#487 10-08-68 Issue Levying Taxes Indebtedness320"
Resolution No. 487 October 8, 1968
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF
$41,735 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
$41,735 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 indebtedness outstanding
issued pursuant to said Section 412.301 except $84,412.80 balance of
previously issued Certificates 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 $41,735 authorized by the 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 datedas of December 1, 1968 bear interest at the rate of 4% per annum,
payable on December 1, 1969, and annually thereafter on each December 1,
the principal to be payable in annual installments on December 1, in the
amount of $8,347 of each of the years 1969 to 1973, 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 INDEBTEDN
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, Hennepin
County, Minnesota, hereby acknowledges itself to be indebted and for
values received promises to pay to the Improvement Bond Redemption Fund of the
Village of Golden Valley on order, the sum of FORTY ONE THOUSAND SEVEN
HUNDRED THIRTY FIVE DOLLARS in annual installments of $8,347.00 on
December 1 in each of the years 1969-1973inclusive, 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 (4%) per
annum, from December 1, 1968 payable on December 1, 1969, and annually
thereafter on the first day of December on 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 October 8, 1968 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 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 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 October 8, 1968.
Mayor
ATTEST-.
Village Clerk
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 hereto. The full faith, credit and taxing powers of the
Village shall be and they are hereby pledged to the full and prompt
paymnet of the principal and interest of said Certificate as they
respectively fall due.
1
3
J L L
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
amount as follows:
Year Amount
1968 $10,525
1969 10,175
1970 9,825
1971 9,475
1972 9,100
6. Said taxes shall be extended upon the tax rolls for the above
years shall be collected in the respective ensuing years with and as 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 therefore, 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 this register of municipal obligations.
8. The offices 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 custodyand control or as otherwise
1
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.
Mayor
ATTEST:
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: Bies, Carlson, Garis, Stockman, 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�
2