#265 09-29-80 Issue Indebtedness Levying TaxesResolution #265 September 29, 1980
Member Johnson introduced and read the following resolution and moved its adoption:
RESOLUTION AUTHORIZING ISSUANCE OF $115,000
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:
I. 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 $115,000 for the
purposes of financing the purchase of street equipment, in accordnace with the pro-
visions of Minnesota Statutes, Section 412.301: That the assessed valuation of the
City for the year 1979 is $176,393,157: That the amount of the certificate to be
issued is within l% of the assessed valuation of the City and there are no certificates
of indebtedness outstanding issued pursuant to said Section 412.301 except $108,900
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 $115,000 authorized by the Council pursuant to the
provisions of Minnesota Statutes, Section 412.301, for the purpose of financing the
purchase of street equipment. Said Certificate shall be dated as of December 1, 1980,
bear interest at the rate of 8% payable on December 1, 1981 and annually thereafter
on each December 1, the principal to be payable in annual installment on December 1,
in the amount of $23,000.00 of each of the years 1981 to 1985, inclusive, without
option of prior payment. Said Certificate shall 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 ONE HUNDRED FIFTEEN THOUSAND DOLLARS in annual installments of
$23,000.00 on December 1 in each of the years 1981 - 1985, 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 eight percent (8i) per annum, from
December 1, 1980, payable on December 1, 1981 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 said City have been and are hereby irrevocably pledged.
Resolution #265 (continued)
This certificate is issued for the purpose of purchasing
for the City, and is authorized by a duly adopted resolution of the
said City, dated September 29, 1980, and is issued pursuant to and
with the Constitution and Laws of the State of Minnesota thereunto
Minnesota Statues, Section 412.301.
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street equipment
City Council of
in full conformity
enabling, including
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 limi-
tation indebtedness.
IN WITNESS WHEREOF, said City has caused this Certificate to be executed
in its behalf by its Mayor and Clerk, and the official seal of the City to be
affixed hereto, as of September 29, 1980.
ROSEM RY THORSE OR
ATTEST:
JOHN MURPHY, CI Y 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 faith, credit and taxing powers of the City shall be and
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, such as installment and interest respectively become due,
property in the City for the years and in the amount as follows:
YEAR AMOUNT
1980 33,810
1981 31,88o
1982 29,950
1983 28,010
1984 26,080
6. Such taxes 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
Resolution #265 (continued)
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 Ciyt, and the proceeds thereof, when and so
collected shall be placed in a sinking fund which was created for the Certificate
of Indebtedness issued in 1979 and identified as Certificate of Indebtedness Series
II Sinking Fund, and shall be used for no other purpose than to pay the principal
and interest of said certificates which this sinking fund is designated, 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 certi-
ficate 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 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 affi-
davits, including any heretofore furnished, shall be deemed representations of the
City as to the facts recited therein.
ROSEMARY TF�D-MEN_,, AYOR
ATTEST:
JOHN MURPHY, ITY CLERK
The motion for the adoption of the foregoing resolution was seconded by Member
Mitchell and upon vote being taken thereon, the following voted in favor thereof:
Anderson, Johnson, Mitchell, 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 her singature attested by the Clerk.
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