#427 10-02-72 Issue Indebtedness Levying TaxesResolution No. 1127 October 2, 1972
Member Paulson introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF $118,000
CERTIFICATE OF INDEBTEDNESS, PRESCRIBING
THE ]CORM AND DETAILS THERBDF, 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
$48,000 for the purpose of financing the purchase of equipment, in accordance
with the provisions of Minnesota Statutes, Section 1112.301: that the assessed
valuation of the Village for the year 1971 is $38,566,740: that the amount of
the certificate 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 412.301 except $79,565.00 balance of previously issued
Certificates of Indebtedness, which together with this certificate 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 $48,000 authorized by the Council pursuant to
the provisions of Minnesota Statutes, Section 412.301, for the purpose of
financing the purchase of street and fire equipment. Said Certificate shall
be dated as of 'December 1, 1972, bear interest at the rate of 314 per annum,
payable on December 1, 1973, and annually thereafter on each December 1, the
principal to be payable in annual installments on December 1 in the amount of
$9,600 of each of the years 1973 to 1977, inclusive, without option of prior
payment. Said Certificate shall be payable to the Improvement Bond Redemption
Fund of the Village of Golden Valley.
3. Said Certificate shall be in substantially the following form:
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 Fund of the
Village of Golden Valley on order, the sum of FORTY-THREE THOUSAND SIX HUNDRED
THIRTY SIX DOLLARS in annual installments of $9,600.00 on December 1 in each
of the years 1973-1977 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 (314) per annum,
from December 1, 1972, payable on December 1, 1973, and annually thereafter
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Resolution No. 427 October 2, 1972
on the first day of December on each year. Both principal of and interest
on this 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 Village
have been and are hereby irrevocabl. 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 October 2, 1972, 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 412.301,
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 October 2, 1972.
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 installment 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
1972 $12,100
1973 11,700
1974 11,300
1975 10,900
1976 10,500
Resolution No. 427
October 2, 1972
6. Such tax shall be irrepealable 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
become 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.
May
Attest:
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, Riggs, Stockman, 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.