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#088 10-07-69 Issue Indebtedness Levying Taxes117 Resolution No. 88 October 7, 1969 Member Garis introduced the following resolution and MOVED its -adoption: RESOLUTION AUTHORIZING ISSUANCE OF $25,000 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 equip- ment, in accordance with the provisions of Minnesota Statutes, Section 412.301: that the assessed valuation of the Village for the year 1968 is $28,137,182; that the =amount of the certificate to be issued is with- in 1% of the assessed valuationof the Village, and there are no other certificates of indebtedness outstanding issued pursuant to said Section 412.301 except $104,965.60 balance of previously issued Certific-Ites of Indebtedness, which together with this certificate does not exceed limitations set by statute and that the sale of said certifies=jte 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. he Village shall forthwith issue its general obligation Certificate of Indebtedness in the amount of $25.000 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 sh.!ll be dated as of December 1, 1969 be -,:.r interest at the rate of 5% per annum, payable on December 1, 1970, and annually there- after nn each December 1, the principal to be payable in ::annual install- ments on December 1 in the amount of $5,000 of each of the years 1970 to 1974, 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 values received promises to pay to the Improvement Bond Redemption Fund of the Village of Golden Valley on order, the sum of t18 TWENTY FIVE THOUSAND DOLLARS in annual installments of $5,000.00 on December 1 in each of the years 1970-1974 inclusive, without option of prior payment, and the Village promises to pay interest on the unpaid bal.,nce of the principal of this Certificate at the rate of Five per cent (5%) per annum, from December 1, 1969 payable on December 1, 1970, 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 Vall Py, 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 7, 1969 and is issued pursuant to and in full conformity with the Con- stitution and Laws of the State of Minnesota thereunto enabling, in- cluding Minnesota Statutes, Section 1112.301 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 preformed, 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; th,'.t .a direct, annual, irrepe lable and valorem tax has been duly levied by said Village in an amount sufficient to pay the interest on this Certificate when it f lls due, and also to pay :+nd disch-,rge the pri.ncipral 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 7, 1969. ATTEST: Vl'�TT ge Clerk Mayor 119 4. Said Certificate shall be executed on behalf of the Village by the sign tures of the Mayor and Clerk, and the official seal of the Village shall be affixed hereto. The full faith, credit and tax- ing 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 re- spectively become due, there is hereby levied a direct, annual Ad valorem tax upon all of the taxable property in the Village for the years and in the amount as follows: Year Amount 1969 $6,563 1970 6,300 1971 6,038 1972 5,775 1973 5,513 6. Such tax shall be irrepealable as long as this Certificate of Indebtedness is outstanding and unsaid; provided that the Village re- serves the right to reduce the levies in the manner :;and to the extend permitted by Minnesota Statutes, Section 475.61. 7. S, -.id taxes shall be extended upon the tax rolls for the above ye.:ars shall be collected in the respective ensuing years with and as p" -.rt of other general taxes levied in and for the Village, sand the proceeds thereof, when and so collect6d 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 moeny 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 ad- vances out of said levies when collected. 8. 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. 9. The offices of the Village .are hereby :authorized and directed to prepare and furnish to the purchase of said Certi.fi.c..>,.te ,-nd 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 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 f,3cts recited therein. Cli f Teresi, Mayor ATTEST: I. .�- Helen Penniman, 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, J=nsen, 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. D