#386 12-19-67 Issue Levy Taxes1.713
Resolution No. 386 December 19, 1967
Member Teresi introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF
$21,175 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 $21,175 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 1967 is $25,678,020;.
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 indebt-
edness outstanding issued pursuant to said Section 412.301 except $13,653
blance of 1965 Certificate of Indebtedness, and $49,584.80 balance of 1966
Certificate 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 $21,175 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 20, 1967, bear interest at the rate of 4%
per annum, payable on December 1, 1968, and annually thereafter on each
December 1, the principal to be payable in annual installments on December 1,
in the amount of $4,235 of each of the years 1968 to 1972, 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 recieved promises to pay to the Improvement Bond Redemption
Fund of the Village of Golden Valley on order, the sum of TWENTY ONE
THOUSAND ONE HUNDRED SEVENTY FIVE DOLLARS in annual installments of
$4,235.00 on December 1 in each of the years 1968-1972 inclusive, with-
out 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
Resolution No. 386 December 19, 1967
Four per cent (4%) per annum, payable on December 1, 1968, 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 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 19,
1967, 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 per-
formed, 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 WHEREOF, 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 19, 1967.
ayor
ATTEST:
���✓ L_
`Village Clerk
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Resolution No. 386 December 19, 1967
4. 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 all
of the taxable property in the Village for the years and in the amounts
as follows:
Year Amount
1967 $6,000 (Provided in 1967 Levy
Collectible in 1968)
1968 5,000
1969 4,800
1970 4,600
1971 4,600
6. Said taxes shall be extenended upon the tax rolls for the above
years 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
has been created for Certificates of Indebtedness, 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 there-
for, 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
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Resolution No. 386
December 19, 1967
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.
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Mayo
ATTEST:
Village Clerk
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: Bies, 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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