#433 10-16-72 Form of Park and Recreation BondsResolution No. 433 October 16, 1972
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION DETERMINING THE FORM AND
DETAILS OF $980,000 PARK AND RECREATION
BONDS OF 1972 OF THE VILLAGE, CREATING
A SINKING FUND THEREFOR, AND LEVYING
TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the Village Council of the Village of Golden Valley,
Hennepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable coupon general
obligation bonds in the aggregate principal amount of $9801000, all dated
November 1, 1972, for the purpose of developing and improving park properties
and recreation areas and developing a hiking, biking and cross-country skiing
trail system in the Village, said bonds to be 196 in number and numbered
1 through 196, each in the denomination of $5,000, bonds of said issue maturing
in the years and amounts set forth below, the bonds of each annual maturity
bearing interest at the rate per annum shown opposite the year of such maturity,
as follows:
Year
Amount
Rate
Year
Amount
Rate
1974
$301000
4.20%
1984
$50,000
4.60%
1975
50,000
4.20%
1985
50,000
4.70%
1976
50,000
4.20%
1986
50,000
4.80%
1977
50,000
4.25%
1987
50,000
4.90%
1978
50,000
4.25%
1988
50,000
5.00%
1979
50,000
4.25%
1989
50,000
5.00%
1980
50,000
4.25%
1990
50,000
5.00%
1981
505000
4.30%
1991
50,000
5.00%
1982
50,000
4.40%
1992
50,000
5.00%
1983
50,000
4.50%
1993
50,000
5.00%
Interest shall be payable on February 1 and August 1 of each year, commencing
on August 1, 1973. The bonds maturing in 1983 and earlier years shall be with-
out option of prior payment, but those maturing in 1984 and later years shall
be each subject to redemption and prepayment, at the option of the Village,
in inverse order of serial numbers, on February 1, 1983, and any interest
payment date thereafter, at par and accrued interest upon notice of call pub-
lished by the Village Clerk not less than 30 days prior to the date specified
for redemption in a weekly or daily periodical published in a Minnesota city of
the first class, or its metropolitan area, which circulates throughout the state
and furnishes financial news as a part of its service. The Clerk shall also mail
such notice to the bank at which principal and interest are then payable, but
published notice shall be effective without mailing. The principal of and interest
are then payable, but published notice shall be effective without mailing.
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 agrees to
pay the reasonable charges of such paying agent.
Resolution No. 433
October 16, 1972
2. Said bonds and the interest coupons to be thereto attached shall be
in substantially the following form:
UNITED STATES OF AMERICA.
STATE OF MINNESOTA.
COUNTY OF HENNEPIN
PARK AND RECREATION BOND OF 1972
No.
$5,000
KNOW ALL MEN BY THESE PRESFNTS 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 THOUSNAD DOLLARS on the
lst day of February, 19 , or, if this bond is redeemable as stated below,
on a date prior thereto on which it shall have been duly called for earlier
redemption, and to pay interest thereon from the date hereof until said princi-
pal sum be paid, or, if this bond is redeemable, until it has been duly
called for redemption, at the rate of per cent ( %) per annum,
payable on February 1 and August 1 of each year, commencing on August 1, 1973,
such interest to maturity being represented by and payable in accordance with
and upon presentation and surrender of the interest coupons hereto attached.
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 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 an issue of $980,000 aggregate principal. amount,
all of like date and tenor except as to maturity, serial number, interest rate
and redemption privilege, issued by said Village for the purpose of develop-
ing a hiking, biking and cross-country skiing trail system in the Village,
and is issued pursuant to the requisite majority vote of the electors of the
Village voting at an election duly called and held in and for said Village,
and pursuant to resolutions duly adopted by the Village Council and pursuant
to and in full conformity with the Constitution and laws of the State of
Minnesota thereunto enabling.
Bonds of said issue maturing in 1983 and earlier years are payable on
their respective stated maturity dates, without option of prior payment, but
bonds of said issue maturing in 1984 and later years are each subject to
redemption and prepayment, at the option of the Village, in inverse order of
serial numbers, on said date and any interest payment date thereafter, at
par and accrued interest, upon notice of call published not less than 30 days
prior to the date specified for redemption in a financial periodical published
in a Minnesota city of the first class or its metropolitan area.
IT IS HEREBY CERTIFIED AND RECITED 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, have been done, do exist, have happened and have been performed
Resolution No. 433 October 16, 1972
in regular and due form, time and manner as so required; that prior to the
issuance hereof a direct, annual, irrepealable, ad valorem tax has been
duly levied upon all of the taxable property in said Village for the years
and in amounts at least five per cent (5%) in excess of sums sufficient to
pay the interest hereon and the principal hereof as they respectively
become due, and additional taxes, if needed, will be levied upon all of such
property without limitation as to rate or amount; and that this bond, together
with all other indebtedness of the Village outstanding on the date hereof and
on the date of its actual issuance and delivery, does not exceed any
constitutional or statutory limitation of indebtedness.
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 facsimile signature of the Mayor and the manual signature of the Village
Manager, and by a printed facsimile of its corporate seal, and the attached
interest coupons and the certificate as to legal opinion on the reverse side
hereof to be executed and authenticated by the facsimile signatures of said
Mayor and Manager, all as of November 1, 1972.
(Facsimile signature)
Village Manager Mayor
(SEAL)
(Form of Coupon)
No. $
On the 1st day of February (August), 19 , unless the bond described below
is subject to and has been duly called for earlier redemption, the Village of
Golden Valley, Hennepin County, Minnesota, will. pay to bearer at
, in , the sum shown hereon for
interest then due on its Park and Recreation Bond of 1972, dated November 1, 1972,
No.
(Facsimile signature) (Facsimile signature)
Village Manager Mayor
(Form of certificate to be printed on the back of each bond
following legal opinion)
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
Resolution No. 433 October 16, 1972
3. Said bonds shall be prepared under the direction of the Village
Manager, and when so prepared shall be executed in behalf of the Village by
the facsimile signature of the Mayor, and the manual signature of the
Village Manager, and by a printed facsimile of the corporate seal of the
Village, and the interest coupons and certificate as to opinion of bond
counsel shall be executed and authenticated by the printed, engraved or
lithographed facsimile signatures of the Mayor and Manager. When said bonds
have been so executed and authenticated, they shall be delivered by the
Village Treasurer to the purchaser on receipt of the purchase price hereto-
fore agreed upon, and said purchaser shall not be required to see to the
application thereof; however, all bond proceeds received in excess of $970,000
shall be paid into the sinking fund described below.
4. There is hereby created a separate sinking fund for said Park and
Recreation Bonds, which fund shall be kept by the Treasurer apart from all
other funds of the Village and used for no purpose other than payment of
principal and interest on said bonds; provided, that if any payment of piinci-
pal or interest shall become due when there is not sufficient money in said
fund therefor, the Treasurer shall pay the same from the general fund of the
Village, and said general fund shall be reimbursed for such advances out of
the proceeds of the taxes hereinafter levied. Into said sinking fund shall be
paid the proceeds of all taxes levied pursuant to this resolution and all
other monies received for or appropriated to the payment of said bonds and
interest.
5. For the prompt and full payment of the principal and interest on
said bonds as the same respectively become due, the full faith, credit and
taxing powers of the Village shall be and are hereby irrevocabl. pledged.
To provide monies for the payment thereof, there is hereby levied upon all
of the taxable property in the Village a direct, annual, ad valorem tax which
shall be spread upon the tax rolls collectible in the years and amounts as
follows:
Levy Collection Levy Collection
Year Year Amount Year Year Amount
1972 1973 $90,700 19$2 1983 $7T,200
1973 1974 98,500 1983 1984 75,800
1974 1975 96,300 1984 1985 73,400
1975 1976 94,100 1985 1986 70000
1976 1977 91,900 1986 1987 68,300
1977 1978 89,600 1987 1988 65,600
1978 1979 87,400 1988 1989 63,000
1979 1980 85,200 1989 1990 60,400
1980 1981 82,900 1990 1991 57,800
1981 1982 8o,600 1991 1992 55,100
Said tax shall be irrepealable as long as any of said bonds are outstanding
and unpaid; provided, that the Village reserves the right and power to reduce
the levies in the manner and to the extent permitted by Minnesota Statutes,
Section 475.61.
334
Resolution No. 133
October 16, 1972
6. The Village Clerk is hereby authorized and directed to file with
the County Auditor of Hennepin County a certified copy of this resolution,
together with such other information as the County Auditor may require, and
to obtain from said County Auditor a certificate that the tax required by
law for the payment of said bonds has been levied, and that said bonds have
been entered upon his bond register.
7. 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 and records 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 any 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 Hoover, and upon vote being taken thereon, the following voted in favor
thereof: Riggs, Hoover, Paulson, 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.
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