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#289 11-15-71 Issue Indebtedness Levying Taxes1 Resolution No. 289 November 15, 1971 Member Ulstad introduced the following resolution and MOVED its adoption: RESOLUTION AUTHORIZING ISSUANCE OF $13,636 CERTIFICATE OF INDEBTEDIv'ESS, PRESCRIBING THE FOF&I 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 $113,636 for the purpose of financing the purchase of equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301: that the assessed valuation of the Village for the year 1970 is $36,583,672: that the amount of the certi- ficate to be issued is within 1% of the assessed valuation of the Village, and there are no other certificates of indebtedness outstanding issued pursuant to said Section 112.301 except $65,907.20 balance of previously issued Certi- cates of Indebtedness, which together with this certi-ficate does not exceed limitations set by statute and that the sale of said certificate 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. The Village shall forthwith issue its general obligation Certificate of Indebtedness in the amount of $43,636 authorized by the Council pursuant to the provisions of Minnesota Statutes, Section 112.301, for the purpose of financing the purchase of street and fire equipment. Said Certificate shall be dated as of December 1, 1971, bear interest at the rate of 32% per annum, payable on December 1, 1972, and annually thereafter on each December 1, the principal to be payable in annual installments on December 1 in the amount of $10,909 of each of the years 1972 to 1975, inclusive, without option of prior payment. Said Certificate shall be payable to the Improvement Bond Redemption Fund of the Village of Golden Val -ley. 3. Said Certificate shall be in substantially the following fora: 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 Find of the Village of Golden Valley on order, the sum of FORTY-THREE THOUSAND Srk HUNDRED THIRTY SIX DOLLARS in annual installments of $10,909.00 on December 1 in each of the years 1972-1975 inclusive, without option of prior payment, and the Village promises to pay interest on the unpaid balance of the principal of this Certificate at the rate of three and one half per cent (32) per annum, from December 1, 1971, payable on December 1, 1972, and annually thereafter on the first day of December on each year. Both principal of and interest on this � l• Resolution No. 289 November 15, 1971 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 Valley, Minnesota, and for the prompt payment of said principal and interest, as the same respect- ively fall due, the full faith, credit and taxing powers of the said Villaw have been and are hereby irrevocably pledged. This Certificate is issued for the purpose of purchasing fire equipment for the Village, and is authorized by a duly adopted resolution of the Village Council of said Village, dated November 15, 1971, and is issued pursuant to and in full conformity -with the Constitution and Laws of the State of "Minnesota thereunto enabling, including Minnesota Statutes, Section 112.301, 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 performed, 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; that a direct, annual, irrepealable ad valorem tax has been duly levied by said Village in an amount sufficient to pay the interest on this Certificate when it falls due, and also to pay and discharge the principal 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 November 15, 1971. Mayor Attest: Village Clerk 4. Said Certificate shall be executed on behalf of the Village by the signatures of the Mayor and Clerk, and the official seal of the Village shall be affixed hereto. The full faith, credit and taxing 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 respectively 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 1971 $13,060 1972 12,660 1973 12,260 197411, 860 ['I 1 1 107 Resolution No. 289 November 15, 1971 6. Such tax shall be errepealable as long as this Certificate of Indebtedness is outstanding and unpaid; provided that the Village reserves the right to reduce the levies in the manner and to the extent permitted by Minnesota Statutes, Section 475.61. 7. Said taxes shall be extended upon the tax rolls for the above years shall be collected in the respective ensuing years with and as part of other general taxes levied in and for the Village, and the proceeds thereof, when and so collected 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 money in said fund to pay the same, the such principal or interest shall be paid out of any funds of the Village available therefore., and such funds shall be reimbursed for such advances 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 officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said Certificate and 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 hereto- fore furnished, shall be deemed representations of the Village as to the facts recited therein. Mayor ' Attest: r7;" Zfi/J1��� 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: Hoover, Paulson, Stockman, Teresi, and Ulstad; 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.