1991-137
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CITY OF HOPKINS
RESOLUTION NO. 91-137
RESOLUTION AUTHORIZING ISSUANCE OF $400,000
CERTIFICATE OF INDEBTEDNESS, PRESCRIBING THE
FORM AND DETAILS THEREOF, AND LEVYING TAXES
FOR THE PAYMENT THEREOF
BE IT RESOLVED by the City Council of the City of Hopkins,
Minnesota, as follows:
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 $400,000 for the purpose of financing the
purchase of equipment, in accordance with the provisions of
Minnesota ,Statutes, section 412.301; that the taxable market
valuation of the City for the year 1990 is $620,447,000; that the
amount of the certificate to be issued is within .25% of the
taxable market valuation of the City pursuant to said section
412.301. The sale of said certificate to the Investment Trust
Fund of the City of Hopkins, Minnesota, on terms hereinafter set
forth, is fair and reasonable and should be and is hereby
ordered.
2. The City shall issue its general obligation certificate
of Indebtedness in the amount of $400,000 authorized by the
Council pursuant to the provisions of Minnesota Statutes, section
412.301, for the purpose of financing the purchase of public
safety and public works maintenance equipment. Said Certificate
shall be dated on or about December 1, 1991, bear interest at the
rate of 7.0% per annum payable on December 1, 1992, with the
option of prior payment. Said certificate shall be payable to
the Investment Trust Fund of the City of Hopkins.
3. Said Certificate shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF HOPKINS
CERTIFICATE OF INDEBTEDNESS
KNOW ALL MEN BY THESE PRESENTS that the City of Hopkins,
Hennepin County, Minnesota, hereby acknowledges itself to be
indebted and for values received promises to pay to the
Investment Trust Fund of the City of Hopkins on order, the sum of
four hundred thousand dollars and no cents in one installment of
$400,000 on December 1, 1992, with the option of prior payment,
the principal of this certificate at the rate of 7.~ percent per
annum from December 1, 1991, payable on December 1, 1992.
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4. Said'Certificate shall be executed on behalf of the City
by the signatures of the Mayor and City Manager and the official
seal of the City shall be affixed hereto; the full faith, credit
and taxing powers of the City shall be and they are hereby
pledged to the full and prompt payment of the principal and
interest of said certificate as they respectively full due.
5. For the purpose of paying the principal installment of
and interest on said Certificate as such installment and interest
respectively become due, there is hereby levied a direct annual
ad valorem tax upon all of the taxable property in the City for
the year and in the amount as follows:
Collection
Year
Amount
1992
$449,400
6. Such tax shall be irrepealable as 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 permitted by Minnesota Statutes 475.61.
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 has been created for Certificates
of Indebtedness, and shall be used for no other purpose than to
pay the principal and interest of said Certificate when and. as
the same become due; except that in case any payment of principal
or interest shall fall due on said Certificate when there is not
sufficient money in said fund to pay the same, that such
principal or interest shall be paid out of any funds of the City
available therefore, and such funds shall be reimbursed for such
advances out of said levies when collected.
8. The City Clerk is hereby authorized and directed, prior
to delivery of said Certificate, to file in the offices of the
County Auditors Office of Hennepin County, a certified copy of
this resolution and obtain from said office a certificate that
the, Certificate herein authorized has been entered on the
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 show the facts
relating to the legality of said Certificate, as such facts
appear from the books and records under their custody and control
or as otherwise known to them, and all such' certified copies,
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Both the principal and interest on this Certificate are
payable in any coin or currency of the united states of America
which on the respective date of payment is legal tender for
public and private debts, at the office of the City of Hopkins,
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 the said City have been and are
hereby irrevocably pledged.
This Certificate is issued for the purpose of purchasing
pUblic safety and public works maintenance equipment for the City
and is authorized by a duly adopted resolution of the city
Council of said City, dated and issued pursuant to and in full
conformity with the Constitution and Laws of the state of
Minnesota, thereunto enabling including Minnesota statutes,
section 412.301.
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IT IS HEREBY CERTIFIED AND RECITED, that all acts,
conditions and things required by law to be done, to exist, to
happen and to be performed, precedent to and in the issuance of
this Certificate, have been done, do exist and 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 the interest
on this certificate when it falls due, and also to pay and
discharge the principal 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 WHEREOF, said City has caused this Certificate to
be executed in its behalf by its Mayor and City Manager and the
official seal of the City to be affixed hereto as of November 19,
1991.
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Steven C. Mielke, City Manager
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certificates and affidavits, including any heretofore furnished,
shall be deemed representations of the City as to the facts
recited herein.
PASSED BY the City Council of the city of Hopkins, this 19th day
of November, 1991.
ATTEST:
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