#102 10-02-79 Authorize Sale Indebtedness Tax LevyingResolution #102
October 2, 1979
Member Stockman introduced and read the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF $85,700
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 $85,700 for the
purpose of financing the purchase of fire equipment, in accordance with the pro-
visions of Minnesota Statutes, Section 412.301: that the assessed valuation of
the City for the year 1978 is $166,084,605: that the amount of the certificate
to be issued is within 1% of the assessed valuation of the City and there are no
certificates of indebtedness outstanding issued pursuant to said Section 412.301
except $34,800.00 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 $85,700 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, 1979, bear interest at the rate of 7% payable on December 1, 1980 and
annually thereafter on each December 1, the principal to be payable in annual in-
stallment on December 1, in the amount of $17,140.00 of each of the years 1980 to
1984, inclusive, without option of prior payment. Said Certificate shall be pay-
able 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 EIGHTY FIVE THOUSAND SEVEN HUNDRED DOLLARS in annual installments of
$17,400.00 on December l in each of the years 1980-1984 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 seven percent (7i) per annum,
from December 1, 1979, payable on December 1, 1980 and annually thereafter on the
first day of December of 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 res-
pective 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.
Resolution #102 (continued)
October 2, 1979
This Certificate is issued for the purpose of purchasing fire egwipment for
the City, and is authorized by a duly adopted resolution of the City Council of
said City, dated October 2, 1979, and is issued pursuant to and in full confor-
mity 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 done, to 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 and discharge 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 lim-
itation indebtedness.
IN WITNESS WHEREOF, said City has caused th VICertificate to be executed in
its behalf by its Mayor and Clerk, and the offi al seal of the City to be affixed
hereto, as of October 2, 1979
ROBERT R. HOOVER, MAYOR
ATTES
JOHN MUR , 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:
YEAR
AMOUNT
1979
$24,300
1980
23,050
1981
21,800
1982
20,500
1983
19,250
6. Such tax shall be irrepealable as long as this Certificate of Indebted-
ness is outstanding and upaid; 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.
Resolution #102 (continued) October 2, 1979
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 col-
lected shall be placed in a sinking fund which is created for this Certificate of
Indebtedness, and shall be used for no other purpose than to pay the principal and
interest 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 certif-
icate 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, certifired copies of all proceedings and records
of the City relating to said Certificate and to the financial condition and affairs
of the City, and such other affidavits, certificates and information as may be re-
quired to show the facts relating to the legality of said Certificates, as such
facts appear from the books and all such certified copies, certificates and affida-
vits, including any heretofore furnished, shall be deemed representations of the City
as to the facts recited therein. 1-n
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ATTEST:
JOHN MURPHY, C TY CLERK
The motion for the adoption of the foregoing resolution was duly seconded by Member
Johnson and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Hoover, Johnson, Stockman 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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