#094 10-21-69 Determine Park and Recreation Bonds Levying Taxes131
Resolution No. 94
October 21, 1969
Member Garis introduced the following resolution and moved its adoption:
RESOLUTION DETERMINING THE FORM AND DETAILS
OF $255,000 PARK AND RECREATION AREA BONDS
OF 1969 OF THE VILLAGE, CREATING A SINKING
FUND THEREFOR, AND LEVYING TAXES FOR THE
PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Hennepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable coupon gen-
eral obligation bonds in the agregate principal amount of $255,000, all
dated November 1, 1969, for the purpose of acquiring and improving a park
and recreational area, said bonds to be 51 in number and numbered 1 through
51, each in the denomination of $5,000, bonds of said issue maturing in the
years and amounts set forth below, the bonds of each annual maturity bearing
interest at the rate per annum shown opposite the year of such maturity,
as follows:
Year Amount
Rate Year Amount
Rate
1971 $ 5,000
5.80% 1984 $10,000
6.20%
1972 10,000
if 1985 10,000
6.30%
1973 10,000
it 1986 10,000
"
1974 10,000
" 1987 10,000
it
1975 10,000
It
1988 10,000
6.40%
1976 10,000
if 1989 10,000
it
1977 10,000
5.90% 1990 10,000
it
1978 10,000
if 1991 10,000
it
1979 10,000
6.00% 1992 10,000
It
1980 10,000
If1993 10,000
1981 10,000
if 1994 10,000
1982 10,000
6.20% 1995 10,000
1983 10,000
11 1996 10,000
Interest shall be
payable on February 1, 1970, and semiannually thereafter
on
August 1 and February 1 of each year. The bonds maturing in 1984
and earlier
years shall be without option of prior payment, but those maturing
in 1985 and
later years shall
be each subject to redemption and prepayment, at
the option
of the Village, in inverse order of serial numbers, on February 1,
1984, and
any interest payment date thereafter, at par and accrued interest upon notice
of call published
by the Village Clerk not less than 30 days prior
to the date
specified for redemption in a weekly or daily periodical published
in a Minn-
esota city of the
first class, or its metropolitan area, which circulates thr�,
oughout the state
and furnishes financial news as a part of its service. The
Clerk shall also mail such notice to the bank at which principal and interest
are then payable,
but published notice shall be effective without mailing. The
principal of and interest on said bonds shall be payable at the main office of
the First National Bank of Minneapolis, in Minneapolis, Minnesota, and the
Village agrees to
pay the reasonable charges of such paying agent.
132
Resolution No. 94 October 21, 1969
2. Said bonds and the interest coupons to be thereto attached shall
be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
PARK AND RECREATION AREA BOND OF 1969
No.
$5,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley,
Hennepin County, Minnesota, acknowledges itself to be indebted and for value
received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the
lst day of February, 19 or, if this bond is redeemable as stated below, on
a date.prior thereto on which it shall have been duly called for earlier re-
demption, and to pay interest thereon from the date hereof until said princi-
pal sum be paid, or, if this bond is redeemable, until it has been duly called
for redemption, at the rate of percent
( %) per annum, payable ;on February 1, 1970, and semiannually thereafter
on the lst day of August and the lst day of February of each year, such interest
to maturity being represented by and payable in accordance with and upon pre-
sentation and surrender of the interest coupons hereto attached. Both princi-
pal and interest are payable at , in
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. For the prompt and full payment of such principal and int-
erest as the same become due, the full faith, credit and taxing powers of the
Village are hereby irrevocably pledged.
This bond is one of an issue of $255,000 agregate principal amount,
all of like date and tenor except as to maturity, serial number, interest rate
and redemption privilege, issued by said Village for the purpose of acquiring
and improving a park and recreational area, and is issued pursuant to the re-
quisite majority vote of the electors of the Village voting at an election duly
called and held in and for said Village, and pursuant to resolutions duly adop-
ted by the Village Council and pursuant to and in full conformity with the con-
stitution and laws of the State of Minnesota thereunto enabling.
Bonds of said issue maturing in 198+ and earlier years are payable on
their respective stated maturity dates, without option of prior payment, but
bonds of said issue maturing in 1985 and later years are each subject to re-
demption and prepayment, at the option of the Village, in inverse order of
serial numbers, on said date and any interest payment date thereafter, at par
and accrued interest, upon notice of call published not less than 30 days prior
to the date specified for redemption in a financial periodical published in a
Minnesota city of the first class, or its metropolitan area.
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
1
1
Resolution No. 94 October 21, 1969
done, to exist, to happen and to be performed precedent to and in the issu-
ance of this bond have been done, do exist, have happened and have been per-
formed in regular and due form, time and manner as so required; that prior
to the issuance hereof a direct, annual, irrepealable, ad valorem tax has
been duly levied upon all of the taxable property in said Village for the
years and in amounts at least five per cent (5%) in excess of sums suffici-
ent to pay the interest hereon and the principal hereof as they respectively
become due, and additional taxes, if needed, will be levied upon all of such
property without limitation as to rate or amount; and that this bond, togeth-
er with all other indebtedness of the Village outstanding on the date hereof
and on the date of its actual issuance and delivery, does not exceed any con-
stitutional or statutory limitation of indebtedness.
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 facsimile signature of the Mayor and the manual signature
of the Village Manager, and by a printed facsimile of its corporate seal,
and the attached interest coupons and the certificate as to legal opinion on
the reverse side hereof to be executed and authenticated by the facsimile
signatures of said Mayor and Manager, all as of November 1, 1969.
� _ 1
r (Facsimile signature)
Village Manager Mayor
(SEAL)
(Form of Coupon)
No.
On the lst day of February (August), 19 , unless the bond described
below is subject to and has been duly called for earlier redemption, the
Village of Golden Valley, Hennepin County, Minnesota, will pay to bearer at
, In ,
the sum shown hereon for interest then due on its Park and
Recreation Area Bond of 1969, No.
(Facsimile signature)
Village Manager
(Facsimile signature)
Mayor
(Form of certificate to be printed on the back of each bond
following legal opinion)
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, Minnesota, 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
133
134
Resolution No. 94 October 21, 1969
3. Said bonds shall be prepared under the direction of the Village
Manager, and when so prepared shall be executed in behalf of the Village by
Amount
the facsimile signature of the Mayor, and the manual signature of the Village
Amount
Manager, and by a printed facsimile of the corporate seal of the Village, and
$ 52,490
the interest coupons and certificate as to opinion of bond counsel shall be
$ 18,533
executed and authenticated by the printed, engraved or lithographed facsimile
26,050
signatures of the Mayor and Manager. When said bonds have been so executed
17,871
and authenticated, they shall be delivered by the Village Treasurer to the
25,442
purchaser on receipt of the purchase price heretofore agreed upon, and said
17,209
purchaser shall not be required to see to the application thereof; however,
24,832
all bond proceeds received in excess of $250,000 shall be paid into the sink-
16,548
ing fund described below.
24,324
4. There is hereby created a separate sinking fund for said Park
and Recreation Area Bonds, which fund shall be kept by the Treasurer apart
from all other funds of the Village and used for no purpose other than pay-
ment of principal and interest on said bonds; provided, that if any payment
of principal or interest shall become due when there is not sufficient money
in said fund therefor, the Treasurer shall pay the same from the general fund
of the Village, and said general fund shall be reimbursed for such advances
out of the proceeds of the taxes hereinafter levied. Into said sinking fund
shall be paid the proceeds of all taxes levied pursuant to this resolution and
all other moneys received for or appropriated to the payment of said bonds and
interest.
5. For the prompt and full payment of the principal and interest on
said bonds as the same respectively become due, the full faith, credit and
taxing powers of the Village shall be and are hereby irrevocably pledged. To
provide moneys for the payment thereof, there is hereby levied upon all of the
taxable property in the Village a direct, annual, ad valorem tax which shall
be spread upon the tax rolls collectible in the years and amounts as follows:
Collection
Collection
Year
Amount
Year
Amount
1971
$ 52,490
1984
$ 18,533
1972
26,050
1985
17,871
1973
25,442
1986
17,209
1974
24,832
1987
16,548
1975
24,324
1988
15,876
1976
23,614
1989
15,204
1977
22,995
1990
14,532
1978
22,376
1991
13,860
1979
21,745
1992
13,188
1980
21,116
1993
12,516
1981
20,485
1994
11,844
1982
19,835
1995
11,172
1983
19,183
Said tax shall be irrepealable as long as any of said bonds are outstanding
and unpaid; provided, that the Village reserves the right and power to reduce
the levies in the manner and to the extent permitted by Minnesota Statutes,
Section 475.61.
6. The Village Clerk is hereby authorized and directed to file with
the County Auditor of Hennepin County a certified copy of this resolution,
Resolution No. 94
together with such other information as the County Auditor may require,
and to obtain from said County Auditor a certificate that the tax required
by law for the payment of said bonds has been levied, and that said bonds
have been entered upon his bond register.
7. The officers of the Village and the County Auditor of Hennepin
County are hereby authorized and directed to prepare and furnish to the pur-
chaser of said bonds, and to the attorneys approving the legality of the
issuance thereof, certified copies of all proceedings and records of the
Village, and such other affidavits, 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 custo-
dy 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 facts recited herein.
Attest:
i
Village Clerk
Mayor
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: 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, which was attested by the Clerk.
L.J