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#096 10-21-69 Authorize Improvement Bonds with AssessmentsResolution No. 96 October 21, 1969 Member Bies introduced the following resolution and MOVED its adoption: RESOLUTION AUTHORIZING AND ESTABLISHING THE FORM AND DETAILS OF $1,208,000 IMPROVEMENT BONDS OF 1969, AND APPROPRIATING SPECIAL ASSESSMENTS FOR THE PAYMENT THEREOF BE IT RESOLVED by the Village Council of the Village of Golden Valley, Minnesota, as follows: 1. The Village shall forthwith issue $1,208,000 definitive improv- ment bonds of the Village to be designated as "Improvement Bonds of 1969", all payable primarily from the Improvement Bond Redemption Fund of the Vill- age, created by current Ordinance No. 28 of the Village, adopted on January 21, 1958. They shall be delivered to John Nuveen & Company, Inc., of Chicago, Illinois, as the successful bidder therefor, in accordance with the official advertisement for bids heretofore published and the bid of said bidder accept- ed by this Council. Said bonds shall be dated as of November 1, 1969, shall be 244 in number and numbered serially from 1 to 244, inclusive, each in the denomination of $5,000, except for bonds Nos. 1, 2 and 3, which shall be of $1,000 each, and shall mature serially on February 1 in the years and amounts set forth below, and the bonds of each maturity shall bear interest at the rate per annum shown opposite the year of maturity, as follows: Year Amount Rate 1970 $208,000 5.30% 1971 250,000 5.40% 1972 250,000 5.50% 1973 250,000 5.60% 1974 250,000 5.70% 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 hereby agrees to pay the reasonable and customary charges of said paying agent for the receipt and disbursement thereof. 2. Said bonds and the interest coupons appurtenant thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF GOLDEN VALLEY IMPROVEMENT BOND OF 1969 No. $ 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 THOUSAND DOLLARS on the 1st day of February, 19 , without option of prior payment, and to pay int- erest thereon at the rate of percent Resolution No. 96 October 21, 1969 ( %) per annum, from the date hereof until said principal sum is paid, pay- able on February 1, 1970, and semiannually thereafter on August 1 and Febr- uary 1 of each year, interest to maturity being represented by and payable in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto. Both principal 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 said principal and interest as the same respectively become due, the full faith, credit and unlimited taxing pow- ers of said Village have been and are hereby irrevocable pledged. This bond is one of an issue in the aggregate principal amount of $1,208,000, all of like date and tenor except as to serial number, interest rate, maturity and redemption privilege, issued for the purpose of paying and refunding at maturity a portion of the principal amount of temporary improve_ ment bonds issued in 1968, and is issued pursuant to and in full conformity with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling. This bond, is payable primarily from the Improvement Bond Redemption Fund of the Village, but the Council is required by law to pay maturing principal thereof and interest thereon out of any funds in the treas- ury if moneys on hand in said special fund are insufficient therefor. IT IS HEREBY CERTIFIED, RECITED, CONVENANTED 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 precedent 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 prior to the issuance hereof the Village has duly levied special assessments which with other special assessments and general ad valorem taxes received and to be received and to be received by said fund are estimated to be sufficient to pro- duce sums not less than 5% in excess of the amounts required to pay the princi- pal of and interest on all bonds payable from said fund, including the bonds of this issue, as such principal and interest respectively become due, and has appropriated the same to said fund, and additional ad valorem taxes, if needed for said purpose, may be levied upon all taxable property within the Village without limitation as to rate or amount; 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 printed facsimile signature of its Mayor, attested by the manual signature of the Village Manager, and by printing hereon a facsimile of the corporate seal of the Village, and has caused the interest coupons appurtenant hereto and the certificate as to legal opinion on the reverse side hereof to be executed and authenticated by the facsimile signatures of said officers, all as of November 1, 1969. Mayor Attest: Village Manager 1 1 1 Resolution No. 96 October 21, 1969 (Form of Coupon) No. � On the lst day of February (August), 19 , the Village of Golden Valley, Hennepin County, Minnesota, will pay to bearer at , in , , the sum shown hereon in lawful money of the United States of America for int- erest then due on its Improvement Bond of 1969, dated November 1, 1969, (Facsimile signature) (Facsimile signature) Village Manager Mayor (Certificate as to legal opinion to be printed on the reverse side of each bond) 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. _kA'E 1., (Facsimile signature) (Facsimile signature) Village Manager Mayor J 1 Resolution No. 96 October 21, 1969 3. The bonds shall be forthwith prepared for execution under the direction of the Village Manager, and shall then be executed by the facsimile signature of the Mayor, attested by the manual signature of the Village Manager, and by printing thereon a facsimile of the corporate seal of the Village, and the appurtenant interest coupons and the certificate as to legal opinion shall be executed and authenticated by the printed, litho- graphed or engraved facsimile signatures of said Mayor and Manager. When so executed, the bonds shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon, and said purchaser shall not be obligated to see to the application of the purchase price. Said purchase price shall, however, be credited and paid to the Temporary Improvement Bond Fund, and shall be used, with other moneys in said fund, for the payment, on or about December 1, 1969, of all interest due on $1,225,000 Temporary Improvement Bonds, Series One, and for the pay- ment of all unpaid principal thereon. 4. Upon redemption of all Temporary Improvement Bonds, Series One, theTemporary Improvement Bond Sinking Fund shall be discontinued, and all assets therein shall be credited to the Improvement Bond Redemption Fund. Thereafter all collections of special assessmenta made for the improvements financed by said temporary bonds shall be credited to the Improvement Bond Redemption Fund. All provisions of said Current Ordinance No. 28 of the Vill- age and of this resolution shall constitute covenants for the security of the holders from time to time of the bonds herein authorized. 5. The full faith and credit of the Village shall be and is hereby pledged to the prompt and full payment of said bonds and the interest thereon. It is hereby found and determined that the Village has heretofore levied spec- ial assessments upon property benefited by said improvements in the amounts and collectible in the years as shown below, and that the amounts of such assess- ments which remain uncollected are as follows: Years in Which Amount of Amount Thereof Assessments Improvement Assessment ^Uncollected are Collectible 1966 Grading & Gravelling 1 & 2 $ 17,207 $ 15,486 1970 -- 1978 1966 Storm Sewer 5 $ 24,592 $ 21,312 1970 - 1978 1967 Bituminous Surfacing 1, 3, $101,712 $ 75,229 1970 -- 1973 5, 6, 7, 8, 9, 10, 11, 12, 16, 17, 18, 20, 21, 24, 25, 27, 28, 31, 33, 34, 35, 36, 39, 40, 41, 42, 44, 46 and 49 1967 Concrete Paving 3 & 4 $116,500 $106,135 1970 -- 1983 1967 Curb & Gutter 1, 2, 4, 10, $ 43,655 $ 35,045 1970 -- 1978 12, 16, 19, 24, 27 and 28 1967 Storm Sewer 4, 5 & 6 $345,982 $291,277 1970 -- 1978 1967 Watermain - Section 2 $ 5,494 $ 5,219 1970 - 1988 1968 Watermain $ 91,968 $ 84.406 1970 -- 1988 1967 Ottawa Ave. Improvement $ 39,000 $ 35,100 1970 -- 1978 1967 Rhode Island Ave. Improve- $ 25,532 $ 23,756 1970 -- 1978 ment $811,6 2 .$692,965 Resolution No. 96 October 21, 1969 The interest to be paid on deferred installments of assessments is at the rate of 6% per annum. In the event that any assessment levied for said im- provement be at any time held invalid with respect to any lot, piece or par- cel of land, due to any error, defect or irregularity in any action or pro- ceedings taken or to be taken by the Village or this Council or any of the Village's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the Village and this Council hereby covenant and agree that they will forthwith do all such fur- ther acts and take all such further proceedings as may be required by law to make such assessment a valid and binding lien upon such property. 6. It is hereby estimated that the collections of the taxes and special assessments heretofore appropriated to the Improvement Bond Redemp- tion Fund, including the special assessments herein appropriated to said fund, will provide amounts not less than 105% of the principal of and inter- est on said bonds and all other bonds payable from said fund as they become due. 7. When all bonds issued pursuant to this resolution, and all coupons appertaining thereto, have been discharged as provided in this section, all pledges, covenants and other rights granted by this resolution to the holders of the bonds shall cease. The Village may discharge all bonds and coupons which are due on any date by depositing with the paying agent or agents for such bonds on or before that date a sum sufficient for the payment thereof in full; or if any bond or coupon should not be paid when due, it may nevertheless be discharged by depositing with the paying agent a sum sufficient for the payment thereof in full with interest accru- ed to the date of such deposit. The Village may also at any time discharge this issue of bonds in its entirety, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevoc- ably in escrow, with a bank qualified by law as an escrow agent for this purpose, cash or securities which are general obligations of the United States or securities of United States agencies which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal and interest to become due on all bonds of the issue on their due dates. 8. The Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Hennepin County and to obtain said Auditor's certificate in accordance with Minnesota Statutes, Sections 475.62; and 475.63; and the officers of the Village and County are hereby authorized and directed to furnish to the purchaser of said bonds, and to the attorneys approving the legality thereof, certified copies of all ordinances, resolu- tions and other actions and proceedings of the Village relating to the issu- ance of said bonds, and certificates and affidavits as to all such other matters as may be required by them to evidence the legality and marketabil- ity of said bonds, and all such certified copies, certificates and affidav- its, including any heretofore furnished, shall be deemed recitals of the Village of Golden Valley as to the correctness of all statements contained therein. —�? yor Attest: Village Clerk Resolution No. 96 October 21, 1969 1 The motion for the adoption of the foregoing resolution was duly seconded by Member Garis, 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 and approved by the Mayor, and attested by the Clerk.