81-6554R81
RESOLUTION NO. 6554
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY
IMPROVEMENT BONDS, SERIES 33 TO THE REFUNDING BONDS
OF 1978 SINKING FUNDS IN ACCORDANCE WITH MINNESOTA
STATUTES, CHAPTER 429
BE IT RESOLVED BY THE City Council of the City of Richfield, Hennepin County,
Minnesota, as follows:
1. The total estimated costs of City Projects No. 734, 761, 765 and 770,
otherwise known as 1981 Permanent Alley Improvements, Arterial Street Lighting,
1981 Alley Maintenance and L /H /N Maintenance has been estimated at $510,000.
It is now estimated that this sum is currently necessary to provide financing
for the cost of said projects, and it is hereby determined to be necessary to ,
borrow said amount for the payment of obligations now incurred and for expenses
necessarily incurred in connection with the construction of said project.
There has been created a Bond Fund into which shall be paid the proceeds of
temporary bonds issued pursuant to this resolution and out of which shall be
paid all amounts due and payable as costs or expenses incident to or incurred
in connection with the making of said improvements. There is also hereby
created Series 33 accounts in the Temporary Improvement Bonds Common Sinking
Fund into which fund shall be paid the proceeds of all special assessments
levied against benefited property by reason of the making of said improvements
and out of which shall be paid principal and interest on all temporary improve-
ment bonds issued to finance said projects.
2. It is hereby determined that the sum shall be borrowed to finance
the following City Projects:
City Project No. 734 $260,000
City Project No. 761 195,000
City Project No. 765 30,000
City Project No. 770 25,000
by issuance of Temporary Improvement Bonds of the city as authorized in
Minnesota Statutes, Section 429.091, Subdivision 3. Said bonds shall be payable
from the Temporary Improvement Bonds Common Sinking Fund, Series 33 accounts,
but the city further recognizes its statutory duty, as provided by Section
429.091, and covenants and agrees with the purchaser and all holders from time
to time of said temporary improvement bonds, at or prior to the maturity thereof
it will pay and retire such bonds and the interest thereon out of the proceeds
of definitive improvement bonds which the council shall issue and sell at or
prior to the maturity of the Temporary Improvement Bonds, to the extent that
the same cannot be paid out of funds available in the Temporary Improvement
Bonds Common Sinking Fund, Series 33 accounts, or out of other municipal funds
which are properly available and are appropriated by the council for such purposes.
3. It is hereby determined to levy special assessments against benefited
property by reason of the making of City Projects No. 734, 761, 765 and 770.
and ad valorem taxes, if necessary, to produce sums sufficient to pay principal
when due on said temporary improvement bonds and on any definitive bonds to be
issued as herein provided, such special assessments to be placed on the tax
rolls subject to the time when said City Projects have been completed and the
total costs thereof have been determined.
4. Said temporary improvement bonds in the amount of $510,000 shall be
dated December 1, 1981 shall be One in number inclusive, in the denomination
of $510,000, shall mature December 1, 1984, and shall. be',subject -to redemption
at par. Not less than 30 days before the date specified for redemption of
said bonds the City Treasurer shall mail notice of the call thereof to the
holder, if known, and said Treasurer shall maintain a record of the names and
addresses of the holders of said,bond insofar as such information is made
available to him by the holders thereof, for the purpose of mailing said notice.
The principal of said bond shallibe payable at the Richfield City Hall, 6700
Portland Avenue, Richfield, Minnesota, 55423.
5. Said Temporary Improvement Bond shall be offset printed with attached
interest coupon in substantially ',the following form
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY-',=OF HENNEPIN
CITY OF RICHFIELD
TEMPORARY IMPROVEMENT BOND SERIES THIRTY -THREE
NO. ONE $510,000
KNOW ALL MEN BY THESE PRESENTS that the City of Richfield, a duly organized
municipal corporation of Hennepin County Minnesota, acknowledges itself to
be indebted and for value received, promises to pay to bearer the sum of
FIVE HUNDRED AND TEN THOUSAND DOLLARS on the first day of December, 1984
on a date prior thereto on which this bond has been duly called for redemption.
Principal is payable at the City Hall, City of Richfield, 6700 Portland Avenue,
Richfield, Minnesota, 55423, in any currency or coin of the United States of
America on which the respective dates of payment is public tender for private
and public debts. For the prompt and full payment of such principal as the
same became due the full faith, credit and taxing powers of the city are
hereby irrevocably pledged.
This bond is one, a series in the aggregate principal amount of $510,000
issued by said city for the purpose of defraying expenses incurred and to
be incurred in the construction of improvements designated as "City Projects
No. 734, 761, 765 and 770" by the City of Richfield, consisting of Permanent
Alley Surfacing, Arterial Street Lighting, 1981 Alley Maintenance and L /H /N
Maintenance, and is issued pursuant to and in full conformity with resolutions
duly adopted by the city council after hearing as required by law and pursuant
to and in full conformity with the constitution and Laws of the State of Min-
nesota thereunto enabling, including Minnesota Statutes, Section 429.091,
Subdivision 3. This bond is payable primarily from the Temporary Improvement
Bonds Common Sinking Fund, Series 33 accounts of the city, but the council
is required to pay the principal thereon out of any funds in the treasury
in the event that the monies on hand in aid funds are at any time insufficient
to meet the payment of maturing principal, and is further required at or prior
to the maturity of this bond, to provide for the payment and retirement thereof
by the issuance of definitive bonds, to the extent, if any, that the assessments
and taxes or other municipal funds theretofore collected and received in said
Sinking Fund may be insufficient for such purpose.
This bond is subject to redemption and prepayment at the option of the city,
at a price of par upon notice of call for redemption mailed not less than 30
days prior to the date specified for such redemption, to the holder, if known.
Bond holders desiring to receive such notice may have their names and addresses
and the serial numbers of their bonds recorded by the City Treasurer.
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IT IS HEREBY CERTIFIED, RECITED, ,COVENANTED AND AGREED that all acts, conditions
and things required by the Constitution and - laws -of the State of-Minnesota to
be done, to exist, to happen andlto be performed preliminary to and in the
issuance of this bond in order to make it a valid and binding general obligation
of said city according to its terms, have been done, to exist, have happened and
have been performed as so required; that the city has duly determined the
necessity of and provided for the construction of said improvements; that the
Temporary Improvement Bonds Common Sinking Fund, Series 33 accounts have been
duly created and provision has been made for the support thereof by ad valorem
taxes and special assessments to',be Levied, at or prior to the time of issuance
of said definitive bonds, for the years and in aggregate amounts not less than
five percent (5 %) in excess of sums sufficient to pay the principal on all bonds
payable from said fund as such principal becomes due, and additional taxes, if
needed for said purpose, may be levied upon all taxable property in the city,
without limitation as to rate oriamount; that the holder hereof shall have and
may enforce by appropriate proceedings all duties imposed by said Chapter 429
upon the city and its officers with reference to the levy and collection of
said assessments and taxes and the issuance of said definitive bonds; and that
the issuance of this bond did not cause the indebtedness of said city to exceed
any constitutional or statutory limitation,
IN WITNESS WHEREOF the City of Richfield, Hennepin,County, Minnesota, by its
City Council, has caused this bond to be executed in its behalf of the signature
of its mayor and manager and sealed with its official seal, and the interest
coupon appurtenant thereto to be executed and authenticated by the facsimile
signatures of said officers,:and!.has caused this bond to be dated as of
—Mayo-
-- Manager-------- ----
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6. Said bonus shall be prepared under the direction of..the city clerk
and shall be executed on behalf of the city by the signatures of -the Mayor
and Manager, and the corporate seal of the city shall be affixed thereto,
and the appurtenant interest coupon shall be executed and authenticated, by
the printed, engraved or lithographed facsimile signature of said Mayor and
Manager. When said bond has been executed and authenticated, it shall be
delivered by the Treasurer to the purchaser thereof, upon_ payment of the
purchase price heretofore agreed upon and said purchaser shall not be obliged
to see the application thereof.
7. The city clerk is hereby authorized and directed to file a certified
copy of this resolution with the County Auditor of Hennepin County, together
with such other information as he shall require and to obtain from said
County Auditor a certificate that said bonds have been entered on his bond
register.
8. The officers of the city and the County Auditor of Hennepin County
are hereby authorized and directed to prepare and furnish to the purchaser of
said bond and to the attorneys approving the legality of the issuance thereof,
certified copies of all proceedings and records relating to said bond and to
the financial affairs of said city, and such other affidavits, certificates
and information as may be required to show the facts relating to the legality
and marketability of said bond as the same appear from the books and records
under their custody and control or as otherwise known to them, and such
certificates, certified copies and affidavits, including any heretofore
furnished, shall be deemed representations of the city as to the correctness
of all statements contained thereon.
9. It is hereby determined that there is at the present time a total
amount in excess of $510,000 in the various sinking funds and other funds
of the city which will not be required for other purposes prior to
December 1, 1984.
10. It is hereby determined to purchase the aforementioned $510,000
Temporary Improvement Bond, Series 33:, upon initial issuance, in accordance
with the provisions of Minnesota Statutes, Section 471.56 and 475.66, out of
funds in the following Funds and in the following amounts and on behalf of
said funds, at par and accrued interest as of the date of delivery of said
bond and completion of such sale:
Fund
Amount
Refunding Bonds of 1978 $510,000
it being further determined to be reasonable and advantageous to the above
funds to invest in said Temporary Improvement Bond, Series 33, and it being
further determined to be reasonable and advantageous to the city to sell said
Temporary Improvement Bond, Series 33, in accordance with the provisions of
this resolution.
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11. The city manager, mayor land acting finance officer are .hereby
authorized and directed to take any and all steps necessary to affect the
provisions of the foregoing resolutions and to make transfers of funds as
may be necessary from time to tine, to give effect to the provisions thereof.
Passed by the City Council of the City of Richfield this 28th day of
December, 1981.
ona d J. Pr* e Mayor
ATTEST:
Syl 'a K. Bergh City Clerk
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