79-6174R45
RESOLUTION PdO. 6174
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY
Ir~PROVEMENT BOr1DS, SERIES 32 TO THE REFUNDING BONDS
OF 1978 SINKING FUNDS IN ACCORDANCE T9ITH 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 Project No. 705,
otherwise known as L/H/N Public Improvements, Street Surfac-
ing, Sidewalks, Storm Sewer, Water, Landscaping and Pedes-
trian Improvement Construction, has been estimated at
$3,500,000. It is now estimated that the sum of $700,000
is currently necessary to provide additional 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. Thee
has been created City Project No. 705 Bond Funds 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 createdrSeries 32 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 improvement bonds issued to finance said projects.
2. It is hereby determined that the sum of $700,000
shall be borrowed to finance said City Project:
City Project No. 705 $700,000
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 32 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 32
accounts, or out of other municipal funds which are properly
available and are appropriated by the council .for such purpose.
3. It is hereby determined to levy special assessments
against benefited property by reason of the making of City
Project No. 705 and ad valorem taxes, if necessary, to produce
~,':` ~ sums at least 5 percent'lin excess of the amounts sufficient
to pay principal and interest 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 t'o 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
$700,000 shall be datedlSeptember 1, 1979, shall be one in
number inclusive, in the denomination of $700,000 shall bear
interest at the rate of',5 percent per annum, payable March l,'
and September 1, semi-annually of each year and shall mature
September 1, 1982, shall be subject to redemption and prepay-
ment of any interest payment date, at par and accrued interest.
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,lif known, and said Treasurer shall main-
tain a record of the na~,mes 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 no~~L•
The principal of and interest on said bond shall be payable
at the Richfield City Hall, 6700 Portland Avenue, Richfield,
Minnesota, 55423.
5. Said Tempoz'ary Improvement Bond shall be offset printed
with attached interest 'coupon in substantially the following
form:
~:
UNITED STATES OF AMERICA
STATE OF PdINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
TEMPORARY IMPROVEMENT BOND SERIES THIRTY-TWO
NO. ONE $700,000
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 SEVEN HUNDRED
THOUSAND DOLLARS on the first day of September, 1982, or on
a date prior thereto on which this bond has been duly called
for redemption, and to pay interest thereon from the date
hereof until paid or until this bond has been duly called
for redemption at the rate of five percent (_5%) per annum,
payable semi-annually on the first day of March and the
first day. of September in each year, interest to maturity
being payable in accordance with and upon purchase and
surrender of the interest coupon appurtenant thereto. Both
principal and interest are 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 and interest 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 $700,000 issued by said city for the purpose of defraying
expenses incurred and to be incurred in the construction of
improvements designated as "City Project No. 705" by the
City of Richfield, consisting of Permanent_Street Surfacing,
Sidewalks, Storm Sewer, Water, Landscaping and Pedestrian
Improvement Construction, 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 Minnesota thereunto enabling, including P![innesota
Statutes, Section 429.091, Subdivision 3. This bond is
payablF: primarily from the Temporary Improvement Bonds Common
Sinking Fund, Series 32 accounts of the city, but the council
is required to pay the pincipal and interest thereon out of
any funds in the treasury in the event that the monies on hand
in said funds are at any time insufficient to meet the payment
of maturing principal and interest, 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 pre-payment at the option
of the city on any interest payment date, at a price of par and
accrued interest upon notice of call for redemption mailed not
less .than 30 days prior; to the date specified for such redemp-
tion, 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.
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 and
to 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 f_or the con-
struction of said imprgvements; that the Temporary Improvement
Bonds Common Sinking Fund, Series 32 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
(50) in excess of sums '',sufficient to pay .the principal and
interest on all bonds payable from said fund as such principal
.and interest become due, and additional taxes, i.f needed for
said purpose., may be levied upon all taxable property in the
( city, without limitation as to rate or amount; that the holder
hereof shall have acrd may enforce by appropriate proceedings
all duties imposed by s,~id 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 ard.
manager and sealed with its official seal, and the interest
coupons appurtenant thereto to be executed and authenticated
by the facsimile signatures of said officers, and has caused
this bond to be dated as of September 1, 1979
Mayor
ager
Unless the bond described below is called for earlier
redemption
NO.
$17,50.0
On-the first day of March, September, 1980, the City of
Richfield, Hennepin County, Minnesota, will pay to bearer
at the City Hall of the City of Richfield, 6700 Portland
Avenue, Richfield, Minnesota, 55423, the sum of SEVEN HUNDRED
THOUSAND DOLLARS lawful money of the United 5tatesof America
for interest then due on its Temporary Improvement Bonds,
Series 32, Dated September- 1, 1979.
Mayor
Manager
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.
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, includ-
ing any heretofore furnished, shall be deemed representations of
the city as to the correctness of all statements contained
thereon.
7. The Acting 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 infor-
mation as he shall require and to obtain from said County Auditor
a certificate that said bonds have been entered on his bond
register.
,'
9. It is hereby de~itermined that there is at
// time a total amount in excess of $700,000 in the
1, funds and other funds of~the city which will not
other purposes prior to September 1, 1982.
the present
various sinking
be required for
10. It is hereby determined to purchase the aforementioned
$700,000 Temporary Improvement Bond, Series 32, upon initial
issuance,. in accordance with the provisions of Minnesota
Statutes, Section 471.56 and 475.66, out of funds in the follo~.a-
ing Funds and in the following amounts and on behalf of said
funds, at par and accrued interest as of the date o.f delivery
of said bond and completion of such sale:
Fund Amount
Refunding Bonds of 1978. $700,000
C ~=
it being further determined to be reasonable and advantageous
to the above funds to invest in said Temporary Improvement
Bond, Series 32, and it being further determined to be
reasonable and advantageous to the city to sell said
Temporary Improvement Bond, Series 32, i~ accordance ;"a~.~h '-he
provisions of this resolution.
_11. The city manager, mayor and acting finance officer
are hereby authorized and directed to take an_y and all steps
necessary to affect the provisions of the foregoing resolu-
tions and to make transfers of funds as may be necessary
from time to time, to gi~*e effect to the provisions thereof.
Passed by the City Council of the Citv of Richfield this 10th
day of December, 1979. "
~~~
o n L . aw ?`4ayor
ATTEST:
Syl a Bergh Acting I ty Clerk