#088 10-05-76 Issue Indebtedness and Levying Taxes262
Resolution No. 88
October 5, 1976
Member Johnson introduced the following resolution and MOVED its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF $58,000
CERTIFICATE OF INDEBTEDNESS, PRESCRIBING
THE FORM AND DETAILS THEREOF, AND LEVYING
TAXES FOR THE PAYMENT THEREOF
BE IT RESOLVED by the City Council of the City of Golden Valley,
Minnesota, as follows:
1. It is hereby found and determined that it is necessary and
expedient for the City to issue a Certificate of Indebtedness in the
amount of 558,000 for the purpose of financing the purchase of fire
equipment, in accordance with the provisions of Minnesota Statutes,
Section 412.301: that the assessed valuation of the City for the
year 1975 is $139,764,081: that the amount of the certificate to be
issued is within 1% of the assessed valuation of the City and there
are no other certificates of indebtedness outstanding issued pursuant
to said Section 412.301 except $9,600.00 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
City of Golden Valley, Minnesota, on terms hereinafter set forth, is
fair and reasonable, and should be and is hereby ordered.
2. The City shall forthwith issue its general obligation
Certificate of Indebtedness in the amount of $58,000 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, 1976,
bear interest at the rate of 5 1/2% payable on December 1, 1977, and
annually thereafter on each December 1, the principal to be payable
in annual installmant on December 1 in the amount of $11,600 of each
of the years 1977 to 1981, inclusive, without -option of prior payment.
Said Certificate shalt be payable to the Improvement Bond Redemption
Fund of the City of Golden Valley.
3. Said Certificate shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF GOLDEN VALLEY
CERTIFICATE OF INDEBTEDNESS
KNOW ALL MEN BY THESE PRESENTS that the City 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 City of Golden Valley on order, the sum of
FIFTY—EIGHT THOUSAND DOLLARS in annual installments of $11,600.00 on
December 1 in each of the years 1977-1981 inclusive, without option
of prior payment, and the City promises to pay interest on the unpaid
balance of the principal of this Certificate at the rate of five and one
half per cent (5 1/2%) per annum, from December 1, 1976, payable on
F,
Resolution No. 88 (cont.)
October 5, 1976
December 1, 1974, and annually thereafter on the first day of December
on each year. Both principal 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 City of Golden Valley, Minnesota,
and for the prompt payment of said principal and interest, as the same
respectively fall due, the full faith, credit and taxing powers of the
said Village have been and are hereby irrevocably pledged.
This Certificate is issued for the purpose of purchasing fire equipment
for the City, and is authorized by a duly adopted resolution of the
City Council of said City, dated October 5, 1976, 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 City in an amount sufficient to pay the
interest on this Certificate when it falls due, and also to pay and dis—
charge the principal installment hereof on their respective due dates;
and that this Certificate, together with all other existing indebtedness
of said City, does not exceed any constitutional or statutory limitation
indebtedness.
IN WITNESS WHEREOF, said City has caused Vef�iti
ri 'cate to be
executed in its behalf by its Mayor and Clerk, and t seal of
the City to be affixed hereto, as of October 5, 19
Robert R. Hoover, Mayor
ATTEST:
Mary H-17Marske, City Clerk
4. Said Certificate shall be executed on behalf of the City
by the signatures of the Mayor and Clerk, and the official seal of the
City shall be affixed hereto. 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 installment and interest respectively
become due, property in the City for the years and in the amount as
follows:
263
191
Resolution No. 88 (cont.)
Year
Amount
1976
$15,530
1977
14,860
1978
14,190
1979
13,520
1980
12,850
October 5, 1976
6. Such tax shall be irrepealable as long as this Certificate
of Indebtedness is outstanding and unpaid; provided that the City
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 City, 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 be paid out of any funds of the City available therefore and
such funds shall be reimbursed for such advances out of said levies when
collected.
8. The City 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 City 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 City 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 Certificates, 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 affidav't , including any hereto—
fore furnished, shall be deemed representationso t City -a to the facts
recited therein.
Robert R. Hoover, Mayor
ATTEST:
Mary H. rske, City Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by Member Anderson and upon vote being taken thereon, the following
voted in favor thereof: Anderson, Hoover, Johnson, Swartz and Thorsen 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 City Clerk.
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