
obligation bonds in the aggregate principal amount of $1,350,000, all dated
August 1, 1967 for the purpose of acquiring and improving a park and recreation
area, said bonds to be 270 in number and numbered 1 through 270, each in the
denomination of $5,000, bonds of said issue maturing in the years and havitg
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
1969/1980 1 thru 87 4.10%
1981/1989 88 thru 177 4.30
1990/1997 178 thru 270 4.40
Interest shall be payable on February 1, 1968, and semiannually thereafter
on August 1 and February 1 of eachyear, and said bonds shall mature serially
in order of serial numbers, lowest numbers first, on February 1, in the amount
of $30,00 in each of the years 1969 through 1971, $35,000 in each of the years
1972 through 1975, $10,000 in each of the years 1976 through 1979, $15,000
in each of the years 1980 through 1982, $50,000 in each of the years 1983
through 1987, $55,000 in each of the years 1988 through 1992, and $60,000 in
each of the years 1993 through 1997, bonds maturing after February 1, 1987,
to be 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 1-1/4% of par value
for each bond redeemed, upon notice of call published by the Village Clerk
not less than 30 days prior to the date specified for redemption in a weekly
or daily periodical published in a Minnesota city of the first class, or its
metropolitan area, which circulates throughout the state and furnishes
financial news as a part of its service. The Clerk shall also mail such
notice to the bank at which principal and interest are then payable, but
published notice shall be effective without mailing. The principal of and
interest on said bonds shall be payable at the main office of Northwestern
National Bank 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:
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Resolution No. 328
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
August 1, 1967
PARK AND RECREATION AREA BOND OF 1967
$5,000
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 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 earlier re-
demption, 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
redemption, at the rate of per cent ( %) per annum,
payable on February 1, 1968, and semiannually thereafter on the lst day of
August and the lst day of February of each year, such interest to maturity
being represented by and payable in accordance with and upon presentation
and surrender of the interest coupons hereto attached; and the Village also
promises to pay additional interest 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 o 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 become due, the
full faith, credit and taxing powers of the Village are hereby irrevocably
pledge.
This bond is one of an issue of $1,350,000 aggregate principal amount,
all of like date and tenor except as to maturity, serial number, interest
rate and redemption privilege, issued by said Village for the purpose of
acquiring and improving a park and recreational area, 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 re-
solutions duly adopted by the Village Council and pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota there
unto enabling.
Bonds of said issue nmmbered 1 through 155 are payable on their respec-
tive stated maturity dates, without option of prior payment, but bonds of said
issue numbered 156 through 270, which have stated maturity dates subsequent
to February 1, 1987, 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 1-1/4% of par value for each bond redeemed, upon notice of call
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_102
Resolution No. 328 August 1, 1967
published not less than thirty (30) days prior to the date specified for
redemption in a financial periodical published in a Minnesota city of the
first class, or its metropolitan area.
IT IS HEREBY CERTIFIED AND RECITED 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 beenperformed
in regular and due form, time and manner as so required; that prior to the
issuance hereof a direct, annual, irrepealable, ad valorem tax has been duly
levied upon all of th e 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 statutory limitation of indebtedness.
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 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
reverse side hereof to be executed and authenticated by the facsimile signa-
tures of said Mayor and Manager,
(facsimile signature)
Mayor
Village Manager
(SEAL)
(FORM OF COUPON)
No.
On the lst day of February (August), 19 , the Village of Golden Valley,
Hennepin County, Minnesota, will pay to bearer at the main office of
, in , , the sum shown hereon
for interest then due on its Park and Recreation Area Bond of 1967, dated
August 1, 1967, No.
(facsimile signature) (facsimile signature)
Village Manger Mayor
(Coupons numbered 40 and up shall bear the phrase:
"Unless the bond described below is called for earlier redemption".)
(Form of certificate to be printed on the
back of each bond following legal opinion)
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Resolution No. 328
August 1, 1967
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 Manger. 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
purchaser shall not be required to see to the application thereof.
4. There is hereby created a separate sinking fund for said Park and
Recreation Area 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; provided, that if any payment of principal
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 proceeds of all taxes levied pursuant to this resolution and all
other moneys received 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
taxing powers of the Village shall be and are hereby irrevocably pledge. To
provide moneys for the payment thereof, there is hereby levied upon all of
al d valorem tax which
the taxable property in the Village a direct, annu , a
shall be spread upon the tax rolls collectible the years and amounts as
follows:
Collection Collection Collection
Year Amount Year Amount Year Amount
1968
$140,100
1978
$87,500
1988
$81,700
1969
90,700
89,400
1979
1980
91,000
89,100
1989
1990
79,200
76,700
1970
1971
93,400
1981
87,000
1991
74,200
76,900
1972
91,900
90,400
1982
1983
90,200
88 000
1992
1993
74,100
1973
1974
88,900
1984
1985
85,700
83,500
1994
1995
71,300
68,500
1975
1976
92,600
90,900
1986
81,200
1996
65,800
1977
89,200
1987
84,200
Resolution No. 328
Said tax shall be irrepealable as long as any o
and unpaid; provided, that the Village reserve
duce the levies in the manner and to the extent
Section 175.61.
August 1, 1967
f said bonds are outstanding
s the right and power to re -
permitted by Minnesota Statutes,
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 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 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.
k- L�:S&�LL
yor
Attest:
Z�c
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by Member Garis, and upon vote being taken thereon, the following voted in
favor thereof: Carl J. Nadasdy, John L. Bies, Gordon Garis, R. B. Stockman
and Cliff Teresi, and the following voted against the -same: None, whereupon
said resolution was declared duly passed and adopted, and was signed by the
Mayor, which was attested by the Clerk.
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