#083 10-06-81 Issue Indebtedness Levying TaxesResolution #83
October 6, 1981 133
Member Johnson introduced and read the following resolution and moved its
adoption:
RESOLUTION AUTHORIZING ISSUANCE OF $58,075
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 $58,075 for
the purposes of financing the purchase of Public Safety Warning Sirens, in
accordance with the provisions of Minnesota Statutes, Section 412.301: That the
assessed valuation of the City for the year 1980 is $189,308,370; 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 $195,160 balance of previously issued Certificates
of Indebtedness, which together with this Cetificate 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 $58,075 authorized by the Council pursuant to the
provisions of Minnesota Statutes, Section 412.301, for the purpose of financing
the purchase of Public Safety Warning Sirens. Said Certificate shall be dated
as of December 1, 1981, bear interest at the rate of 10% payable on December 1,
1982 and annually thereafter on each December 1, the principal to be payable in
annual installments on December 1, in the amount of $11,615.00 of each of the
years 1982 to 1986, 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 Certifiates 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 $11,615.00 on December 1 in each of the years 1982 - 1986,
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 ten
percent (10%) per annum, from December 1, 1981, payable on December 1, 1982, 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 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 said City have been and
are hereby irrevocably pledged.
q Z A Resolution #83 - Continued
October 6, 1981
This Certificate is issued for the purpose of purchasing Public Safety
Warning Sirens for the City, and is authorized by a duly adopted resolution of
the City Council of said City, dated October 6, 1981, 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 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
limitation indebtedness.
IN WITNESS WHEREOF, said City has caused this Certificate to be executed in
its behalf by its Mayor and Clerk, and the offical seal of the City to be
affixed hereto, as of October 6, 1981.
Ros ry Th Mayor
ATTEST:
h
Oohb MrpI City Cer
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
1981
$18,300
1982
17,070
1983
15,860
1984
14,630
1985
13,415
6. Such taxes shall be irrepealable so 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 #83 - Continued October 6, 1981 135
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 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
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 City, 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 all such certified copies, certificates
and affidavits, including any heretofore furnished, shall be deemed representations
of the City as to the facts recited therein.
Rosemary or ayor
ATTEST:
Jo n M iA,rry, i ty C erk
The motion for the adoption of the foregoing resolution was seconded by Member
Anderson and upon a 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 signature attested by the City
Clerk.
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