#093 10-21-69 Establish State Aid Bonds126
Resolution No. 93 October 21, 1969
Member Stockman then introduced the following resolution and moved its
adoption:
RESOLUTION ESTABLISHING FORM AND DETAILS OF
$450,000 MUNICIPAL STATE -AID STREET BONDS OF 1969
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Minnesota.
1. Under and pursuant to the provisions of Minesota Statutes,
Section 162.18, this Council is authorized to issue negotiable coupon
general obligation bonds of the Village for the purpose of financing state -
aid street improvements. The bonds herein authorized are necessary to be
issued for said purpose and have been duly advertised at public sale and
sold upon the terms hereinafter stated. The amount of principal and inter-
est to become due in any calendar year on said bonds and on the Municipal
State -Aid Street Bonds of 1960 and 1963 of the Village now outstanding
does not exceed 50% of the amount of the last anual allotment preceding
this issue, received by the Village of Golden Valley from the Construction
Account in the Municipal State -Aid Street Fund of the State of Minnesota,
such annual allotment having been in the amount of $143,414. No other
obligations of the Village payable from said allotments are now outstanding.
The proceeds of said bonds are hereby appropriated to be used solely for
the construction of approved municipal state -aid street projects within the
Village.
2. Said bonds shall be designated as "Municipal State -Aid Street
Bonds of 196911, shall be dated as of November 1, 1969, shall be 90 in number
and numbered from 1 to 90, inclusive, each in the denomination of $5,000,
shall bear interest at the respective annual rates stated below, payable on
February 1 and August 1 of each year, commencing on February 1, 1970, and
shall mature serially on February 1, without option of prior payment in the
respective years and amounts as follows:
Maturity
Amounts
Interest
Maturity
Amounts
Interest
Years
Rates
Years
Rates
1970
$20,000
5.80%
1978
$40,000
5.90%
1971
20,000
it
1979
40,000
6.00%
1972
20,000
it
1980
40,000
it
1973
20,000
if
1981
40,000
it
1974
20,000
it
1982
30,000
6.20%
1975
20,000
It
1983
30,000
it
1976
40,000
it
1984
30,000
if
1977
40,000
5.90%
The bonds and interest thereon shall be payable at the office of the First
National Bank of Minneapolis, in Minneapolis, Minnesota, and the Village
hereby agrees to pay the reasonable and customary charges of said paying
agent for the receipt and disbursement of the principal and interest moneys.
Resolution No. 93 October 21, 1969
3. Said bonds and the interest coupons to be attached thereto shall
be substantially the following form, with suitable insertions of dates, numbers
and interest rates.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
MUNICIPAL STATE -AID STREET BOND OF 1969
K0
$5,000
4 '
1
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley, in
the County of Hennepin, State of Minnesota, acknowledges itself indebted and
for value received promises to pay to bearer the principal sum of FIVE THOUSAND
DOLLARS on the lst day of February, 19, , without option of prior payment, and
promises to pay interest on said principal sum from the date hereof until said
principal sum is paid, at the rate of per cent ( %)
per annum, interest to maturity being payable in accordance with and on presenta-
tion and surrender of the interest coupons appurtenant hereto. Both principal
and interest are payable at
, in , ,and
are payable in any coin or currency of the United States of America which on
the date of payment is legal tender for public and private debts. For the prompt
and,full payment of such principal and interest, the full faith, credit and un-
limited taxing powers of the Village of Golden Valley have been and are hereby
irrevocably pledged.
This bond is one of an issue in the aggregate principal amount of
$450,000, all of like date and tenor except as to serial number, maturity and
interest rate, issued for the purpose of constructing, reconstructing, and
improving municipal state -aid streets within the Village, by authority of reso-
lutions duly adopted by its Village Council, and is issued pursuant to and in
full conformity with the provisions of the Constitution and laws of the State
of Minnesota thereunto enabling, including Minnesota Statutes, Section 162.18.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required by the Constitution and laws of the State of Minnesota to be
done, to happen, to exist and to be performed precedent to and in the issuance
of this bond, in order to make it a valid general obligation of the Village
according to its terms have been done, have happened, do exist and have been
performed in regular and due form, time and manner as so required; that the
issuance of this bond did not cause the indebtedness of said Village to exceed
any constitutional or statutory limitation; that, prior to the issuance hereof,
the Village Council has by resolution irrevocably pledged and appropriated to
a separate and special sinking fund, to be maintained for the payment of this
and other bonds issued under said Minnesota Statutes, Section 162.18, as long
as any such bonds are outstanding, an amount of the moneys allotted and to be
allotted to the Village from its account in the Municipal State -Aid Street
Fund of the State, sufficient to pay when due the principal of and interest on
all such bonds; and that in the event that in any year the moneys so allotted
and transferred to the sinking fund should be insufficient to pay all such
128
Resolution No. 93
October 21, 1969
principal and interest due in the following year, the Village is obligated
to levy a direct, irreapealable ad valorem tax upon all taxable property
within its corporate limits for the payment of such deficiency, which levy
may be made without limitation as to rate or amount.
IN WITNESS WHEREOF the Village of Golden Valley, Minnesota, has
caused this bond to be executed in its behalf by the printed facsimile signa-
ture 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 certificate 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 November 1, 1969.
(Facsimile signature)
Mayor
Villag anager
(SEAL)
(Form of Coupon)
No.
On the lst day of August (February), 19 the Village of Golden
Valley, Minnesota, will pay to bearer at
, in ,
the sum shown hereon in lawful money of the United States of America for
interest then due on its Municipal State -Aid Street Bonds of 1969, dated
November 1, 1969, No.
(Facsimile signature) (Facsimile signature)
Village Manager Mayor
(Form of certificate to be printed on the reverse side of
each bond, following a full copy of the legal opinion on
the issue)
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 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
4. Said bonds shall be prepared for execution under the direction
of the Village Manager, and when so prepared shall be executed on behalf of
the Village by the printed facsimile signature of the Mayor and the manual
signature of the Village Manager, and by a printed facsimile of the official
corporate seal; and the interest coupons and certificate as to the opinion
of bond counsel shall be executed and authenticated by the printed, litho=
graphed or engraved facsimile signatures of the Mayor and Village Manager.
When the bonds have been so executed, they shall be delivered by the Village
129
Resolution No. 93 October 21, 1969
Treasurer to the purchaser thereof, and the purchaser shall not be required
to see to the application of the purchase price; however, all bond proceeds
in excess of $443,000 shall be paid into the sinking fund described below.
5• There shall continue to be maintained by the Village Treasurer
on the official books and records of the Village the separate and special
sinking fund designated as the "Municipal State -Aid Street Bond Sinking
Fund", as created by resolution of the Village adopted on November 28, 1960,
the moneys in which shall be used solely for the payment of the principal of
and interest on the bonds herein described, and on any additional general
obligation Municipal State -Aid Street Bonds heretofore or hereafter issued
under the authority cited in paragraph 1, and directed by the Village Council
to be paid from such fund. If at any time the moneys in said fund should be
insufficient to pay all principal and interest due on such bonds, the Village
Treasurer shall nevertheless pay the same from any moneys on hand in other
funds of the Village and available for such purpose, and the moneys so used
shall be restored to the appropriate funds from the moneys next received by
the Village from the Construction or Maintenance Account in the Municipal
State -Aid Street Fund of the State which are not required for the payment of
additional principal and interest. There is hereby irrevocably appropriated
to said fund, out of the moneys allotted and to be allotted to the Village
from its account in the Municipal State -Aid Street Fund of the State, such
amount as shall be sufficient to pay the principal of and the interest on the
bonds herein described, as such principal and interest respectively become
due, on the dates and in the amounts as follows:
Interest Payable on
Year Principal February 1 August 1
1970 $20,000 $ 13;390 $ 12,810
1971 20,000 12,810 12,230
1972 20,000 12,230 11,650
1973 20,000 11,650 11,070
1974 20,000 11,070 10,490
1975 20,000 lo,490 9,910
1976 40,000 91910 8,750
1977 40,000 8,750 7,570
1978 40,000 7,570 6,390
1979 40,000 6,390 5,190
1980 4o,000 5,190 3,990
1981 40,000 3,990 2,790
1982 30,000 2,790 1,860
1983 30,000 1,860 930
1984 30,000 930
On or before November 1, 1969, the Village Clerk shall certify the foregoing
years and amounts to the State Highway Commissioner of the State of Minnesota.
6. For the prompt and full payment of said principal and interest
when due the full faith, credit and unlimited taxing powers of the Village
shall be and are hereby irrevocably pledged. It is estimated that the
130
Resolution No. 93 October 21, 1969
municipal state -aid street allotments appropriated in
paragraph 5 will pro-
duce, and will permit to be paid into the Municipal State -Aid Street Bond
Sinking Fund, on or before October 10 in each year, annual sums not less
than 5% in excess of the annual amounts of principal and interest to become
due on said bonds in the following twelve months. However, if on October 10
in any year the balance on hand in the Municipal Staten -Aid Street Bond Sink-
ing Fund is not sufficient to pay the full amount of principal and interest
due in the following twelve months, as set forth in Section 5 above, there
shall be extended against all taxable property within the corporate limits
of the Village, assessed and collected in accordance with Minnesota Statutes
1957, Section 475.61, an ad valorem.,tax in an amount sufficient to produce,
with such balance on hand, the total sum of the principal and interest so
to become due.
7. The Village Clerk is hereby authorized and directed to file
with the County Auditor of Hennepin County, Minnesota, a certified copy of
this resolution, together with such other information as the County Auditor
may require and to obtain from said Auditor prior to the delivery of the
bonds herein described a certificate that said issue has been entered upon
his bond register.
8. 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 and records of the
Village relating to said bonds, and such other affidavits and certificates
as may be required to show the facts relating to the legality and marketabil-
ity of the bonds, as such facts appear from the Village's books and records
in their custody and control or are otherwise known to them, and all such
certified copies, certificates and affidavits, including any heretofore fur-
nished, shall be deemed representations of the Village as to the correctness
of all statements contained therein.
7/ Mayor
Attest:
Village Clerk
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: Garis, Teresi, Stockman, Bies 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.
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