84-6907R_ ~ _ __- - - - _. _. .:. _ _ : _ _ .._-_v_ ..
___ 4-1-__ - : _.
RESOLUTION N0. 6907
EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF RICHFIELD
HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice thereof, a special meeting of the
Council of the City of Richfield, Minnesota, was duly held in the City
Hall in the City of Richfield, on Tuesday, July 31, 1984, commencing
at 12:00 o'clock noon, C.T.
The following members were present:
Mayor, John Hamilton, Martin Kirsch, Howard Bunce, Don Priebe
and the following were absent:
Ivan Ludeman
The Mayor announced that the meeting was convened for the consid-
eration of the bids which had been received for the purchase of
$5,750,000 General Obligation Redevelopment Bonds of 1984, as ad-
vertised for sale. The City Clerk presented affidavits showing
publication of notice of sale in the official newspaper and in Commer-
cial West, a financial paper published in Minneapolis, Minnesota,
which affidavits were examined and found satisfactory and ordered
placed on file.
The City Clerk presented a tabulation of the bids which had been
received, opened and tabulated in the manner specified in the notice
of sale of the Bonds. The bids were as follows:
EVENS~I~1 C~~~GE, ~
f~1 C.
FINANCIAL CO:V SULTANTS
R..S~:~TS Or ~ $5, 750 , 000 General 0~ligation
Redevelopment Bends of 1984
City of Richfi eld, MiTinesota
S.A~ Da'~E: T~.zesdav, July 31, 1984 M~'.v's - ~. BBI - 10.19
B~DEP,S ADDRESS YEAR RATE YID
CC~i~'T.~^."~?TAL ILLT..I~10IS I~TATI~~I, Cnica.gc 1987 7.00 PAR PRICE
BA'vrtC A'v"~ TRUST CCbLT~A~TY Or ChZCAGO 1988 7.54 FAR
~-i~R.R. S TRUST A'v"~ SAVL~IGS BA1~TK Chicago 19 8 9 7.7 5 PAR $ 5, 6 4 4, 7 4 6
PRUDE`.~'?'It~.irBAL~-.r, S~URITIES, I23C. Chicago 1990 8.00 FAR
KILDER, FE,Y & Co. , ~'. Minneapolis 1991 8.25 PAR 1`:IC
SI•;ITFi B.~'EY N.~'1RRIS L'P'ziAM & CO. ', Chicago 1992 8.4G PAR
C~ffCAL BA~7K ivew York 1993 8.65 PAR $7,140,228.96
BEV_:.I:, BR~..SL~ & SCE?'CTLM~'v, SIC: Livingston 1994 8.85 PAR
Shearson, Ian Bro~~ers/ 1995 9.00 PAR NIR
A^lerican Express Chicago 1996 9.25 PAR
Bacon, t~'hipple Chicago 1997. 9.40 PAR 9.584200
_ 199$ 9.50 PAR
1999 9.60 9.65
2040 9.70 9.84
2001 9.70 9.9G
2002 9.7G 9.90
DAT~'v n~OStvORTH, LTTC. Minneapolis 198 7 7.25 P.=cICE
t~CK:~;~.ST M.:L.nneapolis 1988 7.75
Z1lison-~~illiams Co::~.,any b~~:.nneanoiis 1989 8.Q0 55,672,375
~,~erican Nation.Gl Barak and Tn;sz St. Pau' 1990 8.24
Pane, ~~'A~oer, Jackson & Curtis N:il->lneapclis 1991 8.40 A'~C
First B~r~l: I•iinneapoli s I``:irneapolis 1992 8.60
_j.=s'. '~atioral Bank of St. Faul' St. Paul 1993 8.80 $7,189,437.54
E.~ . Mutton &Co~any N_ir~eapolis 1994 9.04
Duran & Moxy, I.,^,corporated Mi*zneapolis 1995. 9.20 ?v~R
John '_~:~u ~ een a,^d Co:^...Ja:^.y , .Inc . ' NL-lineapoii s 1 ° 9 6 9.4 0
ipe_ , Jaffray & Howrood., Inc. I~`~r~neao
olis 199 ; 9.50 9.6542
:.1~L'~:^_°_'~V, DaWk1.:?5, Stial~.~ ~+c YOSt
_ _
1``.:inLneapolis t
X998 r
9.00
_ & ?i '•:a.l.u^,~ette National Ba:-~.k ?~'._rneGoolis 19°9
i °.70
J
I:`~lleY « Schroeder N`...~~..cipals ', 2~:_nneapoiis 244C 9.75
'._ller Sec•~Yities, Inc. ' I~'.i.r~~ea~lis 2401 9.80
?~~cre Jura,^ and Cca::pa.ny, Inc. N~..~:->,eapolis 2002 9.84
~~atio.:al City Bank 1`~.;nea~lis
"~~.u. _~ovick & Co., Inc. ^'.in~~eapolis
S.:-~;mit Inves~nt Corp. i h'.inneapolis
Dra.*~ -vitter Reynolds , L-~c . t`~.irneapolis
Tn rssxiati on j.4i th
& Sbillt? IIVCOt2~OR-~'..~ I''`ii.^.?'1ea~1.1S
CRC?v L,~ ~ :~;~-~.RCC7T'ZTE , L?~C . M.s...„. ^~ ea~c 1 ~ s
3608 IDS Tower, !Minneapolis Minnesota 88402 j 612/338-3638. 800; 328-8200 800 /328-8100 .'Minnesota
After due consideration of the bids, Councilmember Priebe
introduced the following resolution and moved its adoption:
RESOLUTION N0. b907
RESOLUTION AWARDING THE SALE OF $5,750,000
GENERAL OBLIGATION REDEVELOPMENT BONDS OF 1984
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYr1ENT.
BE IT RESOLVED By the City. Council of the City of Richfield
(City), Minnesota, as follows:
1. Sale of Bonds.
1.01 The bid of Continental Illinois National Bank and
Trust Company of Chicago and others (Purchaser) to purchase $5,750,000
General Obligation Redevelopment Bands of 1984, (Bonds) of the City
described in the notice of sale thereof is hereby found and determined
to be the highest and best bid received pursuant to duly advertised
notice of sale and shall be and is hereby accepted, such bid being to
purchase the Bonds at a price of $5,640,74b plus accrued interest to
date of delivery, for Bonds bearing interest as follows:
Year of Maturity
1987
198 8
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2D00
2001
2002
Interest Rate Per Annum
7.00
7.50
7.75
8.00
8.25
8.40
8.65
8.85
9.00
9.25
9.40
9.50
9.60
9.70
9.70
9.70
The sum of $746, being the amount bid in excess of $5,640,000, shall
be credited to the Debt Service Fund hereinafter created. The City
Finance Manager is directed to retain the good faith check of the
Purchaser pending completion of the sale and delivery of the Bonds and
is directed to return the checks of the unsuccessful bidders
forthwith.
1.02. The City shall forthwith issue and sell Che Bonds in
the principal amount of $5,750.,000, dated August 1, 1984, the Bonds.
being fully registered and issued in the denomination of integral
multiples of $5,000, r_umbered'~No. 1 upward, bearing interest as above
set forth, all interest payable February 1, 1985, and semiannually
thereafter on August 1 and February 1 in each year, and which Bonds
mature serially on February 1',in the years and amounts as follows:
Year Amount Year Amount
1957 $50,000 1995 $300,000
1988 50,000 1996 325,000
1989 150,000 1997 350,00.0
1990 175,000 1998 500,000
1991 200,000 1999 550,000
1992 225,000 2000 750,000
1993 250,000 2001 775,000
1994 275,OOC 2002 825,000
The City may elect on February I, 1995, and on any interest payment
date thereafter, to prepay Bflnds due on or after February 1, 1996.
Redemption may be in whole or ', in part of the Bonds subject to prepay-
ment. If redemption is in part, those Bonds remaining unpaid which
have the latest maturity date ,will be prepaid first. If only part of
the Bonds having a common maturity date are called for prepayment the
specific Bonds to be prepaid will be chosen by lot by the Registrar.
All prepayments shall be at a price of par and accrued interest.
Section 2. Form: Registration.
2.01. Registered Form. 'The Bonds shall be issuable only ir.
fully registered form. The interest thereon and, upon surrender of
each Bond, the .principal amount thereof shall be payable by check or
draft issued by the Registrar described herein.
2.02. Dates; Interest Pa~-ment Dates. Each Bond shall be dated
as of the last interest payment date preceding the date of authenti-
cation to which interest on the Bond has been paid or made available
for payment, unless (i) the date of authentication is an interest
payment date to which interest has been paid or made available for
payment, in which case such Bond shall be dated as of the date of
authentication, cr (ii) the da',te of authentication is prior to Febru-
ary 1, 1985, in which case such Bond shall be dated as of August 1,
1984. The interest on the Bonds shall be payable on February 1 and
August 1 in each year, commencing February 1, 1985, to the owner of
record thereof as of the close of business on the fifteenth day of the
immediately preceding month, whether or not such day is a business
day.
2.03. Registration. The City shall appoint, and shall maintain,
a bond registrar, transfer agent, authenticating agent and .paying
agent (Registrar). The effect of registration and the rights and
duties of the City and the Registrar with respect thereto shall be as
follows:
(a) Re ister. The Registrar shall keep at its principal
corporate trust office a bond register in which the Registrar
shall provide for the registration of ownership of Bonds and the
registration of transfers and exchanges of Bonds entitled to be
registered, transferred or exchanged,
(b) Transfer of Bonds. Upon surrender for transfer of any
Bond duly endorsed by the registered owner thereof or accompanied
by a written instrument of transfer, in form satisfactory to the
Registrar, duly executed by the registered owner thereof or by an
attorneq duly authorized by the registered owner in writing, the
Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of a
like aggregate principal amount and maturity, as requested by the
transferor. The Registrar may, however, close the books for
registration of any transf er after the fifteenth day of the month
preceding each interest payment date and until such interest
payment date.
(c) Exchange of Bonds. Whenever any Bonds are surrendered
by the registered owner for exchange the Registrar shall authen-
ticate and deliver one or more new Bonds of a like aggregate
principal amount. and maturity, as requested by the registered
owner or the owner's attorney in writing.
(d) Cancellation. All Bonds surrendered upon any transfer
or exchange shall be promptly cancelled by the Registrar and
thereafter disposed of as directed by the City.
(e} Improper or Unauthorized Transfer. ~v'hen any Bond is
presented to the Registrar for transfer, the Registrar may refuse
to transfer the same until it is satisfied that the endorsement
on such Bond or separate instrument of transfer is valid and
genuine and that the requested transfer is legally authorized.
The Registrar shall incur no liability for the refusal, in good
faith, to make transfers which it, in its judgment, deems inprop-
er or unautt-~orized.
(f) Persons Deemed CTaners. The City and the Registrar may
treat the person in whose name any Bond is at any time registered
in the bond register as the absolute owner of such Bond, whether
such Bond shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of and interest on
such Bond and for all other purposes, and all such payments so
made to any such registered owner or upon the owner's order shall
be valid. and effectual to satisfy and discharge the liability
upon such Bond to the extent of the sum or sums so paid.
(g) Taxes, Fees and Charges. For every transfer or ex-
change of Bonds, the Registrar may impose a charge upon the owner
thereof sufficient to reimburse the Registrar for any tax, fee or
other governmental charge required. to be paid .with respect to
such transfer or exchange.
(h) Mutilated, Lost, Stolen or Destroyed Bonns. In case
any Bond shall become mutilated or be destroyed, stolen or lost,
the Registrar shall deliver a new Bond of like amount, number,
maturity date and tenor in exchange and substitution for and upon
cancellation of any such mutilated Bond or in lieu of and in
substitution for any such Bond destroyed, stolen or lost, upon
the payment of the reasonable expenses and charges of the Regis-
trar in connection therewith; and, in the case of a Bond de-
stroyed, stolen or lost, upon filing with the Registrar of
evidence satisfactory to'it that such Bond was destroyed, stolen
or lost, and of the ownership thereof, and upon furnishing to the
Registrar of an appropriate bond or indemnity in form, substance
and amount satisfactory ',to it, in which both the City and the
Registrar shall be named' as obligees, All Bonds so surrendered
to the Registrar shall bje cancelled by it and evidence of such
cancellation shall be given to the City. If the mutilated,
destroyed, stolen or lost!Bond has already matured or been called
for redemption in accordance with its terms it shall not be
necessary to issue a new Bond prior to payment.
2.04. Appointment of Initial Registrar. The City hereby ap-
points American National Bank 'and Trust Company, St. Paul, Minnesota,
as the initial Registrar. The~Mayor and the Manager are authorized to
execute and deliver, on beha',lf of the City, a contract with said
Registrar. Upon merger or consolidation of the Registrar with another
corporation, if the resulting corporation is a bank or trust company
authorized by law to conduct such business, such corporation shall be
authorized to act as successor Registrar. The City agrees to pay the
reasonable and customarq changes of the Registrar for the services
performed. The City reservesthe right to remove the Registrar upon
30 days' notice and upon the appointment of a successor Fegistrar, in
which event the predecessor Registrar shall deliver all cash and Bonds
in its possession to the successor Registrar and shall deliver the
bond register to the successor'', Registrar. On or before each principal
or interest due date, without further order of this Council, the City
Finance rianager shall transmit' to the Registrar moneys sufficient for
the payment of all principal and interest then due.
2.05. Execution, Authentication and Delivery. The Bonds shall
be prepared under the direction of the Clerk and shall be executed on
behalf of the City by the signatures of the Mayor and the Clerk,
provided that all signatures tray be printed, engraved or lithographed
facsimiles of the originals. In case any officer whose signature or a
facsimile of whose signature shall appear on the Bonds shall cease to
be .such officer before the delivery of any Bond, such signature or
facsimile shall nevertheless bg valid and sufficient for all purposes,
the same as if he had remained in office until delivery. Notwith-
standing such execution, no Bond shall be valid or obligatory for any
purpose or entitled to any security or benefit under this Resolution
unless and until a certificate~of authentication on such Bond has been
duly executed by the manual signature of an authorized representative
of the Registrar. Certificates of authentication on different Bonds
need not be signed by the same] representative. The executed certifi-
cate of authentication on each', Bond shall be conclusive evidence that
it has been authenticated and delivered. under this Resolution. When
the Bonds have been so prepared, executed and authenticated, the
Finance Manager shall deliver the same to the Purchaser thereof upon
payment of the purchase price in accordance with the contract of sale
heretofore made and executed, and the Purchaser shall not be obligated
to see to the application of the purchase price.
2.Ob. Form of Bonds. The Bonds shall be printed in substan-
tially the following form:
[Face of the Bor_d]
UNITED STATES OF Ai~ERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION P.EDEVELOPMENT BOND OF 1984
Date of
Rate Maturity Original Issue CUSIP
August 1, 1984
No. $
KNOW ALL MEN BY THESE PRESENTS that the City of Richfield, a duly
organized and existing municipal corporation in Hennepin County, Minnesota
(City), acknowledges itself to be indebted and for value received hereby
promises to pay to
or registered assigns, the principal sum of $ on the maturity date
specified above, with interest thereon from the date hereof at the annual
rate specified above, payable February I and August 1 in each ;year, com-
mencing February 1, 1985, to the person in whose name this Eond is regis-
tered at the close of business on the 15th day (whether or not a business
day) of the immediately preceding month. The interest hereon and,. upon
presentation ar.d surrender hereof, the principal hereof are payable in
lawful money of the United States of America by check or draft by American
National Bank and Trust Company, St. Paul, Minnesota, as Bond Registrar,
Authenticating Agent and Paying Agent, or its designated successor under
the Resolution described herein. For the prompt and full payment of such
principal and interest as the same respectively become due, the. full faith
and credit and taxing powers of the City have been and are hereby irrevoc-
ably pledged.
The City may elect on Fe!,bruary I, 1995, and on any interest payment
date thereafter, to prepay Bonds due on or after February 1, 1996. Redemp-
tion m;ay be in whole or in part of the Bonds subject to prepayment. If
redemption is in part, those Bonds remaining unpaid which have the latest
maturity date will be prepaidf first. If only part of the Bonds having a
common maturity data are called for prepayment the specific Bonds to be
prepaid will be chosen by lot'by the Registrar. All prepayments shall be
at a price of par and accrued interest.
Additional provisions of this Bond are contained on the reverse hereof
and such provisions shall for all purposes have the same effect as though
fully set forth in this place..
This Bond shall not be valid or become obligatory for any purpose or
be entitled to any security 'or benefit under the Resolution until the
Certificate of Authentication 'hereon shall have been executed by the Bond
Registrar by manual signature of one of its authorized representatives.
IN WITNESS W~iEREOF, the Caty of Richfield, Hennepin County, Minnesota,
by its City Council, has caused this Bond to be executed on its behalf by
the facsimile signatures of the Mayor and Manager and has caused this Bond
to be dated as of the date setlforth below.
Dated:
CITY OF RICHFIELD, MINNESOTA
(facsimile) (facsimile)
City Manager Mayor
CERTIFICATE OF AUTHENTICATIOtd
This is one of the' Bonds delivered pursuant to the Resolution
mentioned within.
American National Bank and Trust Company
By
Authorized Representative
[Reverse of the Bond)
This Bord is one of an issue in the aggregate principal amount of
$5,750,000, all of like original date and tenor, e;ccept as to number,
maturity date, interest rate and redemption privilege, issued pursuant to a
Resolution adopted by the City Council on July 31, 1984 (the Resolution),
for the purpose of providing money to finance a portion of the public
redevelopment costs of a Redevelopment Project in a Redevelopment Tax
Increment Financing District and Project Area (District) in the City,
pursuant to and in full conformity with the Constitution and laws of the
State of Minnesota, including Minnesota Statutes, Sections 273.71 to
273.78, the Minnesota Tax Increment Financing Act, and the home rule
charter of the City, and is payable primarily from tax increments resulting
from increases in assessed valuation of real property in the District, all
pursuant to a Tax Increment Agreement between the City and the Housing and
Redevelopment Authority of the City of Richfield on riay 9, 1977, but
constitutes a general obligation of the City and, to provide maneys for the
prompt and full payment of said principal and interest as the same become
due, the full faith and credit of the City is hereby irrevocably pledged,
and the City Council will levy ad valorem taxes, if required for such
purpose, which taxes may be levied on alI of the taxable property in the
City without limitation as to rate or amount. The bonds of this issue are
issued only as fully registered bonds in denominations of $S,OOfl or any
integral multiple thereof of single maturities.
As provided in the Resolution and subject to certain limitations set
forth therein, this Bond is transferable upon the books of the City at the
principal office of the Bond Registrar, by the registered owner hereof in
person or by his attorney duly authorized in writing upon surrender hereof
together with a written instrument of transfer satisfactory to the Bond
Registrar, duly executed by the registered owner or his attorney; and may
also be surrendered in exchange for Bonds of other authorized denomina-
tions. Upon such transfer or exchange the City will cause a new Bond or
Bonds to be issued in the name of the transferee or registered owner, of
the same aggregate principal amount, bearing interest at the same rate and
maturing on the same date, subject to reimbursement for any tax, fee or
governmental charge required to be paid with respect to such transfer or
exchange , __ ____
The City and the Bond Pegistrar may deem and treat the person in whose
name this Bond is registered as the absolute owner hereof, whether this
Bond is overdue or not, for the purpose of receiving payment and for all
other purposes, and neither the City nor the Bond Registrar shall be
affected by any notice to the contrary.
IT ZS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the State of
Minnesota and the home rule charter of the City to be done, to exist, to
happen and to be performed preliminary to and in -the issuance of this Bond
in order to make it a valid and binding general .obligation of the Citv in
accordance with its terms, have been done, do exist have happened and have
been performed as so required, and that the issuance of this Bond does not
cause the indebtedness of the City to exceed any constitutional, statutory
or charter limitation of indebtedness.
(Form of certificate to be printed on the reverse side of each Band,
following a full copy of the legal opinion.)
III
I certify that the above~lis a full, true and correct copy of the legal
opinion rendered by bond coul~,nse1 on the issue of Bonds of the City of
Richfield, tfinnesota, which includes the within Bond, dated as of the date
of delivery of and payment forl~ the Bonds,
I
(Facsimile Signature)
The following abbr
face of this Bond, shall be
full according to applicable
TEN COM -- as tenants
in common
TEN ENT -- as tenants
by entireties
', City Clerk
i
eviations, when used in the inscription of the
construed as though they were written out in
haws or regulations:
UNIF GIFT MIN ACT Custodian
(Gust) (Minor)
JT TEN -- as joint tenants with
right of survivorship and
not as tenants in con7mon
under .Uniform Gifts.to Minors
Act .
(State)
Additional abbreviations may also be used though not in the
above list. ',
AS S IGh'MENT
For value received, the undersigned hereby sells, assigns and
transfers unto
the within Bond and all rights thereunder,. and
does hereby irrevocably constitute and appoint
attorney to transfer the said' Bond on the books kept for registration of
the within Bond, with full power of substitution in the premises.
Dated:
Notice: The assignor's signature to this assignment must
correspond' with the name as it appears upon the
face of tie within Bond in every particular, with-
out alteration or any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national bank or trust company or by a
brokerage firm having a membership in one of the major stock exchanges.
The Bond Registrar will not effect transfer of this Bond unless
the information concerning the assignee requested below is provided.
Name and Address:
(Include information for all joint owners if
the Bonds are held by joint account)
Please insert social security or
other identifying number of assignee
Section 3. Security: Payment.
3.Oi. The Bonds issued hereunder and additional bonds
similarly authorized and issued shall be payable from the General
Obligation Redevelopment Bonds Fund account in the Debt Service Fund
created by .Resolution No. 5751 (the "Fund"). The proceeds of any
general taxes heretofore or hereafter levied for the Bonds and other
bonds payable from the Debt Service Fund and tax increments (the "Tax
Increments") from the Project Area in which the Public Redevelopment
Costs financed by the Bonds are incurred received by -the City from the
Housing and Redevelopment Authority of Richfield (the "Authority")
pursuant to the Tax Increment Agreement {the "Agreement") executed by
the City and the Authority on May 9, 1977 are hereby irrevocably
appropriated and pledged to the Fund subject to the provisions of
paragraph 10 hereof. If any payment of principal or interest on Bonds
payable from the Fur_d shall become due when there is not sufficient
money in the Fund to pay the same, the Finance Manager shall pay such
principal or interest from the general fund of the City and such fund
may be reimbursed for- such .advances out 'of proceeds of the Tax
Increments or other taxes when received.
3.02. Zt is hereby found and determined as follows:
a) The amount of estimated Tax Increments to be
received b}* the City pursuant to the Agreement
will exceed 20°~ of the Public Redevelopment Costs
to be incurred in the Project Area.
b) The projects. for which the Public Redevelopment
Costs have been and are to be incurred in the
Project Area are consistent with the Comprehensive
Municipal Plan of the City and that the Redevelop-
ment Plan, and all amendments thereto for the
Project Area have been referred to the City
Planning Commission under the provisions of
Minnesota Statutes, Section 462.356, Subdivision
2.
3.03. It is further determined that the estimated col-
lections of Tax Increments under the Agreement together with the
proceeds of any taxes collected pursuant to the provisions of Section
8 of Resolution No. 5717 for the payment of the City's General Obliga-
tion Redevelopment Bonds of '1977, dated August 1, 1977 (the "1977
Bonds") will produce at least five percent in excess of the amounts
needed to meet when due the principal and interest payments on the
Bonds and the 1977 Bands and that no additional tax levy is needed at
this time. The 1977 Bonds, the city's $4,100,000 General Obligation
Redevelopment Bonds of 1982, 'dated May 1, 1982, the Bonds, and all
bonds hereafter issued and made payable from the Fund are and shall be
equally and ratably secured b~ the pledge of all assets of the Fund.
Nothing in this resolution affects or rescinds the taxes levied in
Section 8 of Resolution No. 5717, or the authority of the City Finance
Manager to request the Director of Property Taxation to annually
reduce or cancel such levies. ;
3.04. This Council 'by paragraph I2 of Resolution ivTo. 6310 ~~ y
issuing the City's $6,100,000 'General Obligation Improvement Bonds of
19$0 (the "1980 Bonds") has determined that the public improvements
financed by the 1980 Bonds constituted projects undertaken by the City
in aid of the Project Area and' constituted Public Redevelopment Costs
of the Project Area. This Council further therein determined to use
Tax Increments received under the Agreement to pay alI or a portior, of
the City's cost of those public improvements as represented by the tax
levies made by paragraph 9 of,Resolution No. 6310. Accordingly this
Council reaffirms paragraph 1? of Resolution No. 6310, and restates
its intention to deposit from; time to time such portion of the Tax
Increments to the Sinking Fund', for the 1980 Bonds as in its judgment
is necessary and available for',debt service on the 1980 Bonds.
Section 4. Authentication of Transcript: Miscellaneous.
4.01. The Clerk shall obtain a copy of the proposed approv-
ing legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a
Professional Association, riinneapolis, Minnesota, which shall be
complete except as to dating thereof and shall, if requested by the
Purchaser, cause said opinion, to be printed on each Bond, together
~~ith a certificate to be signed by the facsimile signature of the
Clerk in substantially the form stated above. The Clerk is hereby
authorized and directed to execute such certificate in the name of the
City upon receipt of such opinion and to file the opinion in the City
offices.
4.02. The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser and to the attorneys
approving the same, certif ied ccpies of proceedings and records of the
City relating. to the Bonds and to the financial cor_dition and affairs
of the City, 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 under their
control, relating to the validity and marketability of the Bonds and
such instruments, including any heretofore furnished, shall be deemed
representations of the City as to the facts stated therein.
4.03. The Mayor, Manager, Clerk and Finance Officer are
hereby authorized and directed to certify that they have exanined the
Official Statement, dated June 17, 1984, prepared and circulated in
connection with the issuance and sale of the Bonds and that to the
best of their knowledge and belief said statement is a complete and
accurate representation of the facts and representations made therein
as of the date of the Official Statement as it relates to the City.
4.04. The Clerk is authorized and directed to file a
certified copy of this resolution with the Director of Property
Taxation of Hennepin County, and to obtain the certificates required
by Minnesota Statutes, Section 475.63.
4.05. In order to conform to the requirements of Minnesota
Statutes, Section 475.54, Subdivision 1, the Council hereby combines
the maturity schedule of the Bonds with the maturity schedule of its
$4,100,C00 General Obligatior. ?edevelopment Bonds of 1982, dated
May I, 1982, all as provided in Minnesota Statutes, Section 475.54,
Subdivision 2.
The motion for the adoption of the foregoing resolution was
duly seconded by Councilmember Bunco and upon vote
being taken thereon, the following voted in favor:
Hamilton, Kirsch, Bunco, Priebe
and the following voted against:
Ludeman (Absent)
whereupon said resolution was declared,.~~l~y pa/%~ and adopted.
this 31st day of July, 1984. // f/`%
John~tx''i`lton Mayor.
ATTEST:
Sy 'a K. Bergh City C1 `
STATE OF MINNESOTA )
COUI3Y OF HENNEPIN ) SS''.
CITY OF RICHFIELD )
I, the undersigned,, being the duly qualified and acting
Clerk of the City of Richfield, Minnesota do hereby certify that I
have carefully compared the attached and foregoing extract of minutes
of a special meeting of the City Council held on Tuesday, July 31,
1984, with the original thereof on file in my office and the same is a
full, true and complete transcript therefrom insofar as the same
relates to the issuance and 'sale of $5,750,OOfl General Obligation
Redevelopment Bonds of 1984, of the City.
WITNESS My hand as Clerk and the corporate seal of the City
this _'~~_~ day of 1984.
--
Cit erk
City of Pichfield, Minnesota
~SE~"~Ll