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86-071 - 10-07 Authorizing Issuance of $136,000 Certificate of Indebtedness Resolution 86-71 October 7, 1986 Plember Johnson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE OF $136,000 CERTIFICATE OF INDEBTEDNESS, PRESCRIBING THE FORM AND DETAILS THEREOF, AND LEVYING TAXES FOR THE PAYh1ENT THEREOF BE IT RESOLVED by the City Council of the City of Golden Valley, P�innesota a s fo 11 ovas: 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 $136,000 for the purposes of purchase of street maintenance and fire fighting equipment, in accordance with the provisions of Minnesota Statutes, Section 412.301: That the assessed valuation of the City for the year 1985/1986 was $250,298,847; 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 $327,615 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 Debt Reder�ption Fund of the City of Golden Valley, Plinnesota, 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 $136,000 authorized by the Council pursuant to the provisions of Minnesota Statutes, Section 412.301, for the purpose of purchasing an air compressor for the Fire Department and a dump truck and street sweeper for the Street Department. Said Certificate shall be dated as of December 1, 1986, bear interest at the rate of 7� payable on December 1, 1987 and annually thereafter on each December 1, the principal to be payable in annual installments on December 1, in the amount of $27,200 of each of the years 1987 to 1991, inclusive, without option of prior payment. Said Certificate shall be payable to the Debt Bond Redem�tion Fund of the City of Golden Valley. 3. Said Certificates shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MI NNESOTA 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 Debt Redemption Fund of the City of Golden Valley on order, the sum of ONE HUNDRED THIRTY SIX THOUSAND DOLLARS ($136,000) in annual installments of $27,200 on December 1 in each of the years 1987 - 1991, 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 (7%) per annur,�, from December 1, 1986, payable on December 1, 1987, 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 Ame rica which on th� respective dates of payment is legal tender for public and private debts, at the office of the City of Golden Valley, R1innesota, 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 86-71 - Continued October 7, 1986 This Certificate is issued for the purpose of purchasing street maintenance and fire fighting equipment and is authorized by a duly adopted resolution of the City Council of said City, dated December 17, 1985, Resolution 85-127, and is issued pursuant to and in full conformity with the Constitution and Laws of the State of P�innesota 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 happ2n 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 and interest installments 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 WtiEREOF, 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 October 7, 1986. /s/Mary E. Anderson Mary E. Anderson, Mayor ATTEST: /s/Shirle Nelson hirley Pdelson, City Clerk 4. Said Certificate shall be executed on behalf of the City by the signatures of the hlayor 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 prompt payment of the principal and interest of said Certificate as they respectively fall due. 5. For the purpose of paying the principal installments and interest on said Certificate, as such installments and interest respectively become due, a tax shall be levied on all property in the City for the years and in the amount as follows: YE AR LEVIED AMOUPJT 1986 $38,600 1987 36,550 1988 34,550 1989 32,550 1990 30,540 6. Such taxes shall be irrepealable so long as this Certificate of Indebtedness is outstanding and unpaid, �rovided that the City reserves the right to reduce the levies in the manner and to the extent perrnitted by Minnesota Statutes, Section 475.61. Resolution 86-71 - Continued October 7, 1986 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 is hereby created and identified as Certificate of Indebtedness Series III 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 shova 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. .� ,� , Mary . erson, Mayor ATTEST: ��.��� �.y�r.�-. Shirley N lson, City Clerk The motion for the adoption of the foregoing resolution was seconded by P�ember Bakken and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the �layor and her signature attested by the City Clerk.