82-6572R1
RESOLUTION N0. 6572
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $515,000 GENERAL OBLIGATION
IMPROVEMENT BONDS OF 1982
BE IT RESOLVED By the City Council of the City of Richfield, Hennepin
County, Minnesota as .follows:
1. It is hereby determined:
(a) That the following assessable public improvements (the
"Improvements"} have been made, duly ordered or contracts
# let for the construction thereof, by the City pursuant to
the provisions of Minnesota Statutes, Chapter 429:
Project Designation & Descri tion
Total Pro"ect Cost
Sidewalk improvements $ 25
000
Alley and cul de sac improvements
Street lighting im
rov ,
280,000
p
ements
Total project costs 189,000
Discount $494 000
Legal and fiscal issuance costs 10,000
1---1 Q~0
TOTAL
$515,000
(b) That it is necessary and expedient to the sound financial
management of the affairs of the City to issue $515,000
General Obligation Improvement Bonds of 1982, {the "Bonds")
to provide financing for the Improvements.
2. In order to provide financing for the Improvements, the City
shall therefore issue and sell Bonds in the amount of $505,000. In order
to provide in part the additional interest required to market the-Bonds at
this time, additional Bonds shall be issued in the amount of $10,000. Any
excess of the purchase price of the Bonds over the sum of $505,000 shall be
credited to the debt service fund for the Bonds for the purpose of paying
interest first coming due on the Bonds. The Bonds shall be issued and sold
in accordance with the terms of the following Official Notice of Sale:
2_
OFFICIAL
CE OF SALE
$515,000 General Obligation Improvement Bonds of I982
City of Richfield
Hennepin County, Minnesota
NOTICE IS HEREBY C
$515,000 General Obligation
Minnesota, will be received t
1982 in the office of the Ci
Avenue South, Richfield, Minn
opened and tabulated for pr
meeting at 5:00 o'clock p.m.,
VEN that sealed bids for the purchase of
mprovement Bonds of the City of Richfield,
til 11:00 p.m., C.T. on Wednesday, April 21,
Manager in the City Hall at 6700 Portland
sota 55423, at which time the bids will be
~entation to the City Council at a special
~.T. on the same day.
se and Securit
The purpose of the bonds is to provide funds for the financing of
various assessable public improvements in the City. The bonds will be
general obligations of the issuer, for which its full faith, credit and
taxing powers are pledged.
Date.and Maturi
Th_e bonds will be dated May 1, 1.982, will be in denomination of
$5,000 each and will mature', on February 1 in the following years and
amounts:
Year Amount
1984 $55,000
1985 65,000
198b 65,000
1987 65,000
1988 65,000
1989 20,000
1990 20,000
1991 20,000
Year Amount
1992 $20,000
1993 20,000
1994 20,000
1995 20,000
1996 20,000
1997 20,000
1998 20,000
tion Feature
All bonds of this ilssue maturing after February I, 1988 will be
subject to prior redemption alit the option of the City in inverse order of
serial numbers on said date end 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 February 1, 1983, and
semiannually thereafter on leach August 1 and February 1. All bonds
maturing on the same date must bear interest from date of issue until paid
-3-
at a single, uniform rate.
lowest rate specified may not
multiple of 5/100 of 1°~, and
average rate of the issue may
by law on the day of sale.
The difference between th
exceed 3%. Each rate must
no rate of interest nor
exceed the maximum rate of
Paying Agent
e highest rate and
be in an integral
the net effective
interest permitted
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
Within 40 days after .sale, the City will furnish and deliver to
the office of the purchaser or, at his option, will deposit with a bank in
the United States selected by him 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 charge of the delivery agent
must be paid by the purchaser, but all other costs will be paid by the
City. The purchase price must be paid upon delivery of the bonds, or
within five days after deposit with the delivery agent, in funds available
for expenditure by the City on the day of payment.
Legal Opinion
An unqualified legal opinion on the bonds will be furnished by
Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Associ-
ation, of Minneapolis, Minnesota. The legal opinion will be printed on the
bonds at the request of the purchaser. The legal opinion will state that
the bonds are valid and binding general obligations of the City, payable
primarily from special assessments against benefited property, and that the
City is obligated and required to levy taxes for the principal and interest
thereon as the same become due without limit as to rate or amount.
Type of Bid - Amount
Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time of said meeting. Each bid must be
unconditional and must be accompanied by a cashier's or certified check or
bank draft in the amount of $10,300, payable to the City Finance Coordina-
-4-
tor, to be retained by the
accepted and the bidder fails
will be deposited by the City
purchase price of the Bonds a
net interest cost (total intez
less any cash premium or plus
pal) will be deemed the most
than $505,000 for 'principal pl
be considered, and the City rE
and to waive any informality ii
~ity as liquidated damages if the bid is
to comply therewith. The good faith check
at the time of award and deducted from the
t delivery. The bid authorizing the lowest
Est from date of bonds to stated maturities,
ny amount less than $515,000 bid for princi-
favorable. No oral bid and no bid of less
us accrued interest on all of the bonds will
serves the right to reject any and all bids
any bid.
BY ORDER OF THE CITY COUNCIL
/s/ Sylvia K. Bergh
City Clerk
Dated: April 1, 1982
I
3. The City Clerk is authorized and directed to advertise the Bonds
for sale in accordance with tYie 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 21, 1982, at 5:00 o'clock p.m. for the purpose of considering sealed
bids on the bonds and taking any other appropriate action.
Passed by the City Counci!1 of the City of Ri fiel his 1st day of
April, 1982. ,,~ ~ /~ ~`
J
ATTEST:
`S is K. Berg- ity C1 r !,
ton
Mayor
Exhibit A
NOTICE OF SALE
$515,000 General Obligation Improvement Bonds of 19.82
City of Richfield
Hennepin County, Minnesota
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of
$515,000 General Obligation Improvement Bonds of the City of Richfield,
Minnesota, will be received until 11:00 p.m., C.T. on Wednesday, April 21,
1982 in the office of the City Manager in the City Hall at 6700 Portland
Avenue South, Richfield, Minnesota 55423, at which time the bids will be
opened and tabulated for presentation to the City Council at a special
meeting at 5:00 o'clock p.m., C.T. on the same day. Dated May 1, 1982, the
bonds will mature on February 1 in the years and amounts as follows:
Year Amount Year Amount
1984 $55,000 1992 $20,000
1985 65,000 1993 20,0.00
1986 65,000 1994 20,000
1987 ' 65,000 1995 20,000
1988 65,000 1996 20,000
1989 20,000 1997 20,000
1990 20,000 1998 20,000
1991 20,000
All bonds maturing after February 1, 1982 are subject to prior redemption
on said date and any interest payment date thereafter at par plus accrued
interest. Interest will be payable on February 1, 1983, and semiannually
thereafter. Each rate must be in an integral multiple of 5/100 of 1% and
no rate may exceed the maximum rate permitted by law on the day of sale.
Minimum price, $505,000. An unqualified legal opinion will be furnished by
Messrs. LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Associa-
tion, of Minneapolis, Minnesota. The purpose of the bonds is to finance
various assessable public improvements in the City.
BY ORDER OF THE CITY COUNCIL
/s/ Sylvia K. Bergh
City Clerk
Dated: April 1, 1982.
2
RESOLUTION 6572 A
RESOLUTION OF ENDORSEMENT FOR PROPOSED
SHARING OF PUBLIC SAFETY CO.MA4UNICATIONS
SYSTEM WITH THE CITY OF EDEN PRAIRIE
WHEREAS, the City of Richfield operates a full-service -
Public Safety Communications Center to facilitate and support.
the delivery of public saf ety service in the community, and
WHEREAS, the City of Eden Prairie, by action of their City
.Council, has expressed an interest in sharing the Public Safety
Communications Center resource now available in the City of
Richfield, and
WHEREAS, such resource sharing would afford direct benefits
to both communities and their respective public safety services,
and. - -
" WHEREAS, both the City of Richfield and the City. of Eden
Prairie recognize that such sharing of a communications center
:resource can best be-accomplished through a mutually acceptable
Joint Powers Agreement pursuant to Minnesota Statute 4X.59,
.NOW, THEREFORE BE IT RESOLVED, that the City Council of
the City of Richfield, Minnesota endorses, in concept, the
proposed sharing of Public Safety Communications Center resources
with the City of Eden Prairie, Minnesota. Additionally, the City
Council of the City of Richfield, agrees to cooperate with, and
facilitate, any engineering study commissioned by the City of
Eden Prairie to determine the feasibility and technological re-
quirements of such a joint venture operation.
BE IT FURTHER RESOLVED, that the City Council of the City of
Richfield endorse the efforts of the Public Safety staffs of the
two communities ,to develop a plan and proposed agreement for
the joint operation and management of a shared Public Safety
Communications Center which are mutually agreeable to the City
Councils of both of the two communities. /
Passed by the City Council of the Cit of
this 8th day of February , 1982. n
l
ATTEST:
~./
- _ Sy is IZ. Bergh City Cle
ohn Hami,J~fon
field, Minnesota
,' Mayor