#104 12-22-69 Issue Improvement Bonds150
Resolution No. 104 December 22, 1969
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION DIRECTING THE ISSUANCE AND
SALE OF TEMPORARY IMPROVEMENT BONDS
SERIES II AND THE PURCHASE OF SUCH
TEMPORARY IMPROVEMENT BONDS BY THE
DEBT REDEMPTION IMPROVEMENT BONDS IN
ACCORDANCE WITH MINNESOTA STATUTES,
CHAPTER 429.091
BE IT RESOLVED by the Village Council of the Village of Golden Valley, Minnesota,
as follows:
1. The total estimated cost of certain public improvements is estimated
to be as follows:
1966
Storm Sewer 1
$50,000
1968
Bituminous Surfacing 1-3, 5-12, 16-18,
20,22-23, 25-30, 30-34 & 38
124,700
1968
Curb & Gutter 2-9, 12, 13, 16, 17, 21,22
70,600
1968
Grading & Gravelling 1 & 2
10,900
1968
Storm Sewer 1, 2, 5
268,000
1968
Rhode Island No. Street Improvement
15,500
1968
Lateral Sewer 3-8
74,400
1968
Watermain 12, 13, 14 & 17
309000
1969
Watermain 1-4, 6 & 11
40.000
State Aid Street Improvements (Assessed Portion)
395.01 387.05/407.01, 522.06
106,400
It is now estimated that the sum of $590,000 is currently necessary to provide
financing of the cost of said improvements and it is hereby determined to
borrow said amount for the payment of obligations now incurred and for expenses
necessarily incurred in connection with constriction of said projects. It is
hereby determined that proceeds of temporary bonds issued pursuant to this
resolution and similar subsequent resolutions shall be paid into the following
construction funds:
1966 Miscellaneous Im rovement Fund
1966 Storm'Sewerl $12,100
1968 Miscellaneous Improvement Fund
1964 Bituminous Surfacing 112,700
1968 Curb & Gutter 63,300
1968 Storm Sewer 143 100
1968 Grading & Gravelling 10,300
1968 Street Improvement - Rhode Island N. 14,200
$343,600
1968 Lateral Sewer Construction Fund $ 68,000
1968 Watermain Construction Fund 27,400
1969 Watermain Construction Fund 35,600
State Aid Construction Fund $103,300
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Resolution No. 104 December 22, 1969
All expense incident to or incurred in connection with said improvements shall
be paid from these construction funds. There if created the Temporary Improve-
ment Bond Sinking Fund, into which fund shall be paid the proceeds of all
special assessments levied against benefited property by reason of making said
improvements and out of which shall be paid principal and interest on all
temporary improvement bonds issued in accordance with this resolution.
2. It is hereby determined that the sum of $590,000 shall be borrowed
to finance the aforesaid improvements by the issuance of temporary improvement
bonds of the Village as authorized in Minnesota Statutes, Section 429.091,
Subdivision 3. Said bonds shall be payable from the Temporary Improvement
Bond Sinking Fund; but the Village further recognizes its statutory duty as
provided by Section 429.091, and covenants and agrees to the purchaser and
all holders from time to time, of said temporary improvement bonds, at or
prior to maturity thereof it will pay or retire such bonds and the interest
thereon out of the proceeds of definitive bonds which the Council shall issue
and sell at or prior to the maturity of the temporary improvement bonds to
the extent that the same cannot be paid out of the Temporary Improvement Bond
Sinking Fund or out of other municipal funds which are property available and
are appropriated by the Council for such purposes.
3. It is hereby determined to levy special assessments against
benefited property by reason of the making of said Public Improvements and
ad valorem Wes, if necessary, to produce sums at least 5% in excess of the
amounts sufficient to pay principal and interest when due on said temporary
improvement bonds and on any definitive bonds to be issued as herein provided,
such special assessments to be placed on the tax rolls subsequent to the time
when said Public Improvements have been completed and the total cost thereof
has been determined.
4. Said temporary improvement bonds in the amount of $590,000 shall
be dated 1 December, 1969, shall be in number and numbered from 1 to 59
inclusive, each in the denomination of $10,000.00, shall bear interest at
the rate of 5.30% per annum, and shall mature on 1 December, 1972, shall be
subject to redemption and prepayment at any time at par and accrued interest.
Not less than 30 days before the date specified for redemption of said bonds,
the Village Treasurer shall mail notice of the call thereof to the holder, if
known, and the Treasurer shall maintain a record of the names and addresses
of said bonds insofar as such information is made available to him by the
holders thereof, for the purpose of mailing said notices. The principal of
and interest on said bonds shall be payable at the Golden Valley Village Hall,
7800 Golden Valley Road, Golden Valley, Minnesota, 55427.
5. Said temporary improvement bonds shall be mimeographed in sub-
stantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
VILLAGE OF GOLDEN VALLEY
TEMPORARY IMPROVEMENT BONDS, SERIES
TWO
152
Resolution No. 104
December 22, 1969
No. 00001 $109000.00
KNOW ALL MEN BY THESE PRESENTS that the Village of Golden Valley a duly
organized municipal corporation of Hennepin County, Minnesota, acknowledges
itself to be indebted and for value received, promises to pay to bearer the
sum of Ten Thousand Dollars on the first day of December, 1972, or on a date
prior thereto on which this bond has been duly called for redemption, and to
pay interest thereon from the date hereof until paid or until this bond has
been duly called for redemption at the rate of 5.30 percent (%) per annum.
Both principal and interest are payable at the Village Hall, Village of
Golden Valley, 7800 Golden Valley Road, Golden Valley, Minnesota, 55127, in
any currency or coin of the United States of America which on the respective
dates of payment is public tender for private and public debts. For the
prompt and full payment of such principal and interest as the same become due
the full faith, credit and taxing powers of the Village are hereby irrevocably
pledged.
This bond is one of a series in the aggregate principal amount of
$590,000.00, all of like date and tenor except as to serial number all issued
by said Village for the purpose of defraying expenses incurred and to be
incurred in construction of various improvements by the Village of Golden Valley,
consisting of Lateral Water. Sanitary Sewer, Storm Sewer, Curb and Gutter,
Street improvements and other related improvements, and is issued pursuant to
and in full conformity with resolutions duly adopted by the Village Council
after hearings as required by law and pursuant to and in full conformity with
the Constitution and Laws of the State of Minnesota thereunto enabling,
including Minnesota Statutes, Section 429.091. Subdivision 3, as amended
by Laws 1965, Chapter 877. This bond is payable primarily from the Temporary
Improvement Bond Sinking Fund of the Village but the Council is required to
pay the principal and interest thereon out of any funds in the treasury in
the event that the monies on hand in said fund are at any time insufficient to
meet the payment of maturing principal and interest, and is further required at
or prior to the maturity of this bond, to provide for the payment and retirement
thereof by the issuance of definitive bonds, to the extent, if any, that the
assessments and taxes or other municipal funds theretofor collected and received
in said Sinking Fund may be insufficient for such purpose,
This bond is subject to redemption and pre -payment at the option of the
Village at any time, at a price of par and accrued interest, upon notice of
call for redemption mailed not less than 30 days prior to the date specified
for such redemption, to the holder, if knotn. Bond holders desiring to
receive such notice may have their names and addresses and the serial numbers
of their bonds recorded by the Village Treasurer.
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 preliminary 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 the Village
has duly determined the necessity of and provided for the construction of
said improvement; that the Temporary Improvement Bond Sinking Fund Account
153
Resolution No. 104 .December 22, 1969
has been duly created and provision has been made for the support thereof
by ad valorem taxes and special assessments to be levied at or prior to the
time of issuance of said definitive bonds, for the years and in aggregate
amounts not less than 5 percent (5) in excess of sums sufficient to pay the
principal and interest on all bonds payable from said fund as such principal
and interest become due, and additional tales, if needed for said purpose,
may be levied upon all taxable property in the Village without limitation as
to rate or amount; that the holder hereof shall have and may enforce by
appropriate proceedings all duties imposed by said Chapter 385 upon the
Village and its officers with reference to the levy and collection of said
assessments and taxes and the issuance of said definitive bonds; 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 behald by
the signature of its Mayor and Village Manager and sealed with its official
seal, and has caused this bond to be dated as of December 1. 1969.
/s/ Cliff Teresi
Mayor, Village of Golden Valley, Minnesota
Isl Barkley G. Omans
Manager, Village of Golden Valley, Minn.
6. Said bonds shall be prepared under the direction of the Village Manager
and shall be executed on behalf of the Village by the signatures of the Mayor
and Village Manager, and the corporate seal of the Village shall be affixed
thereto. When said bonds have been executed and authenticated, they shall be
delivered by the Treasurer to the purchaser thereof, upon payment of the
purchase PJr ce heretofore agreed upon and said purchaser shall not be obliged
to see to the application thereof.
7. The Village Clerk is hereby authorized and directed to file a
certified copy of this resolution with the County Auditor of Hennepin County,
together with such other information as he shall require and to obtain from
said County Auditor a certificate that said bonds have been entered on his
bond register.
8. The officer 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 relating to said bonds
and to the financial affairs of said Village and such other affidavits, cer-
tificates 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 custody and control or as otherwise known to them,
and such certificates, certified copies and affidavits, including any heretofore
furnished, shall be deemed representations of the Village as to the correctness
of all statements contained thereon.
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Resolution No. 104 December 22, 1969
9. It is hereby determined that there is at the present time an amount
in excess of $590,000.00 in the debt Redemption Sinking Fund which will not
be required for other purposes prior to 1 December. 1972.
10. It is hereby determined to purchase the aforementioned temporary
improvement bonds, Series 1, upon their initial issuance in accordance with
the provisions of Minnesota Statutes, Section 471.56 and 175.66, out of funds
in the Improvement Bonds of Reserve Sinking Fund and on behalf of said fund,
at par and accrued interest as of the date of delivery of said bonds and com-
pletion of such sale, it being further determined to be reasonable and advan-
tageous to the Debt Redemption Sinking Fund to invest in said temporary
improvement bonds, Series 2, and it being further determined to be reasonable
and advantageous to the Village to sell said temporary improvement bonds,
Series 2, in accordance with the provisions of this resolution.
11. The Village Manager, Mayor and Treasurer are hereby authorized and
directed to take any and all steps necessary to effect the provisions of the
foregoing resolution and to make such transfers of funds as may be necessary
from time to time, to give effect to the provisions thereof.
Passwd by the Village Council of the Village of Golden Valley, this
22nd day of December, 1969.
By roll call and voting aye: Bies. Garis, Stockman and Teresi
Motion carried, resolution declared adopted.
Mayo
Attest:
L
Village Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Garis, and upon vote being taken thereon, the following voted in favor thereof:
Bies, Garis, Stockman and Teresi; 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.
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