82-6597R28
RESOLUTION N0. 6597
RESOLUTION AWARDING THE SALE OF $515,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1982;
FIXING THEIIt FORM AND SPECIFICATIONS;
DIRECTING THEIR E~CUTION AND DELIVERY;
AND PROVIDING FOR T~3EIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Richfield,
Minnesota, as follows:
1. The bid of Rain Bosworth Incorporated.
(the "Purchaser") to purchase $515,000 General Obligation Improvement
Bonds of 1982 (the "Bonds") of the City described is 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 $ 505,000... plus accrued interest to date of
delivery, the Bonds to bear interest as follows:
Year of Maturitq Interest Rate
1984-87 9.00%
1988 9.25%
1989 9.509'.
1990 9.757.
1991 10.0%
1992 10.25%
1993 10.50%
1994 10.75%
1995 11.00%
1996. 11.20%
1997 11.409'.
1998 11.50%
1999 11.60%
The sum of $ , being the amount bid in excess of
$505,000, shall be credited to the Sinking Fund hereinafter created.
The City Finance Coordinator is directed to retain the good faith
check of the Purchaser pending completion of the sale and delivery of
the. Bonds. The City Finance Coordinator is directed to return the
checks of the unsuccessful bidders forthwith.
2. The City shall forthwith issue and sell the Bonds in
the total principal amount of $515,000, dated Map I, 1982, the Bonds
being 103 in number and numbered 1 to 103, both inclusive, in the
denomination of $S,OOfl each, bearing interest as above set forth, alI
interest payable February 1, 1983, and semiannually thereafter on
August I and February 1 in each pear, and which Bonds mature serially
oa February 1 in the pears and amounts as follows:
° L-
1984
1985.
1986
1987
1988
199
1990 .
1991
AMOUNT
YEAR
AMOUNT
$55,000
65,000
65,000
65 , 000
65 ,000
20,000
20,000
20,000
All bonds maturing after Fe
in inverse numerical order
date thereafter at a price
redemption.
1992
1993
1994
1995
1996
1997
1998
$20,000
20,000
20,000
20,000
20,000
20,000
20,000
ry 1, Y988, are subject to redemption
said date and on any interest payment
par plus accrued interest to date of
3. Both principal of and interest on the Bonds shall be
payable at the Bank of
, ix~ the City of ,
Minnesota, and the_City shalli pay the reasonable charges of said bank
for its services as paying agent:
4. The-Bonds and ', the interest coupons to be thereto at-
tached shall be in substantially the following form:
No .~
UNITEI3 STATES OF AMERICA
STATE OF MINNESOTA
COUNTYOF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION IMPROVEMENT BOND OF 1982
$5,00.0
e RNOW ALL MEN BY THESE PRESENTS that the City of Richfield,
Hennepin County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby~romises to pay to bearer, out of its
General Obligation Improvement Bonds of 1982 Fund, the sum of- FIVE
THOUSAND DOLLARS on the.lst day of February, 19~ and to pay
interest thereon from the d~te hereof until the principal amount is
paid at the rate of ~I and hundredths percent
( x) per annum, interest to maturity payable February 1, 1983, and
semiannually thereafter on the 1st day of May and the 1st day of
February in each year in aecordance with and upon presentation and
surrender of the interest coupons hereto attached as they severally
become due. Both principal of and interest on this bond are payable
at the iBank of in the
city of I Minnesota, in any coin or
currency of the United Stated of America which on the date of payment
is legal tender for public and private debts.
-3-
Ail bonds of this issue maturing after February 1, 1988, are
subject to redemption at the option of the City in inverse numerical
order on said date and on any interest payment date thereafter at a
price of par plus accrued interest. to date of redemption..
The bond is one of an issue of bonds in the total principal
amount of $515,000, aZl of like date and tenor except as to maturity,
interest rate, redemption privilege and serial number, all issued by
the City for the purpose of providing money to defray the expenses
incurred and to be incurred in making local improvements, pursuant to
and in full conformity with the Constitution and laws of the State of
Minnesota, including Minnesota Statutes, Chapter 429, and the home
rule charter of the City, and is payable primarily from special
assessments against property specially benefited thereby, but consti-
tutes a general obligation of the City, and., to provide moneys for the
prgmpt and full pa~nent of the principal of and interest on the bonds
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 oa all -
of the taxable property in the City without limitation as to rate or
amount.
IT IS HEREBY CERTIFIED-AND RECITED that a l 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 happen
and to be performed precedent to and in the issuance of this bond have
been done, .have happened and have been performed in regular and due
form, time and manner as required by law;. and that this bond, together
with all other indebtedness of the City outstanding on the date hereof
and on the date of its actual issuance and delivery does not exceed
any constitutional, statutory or charter limitation thereon.
IN WITNESS WI~REOF, the the City of Richfield, Hennepin
County, Minnesota, by its City Council, has caused this bond to be
executed by the manual or facsimile signatures of its Mayor and its
City Manager, and by the manual signature of one of said officers, to
be sealed with a facsimile of the corporate seal of the City, and the
interest coupons hereto attached to be executed and authenticated by
the facsimile signatures of said officers, all as of May 1, 1982.
• (Facsimile Signature)
Mayor
(manual signature)
City Manager
(FACSIMILE SEAL)
of Coupon)
No.
On the 1st day of Fe~ruary (August), 19, , (unless the bond
to which this coupon appertain has previously been called for redemp-
tion,) the City of Richfield, Hennepin County, Minnesota, will pay to
bearer, out of its General Obi~ligation Improvement Bonds of 1982 Fund,
at the ~, Bank of
in the City of ,
Minnesota., the amount shown hereon for interest- then due on its
General Obligation Improvement Bond of 1982, dated May 1, 1982, No.
(facsimile signature)
Mayor
(facsimile signature). II
City Manager
f
5. The City Cler
approving legal opinion of M
& Draw, a Professional Asso
shall be complete except as
opinion to be printed on eac
signed by the facsimile sign
the following form:
shall obtain a copy
ssrs. LeFevere, Lefler,
fation, of Minneapolis,
to dating thereof and
Bond., together with a
ture of the City Clerk
of the proposed
Kennedy, O'Brien
Minnesota, which
shall cause said
certificate to be
in substantially
I hereby certify that the foregoing is a full,. true and
correct copy of the legal opinion executed by the above
named attorneys, except) as to the dating thereof, which
opinion has been handed Ito me for filing in my office prior
to the time of bond deiiverq.
(facsimile signature)
City Clerk -
City of Richfield, Minnesota
The City 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.
6. The Bonds shalllbe executed on behalf of the City by the
manual or facsimile signatures of the Mayor and the City Manager, and
by the manual signature of one of said officers, the interest coupons
shall be executed and authenticated by the printed facsimile signa-
tures of the Mayor and City Manager, and a facsimile of the corporate
seal of the City may, but need not be, printed thereon; provided,
__ however, that the signatures of both the Mayor and the City Manger may
be facsimile signatures, duly authenticated by the manual signature of
an officer of the Bank of
hereby designated authenticating agent pur-
suant to Minnesota Statutes, Section 475.55, Subdivision 1, and, if
the Bonds are to be so executed and authenticated, the bond form set
forth in paragraph 4 hereof shall be modified as follows.:
a) Substitute the following paragraph for the final paragraph
of each of the Bonds:
"IN WITNESS WHEREOF, the City of Richfield, Hennepin County,
Minnesota, by its City Council, has caused this bond to be
executed by the facsimile signatures of its Mayor and City
Manager and to be sealed with a facsimile of the corporate
seal of~the City, and the interest coupons hereto attached
to be executed and authenticated by the facsimile signatures
of said officers, and such signatures to be authenticated by
the manual signature of the City's duly authorized Authen-
ticating Agent on the reverse side of this bond, alI as of
May 1, 1982,"
b) Add the 'following on the reverse side of each of the Bonds:
"This bond is one of the bonds of the series designated
herein issued pursuant to the resolution authorizing its
issuance and delivery."
Bank
of
As Authenticating Agent
By
Its Authorized Officer
The Bonds, when fully executed, shall be delivered by the City Finance
Coordinator to the Purchaser upon receipt of the purchase price, and
the Purchaser shall not be obligated to see to the proper application
thereof.
7. The Bonds shall be payable from the General Obligation
Improvement Bonds of 1982 Fund (the "Sinking Fund") hereby created,
and the proceeds of any general taxes hereinafter levied and special
assessments to be levied for the improvements (the "Improvements")
financed by the Bonds are hereby pledged to the Sinking Fund. If any
payment of principal or interest on the Bonds shall become due when
there is not sufficient money in the Sinking Fund to pay the same, the
City Finance Coordinator 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 assessments levied for the Improvements or
from such ad valorem taxes, when collected.
-6-
8. It is hereby
assessments for the Improve
20% of the cost of the Imps
cost of the Improvements,
irrepealable ad valorem tax
City, which tax levy shall
(year stated being year of
LEVY LEVY
YEAR LEVY --YEAR
1982 70,300 1987
1983 40,700 1988
1984 38,700 1989
1985 36,800 1990
1986 34,800 1991
:.ermined that the City will levy special
its in the principal amount of at least
ements. To pay the City's share of the
ire is hereby levied a direct, annual,
vy against all taxable properties in the
e in the years and amounts as follows
vy for collection the following year.)
LEVY
LEVY YEAR LEVY
8,100 1992 5,100
7,600 1993 4,300
7,100 1994 3,600
6,400 1995 2,700
5,900 1996 1,800
It is hereby determined that the estimated collection of special
assessments for the payment of the Bonds and the foregoing ad valorem
tax levy will produce at least five percent in excess of the amount
needed to meet, when due, th~'e principal and interest payments on the
Bonds. The City Clerk is directed to file a certified copy of this
resolution with the County Auditor of Hennepin County, Minnesota, and
obtain the certificate required by Minnesota Statutes, Section 475.63.
9. It is hereby ',determined that the Improvements to be
financed by the Bonds will directly and indirectly benefit the abut-
ting property, and the City~~, hereby covenants with the holders from
time to time of the Bonds as 'follows:
(a) The Cityj will cause the assessments for the Im-
provements to be promptly levied so that the first install-
ment will be collectible not later than 1983 and will take
all steps necessary to assure prompt collection. The City
Council shall cause all further actions and proceedings
relative to the making and financing of the Improvements
financed hereby to be taken with due diligence that are
required for the construction of each Improvement financed
wholly or partly from the proceeds of the Bonds and for the
final and valid levy of special assessments and the appro-
priation of any o'ither funds needed to pay the Bonds and
interest thereon when due.
(b) In the event of any current or anticipated defi-
ciency in any grants, funds, investment income or special
assessments pledged or appropriated for payment of the
principal of and interest on the Bonds, the City Council
will levy ad valorem taxes in the amount of said current or
anticipated deficiency.
(c) The City'~,will keep complete and accurate books and
records showing alil receipts and disbursements relating to
the Improvements, jgrants and pledged funds, any taxes or
assessments levied ',therefor and other funds appropriated for
Bond payment, and all collections thereof and disbursements
therefrom, moneys on hand and balance of unpaid assessments.
- ~-
{d) The City will cause its books and records to be
audited at least annually by qualified public accountants
and will furnish copies of such audit reports to any in-
terested person upon request.
10. The tax levy herein provided shall be irrepealable
until all of the Bonds are paid, provided that the .City Clerk may
annually, prior to October 14th, certify to the Hennepin County
Auditor the amount available in the Sinking Fund to pay principal and
interest due during the ensuing year, and the County Auditor shall
thereupon reduce the levy collectible during such year by the amount
so certified.
11. The officers of the City are hereby authorized and
directed to prepare and furnish to the purchaser of the Bonds and to
the attorneys appravng the same, certified copies of proceedings and
records of the City relating to the Bonds and to the financial condi-
tion 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
wader their coatroh, 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.
12. The Mayor and City Manager are hereby authorized and
directed to certify that they have examined the official statement or
prospectus prepared and circulated is 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 said official
statement or prospectus as it relates to the City.
Passed by the City Council of the City of Richfield// is 21st day
of April, 1982. frl
ohn Har~i~j[].~'ori ~ Mayor
ATTEST:
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S is K. B g Cit Jerk