#293 12-06-71 Issue Improvement Bonds and Assessments112
Resolution No. 293 December 6, 1971.
Member Hoover introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE AND PRO-
VIDING FOR THE FORM AND DETAILS OF
$2,030,000 IMPROVEMENT BONDS OF 197119
AND APPROPRIATING SPECIAL ASSESSMENTS
FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Council of the Village of Golden Valley, Minnesota,
as follows:
1. This Council has investigated the facts necessary to ascertain,
and does hereby find, determine and declare that the Village of Golden Valley has,
after public hearings as required by law, ordered the construction of the improve-
ments listed below, and has ordered, received and approved plans and specifications
and entered into contracts therefor after due advertisement for bids, or ordered
the same to be constructed by day labor as permitted by law; that the total
benefits resulting from each of said improvements to the lots and tracts of land
subject to assessment therefor and to the Village at large will be not less than
the total cost of such improvement; that the total cost of each of said improve-
ments, including all expenses incurred from its inception to its completion and
all fees and expenses in connection therewith, is estimated to be in the
following amounts:
1966
Storm Sewer Improvement
1968
Bituminous Surfacing Improvement
1968
Curb and Gutter Improvement
1968
Grading and Gravelling Improvement
1968
Lateral Sewer Improvement
1968
Storm Sewer Improvement
1968
Watermain Improvement
1969
Watermain Improvement
1969
Storm. Sewer Improvement
1969
Lateral Sewer Improvement
1969
Bituminous Surfacing Improvement
1969
Curb and Gutter Improvement
1970
Watermain Improvement
1970
Lateral Sewer Improvement
1970
Storm Sewer Improvement
1970
Street Improvement
1968
State Aid Street Improvement
1969
State Aid Street Improvement
10th
Avenue Street Utility Improvement
1971
Storm Sewer Improvement (No. 1)
1971
Watermain Improvement (No. 1)
2,000,000
that it is necessary and expedient for the Village to borrow at this time the
sum of $2,030,000, for the purpose of paying all of the expenses incurred and
to be incurred in making said improvements, except those to be paid from pre-
payments of special assessments, by the issuance of general obligation improve-
ment bonds in accordance with the provisions of Minnesota Statutes, Section
X29.091; that such bonds have heretofore been duly sold to the highest and
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Resolution No. 293 December 6, 1971
best bidder, and shall forthwith be issued and delivered to said purchaser;
that said bonds shall be payable from the Improvement Bond Redemption Mind
created by Current Ordinance No. 28 of the Village, adopted on January 21, 1958,
which ordinance is by reference incorporated herein and made a part hereof;
and 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 per-
formed preliminary to the issuance and sale of said bonds have been done, do
exist, have happened and have been performed in due form, time and manner as
so required.
2. A separate fund is hereby created and shall be maintained for
each of the improvements financed by this issue, each thereof to be known and
designated as the " Fund", the name of the improvement to
be inserted in the blank before the word "Fund". From the proceeds of sale
of the bonds herein authorized the sum of $2,000,000 shall be credited to
said funds in the respective amounts set forth in paragraph 1 hereof. To said
improvement funds there shall also be credited proceeds of sale of additional
improvement bonds which may hereafter be authorized for the purpose of paying
the expenses of making said improvements, and such available moneys of the
Village which may hereafter be appropriated thereto by the Council, all as
may be directed by further resolutions of the Council. The remaining bond
proceeds shall be credited to the Improvement Bond Redemption Fund.
3. It is hereby determined that the Village has levied special
assessments on account of said improvements in the same amounts as the esti-
mated costs thereof upon all assessable lots and tracts of land lying within
the assessable areas heretofore specified in the respective resolutions
ordering said improvements, based upon the special benefits received by each
such lot and tract. In the event that any such assessment be at any time held
invalid with respect to any lot or tract of land, due to any error, defect or
irregularity in any action or proceedings taken or to be taken by the Village
or by this Council or by any of the Village's officers or employees, either
in the making of such assessment or in the performance of any condition prece-
dent thereto, the Village hereby covenants and agrees that it will forthwith
do all such further acts and take all such further proceedings as shall be
required by law to make such assessment a valid and binding lien upon said
property. Said assessments are payable in equal, consecutive, annual install-
ments, the number of installments being as follows:
Number of
Type of Improvement Installments
Bituminous Surfacing
Curb and Gutter
Lateral Sewer
Water Main
Storm Sewer
Grading and Gravelling
State -Aid Streets
The first installment of all said assessments has been certified to the County
Auditor for collection with general taxes in the year 1972 or earlier ,years,
and the remaining installments of said assessments have been certified for
each subsequent consecutive year until the assessments are paid. To the first
installment there has been added interest at the rate of _% per annum
114
Resolution No. 293 December 6, 1971
on the entire assessment from the date of the resolution levying the assess-
ment until December 31 of the year in which the first installment is payable.
To each subsequent installment there has been added interest at % per annum
for one year on all unpaid installments.
4. 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.
Each and all of the provisions of said Ordinance No. 28 of the Village and of this
resolution shall constitute covenants for the security of the holders from time
to time of said bonds. It is estimated that the collections of the special
assessments heretofore levied as described in paragraph 3 above, less prepayments
thereof appropriated to improvement funds as set.forth in paragraph 2 hereof,
together with taxes heretofore levied and appropriated to the Improvement Bond
Redemption Fund and all other special assessments pledged to said fund, will
produce sums not less than 5% in excess of the amounts needed to pay principal
and interest when due on bonds herein authorized and on all other outstanding
bonds which are payable from said funds.
5. For the purpose of paying costs of said improvements and in antici-
pation of the collection of said special assessments, the Village shall forthwith
issue its negotiable coupon general obligation Bonds of 1971, in the principal
amount of $2,030,000. Said bonds shall be dated as of November 1, 1971, shall be
406 in number and numbered serially from 1 to 406, inclusive, each in the de-
nomination of $5,000, and shall mature serially on February l.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
1972
$280,000
2.40%
1973
250,000
2.75%
1974
250,000
3%
1975
250,000
3.20%
1976
250,000
3.40%
1977
250,000
3.60%
1978
250,000
3.70%
1979
250,000
3.70%
The principal of and interest on said bonds shall be payable at The First National
Bank of Saint Paul, in St. Paul, Minnesota, and the Village hereby agrees to pay
the reasonable and customary charges of said paying agent for the receipt and
disbursement thereof.
6. 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
Resolution No. 293
IMPROVEMENT BOND OF 1971
No.
December 6, 1971
$5,000
115
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
1st day of February, 19_, without option of prior payment, and to pay interest
thereon at the rate of per cent
( %) per annum, from the date hereof until said principal sum is paid,
payable on February 1, 1972, and semiannually thereafter on August 1 and
February 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 powers of
said Village have been and are hereby irrevocable pledged.
This bond is one of an issue in the aggregate principal amount of
$2,030,000, all of like date and tenor except as to serial number, interest
rate, maturity and redemption privilege, issued for the purpose of paying the
costs of construction of various local improvements, 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 re-
quired by law to pay maturing principal thereof and interest thereon out of
any funds in the treasury if moneys on hand in said special fund are insuffi-
cient 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 bonding
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 general ad valorem taxes and
special assessments for the years required and in amounts sufficient to produce
sums not less than 5% in excess of the amounts required to pay the principal of
and interest on the bonds of this issue as such principal and interest respect-
ively 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
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Resolution No. 293
December 6, 1971
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, 1971.
Attest:
Village Manager
No.
(Facsimile signature)
Mayor
(Form of Coupon)
On the 1st day of February (August), 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 interest
then due on its Improvement Bond of 1971, dated November 1, 1971, No.
(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.
(Facsimile signature) (Facsimile signature)
Village Manager Mayor
7. Said 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
Village Manager and by a printed facsimile of the official seal of the Village.
The appurtenant interest coupons shall be executed and authenticated by the printed,
lithographed or engraved facsimile signatures of said Mayor and Village Manager,
and the certificate as to legal opinion on the back of each bond shall be executed
by the printed, lithographed or engraved facsimile signatures of the Mayor and
Village 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.
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Resolution No. 293
December 6, 1971
8. The Village Clerk is hereby authorized and directed to transmit a
certified copy of this resolution to the County Auditor of Hennepin County, for
certification that the bonds herein authorized have been duly registered, as
required by Minnesota Statutes, Sections 475.62 and 1+75.63.
9. 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 relating to said bonds and to the financial
affairs 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 custody
and control or as otherwise known to them; and all such certified copies,
certificates and affidavits, including apy heretofore furnished, shall be
deemed representations of the Village as to the facts recited therein.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Ulstad, 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 and was signed by the Mayor and attested by the Village Clerk.
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