#390 12-28-67 Issue Assessments Improvement BondsResolution No. 390
December 28, 1967
Member Teresi introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND PROVIDING
FOR THE FORM AND DETAILS OF $595,000KPROVE-
MENT BONDS OF 1967, AND APPROPRIATING SPECIAL
ASSESSMENTS FOR THE PAYMENT THEREOF
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
Valley has, after public hearings as required by law, ordered the constr-
uction of 1966 Curb and Gutter Improvement, 1966 Sanitary Sewer Improve-
ment, 1966 Bituminous Surfacing Improvement, 1966 Water Main Improvement,
1967 Water Main Improvement, and 1966-67 Municipal State -Aid Street
Improvement, and the area proposed to be assessed therefor, and has
ordered, received and approved plans and specifications and entered into
contracts therefor 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 improvement; 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 connection there-
with, but less the portion of cost thereof to be paid from prepayments
of special assessments, is estimated to be in the following amounts:
1966 Curb and Gutter Improvement $ 56,000
1966 Sanitary Sewer Improvement 132,400
1966 Bituminous Surfacing Improvement 123,000
1966 Water Main Improvement 98,200
1967 Water Main Improvement 32,100
1966-67 Municipal State -Aid Street 153,000
Improvement
$595,507
that it is nexessary and expedient for the Village to borrow at this time
the sum of $595,000, for the p urpose of paying all of the expenses incurred
and to be incurred in making said improvements, except those to be paid
from prepayments of special assessments, by the issuance of general
obligation improvement bonds in accordance with the provisions of Minnesota
Statutes, Section 429.091; that such bonds have heretofore been duly sold
to the high6st and best bidder, and shall forthwith be issued and delivered
to said purchaser; that said bonds shall be payable from the Improvement
Bond Redemption Fund created by Current Ordinance No. 28 of the Village,
adopted on 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.
-._- - v'ucn.ty yr ua-L-LY perivaa.cal puDIISnea in a Minnesota city of the first class,
Resolution No. 390 December 28, 1967
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 designated as the " Fune", the name of the
improvement to be°inserted in the blank before the word "Fund".
The proceeds of sale of the bonds herein authorized 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
prepayments received in 1967 of the special assessments levied on
account of said improvements, as described in paragraph 3 of this
resolution, and 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 resolutions of the Council.
3. It is hereby determined that the Village has levied special
assessments 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 improvements, 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 proceedings taken or to be taken by the Village or by
this Council or by any ofthe Village's 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 assessment a
valid and binding lien upon said property. Said assessments are pay-
able in equal, consecutive, annual installments, the number of install-
ments being as follows:
Type of Improvement
Bituminous Surfacing
Curb and Gutter
Lateral Sewer
Water Main
State -Aid Streets
Number of Installments
5
10
20
20
10
The first installment of all said assessments has been certified to
the County Auditor for collection with general taxes in the year 1968,
and the remaining installments of said assessments have been certified
for collection with the general taces 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 payable. To each sub-
sequent installment there has been added interest at 6% per annum for
one year on all unpaid installments.
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183,
Resolution No. 390 December 28, 1967
4. 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 this resolution shall constitute covenants for the security
of the holders from time to time of said bonds. It is estimated that the
collections of the special assessments heretofore levied as described in
paragraph 3 above, less prepayments thereof appropriated to improvement
funds as set forth in paragraph 2 hereof, together with taxes heretofore
levied and appropriated to the Improvement Bond and all other special
assessments pledged to said fund, will produce sums not less than 5%
in excess of the amounts needed to pay principal and interest when due
on bonds herein authorized and on all other outstanding bonds which are
payable from said fund.
5. For the purpose of paying costs of said improvements and in
anticipation of the collection of said special assessments, the Village
shall forthwith issue its negotiable coupon general obligation Improve-
ment Bonds of 1967, in the principal amount of $595,000. Said bonds
shall be dated as of December 1, 1967, each in the denomination of
$5,000, shall be 119 in number, numbered serially from 1 to 119, and
shall mature in order of serial numbers on December 1, 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
1968 $60,000 1978 $15,000
1969 605000 1979 _ 10,000
1970 60,000 1980 15,000
1971 60,000 1981 10,000
1972 60,000 1982 15,000
1973 35,000 1983 103000
1974 35,000 .1984 15,000
1975 _35,000 1985 10,000
1976 35,000 1986 15,000
1977 303000 1987 10,000
In addition, all bonds shall bear interest at the rate of % per annum
from , 19 , to , 19 , such additional interest to
be represented by separate "B" coupons appurtenant to each bond. All
interest shall be payable on December 1, 1968, and semiannually thereafter
on each June 1 and December 1. Bonds maturing in the years 1968 through
1980 shall be payable on their respective stated maturity dates, without
option of prior payment. Bonds which have stated maturity dates in the
years 1981 through 1987 shall each be subject to redemption and prepayment
in inverse order of serial numbers, at the option of the Village, on
December 1, 1980, and any interest payment date thereafter, at par and
accrued interest plus a premium of 1% of par value for any bond redeemed
on or before June 1, 1982, or no premium for any bond redeemed after
June 1, 1982. All such redemptions shall be made on notice of call published
not less than thirty days prior to the date specified for redemption in a
weekly or daily periodical published in a Minnesota city of the first class,
_4
Resolution No. 390 December 28, 1967
or its metropolitan area, which circulates throughout the state and
furnishes financial news as a part of its service. The Village
Treasurer shall also mail such notice to the bank at which principal
and interest of said bonds are then payable, but published notice
shall be effective without mailing. The principal of and interest on
said bonds shall be payable at
, in , , 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 BOND OF 1967
$5,000
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 recieved promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS on the lst 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 redeemabel, 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 ( o) per annum, all interest being payable on
December 1, 1968, and semiannually thereafter on June 1 and December 1
of each year, interest to maturity being represented by,.and payable
in accordance with and upon presentation and surrender of the interest
coupons appurtenant hereto, the additional interest hereinbefore
mentioned being represented by a separate set of "B" coupons. Both
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 irrevocable pledged.
This bond is one of an issue in the aggregate principal
amount of $595,000, all of like date and tenor except as to serial
number, maturity, redemption privilege and interest rate, all issued
Resolution No. 390 December 28, 1967
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 resolutions duly adopted by
the Village Council. This bond is payable primarily from the Improvement
Bond Redemption Fund of the Village, to which fund the Council has appro-
priated special assessments which the Village has levied 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 assess-
ments collected are at any time insufficient to meet the payment of
maturing principal and interest.
Bonds of this issue bearing serial numbers 1 through 102 are
payable on their respective stated maturity dates, without option of
prior payment. Bonds of this issue bearing erial numbers 103 through 119,
maturing in 1981 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, 1980, and any subsequent interest payment date,
at par and accrued interest plus a premium of 1% of par value for any
bond redeemed on or before June 1, 1982, or no premium for any bond re-
deemed after June 1, 1982. All redemptions will be made on notice of
call for redemption published not less than 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, RECITED, COVENANTED AND AGREED 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 obligation of said Village accord-
ing to its terms have been done, do exist, have happened and have been
performed as so required; that the estimated collections of special
assessments and general ad valorem taxes levied and appropriated to the
Improvement Bond Redemption Fund will be in the years and amounts
sufficient to produce sums not less than five per cent (5%) in excess
of the amounts required for payment when due of the principal and"interest
on all bonds payable from said fund, including the bonds of this issue;
that general ad valorem taxes, if needed for the payment of such principal
and interest, 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 indebtedness of said Village to exceed any
constitutional 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 certi-
ficate 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, 1967.
Resolution No. 390
Village Manager
December 28, 1967
(Facsimile signature)
Mayor
(Form of Coupon)
No. $
On the lst day of June (December), 19 , the Village of Golden
Valley, Hennepin County, Minnesota, will pay to bearer at the
, in , , the sum
shown hereon in lawful money of the United States of America for interest
then due on its Improvement Bond of 1967, dated December 1, 1967, No.
(Facsimile signature)
(Facsimile signature) Mayor
Village Manager
(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 26 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 engraved facsimile sig-
natures of said Mayor and Village Manager, and the certificate 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'ahBreof, upon payment of the purchase price heretofore
agreed upon, and said purchaser shall not be obligated to see to the
application of the purchase price.
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Resolution No. 390 December 28, 1967
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 required by Minnesota Statutes, Sectiona 175.62 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 thereof, certified copies of all proceedings relating to said
bonds and to the financial affairs 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.
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Mayo
Atte t:
Village C er
The motion for the adoption of the foregoing resolution was duly seconded
by Member Bies, 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 and was signed by the Mayor and attested
by the Village Clerk.
STATE OF MINNESOTA)
) ss.
COUNTY OF HENNEPIN)
I, the undersigned, being the duly qualified and acting Clerk
of the Village of Golden Valley, Minnesota, hereby attest and certify that
(1) as such officer, I have the legal custody of the original
record from which the attached and foregoing extract was
transcribed;
(2) I have carefully compared said extract with said original record;
(3) I find said extract to be a true, correct and complete transcript
from the original minutes of a meeting of the Village Council of
said Village held on the date indicated in said extract, including
any resolutions adopted at such meeting, insofar as they relate
to $595,000 Improvement Bonds of 1967 of the Village; and
(4) said meeting was duly held, pursuant to call and notice thereof
as required by law.
WITNESS my hand and seal of said Village this 29th day of
December 1967.
(SEAL)
Village Clerk
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