82-6598R29
RESOLUTION N0. 6598
RESOLUTION AWARDING THE SALE OF $4,100,000
GENERAL OBLIGATION REDEVELOPMENT BONDS OF 1482.,
FIXING THEIR FORM AND SPECIFICATIONS;
DIRECTING THEIR EXECUTION AND DELIVERY;
AND PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Richfield,
Minnesota, as follows:
1. The bid of The First National Bank of Chicago
(the "Purchaser") to purchase $4,100,000 General Obligation Redevelop-
merit Bonds of 1982, of they Ctp 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 such bonds at a price
of $ 4,019,839.76 plus accrued interest to date of delivery, .such
bonds to bear interest as follows:
Year of Maturity
198-1991
1992.1993
1994
1995
1996
1997-1998
1999
Interest Rate Per Annum
12.5%
10.5%
10.75%
11.0%
11, 25%
11.5%
9.50%
The sum of $ 139.7b being the amount bid in excess of $4,OI9,700,
and the sum of $471,970 representing capitalized interest, shall be
credited to the Debt Service Fund hereinafter referred to. The City
Financial Coordinator is directed to retain the good faith check of
the Purchaser pending completion of the sale and delivery of the
bonds. The City Financial Coordinator is directed. to retura_ the
checks of the unsuccessful bidders forthwith.
2. The City shall forthwith issue and sell its General
Obligation Redevelopment Bonds of 1982, (the "Bonds"), is the prin-
cipal amount of $4,100,000, dated May 1, 1982, the Bonds being 820 in
number and numbered 1 to 820, both inclusive, in the denomination of
$5,000 each, bearing interest as above set forth, all interest. payable
February 1, 1983, and semiannually thereafter on August 1 and
February 1 in each pear, and which Bonds mature serially on February 1
in the years and amounts as follows:
Year Amount
19ss $ 50,000
1986 75,000
1987 75,000
1988 100,000
1989 125,000
1990 150,000
1991 175,000
1992: 200,000
Bonds maturing after February
Lion at the option of the Cit
said date and on any interes
par plus accrued interest to c
Year Amount
1993 $250,000
1994 275,000
1995 325,000
199b 350,000
1997 400,000
1998 750,0:00
1999 800,.000
1, 1994 will be subject to prior redemp-
y i.n inverse order of serial nwnbers, on
payment date thereafter at a price of
ate of redemption.
3. Both principal of and interest oa the Bonds shall be
payable at the
in the City of and the City shall pay
the reasonable charges of said bank for its services as paying agent..
4. The'Bonds and the interest coupons to be thereto at-
Cached shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE t~F MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION
KNOW ALL MEN BY TAE:
municipal corporation in Iie
itself to be indebted and, fc
to bearer the sum of FIVE T~O1
19~ , and to pay interest
principal amount is paid at t]
~) per annum, interest to mats
annually thereafter on the ]
August in each year i.n acc+
surrender of the interest cc
become due. Both principal <
at the
city of
United States of America whit
for public and private debts.
BLIND OF 1982
$5,000
E PRESEN2S that the City of Richfield, a
anepin County, Minnesota, acknowledges
r value received, hereby promises to pay
SAND DOLLARS on the 1st day of February,
ehereon from the date hereof until the
e rate of percent
,rity payable February 1, 1983, and semi-
st day of February and the 1st day of
rdance with and upon presentation and
upons hereto attached as they severally
f and interest oa this bond are payable
Bank in the
- ____
in any coin or currency o e
h on the date of payment is legal tender
All bonds of this issue
subject to prior redemption
maturing after February 1, 1994 will be
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.
This bond is one of an issue of bonds in the total principal
amount of $4,100,000, all 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
public redevelopment costs incurred and to be incurred in financing
Redevelopment Projects in the City, pursuant to and in full conformity
with the charter of the City and Constitution and laws of the State of
Minnesota, including Minnesota Statutes, Sections 273.71 to 273.78
inclusive, and Sections 462.411 to 462.711, inclusive, and is payable
primarily from tax increments resulting from increases in assessed
valuation of real property in the Project Area in which the Redevelop-
ment Projects are located pursuant to a Tax Increment Agreement
executed by the City and the Housing and Redevelopment Authority of
the City o~f Richfield on May 9, 1977, but constitutes a general obli-
gation of the City, and, to provide moneys £or the prompt and full
payment of the principal of and interest on the bonds as the same
become due, the full faith and credit of the City is hereby irre-
vocably pledged, and the City Council will levy ad valorem taxes, if
required for such purpose, which taxes may be levied on all of the
taxable property in the City without limitation as to rate or amount.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions
and things required by the charter of the City and the Constitution
and laws of the State of Minnesota 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. WHEREOF, the the City of Richfield, Hennepin
County, Minnesota, by its City Council, has caused this bond to be
executed by the facsimile signatures of the. Mayor and the City
Manager, and the manual signature of one of said officers, and 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.
(signature),
City Manager
(Facsimile Signature)
Mayor
(Manual Signature)
(facsimile seal)
of Coupon)
No.
On the 1st day of February (August), 19 , (unless the bond
to which this coupon appertains has been previously called for redemp-
tion) the City of Richfield, Hennepin County, Minnesota, will pay to
bearer at the
the amount shown hereon £or
Lion Redevelopment Bond of 1
Merest then due on its General Obiiga-
!, dated May 1, 1982, No.
(facsimile signature)
Mayor
(facsimile signat
ty Manager
5. The City Cler
approving legal opinion of M
& Drawz, A Professional Asso
shall be complete except as
opinion to be-printed on eac
signed by the facsimile sign
the following forme
I hereby certify th<
correct copy of the le
named attorneys, except
opinion has been handed
to the time of bond deli
8
shall obtain a copy of the proposed
sxs. LeFevere, Lefler, Kennedy, O'Brien
aton, of Minneapolis, Minnesota,. which
o dating thereof and shall cause said
Bond, together with a certifica a to be
ure of the City Clerk in substantially
t the foregoing is a full, true and
;al opinion executed by the above
as to the dating thereof., which
to me for filing in my office prior
~ery.
.(facsimile signature)
City Clerk
City of Richfield, Minnesota
The City Clerk is hereby a
certificate in the name of t
to file the opinion in the Ci
orized and directed to execute such
City upon receipt of such opinion and
offices.
6. The Bonds shall~be executed on behalf of the City by the
facsimile signatures of the Mayor and the City Manager, and the manual
signature of one of said officers, and the interest coupons shall be
executed and authenticated by the printed facsimile signatures of the
Mayor and City Manager, and the facsimile of the corporate seal of the
City may, but need not be, printed thereon; provided, however, that
the Bonds may be executed by only the facsimile signatures of the
Mayor and the. City Manager, duly authenticated by the manual signature
of an officer of Bank ,
hereby designated authenticating agent pursuant 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 the bond:
"IN WITNESS WHEREOF, the City of Richfield, Hennepin County,
Minnesota, by its City Council, has caused this band to be
executed by the facsimile signatures of its Mayor and City
Manager and to be sealed with the 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, all as of
May 1, 1982."
f
b) Add the following on the reverse side 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."
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 issued hereunder and additional bonds simi-
larly authorized and issued shall be payable from the General Obliga-
Lion 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 Fuad, 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 Fund shall become due when there is not sufficient
money in the Fund to gay the same, the City Clerk shall pay such
principal or interest from the general fund of the City and such fund
may be reimbursed for such a~vances out of proceeds of the tax incre-
ments or taxes when received.
8. It is hereby found and determined as follows:
a) The amount of 'estimated tax increments to be
received by the City pursuant to the Agree-
ment will exceed 20x of the Public Redevelop-
meat Costs to be incurred in the Project
Area.
b) The projects fir which the Public Redevelop-
meat Costs have been and are to be incurred
in the Projec~ Area are consistent with the
Comprehensive Municipal Plan of the City and
that the Redevelopment Plan, and all amend-
meats thereto for the Project Area have been
refs-reed to the City Planning Commission
under the provisions of Minnesota Statutes,
Secf~ion 462.356, Subdivision 2.
9. It is further determined that the estimated collections
of Tax Increments under the Agreement together with the proceeds of
any taxes collected pursuant to the provisions of Section 8 of Resolu-
tion No. 5717 for the payment of the City's General Obligation
Redevelopment Bonds of .1977 dated August i, I977 (the "1977 Bonds")
will produce at least £ive p scent in excess of the amounts needed to
meet when due the principal and interest payments on the Bonds and the
197`7 Bonds .and that ao additional tax levy is needed at this time.
The 1977 Bonds, the Bonds, sad all bonds hereafter issued and made
payable from the Fund are and shall be equally and ratably secured by
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 Coordinator to request
the County Auditor to annuall~ reduce or cancel such levies. The City
Clerk i~ directed to file a certified copy of the resolution with the
Director of Property Taxation of Hennepin County and to obtain the
certificate required by Minnesota Statutes, Section 475.63..
10. This Council by paragraph 12 of Resolution No. b3i0
issuing the city's $b,100,000 General Obligation Improvement Bonds of
1980 (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 C until further therein determined to use
Tax Increments received under the Agreement to pay all or a portion of
the City's cost of thosepubi~c improvements as represented by the tax
levies made by paragraph 9 o~~f Resolution No. 6310. Accordingly this
Council reaffirms paragraph 12 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.
i
!~ .
11, The officers of the City are hereby authorized and
directed to prepare and furnish to the Purchaser and to the attorneys
approving the same, certified copies of proceedings and records of the
City relating to the Bonds and to the financial condition 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
showa 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.
12. The Mayor, city Manager and Finance Coordinator are
hereby authorized and directed to certify that they have examined the
Official Statement 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 said
official statement ar prospectus as it relates to the City.
13. In this resolution the terms Public Redevelopment
Costs., Project Area, and Authority, have the meanings given them by
Resolution No-. 6573 authorizing the issuance and sale of the Bonds.
J
Passed by the City Council of the City of Richfield this 21st day
of April 19$2.
ATTEST:
lvia K. ergh Cit erk