83-6740RSTATE OF MINNESOTA )
COUNTY OF HENNEPiN )
CITY OF RICHFIELD )
SS.
I, the undersigned, being the duly qualified and acting City
Clerk of the City of Richfield, Minnesota do hereby. certify that I have
carefully compared the attached and foregoing extract of minutes of a
regular meeting of the City Council of said City held on Monday, March 28,
1983, with the original thereof on file in my office and the same is a
full, true and complete transcript thereof, insofar as the same relates to
'the issuance and sale of '',$4,950,00(€eneral Obligation Refunding Bonds of
1983, of the City.
WITNESS My hand ',as such City Clerk and the corporate seal of the
City this day of 1983.
', ity erk
City of Richfield, Minnesota
(SEAT, )
The Bonds maturing after February 1, 19 93 are subject to prior redemption
on said date and .any interest payment.-date thereafter at par plus accrued
interest. Interest will be payable on August 1, 1983, and semiannually
thereafter. Each rate must be in an integral multiple of Sj100 of 1~ and
no rate may exceed the maximum rate of interest permitted by law on the day
of sale. Minimum price, $ 4,873,600 An unqualified legal opinion will
be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional
Association, Minneapolis, Minnesota. The purpose of the bonds is to
advance of maturity certain outstanding general obligation Bonds of the
City.
BY ORDER OF THE ITY GO IL
,-~~
/s/ Sylvia K. Bergh
City Clerk
Datede March 28, 1983.
Exhibit "A"
NOTICE OF SALE
$4,950,.000 GENERAL'OBLIGATION REFUNDING BONDS OF 1983
CONSISTING OF $4,445,OpOGENERAL OBLIGATION REDEVELOPMENT REFUNDING BONDS
AND $505 00 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS OF 1983
CTTY OF RICHFIELD
HENNE~IN COUNTY, MINNESOTA
NOTICE IS HEREBY ',GIVEN that sealed bids for the purchase of the
above bonds will be received in the office of the City Manager of the City
of Richfield in City Hall, 6700 Portland Avenue South, Richfield, Minnesota
55423 until 11:00 a .m'. C.T. on Wednesday, April 20,1983, at which
time the bids will be opened and tabulated for presentation to aad con-
sideration by the City Council at a special council meeting at 5..30
~.m. C.T. on the same day.
Two issues of bonds are offered; $4,445,OOOGeneral Obligation
Redevelopment Refunding Bonds of 1983 (Redevelopment Refunding Bonds) and
$ 505,004 General Obligation Improvement Refunding Bonds of 1983 (Improve-
ment Refunding Bonds) (collectively referred to as the "Bonds"), The
purpose of the Redevelopment Refunding Bonds is to refund in advance of
maturity the outstanding principal amount of the City's $4,100,000 General
Obligation Redevelopment Bonds of 1983, dated May 1, 1982. The purpose of
the Improvement Refunding Bonds is to refund in advance of maturity the
outstanding principal. amount of the City's $515,000 General Obligation
Improvement Bonds of 1982, dated May 1, 1982.
The Bonds will be dated May 1, 1983, will be in denomination of
$5,000 each and will mature on February 1 in the following years and
amounts:
Redevelopment Improvement Combined
Refunding Bonds Refunding Bonds Issue
Year Amount Amount Amount
1985. $70,00 $ 70,000
1986 $ 40,000 70,000 110,000
1987 50,000 70,000 120,000
19gg 125,000 70,000 195,000
1989 150,000 25,000 375,000
1990 175,000 25,000 200,000
1991 240,000 20,000 260,000
1992 255,000 25,000 280,004
1993 305,000 25,000 330,000
1994 325,000 20,.000 345,000
1995 370,000 20,000 390,.000
1996 395,000 ' 25,000 420,000
1997 435,000 20,000 455,000.
1998 775,000 20,000 795,000
1999 805,000 805,000
3. The City Clerk is authorized and directed to advertise the Bonds
for sale in accordance with the foregoing notice of sale and to cause the
abbreviated notice of sale attached hereto as Exhibit "A", to be published
in the manner required by law. The City Council shall meet on Wednesday,
April 20, 1983, at 5:30 o'clock p.m. for the purpose of considering
sealed bids on the Bonds and taking any other appropriate action.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilmember Hassenstab and upon vote being
taken thereon, the following voted in favor:
Bunce, Hassenstab, Kirsch, Ludeman, Priebe, Hamilton
and the following voted against:
None
whereupon said resolution was declared duly passed and adopted.
Passed by the City Council of the City of Richfield this 28th
day of March, 1983.
ATTEST:
Sy is K. Bergh City erk
Legal Opinion
An unqualified 1
LeFevere, Lefler, Kennedy,
Minneapolis, Minnesota. Tt
the request of the purchas
are valid and binding gene
obligated and required to 1
as the same become due with
gal opinion on the Bonds -will be furnished by
O'Brien & Drawz, a Professional Association,
legal opinion will be printed on the Bonds at
r. The legal opinion will state that the Bonds
al obligations of the City and that the City is
vy taxes for the principal and interest thereon
ut limit as to rate or amount.
Tvne of Bid - Amount
Sealed bids for the combined issues (the issues of Bonds will not
be sold separately) must be',mailed or delivered to the undersigned and must
be received prior to the time specified above. Each bid must be uncondi-
tional and must be accompanied by a cashier's or certified check or bank
draft in the amount of $ 99,000 payable to the City Finance Director,
to be retained by the City as liquidated damages if the bid is aceepted and
the bidder fails to comply therewith. The bid authorizing the lowest net
interest cost (total interest from .date of bonds to stated maturities, less
any cash premium or plus any amount less than $ 4,950,000 bid for prin-
cipal) will be deemed the most favorable. No oral bid and no bid of less
than $4873,600 for princcipal plus accrued interest on all of the Bonds
will be considered, and the City reserves the right to reject any and all.
bids and to waive any informality in any bid.
BY ORDER OF T CI C CIL
~~ ` y/
/ / Sylvia K. Bergh.
City Clerk
Dated: March 28, 1983.
The City specifically reserves the right, ~af ter receipt of bids
and prior to award,~ta reduce or increase the amount of Bonds maturing. in
the years 1998 and 1999 and the resulting. total amount of the Bonds. The
City will not increase the amount of the .issue by more than $100,000.
Redemption Feature
The Bonds maturing after February ~, 193 will be subject to
prior redemption at the option of the City. in inverse order of serial
numbers on said date and any interest payment date thereafter at a price of
par plus accrued interest to~date of redemption.
Interest
Interest on the Bonds will be payable on August 1, 1983, and
semiannually thereafter on each February 1 and August 1< All Bonds
maturing on the same date must bear interest from date of issue until paid
at a single, uniform rate, not exceeding the rate specified for Bonds of
any subsequent maturity. Each rate must be in an integral multiple of
5/100 of 1%, and no rate of interest nor the net effective average rate of
the issues may exceed the maximum rate of interest permitted by law on the
day of sale.
Paying Agent
Principal and interest will be made payable at any suitable bank
recommended by the purchaser and approved by the Council, and the City will
pay the customary charges for this service provided that such recommenda-
tion is received within 48 hours after the sale and the Council will select
the:: paying agent if the recommendation is not approved.
CUSIP Numbers
The City will assume no obligation for the assignment or printing
of CUSIP numbers on the Bonds or for the correctness of any numbers printed
thereon, but will permit such numbers to be assigned and printed at the
expense of the purchaser, if the purchaser waives any extension of the time
of delivery caused thereby.
Delivery
At delivery the City will furnish and deliver to the office of
the purchaser or, at its option, will deposit with a bank in the United
States selected by it and approved by the City as its agent to permit
examination by and to deliver to the purchaser, the printed and executed
Bonds, the unqualified opinion thereon of bond counsel, and a certificate
stating that no litigation in any manner questioning their validity is then
threatened or pending. The purchase price must be paid upon delivery of
the Bonds in funds available for expenditure by the City on the day of
payment.. Delivery is expected to take place on or about May 24, 1983.
Delivery will be made no .later than 40 days following the sale.
OFFICIAL
NOTICE OF SALE
$4,950,000 GENERALIOBLIGATION REFUNDING BONDS OF 1983
CONSISTING OF $4,~+45,000GENERAL OBLIGATION REDEVELOPMENT REFUNDING BONDS
AND $ 505,000 GENERAL OBLIGATION IMPROVEMENT REFUNDING BONDS OF 1983
CITY OF RICHFIELD
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY (GIVEN that sealed bids for the purchase of the
above bonds will be received in the office of the City Manager of the City
of Richfield in City Hall, 5700 Portland Avenue South, Richfield, Minnesota.
55423 until 11:00 a.lm. C.T. on Wednesday, April 20, 1983, at which
time the bids will be opened and tabulated for presentation to and con-
sideration by the City Cou~cl at a special council meeting at 5:30
~.m. C.T. on the same day. I,
Purpose and Security
Two issues of bonds are. offered; $4,445,OOOGeneral Obligation
Redevelopment Refunding Bonds of 1983 (Redevelopment Refunding Bonds) and
$ 505,000 General Obligation Improvement Refunding Bonds of 1983 (Improve-
ment Refunding Bonds) (collectively referred to a the "Bonds"). The
purpose of the Redevelopment Refunding Bonds is to refund in advance of
maturity the outstanding principal amount of the City's $4,100,000 General
Obligation Redevelopment Bonds of 1983, .dated May I, 1982. The purpose of
the Improvement Refunding ~onds is to refund in advance of maturity the
outstanding principal- amount of the City's $515,000 General Obligation
Improvement Bonds of 1982, dated May 1, 1982.
Date and Maturities
The Bonds will be dated May 1, 1983, will be in denomination of
$5,000 each and will mature on February I in the following .years and
amounts:
Redevelopment Improvement Combined
Refunding Bonds Refunding Bonds Issues
Year Amount Amount Amount
1985 $70,000 $ 70,000
1986 S 40,000 70,000 1.10,000
1987 50,000 70,000 120,000
1988 125,000 70,000 195,000
1989 150,000 ', 25,000 175,000
1990 175,000 25,000 200,000
1991 240,000 20.,000 260,000'
1992 255,000 25,000 280,000
1993 305,000 25,000 330,000
1994 325,000 20,000 345,000
1995 370,000 20,000 390,000
1996 395,000 25,000 420,000
1997 435,0.00 ', .20,000 455,000
Iggg 775,000 20,000; 795,000
1999 805,000 805,000
when determined by the City Council to be necessary and desirable for the
reduction of interest cost and the adjustment of maturities of outstanding
issues of bonds.
1..02. It is hereby found. and determined that it is necessary and
desirable for the reduction of interest cost and the adjustment of
maturities of .bonds that the City issue its general obligation refunding
bonds to refund in advance of their maturities certain. outstanding general
obligations of the City.
Section 2. Refunded and Refunding Bonds.
2.01. The outstanding bonds to be refunded consist of the following:
a. $4,140,000 General Obligation Redevelopment Bands of 1982,
dated May 1,'1.982, of which the entire principal amount is
outstanding (Redevelopment Bonds), and
b. $515,000 General Obligation Improvement Bonds of 1982, dated
May 1, 1982, of which the entire principal amount is out-
standing (Improvement Bonds).
2.02. To provide moneys to refund in advance of maturity the Redevel-
opment Bonds and the Improvement Bonds, respectively, the City shall issue
and sell its $ 4,376,175 General Obligation Redevelopment Refunding Bonds
of 1983 (Redevelopment Refunding Bonds) and its $_497,425 General Obliga-
tion Tmpravement Refunding Bonds of 1983 (Improvement Refunding Bonds)
(collectively, Refunding Bonds). In order to provide additional interest
as provided by Section 475.Sb of the Act, additional Refunding Bonds in the
respective amounts shall also be issued and sold:
a. Redevelopment Refunding Bonds - $ 68,825 ;
b. Improvement Refunding Bonds - $ 7,575
2.03. The $4.950,000 General -Obligation Refunding Bonds shall be
issued, sold and delivered in accordance with the terms and conditions of
the following. Official Notice of Sale (it being the intention of the Coun-
cil that the Redevelopment Refunding Bonds and Improvement Refunding Bonds
be sold together and not separately):
64
Extract of Minutes of Meeting
of the C'ty Council of the City
of Richfield, Hennepin County, Minnesota
Pursuant to due call
Council of the City of Rich
the City Hail in said City
o'clock P.M.
The following members
Bunce, Hassenstab, Kirsch,
and the following were abseil
None
.+..~..~
.L....
The following resolution was presented: by Councilmember Ludeman
who moved its adoption, the reading of which. was dispensed with by
unanimous consent:
RESOLUTION N0. 6740
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $ 4,95.0.000 G NERAL OBLIGATION REFUNDING BONDS OF 1983
CONSISTING OF $4~ 445,nO~ENERAL OBLIGATION REDEVELOPMENT REFUNDING BONDS OF 1983
AND $~~,,000 GENERAL. OBLIGATION IMPROVEMENT REFUNDING BONDS OF 1983
BE IT RESOLVED By the City Council of the City of Richfield, Hennepin
County, Minnesota as follows:
Section 1. FindinQS: (Purpose.
notice thereof a regular meeting of the City
field, Hennepin County, Minnesota, was held at
on Monday, March 28, 1983, commencing at 7:00
e present:
eman, Priebe, Hamilton
t:
1.01. The City of Richfield (City) is authorized by the provisions of
Minnesota Statutes, Chapter 475 (Act) and Section 475.61 of the Act. to
issue and sell its genera obligation bonds to refund outstanding bonds