77-5769R8
RESOLUTION N0. 5769
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY
IMPROVEMENT BONDS, SERIES 31, TO THE IMPROVEMENT BONDS
OF 1973 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 Project No. 705, otherwise known as L/H/N
Public Improvements, Street Surfacing, Sidewalks, Storm Sewer, Water, Landscaping.
and Pedestrian Improvement Construction, .has been estimated. at $3,500,000. It is
now estimated that the sum of $2,300,000 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 is hereby 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 created Series 31 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 $2,300,000 shall be borrowed to finance
said City Project:
City Project No. 705 $2,300,000
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 31 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 31 accounts, or out
of other municipal funds which are properly available and are appropriated by the
council for such purpose.
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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 lea~t 5% in 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 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 $2,300,000 shall be dated
September 1, 1977., shall be one in number inclusive, in the denomination of
$2,300,000, shall bear interest at the .rate of 5% per annum, payable March land
September 1, semi-annually of each year and shall mature September 1, 1980, shall
be subject to redemption and prepayment 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,
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 and
interest on said bond shall be payable at the Richfield City Ha11, 6700 Portland
Avenue, Richfield, Minnesota, 55423 e,
5e 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-ONE
N0. ONE $2,300,000
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
TWO MILLION THREE HUNDRED THOUSAND DOLLARS on the first day of September, 1980,.
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 respec-
tive 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 $2,300,000 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. Consti-
tution and Laws of the State of Minnesota thereunto enabling, including Minnesota
Statutes, Section 429.091, Subdivision 3. This bond is payable primarily from the
Temporary Improvement Bonds Common Sinking Fund, Series 31 accounts of the city,
but the council is required to pay the principal 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.
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This bond is subject to redemption ~iland 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 redemption, to the holder, iflknown. 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 for the construction of said improvements; that the Temporary Improvement
Bonds Common Sinking Fund, Series 31, 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'inot less than five percent (5%) 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, if 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 and may enforce
by appropriate proceedings all duties imposed by said Chapter 429 upon the city and
its officers with reference to thelevy 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. i
IN WITNESS WHEREOF the City of Richfield, Hennepin County, Minnesota, by its City ~-
Council, has caused this bond to be executed in its behalf by the. signature of its
mayor and 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, 1977.
Mayor
Manager
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Unless the bond described below is called for earlier redemption.
N0.
$57,500.00
On the first day of March, September, 19 , the City of Richfield, Hennpin County,
Minnesota, will pay to bearer at the City Hall of the City of Richfield, 6700
Portland Avenue, Richfield, Minnesota, 55423, the sum of FIFTY SEVEN THOUSAND
FIVE HUNDRED DOLLARS lawful money of the United States of America for interest then
due on its Temporary Improvement Bonds, Series 31, Dated ~ptember 1, 1977.
~/ ~ .~
Mayor
Manager
6. Said bond shall be prepared under the direction of the city clerk and
shall be executed on behlf 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.
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9. It is hereby determined thatjthere is at the present time a total amount
in excess of $2,300,000 in the various sinking funds and other funds of the
city which will not be required forother purposes prior to September, 1980.
10. It is hereby determined to purchase the aforementioned $2,300,000 Temporary
Improvement .Bond, Series 31, 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'lof delivery of said bond and. completion of
such sale:
Fund Amount
Improvement Bonds of 1973 $2,300,000
it being further determined to be reasonable and advantageous to the above funds
to invest in said Temporary Improvement Bond, Series 31, and it being further
determined to be reasonable and advantageous to the city to sell said Temporary
Improvement Bond, Series 31, in accordance with the provisions of this resolution.
11. The city manager, mayor, and finance officer are hereby authorized and
directed to take any and all steps necessary to affect the provisons of the
Foregoing resolutions and to make transfers of funds as may be necessary from.
time to time, to give effect to the provisions thereof.
hassed by the City Council of the City of Richfield this 12th day of September, 1977.
t
ATTEST:
.Thomas J. oran City Clerk