80-6310R66
RESOLUTION N0. 6310
RESOLUTION AWARDING THE SALE OF $6,100,000
GENERAL OBLIGATION IMPROVEMENT BONDS OF 1980;
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,
Min~rresota, as follows:
1. The bid of BANCNORTHWEST/DA IN BOSWORTH, INC. of Minneapolis,
Minnesota, to purchase $6,100,000 General Obligation Improvement Bonds of 1980,
of the City 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 $5,992,004.76 plus accrued .interest to date of deliver-,
such bonds to bear interest as follows:
RATES
1983 7.20% 1996 8.00%
1984/85 7.25% 1997 8.10%
1986/87 7.40% 1998 8.20%
1988/93 7.50% 1999 8.30%
1994 7.70% 2000 8.40%
1995 7.90% 2001 8.50%
2002 8.60%
The sum of $4.76, being the amount bid in excess of $5,992,000, shall be
credited to the bond sinking fund hereinafter created. The City Treasurer
is directed to retain the good faith check of the successful bidder pending
completion of the sale and delivery of the bonds. The City Clerk is
directed to return the checks of the unsuccessful bidders forthwith.
2. The City of Richfield shall forthwith issue and sell its
General Obligation Improvement Bonds of 1980 (the "Bonds"), in the prin-
cipal amount of .$6,100,000, dated September 1, 1980, the Bonds being 1220
in number and numbered 1 to 1220, both inclusive, in the denomination of
$5,000 each, bearing interest'as above set forttr, all interest payable
February 1, 1981, and semiannually thereafter on August 1 and February 1 in
each year, and which. Bonds mature serially on February 1 in the years and
amounts as follows:
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YEAR AMOUNT YEAR AMOUNT
1983 $ 20,0'00 1993 $305,000
1984 20,OI00 1994 330,000
1985 175,.000 1995 345,000
1986 180,000 1996 380,000
1987 200,000 1997 405,000
1988 215,000 1998 435,000
1989 230,000 1999 .465,000
1990 250,O~00 2000 500,000
1991 260,0',00 2001. 535,000
1992 285,0,00 2002 565,000
The Bonds maturing after February 1, 1993 are subject to redemption 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.
3. The Council hereby finds and determines that the maturity
schedule of the Bonds, when ',combined with the maturity schedule of the
City's General Obligation Improvement Bonds of 1977, dated August~l, 1977
{the "1977 Bonds") conforms to the requirements of Minnesota Statutes,
Section 475.54, Subdivision 1,'and the 1977 Bonds are hereby designated for
such combination in accordance with the provisions of Minnesota Statutes,
Sectiori 475.54, Subdivision 2.'
4. Both principal of and interest on the Bonds shall be payable
at Northwestern National Bank of Minneapolis, Minnesota,
and the City of Richfield shall pay the reasonable charges of said bank for
its services as paying agent. ',
5. The Bonds and the interest coupons to be thereto attached
shall be in substantially the following form:
No.
i $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RIC1fFIELD
GENERAL OBLIGATION IPiPROVF.MENT BOND O.F 1980
Y.NOty ALL PIEN BY THESE PRESENTS that the City of Richfield, Henne-
pin County, Pinnesota, acknowl_erlge~s itself to be indebted aru1, for value
received, hereby promises to pay to bearer out of its General Obligation
Improvement Bonds of 1980 Fund ,'I the sum of FIVE TIIOUSt1Nll DOLLARS on the 1st
day of February, 19_ and to pay interest thereon from the date hereof
until the principal amount is ';paid at the rate of percent
( %) per annum, interest'..., to maturity payable lebrtrary 1, 1981, and
semiannually thereafter on tte 1st day of August and the 1st day of
February in each year in acco'~,rdance with. and upon presentation and sur-
render of the interest coupons hereto attached as they severally become
due. Both principal of and interest on this bond are payable at the
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in any coin or currency of the United States of America which on the date
of payment is legal tender..for--public and private debts.
All bonds of this issue. maturing after February 1, 1993, 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.
This bond is one of an issue of bonds in the total principal
amount of $6,100,000, 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 expenses incurred and
to be incurred in making local improvements, pursuant to and in full con-
formit}• with the Constitution and. laws of .the State of Minnesota, including
Pliniiesota Statutes, Chapter 429, and the Home Rule Charter of the City, and
is payable primarily from special assessments against property specially
benefited thereby, but constitutes a general-obligation of the City, and,
to provide moneys for 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 irrevocably 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 Constitution and laws of the State of Minnesota and
the }tome 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 re-
quired try law; and that this bond, together with all other indebtedness of
ttie 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,
1'tinnesota, by its City Council, has caused this bond to be executed by the
facsimile signature of the Mayor and the manual signature of the City
Pfanager 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 September 1, 1980.
Playor
facsimile signature)
(manual `;i.gnatnre
City Plana~;er
(.facsimile seal)
I -4- _ ,
.-
(Form of Coupon)
No. '~, $ ~
On the lst day of February (August), 19_ the City of.Ri.chfield,
Hennepin County, rinnesota, will pay to bearer, out of its General Obligation
Improvement Bonds of 1980 Fund at the
the amount shown hereon for (,interest then due on its General Obligation
Improvement Bond of 1980, dated September 1, 1980, No.
:_ ' (facsimile signature)
• Mayor
(facsimile signature) ~ r
City ilanager ',
6. The City Clerk ',shall obtain a copy of the proposed approving
legal opinion. of Messrs. LeFevere, Lefler, Kennedy, O'Brien and Drawz of
Plinneapolis, Minnesota, which '',shall be complete except as to dating thereof
and shall cause said opinion', to be printed on each Bond, together with. a
certificate to be signed by 'the facsimile signature of the City Clerk in
substantially the following form:
' 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 to me for filing in my office prior
to the time of bond delivery.
', (facsimile signature)
City Clerk
City of Richfield, Minnesota
The City Clerk is hereby authorized and directed to execute such certif-
icate in the name of the City upon receipt of such opinion acid to file the
opinion in the City offices. ',
7. The Bonds shall be executed on behalf of the City by the
facsimile signature of the 1`layor and the manual signature of the City
Manager, and the interest coupons shall be executed and authenticated by
the printed facsimile signatures of the P[ayor and City Planager, and the
facsimile of the corporate se',al of. the City may, but need not be, printed
thereon; provided, however, that the signatures of both the Mayor and the
City Manager may be facsimile' signatures, duly authenticated by the manual
signature of an officer ' of the Bank of
he reb,y designated authenticating agent pursuant to
Minnesota Statutes, Section 47,,5.55, Subdivision 1, and, if the Bonds are to
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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 bond to be exe-
cuted 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 its duly authorized•Authenticating Agent on the reverse side
of this bond, all as of September 1, 1980."
b) Add the following on the reverse side of the bond:
"This Bond is one of the Bonds of the series designated herei.i
issued pursuant to the resolution authorizing its issuance and
deliverv."
of
Bank
As Authenticating Agent
By
Its Authorized Officer
The Bonds, when fully executed, shall be delivered by the City Treasurer to
the purchaser thereof upon receipt of the purchase price, and the purchaser
shall not be obligated to see to the proper application thereof.
8. The Bonds shall be payable from the General Obligation Im-
provement Bonds of 1980 Fund (the "Sinking Fund") hereby created, and the
proceeds of general taxes hereinafter levied, and special assessments to be
levied for the improvements (the "Improvements") financed by the Bonds are
hereby pledged to the Fund. If any payment of principal or interest on the
Bonds shall become due when there is not sufficient money in the Fund to
pay the same, the City Treasurer 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 for the Improvements, when col-
lected.
9. It is hereby determined that the City will levy special
assessments for. the Improvements in the principal amount of at least 20i~ of
the cost of the Improvements. To pay the City's share of the cost of the
Improvements, there is hereby levied a direct, annual, irrepealabl.e ad val-
orem tax levy against all taxable properties in the City, which•tax levies
shall be in the years and amounts as follows (year stated being year of
levy for collection the following year.)
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' LEVY COLL I LEVY COLL
YEAR YEAR LEVY YEAR YEAR LEVY
1983 1984 $393,000
~ 1992 1993 $497,200.
1984 1985 I
486,500 1993 1994 483,900
1985 1986 497,900 1994 1995 490,400
1986 1987 497,600 I 1995 1996 489,000
1987 1988- 496,100 I 1996 1997 485,500
1988 1989 499,300 ~I, 1997 1998 475,100
1989 1990 490,600 1998 1999 472,900
1990 1991 492,400 1999 2000 467,900
1991 1992 492,800 2000 .2001 449,800
It is hereby determined that ',,the esti mated col lection of special assess-
ments for the payment of the B',onds and the foregoing ad valorem tax levies
will produce at least five percent in excess of the amount needed to meet,
when due, the principal and interest pa yments on the Bonds. The City Clerk
is di rected to file a certified'copy of this r esolution with the Finance
Direc tor of Hennepin County and obtain the certificate required by Piinnesota
Statu tes, Section 475.63.
10, It is hereby determined that the Improvements to be financed
by the Bonds will directly and indirectly benefit the abutting property,
and the City hereby covenants'. with the holders from time to time of the
Bonds as follows:
(a) The City will cause the assessments for the Im-
provements to be promptly levied so that the first install-
ment will be collectible not later than 1982 and will take
all steps necessary to assure prompt collection. The Cit}T
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 other 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 all,recei.pts and disbursements relating to
the Improvements, grants and pledged funds,. any taxes or
assessments levied therefor and other funds appropriated for
Bond payment, and al',1 collections thereof and disbursements
therefrom, moneys on hand and balance of unpaid assessments.
(d) The City twill cause its books anti 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.
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11. 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 10th, certify to the Finance Director of Hennepin County the a-~ount
available in the Sinking Fund to pay principal and interest due during the
ensuing year, and the Finance Director shall thereupon reduce the levy
collectible during such-year by the amount so certified. •~
12. The City Council hereby finds and determines .that the
Improvements, comprising projects .heretofore designated as CP 705 Street.
Improvement Projects, constitute projects undertaken by the City in aid of
the Lyndale-Hub-Nicollet Redevelopment Area (the "Program") are public
redevelopment costs thereof, and are essential to the orderly and success-
ful completion of the .Program. In accordance with the Tax Increment Agree-
.men.~. (the "Agreement") between.the City and the Richfield Housing and
Redevelopment Authority, dated May 9, 1977, in connection with the Program,
the City intends to use tax increments from the Program Area for the pur-
pose of paying all or a portion of the City's cost of the Improvements as
represented by the taxes levied under Section 9 of the Resolution, and
shall from time to time deposit to the Sinking Fund for the Bonds such
portions of the Tax Increments as in its judgement are necessary and avail-
able for debt service on the Bonds. '
13. The officers of the City are hereby authorized and directed
to prepare and furnish to the purchaser of the Bonds and to the attorneys
approving the same, certified copies of proceedings and records of the Citv
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 shown 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.
14. The Mayor, City Manager and City Clerk are hereby authorized
and directed to certify that they have examined the official statement or
prospectus prepared and circulated in connection with the issuance and sale
of the Bonds and that to the best of their knowledge and belief said state-
ment is a complete and accurate representation of the facts and represent-
ations 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 this 8
day of September, 1980. _ ~.1 /
ATTEST:
Sy a K. Bergh Acting C' Clerk
J. Priebe ~Nfa~or