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#500 12-26-68 Issue Temporary Improvement Bonds1 Fi 1 Resolution No. 500 December 26, 1968 Member Stockman introduced the following resolution and MOVED its adoption: RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY IMPROVEMENT BONDS AND THE PURCHASE OF SUCH TEMPORARY IMPROVEMENT BONDS BY THE DEBT REDEMPTION SINKING FUND IN ACCORDANCE WITH MINNESOTA STATUTES, CHAPTER 429.091 BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF GOLDEN VALLEY, MINNESOTA, AS FOLLOWS: 1. The total estimated cost of certain public improvements is estimated to be $1,288,700 as follows: 1966 Grading & Gravelling 1 & 2 $ 17,200 1966 Storm Sewer 5 24,500 1967 Bituminous Surfacing 1,3,5,6,7,8,9,10, 11,12,16,17,18,20,21,24,25,27,28,31, 23.34.35.36.39.40,41,42,445461)49 101,700 1967 Concrete Paving 3 & 4 129,400 1967 Curb & Gutter 1,2,4,10,12,16,19,24, 27,28 43,600 1967 Storm Sewer 4,5,6 801,100 1967 Watermain - Section 2 5,400 1968 Watermain 91,900 1967 Ottawa Ave. Impr. 48 400 1967 Rhode Island Ave. Impr. 25,500 It is now estimated that the sum of $1,225,000 is currently necessary to provide financing of the costs of said improvements and it is hereby determined to borrow said amount for the payment of obligations now incurred and for expenses necessarily incurred in connection with con- struction of said projects. It is hereby determined that proceeds of temporary bonds issued pursuant to this resolution and similar subsequent resolutions shall be paid into the following construction funds: 19.66 Miscellaneous Improvement Fund: 1966 Storm Sewer 5 $ 23,800 1966 Grading & Gravelling 1 & 2 17,200 $ 41,000 1967 Miscellaneous Improvement Funds: 1967 Storm Sewer 4,5 & 6 $ 780,800 1967 Bituminous Surfacing 96,500 1967 Street Improvements Ottawa Ave. 39,000 Rhode Island Ave. So. 18,000 1967 Curb & Gutter 40,100 1967 Concrete Paving 3 & 4 113.600 $1,088,000 348 1967 Watermain Improvements 1968 Watermain Improvements $ 5,400 $ 9o.6o0 All expense incident to or incurred in connection with said improvements shall be paid from these construction funds. There is hereby created the 1968 Temporary Improvement Bond Sinking Fund, into which fund shall be paid the proceeds of all special assessments levied against benefited property by reason of making said improvements and out of which shall be paid principal and interest on all temporary improvement bonds issued in accord- ance with this resolution. 2. It is hereby determined that the sum of $1,225,000 shall be borrowed to finance the aforesaid improvements by the issuance of temporary improve- ment =bonds of the Village as authorized in Minnesota Statutes, Section 429.091, Subdivision 3. Said bonds shall be payable from the 1968 Temporary Improvement Bond Sinking Fund; but the Village further recognizes its statutory duty as provided by Section 429.091, and covenants and agrees to the purchaser and all holders from time to time, of said temporary improve- ment bonds, at or prior to maturity thereof it will pay or retire such bonds and the interest thereon out of the proceeds of definitive bonds which the Council shall issue and sell at or prior to the maturity of the temporary improvement bonds to the extent that the same cannot be paid out of the Temporary Improvement Bond Sinking Fund or out of other municipal funds which are properly available and are appropriated by the Council for such purposes. 3. It is hereby determined to levy special assessments against benefited property by reason of the making of said Public Improvements and ad valorem taxes, if necessary, to produce sums at least 5% in excess of the amounts sufficient to pay principal and interest when due on said temporary improve- ment bonds and on any definitive bonds to be issued as herein provided, such special assessments to be placed on the tax rolls subsequent to the time when said Public Improvements have been completed and the total cost thereof has been determined. 4. Said temporary improvement bonds in the amount of $1,225,000.00 shall be dated 1 December, 1968, shall be 123 in number and numbered from 1 to 123, inclusive, each in the denomination of $10,000.00 except No. 1 which shall be in the denomination of $5,000.00, shall bear interest at the rate of 4.00% per annum and shall mature on 1 December, 1971, shall be subject to redemtption and prepayment at any time at par and accrued interest. Not less than 30 days before the date specified for redemption of said bonds, the Village Treasurer shall mail notice of the call thereof to the holder, if known, and the Treasurer shall maintain a record of the names and addresses of said bonds insofar as such information is made available to him by the holders thereof, for the purpose of mailing said notices. The principal of and interest on said bonds shall be payable at the Golden Valley Village Hall, 7800 Golden Valley Road, Golden Valley, Minnesota, 55427. 5. Said temporary improvement bonds shall be mimeographed in substantially the following form: -2- i 1 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY TEMPORARY IMPROVEMENT BONDS, SERIES ONE No. 00001 $10,000.00 KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley a duly organized municipal corporation of Hennepin County, Minnesota, acknowledges itself to be indebted and for value received, promises to pay to bearer the sum of Ten Thousand Dollars on the first day of December, 1971, or on a date prior thereto on which this bond has been duly called for redemption, and to pay interest thereon from the date hereof until paid or until this bond has been duly called for redemption at the rate of 4.00 percent (%) per annum. Both principal and interst are payable at the Village Hall, Village of Golden Valley, 7800 Golden Valley Road, Golden Valley, Minnesota, 55427, in any currency or coin of the United States of America which on the respective dates of payment is public tender for private and public debts. For the prompt and full payment of such principal and interest as thesame become due the full faith, credit and taxing powers of the Village are hereby irrevocably pledged. This bond is one of a series in the aggregate principal amount of $1,225,000.00, all of like date and tenor except as to serial number, all issued by said Village for the purpose of defraying expenses incurred and to be incurred in construction of various improvements by the Village of Golden Valley, consisting of Lateral Water, Sanitary Sewer, Storm Sewer, Curb and Gutter, Street Improvements and other related improvements, and is issued purusant to and in full conformity with resolutions duly adopted by the Village Council after hearings as required by law and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Section 429.09;, Subdivision 3, as amended by Laws 1965, Chapter 877. This bond is payable primarly from the Temporary Improvement Bond Sinking Fund of the Village but the Council is required to pay the principal and interest thereon out of any funds in the treasury in the event that the monies on hand in said fund are at any time insufficient to meet the payment of maturing principal and interest, and is further required at or prior to the maturity of this bond, to provide for the payment and retirement thereof by the issuance of definitive bonds, to the extent, if any, that the assessments and taxes or other municipal funds theretofor collected and received in said Sinking Fund may be insufficient for such purpose. This bond is subject to redemption and pre -payment at the option of the Village at any time, at a price of par and accrued interest, upon notice of call for redemption mailed not less than 30 days prior to the date specified for such redemption, to the holder, if known. Bond holders desiring to receive such notice may have their names and addresses and the serial numbers of their bond% -recorded by the Village Treasurer. -3- 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 according to its terms have been done, do exist, have happened and have been performed as so required; that the Village has duly determined the necessity of and provided for the construction of said improvement; that the Temporary Improvement Bond Sinking Fund Account has been duly created and provision has been made for the support thereof by ad valorem taxes and special assessments to be levied, at or prior to the time of issuance of said definitive bonds, for the ,years and in aggregate amounts not less than 5 percent (%) in excess of sums sufficient to -pay the principal and interest on all bonds payable from said fund as such principal and interest become due, and additional taxes, if needed for said purpose, may be levied upon all taxable property in the Village without limitation as to rate or amount; that the holder hereof shall have and may enforce by appropriate proceedings all duties imposed by said Chapter 385 upon the Village and its officers with reference to the levy and collection of said assessments and taxes and the issuance of said definitive bonds; 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 signature of its Mayor and Village Manager and sealed with its official seal, and has caused this bond to be dated as of December 1, 1968. Mayor, Village of Golden Valley, Minnesota s Acting nager, Village of Go den Vaijay, Minn. 6. Said bonds shall be prepared under the direction of the Village Manager and shall be executed on behalf of the Village by the signatures of the Mayor and Village Manager, and the corporate seal of the Village shall be affixed thereto. When said bonds have been executed and authenticated, they shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price hretofore agreed upon and said purchaser shall not be obliged to see to the application thereof. 7. The Village Clerk is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Hennepin County, together with such other information as he shall require and to obtain from said County Auditor a certiricate that said bonds have been entered on his bond register. -4- 1 1 8. The officer 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 relating to said bonds and to the financial affairs of said Village and such other affida- vits, 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 such certificates, certified copies and affidavits, including any heretofore furnished, shall be deemed representations of the Village as to the correctness of all statements contained thereon. 9. It is hereby determined that there is at the present time an amount in excess of $1,225,00.00 in the Debt Redemption Sinking Fund which will not be required for other purposes prior to 1 December, 1971. 10. It is hereby determined to purchase the aforementioned $1,225,000.00 temporary improvement bonds, Series 1, upon their initial issuance in accordance with the provisions of Minnesota Statutes, Section 471.56 and 475.66, out of funds in the Improvement Bonds of Reserve Sinking Fund and on behalf of said fund, at par and accrued interest as of the date of delivery of said bonds and completion of such sale, it being further determined to be reasonable and advantageous to the Debt Redemption Sinking Fund to invest in said temporary improvement bonds, Series 1, and it being further determined to be reasonable and advantageous to the Village to sell said temporary improvement bonds, Series 1, in accordance with the provisions of this resolution. 11 The Village Manager, Mayor and Treasurer are hereby authorized and directed to take any and all steps necessary to effect the provisions of the foregoing resolution and to make such transfers of funds as may be necessary from time to time, to give effect to the provisions thereof. Passed by the Village Council of the Village of Golden Valley, this day of , 19 By roll call and voting aye: Motion carried, resolution declared adopted. Mayor ATTEST: 117 Village Clerk The motion for the adoption of the foregoing - 'resolution was seconded by Member Carlson, and upon vote being taken thereon, the following voted in favor thereof: Bies, Carlson, Garis, Stockman, and Teresi; and the follow- ing voted against the same: None, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and his signature attested by the Clerk.