#076 09-16-69 Issue Improvement Bonds Park and Recreation Bonds99
Resolution No. 76 September 16, 1969
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND
SALE OF $1,208,000 ZIWROVEMENT BONDS,
$255,000 PARK AND RECREATION BONDS
AND $150,000 STATE -AID STREET BONDS
BE IT RESOLVED by the Village Council of the Village of Golden
Valley, Minnesota, as follows:
1. It is hereby found and determined that this Council did by
resolution adopted on December 26, 1968, authorize the issuance of $1,225,000
Temporary Improvement Bonds, Series One of the Village, dated as of December
1, 1968, for the purpose of financing costs of constructing certain local
improvements as described in said resolution pursuant to proceedings taken
in accordance with Minnesota Statutes 429; that all of said bonds are now
outstanding, being held in the Improvement Bond Redemption Fund of the
Village; that said bonds bear interest at the rate of 5% per annum, and
beomce due on December 1, 1971, but are subject to redemption at the option
of the Village at any time at par and accrued interest; that it is necess-
ary and expedient that the Village redeem and pay said temporary bonds by
the issuance of $1,190,000 Improvement Bonds of 1969, the funds on hand in
the Temporary Improvement Bond Sinking Fund from which said bonds are prim-
arily payable being sufficient for payment of accrued interest due upon
such redemption, for payment of $35,000 principal amount of said temporary
bonds, and for retention of a reasonable balance to meet payments to be-
come due on such Improvement Bonds of 1969; and that is is also necessary
and expedient that $18,000 additional amount of such bonds be issued, re-
presenting interest as authorized by Minnesota Statutes, Section 475.56,
for a total issue of $1,208,000 Improvement Bonds of 1969.
2. It is hereby further found and determined that' the voters,
did at the election held in the Village on June 6, 1967, authorize the
issuance of $1,600,000 bonds for park and recreation purpose, $1,350,000
of which have heretofore been issued, and that it is necessary and ex-
pedient that the remaining unissued bonds of said authorization should
now be issued, including $5,000 additional amount of bonds, representing
interest as authorized by Minnesota Statutes, Section 175.56, for a total
issue of $255,000 Park and Recreation Area Bonds of 1969.
3. It is hereby further found and determined that it is nec-
essary and expedient that the Village issue and sell $443,000 State -Aid
Street Bonds of 1969 of the Village for the purpose of constructing, re-
constructing and improving state -aid streets in the Village, pursuant to
Minnesota Statutes, Section 162.18, including $7,000 additional amount of
bonds, representing interest as authorized by Minnesota Statutes, Section
475.56, for a total issue of $450,000 State -Aid Street Bonds of 1969;
and that the average annual amount of principal and interest due in all -
subsequent calendar years on said bonds, and on the outstanding state -aid
street bonds of the Village, will not exceed 50% of the amount of the last
annual allotment received by the Village from the construction account in
the municipal state -aid street fund of the State of Minnesota, viz.:$71,707.
100
Resolution No. 76
September 16, 1969
4. This Council shall meet in the Civic Center, 7800 Golden
Valley Road in the Village on October 21, 1969, at 7:30 P.M., for the
purpose of considering and acting upon sealed bids for said bonds, which
shall be received and opened by the Village Manager, Finance Officer and
Clerk at 1:30 P.M. on the same date. There shall be a. separate notice of
sale for the $1,208,000 Improvement Bonds of 1969 and a. separate notice
in which the $255,000 Park and Recreation Area Bonds of 1969 and the
$450,000 State -Aid Street Bonds of 1969 shall'be`°ifferied for sale as a unit.
Passed by the Village Council of the Village of Golden VAlley
this 16th day of September, 1969.
Cliff Teresi, Mayor
ATTEST:
Helen Penniman, Village Clerk
The motion for the adoption of the foregoing resolution was seconded
by Member Bies, and upon vote being taken thereon, the following voted
in favor thereof: Bies, Jensen, 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 his signature
attested by the Clerk. The Clerk presented proposed notices of sale of
the bonds authorized by the preceding resolution, which were examined,
approved and ordered placed on file.
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