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HomeMy WebLinkAbout1966-148 CCR Member Theodore Willard introduced the following resolution and moved its adoption: I RESOLUTION N0.66 -148 RESOLUTION AUTHORIZING THE ISSUANCE OF EQUIPMENT CERTIFICATES OF INDEBTEDNESS IN THE AMOUNT OF $44', 000.00 WHEREAS, the Village Council of the Village of Brooklyn Center, Minnesota believes that there is a need for certain hereafter described street construction, maintenance and fire equipment; and WHEREAS, The Village of Brooklyn Center, Minnesota has agreed to purchase the following described street construction, maintenance and fire equipment: 1 1966 Ford Station Wagon 2,618.52 1 Peter Pirsch Fire Truck with International chassis and related equipment 29, 963.80 1 Shunk- Torwel hydraulic spreader 2,488.44 1 Load -All Loader 4,056.93 1 Tampo pull -type packer 950.00 Street Department Radio Base station, Tranceiver w/ repeater 1 Mobile conversion 1,550.00 1 Ford Econoline Panel Truck 1,889.31 1 180- gallon capacity sprayer 150.00 43,667.00 and WHEREAS, Section 412.301 of the Minnesota Statutes authorizes the Village Council to issue certificates of indebtedness within existing debt limits to finance the purchase of such street construction, maintenance and fire equipment; and WHEREAS, the amount of said proposed issue is less than one percent of the assessed valuation of the Village; NOW, THEREFORE, BE IT RESOLVED by the Village Council of the Village of Brooklyn Center, Minnesota, as follows: 1. The Village of Brooklyn Center shall forthwith issue its negotiable coupon Certificates of Indebtedness in the principal amount of $44, 000. 00, said Certificates of Indebtedness to be dated May 1, 1966, to be 5 in number and numbered 1 to 5 both inclusive, in the denomination of $9, 000.00 each, except that bond 5 shall be in the denomination of $8, 000. 00, all bearing interest at the coupon rate of 4% per annum, payable July 1, 1967 and semi- annually thereafter on the lst day of January and the 1st day of July in each year, which Certificates of Indebtedness shall mature serially, in order of serial numbers, on January 1st in the years and amounts as follows, all without option of prior payment: $9,000.00 in the years 1968, 1969, 1970 and 1971, and $8, 000.00 in the year 1972. Resolution No. 66 -148 2. Both principal of and interest on said Certificates of Indebtedness shall be payable at the office of the Village Clerk in the Village of Brooklyn Center, Minnesota. 3. The Certificates of Indebtedness and the interest coupons to be thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF BROOKLYN CENTER NO. CERTIFICATES OF INDEBTEDNESS KNOW ALL MEN BY THESE PRESENTS that the Village of Brooklyn Center, Hennepin County, Minnesota, acknowledges itself to be indebted and for value received hereby promises to pay to bearer on the lst day of January, 196 the sum of NINE THOUSAND DOLLARS and to pay interest thereon from the date hereof until the principal amount is paid at the rate of four percent per annum, interest to maturity payable July 1, 1967 and semiannually thereafter on the 1st day of January and the 1st day of July in each year in accordance with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal and interest are payable at the office of the Village Clerk in the Village of Brooklyn Center, Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts and to provide money for the prompt and full payment of said principal and interest as the same become due the full faith, credit and taxing powers of the Village have been and are hereby irrevocably pledged. This Certificate of Indebtedness is one of an issue in the total principal amount of $44, 000.00 all of like date and tenor except as to maturity and amount, issued by the Village pursuant to the Constitution and Laws of the State of Minnesota, including Section 412.301, Minnesota Statutes, for the purpose of financing the purchase of certain street construction, maintenance and fire equipment. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and Laws of the State of Minnesota to be done, to happen, to exist, and to be performed precedent to and in the issuance of this Certificate of Indebtedness have been done, have happened, do exist and have been performed in regular and due form, time and manner as required by law and that this Certificate of Indebtedness together with all other indebtedness of the Village outstanding on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon. IN TESTIMONY WHEREOF, the Village of Brooklyn Center, Hennepin County, Minnesota, by its Village Council has caused this Certificate of Indebtedness to be signed by its Mayor and Village Clerk and sealed with the Village Seal and the interest coupons hereto attached to be executed and authenticated by the facsimile signatures of said officers, all as of May 1, 1966. (Seal) Village Clerk Mayor Resolution No. 66 -148 (Form of Coupon) NO. On the lst day of January (July), 196 the Village of Brooklyn Center, Hennepin County, Minnesota, will pay to bearer at the office of the Village Clerk in the Village of Brooklyn Center, Minnesota, the sum of DOLLARS, being the installment of interest then due on its Certificates of Indebtedness dated May 1, 1966, No. Mayor Village Clerk 4. The Certificates of Indebtedness and the interest coupons shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the Village by the signature of the Mayor and attested by the Village Clerk and the corporate seal of said Village shall be affixed to each thereof, and the interest coupons shall be executed and authenticated by the facsimile signature of said officers. When said Certificates of Indebtedness have been so executed they shall be delivered by the Village Treasurer to the purchaser thereof upon receipt of the purchase price heretofore agreed upon and the purchaser shall not be obligated to see to the proper application thereof. 5. There is hereby created a separate sinking fund for said Certificates of Indebtedness which shall be held by the Village Treasurer and used for no other purpose than to pay principal of and interest on said Certificates of Indebtedness, provided that if any payment of principal or interest shall become due when there is not sufficient money in said fund to pay the same, the Treasurer shall pay such principal or interest from the general fund of the Village and said general fund shall be reimbursed for such advances out of the proceeds of taxes levied pursuant hereto or other moneys appropriated by the Village Council for such purpose. Into said sinking fund shall be paid all proceeds of the taxes levied pursuant to this resolution and such other moneys as may be received by the Village for the purpose of or appropriated to the payment of said Certificates of Indebtedness and interest. 6. There is hereby levied upon all the taxable property in the Village a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as a part of other general taxes of the Village, which tax is to be for the years and in amounts as follows: Year Levy 1966 12,530.00 1967 10,920.00 1968 10,542.00 1969 10,164.00 1970 8,736.00 Resolution No. 66 -148 Each of said levies shall be irrepealable, provided that the Village reserves the right to reduce said levies in the manner and to the extent permitted by law. 7. The Village Clerk is hereby authorized and directed to file with the County Auditor of Hennepin County, Minnesota, a certified copy of this resolution together with such other information as the County Auditor may require, and to obtain from the County Auditor a certificate that such tax has been levied and the Certificates of Indebtedness entered upon his bond register. 8. The County Auditor of Hennepin County and the officers of the Village are hereby authorized and directed to prepare and furnish to the purchaser of said Certificates of Indebtedness and to the attorneys approving the same, certified copies of all proceedings and records of the Village relating to said Certificates of Indebtedness and to the financial condition and affairs of the Village, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge, or as shown by the books and records in their custody and control, relating to the validity and marketa- bility of said Certificates of Indebtedness and such instrument, including any heretofore furnished, shall be deemed representations of the Village as to the facts therein stated. 9. The sale of these Certificates of Indebtedness is hereby authorized to be made to the Village of Brooklyn Center fund designated "Investment Trust Fund" at a price to realize the Investment Trust Fund an effective interest rate of 4% per annum plus accrued interest. The re -sale of these obligations is authorized from time to time as shall be deemed expedient for said Investment Trust Fund. May 23, 1966 Date Mayor ATTEST: ppp L+Kle Clerk The motion for the adoption of the foregoing resolution was duly seconded by member John Leary and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, Earl Simons, John Leary and Theodore Willard, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.