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84-107 - 10-02 - Issuance Indebtedness Levying Taxes Resolution 84-107 October 2, 1984 Member Johnson introduced the following resolution and noved its adoption: RESOLUTION AUTHORIZING ISSUANCE OF $116,000 CERTIFICATE OF INDEBTEDNESS, PRESCRIBING THE FOR�� AND DETAILS THEREOF, AND LEVYING TAXES FOR THE PAY�1EfJT THERCOF BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota as follows: l. 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 $116,000 for the purposes of financing the purchase of Street Maintenance Equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301: That the assessed valuation of the City for the year 1983 was $238,796,400; 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 $263,485 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, P1innesota, 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 $116,000 authorized by the Council pursuant to the provisions of ��innesota Statutes, Section 412.301, for the purpose of financing the purchase of Street Maintenance Equipment. Said Certificate shall be dated as of December 1, 1984, bear interest at the rate of lOqa payable on December 1 , 1985 and annually thereafter on each December 1, the principal to be payable in ar�nual installroents on December l, in the amount of $23,200 of each of the years 1985 to 1989, inclusive, without option of prior payment. Said Certificate shall be payable to the Improve�ent Bond Redemption Fund of the City of Golden Valley. 3. Said Certificates shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENPdEPIN CITY OF GOLDEN VALLEY CERTIFICATE OF INDEBTEDNESS KNObJ ALL P1EN BY THESE PRESENTS that the City of Golden Valley, Hennepin County, Minnesota, hereby acknowledges itself to be indebted and for values received, pror�ises to pay to the Improvement Bond Redemption Fund of the City of Golden Valley on order, the sum of OPJE HUNDRED SIXTEEN THOUSAND DOLLARS ($116,000) in annual installments of $23,200 on Decer�ber 1 in each of the years 1985 - 1989, 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 annur�, fror� December 1, 1984, payable on December l, 1985, 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 Go1�1en 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 84-107 - Continued October 2, 1984 This Certificate is issued for the purpose of purchasing Street Maintenance Equipment for the City, and is authorized by a duly adopted resolution of the City Council of said City, dated October 2, 1984, and is issued pursuant to and in full conformity with the Constitution and Laws of the State of ��innesota thereunto enabling, including Minnesota Statutes, Section 412.301. IT IS HEREBY CERTIFIED AND RECITED, that all acts, conditions and things required by la�� 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 rianner; 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 t�ayor and Clerk, and the official seal of the City to be affixed hereto, as of October 2, 1984. /s/t1ary E. Anderson htary E. Anderson, Mayor ATTEST: /s/Shirley Nelson Shirley Nelson, City Clerk 4. Said Certificate shall be executed on behalf of the City by the signatures of the tlayor and Clerk, and the official seal of the City shall be affixed hereto. The full faith, credit and taxing powers of the City shall be and are hereby pledged to the full and pror�pt payment of the principal and interest of said Certificate as they respectively fall due. 5. For the purpose of paying the principal installment and interest on said Certificate, as such installment and interest respectively become due, a tax shall be levied on all property in the City for the years and in the ar,iount as follows : YEAR LEVIED AF•10UNT 1984 36,600 1985 34,200 1986 31,700 1987 29,300 1988 26,800 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 perr�itted by Minnesota Statutes, Section 475.61. Resolution 84-107 - Continued October 2, 1984 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 di rected, 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 sho�r the facts relating to the legality of said Certificates, as such facts appear fror� the books and all such certified copies, certificates and affidavits, including any heretofore furnished, shall be deer�ed representations of the City as to the facts recited therein. '�„ � . ,,� ,,� � Pary E. nderson, ayor ATTEST: � - ,, ��:� �, �t�" Shirley N ls n, City Clerk The notion for the adoption of the foregoing resolution was seconded by Member Bakken and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thor�pson, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the tlayor and her signature attested by the City Clerk.