9-23-1957MINUTES OF A SPECIAL MEETING,
of
PARR BOARD OF VILLAGE
of Golden Vglley. Sept 23, 1957
The Park Board met in a special meeting at the call of the President
om Sept 23, 1957 at 1+ PM at 215 Foshay Tower. Present were Ostroot,
Stockman, Chapman, and Rob't eorwine, and Stanley Kanet village
attorney.
The meeting was called to discuss the means of acquisition and financing
by the village or the park board of golf courses which we}te offered
to the Park Board by Brookview and/or Westwood Hills,
The Village Attorney reported that the village could condemn or purchase.
Public purpose would be a large question in condemnation of a golf
course. Once acquired, the property would be tax free. Problem would
be presented as to assessments remaining unpaid against the property,
such as sewer. It was his opinion if the assessment was spread at the
time the village acquired the property, the bondholders may have a
right to enforce the assessment. 1957 laws provide for levy of assessments
by one subdivision against another, except in cities of the 1st class.
This may indicate Mpls could buy the course free of assessments even
if spread. Constitutional aspects of the statute were not considered.
After general discussion it was considered that an election would be
most desireable to determine whether the village should acquire such
propertyg because of the amount involved from $500,000 to $1,000,000
and because the taxpayers should have the say. Further it would permit
general obligation bonds to be voted ons rather than merely revenue
or self-liquidating bonds. Chapman reported that at the Nat'l Conference
of State Parks which he attended last week, financing was studied and
it appeared that salability of bonds was greatly enhanced if they were
general obligation bonds, since revenue may be uncertain, and further
in some cases a mixture of the two forms mould be worked out, pledging
the earnings first, and making the general obligation a reserve.
Questions discussed were desireablility of condemnation in keeping the
price down and securing court supervision of the acquisition, the need
for having finances to meet the awards, the bond issue questions, and
it was condluded that an election seems essential as a matter of policy
to protect the public interest, and if bonds were to be issued to pledge
revenue first, and supplement same by general obligation as security.
It appeared that not to exceed $750,000 may be required, to do a proper)(
program with Brookview, which seems more desireable than Westwood, the
latter being largely in St. Louis Park, but contiguous.
Other bond elections in other suburbs were reviewed. It was decided to
consult with Mr. T.G. Evensong of the bodding firm which handles the
Golden Valley bonds for further information. Chapman was requested to
arrange for such meeting during the week.
Meeting ad jo xied.
Attest: Secretary
es 0 e n t