10-26-48 Special Meeting2 6) 0
October 26, 1948
. Pursuant to due call and notice thereof, and as ordered
by resolution adopted October 8, 1948, an adjourned meeting
of the Village Council of Golden Valley, Minnesota, was held
at the Village Hall in said Village on October 26, 1948, at
7:30 o'clock P.M.
The following members were present: Frandsen, Pinch,
Putnam and Reiss; and the following were absent: None.
The Acting President announced that this was the time
and place for receipt of bids for the purchase of $11,500
general obligation water main certificates of indebtedness
of the Village to be issued in accordance with notice of
sale dated October 8, 1948.
The Clerk reported that one sealed bid had been received,
and oral auction bids were submitted and received, and upon
conclusion thereof the highest and best bids of the respective
bidders were found to be as follows:
Name of Bidder
J. M. Dain & Company
Minneapolis 2
Piper, Jaffray & Hopwood
Minneapolis
Interest Rate Amt.of Bid
Par and
Accrutd Int.
lus
2.40�o 1 25.00
2.40% 18.85
Trustee Pinch moved to reject all bids, believing that
a better interest rate could be secured. His motion failed
to readve a second.
After due consideration of the foregoing bids by the
Council, Member Frandsen introduced the following resolution
and moved its adoption:
RESOLUTION SELLING CERTIFICATES OF
INDEBTEDNESS, FIXING THEIR FORM AND
DETAILS, AND PROVIDING FOR THEIR
EXECUTION AND DELIVERY
BE IT RESOLVED by the Village Council of the Village
of Golden Valley, Minnesota, as follows:
1. The offer of J. M.
Minneapolis to purchase the
Water Main Certificates of
be dated November 1, 1948,
be the bid most favorable t
hereby accepted, said bid b
bearing interest at the rat
therefor a price of par plu
Dain & Company of the City of
$11,500 principal amount of
Indebtedness of this Village to
is hereby found and determined to
o the Village and should be and is
sing to putchase the certificates
e of 2-.40% per annum and to pay
s accrued interest plus $25.00..
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The Acting President and Village Clerk are authorized and
directed to execute a contract for the sale of said certificates
in accordance with said bid and notice of sale thereof. The
Village Treasurer is directed to retain the good faith check
of said successful bidder pending completion and delivery
of said certificates of indebtedness, and the good faith checks
of unsuccessful bidders shall be forthwith returned tothem.
2. In accordance with the contract of sale so made, the
Vil"age of golden Valleyshall forthwith issue its negotiable
coupon general obligation certificates of indebtedness in the
aggregate principal amount of *11,,500s said certificates to
be 12 in number and numbered 1 to 12, each in the denomination
of $1000 except No . - 1 iri the denomination of 4500o all bearing
interest at the rate of 2.40% per annum, payable July 1, 19492
and semi-annually thereafter on each January 1 and July I.
Said certificates of indebtedness shall mature serially in
order of serial numbers, lowest numbers first, in the ar.ount
of $1500 on January 1, 1950, and x:2000 on January 1 in each
of the years 1951 to 1955, all without option of prior payment
except those maturing in the year 1955, which -trill be subject
to prepayment at the option of the Village on January 1, 19510
and on each interest payment date thereafter, at par and
accrued interest. The Village agrees to givethirty days prior
notice of call of tither of said certificates of indebtedness
for prepayment by mailing a notice thereof to the bank at which
principal and interest thereon are then payable and by mailing
a like notice to the holder, if known, of each certificate so
called for redemption. The Village Clerk is directed to main-
tain a register showing the names and addresses of the holders
of the certificates which are so prepayable, insofar as such
information is made known to him, for the purpose of giving
such notice. Both principal of and interest on said certificates
shall be payable at the main office of the Northwestern National
Bank in Minneapolis, Minnesota, -and the Village agrees to pay
the reasonable and customary charges of said bank for the
receipt and disbursement of such principal and interest moneys.
The full faith, credit, and taxing pavers of the Village shall
be and are here'hy pledged to provide moneys for the prompt
and full payment of said principal and interest a,s the same
become due.
3. Said certificates of indebtedness and the coupons
thereto attached shall be in substantially the following form:
(Form of Certificate)
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF GOLDEN VALLEY
WATER MAIN IMPROVEMENT CERTIFICATE OF INDEBTEDNESS
No . ( 5001
(WOO
262
KNOW ALL MEN BY THESE PRESENT that the Village of Golden
Valley, Hennepin County, Minnesota, certifies that it is
indebted and for value received promises to pay to bearer
the sun of (FIVE HUNDRED) (ONE THOUSAND) DOLLARS on the let
day of January, 19_, and to pay interest thereon, from
the date hereof until said principal sum is paid, at the
rate of _-_per cent (_%)
per annum, interest to maturity -being payable July 1, 1949,
and semi annually thereafter on January 1 and July 1 of
each year, upon presentation and surrender of the interest
coupons hereto attached as they severally become due. Both
principal of and interest on this certificate of indeltedness
are payable at the main office of
in in any coin or currency of the United
States of America which on the date of payment is legal
tender for public and private debts. The full faith, credit,
and taxing pavers of the Village have been and are hereby
irrevocably pledged to provide money for the prompt and full
payment of said principal and interest as the same become due.
This certificate of indebtedness is one of an issue in the
principal amount of $11,500,, all of like date and tenor except
as to denomination, serial numbers, maturity dates, and
redemption privileges, all issued by the Vill:ge of Golden
Valley pursuant to and in full conformity with the Constitulon
and laws of the State of Minnesota thereunto enabling, includ-
ing Laws of Minnesota 1947 Chapter 460 and Minnesota Statutes
Sections 432.17 and432.20, and iss issued for the purpose of
defraying a part of the expenses incurred and to be incurred
in constructing a water main improvement in said Village.
Certificates of this issue bearing serial numbers 1 to
10, inclusive, are payable at their respective stated maturity
dates without option of prior payment. Certificates numbered,
11 and 12 are each subject to redemption and prepayment
at the option of the Village, at par and accrued interest,
in inverse order of serial numbers, on January 1, 1951, and on
each interest payment date thereafter. The Village agrees to
give thirty days notice of call for redemption of said
certificates of indebtedness by mailing notice thereof to
the bank at which principal and interest is then payable and
to the holders thereof, if known. Holders of certificates
numbered 11 and 12 of this issue may register their names,
addresses, and certificate numbers with the Village Clerk
for the purpose of receiving such mailed notice.
IT IS HEREBY CERTIFIED AND RECITED that all acts, con-
ditions, and things required by the Constitution and Laws
of the State of Minnesota to be done, to exist, to happen,
and to be performedprecedent to and in the issuance of this
certificate of indebtedness, in order to make it the valid and
bidding general obligation of the Village according to its
terms, have been done, do exist, have happened, and have been
performed in regular and form, time, and manner as so required,
263
and that the issuance of this certificate of indebtedness
did not cause the indebtedness of said Village to exceed any
constitutional or statutory limitation of indebtedness.
IN WITNESS WHEREOF the Village of Golden Valley, Hennepin
County, Minnesota, by its Village Council, has caused this
certificate of indebtedness to be signed 'by its Acting Presi-
dent, countersigned by its Village Clerk, andsealed with the
Beal of said Village, and the interest coupons hereto attached
to be executed and authenticated by the facsimile signatures of
said officers, as of November 1, 1948.
Countersigned: JL Acting President
Village Clerk
( SEAL)
(Form of Coupon)
i�o .
On the lst day of July January(, 19 ,the Village of
Golden Valley, Hennepin County, Minnesota) will pay to bearer
at the main office of
-
in_
_�., the` sumof _ DOLLARS,
being the instsll_me nt of interest then due on its Water Main
Improvement Certificate of Indebtedness dated November 11, 1948,
No.
Countersigned( Facsimile signature) FacsimileS atur_e)_
ViilaGe Clerk Acting President
Coupons numbered 5 to 12 on certificates numbered 11 and 12
shall also contain the words
"unless called for earlier redemption".
4. Said certificates of indebtedness Fall forthwith be
prepared for execution under the direction of the Village Clerk
and attorneys, and when so prepared shall be executed in behalf
of the Vi�.lage by the signature of the Acting President of
the Village Council, countersigned by the Village Clerk, and
sealed with the seal of said Village end the interest coupons
shall be executed and authenticated by the printed, engraved,
or lithographed facsimile signatures of said officers. When
so executed, the certificates shall be forthwith delivered by
the Village Treasurer to the purchaser thereof upon receipt of
the purchase price above specified, and the purchaser shall not
be obligated to see to the application thereof by the Village
officers.
5. The Village officers and the County Auditor of Hennepin
County are authorized and directed to furnish to said purchaser,
and to the attorneys approving legality of said certificates,
certified copies of all resolutions and proceed.ngs and such
'264
other certificates and affidavits as may be required to evidence
the validity or marketability of said certificstes,and the
statements set forth in all of said instruments shall constitute
representations of the Village as to the true and correctness
thereof.
Approved:
Attest: Aoting President
Village Clerk
The motion for the adoption of the foregoing resolution
was duly seconded by Member Putnam, and upon vote being
taken thereon the following voted in favor thereof: Frandsen,
Putnap,--and Y, Reiss; and the following voted against the same:
Pine ,whereupon said resolution was declared duly passed and
adopted, and was signed and attested by the presiding officer
and Village Clerk.
Motion by Frandsen seconded by -Putnam to adjourn to
Wednesday, November 3 carried.
Attest
C
Vi13 ge Clerk
Acting President