1953-99r
RESOLUTION N0. 99
R
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF' $1,100,000 SEWER IMPROVEMENT
BONDS
WHEREAS, the Village Council has determined to construct sanitary sewers .
in the village aril has designated the same Sanitary Sewer Improvement No. 1, and
WHEREAS, the Village Council'11as called for bids for the construction of a ~~
portion of said improvement under the provisions of Minnesota Statutes Sections
~.12.1~01 to ~.12.l~81, and
WHEREAS, the Village Council has determined that it is necessary to sell
improvement bonds in order to finance a portion of the .cost of said improvement,
NOW, THEREFORE, BE IT RESOLVED by the Village Council of, the Village of
Richfield, Minnesota, as follows s
1. It is hereby determined to finance said improvement by two or more issues
of improvement bonds.
2. There is hereby created a special fund to be designated as Sanitary
Sewer Improvement No. 1 Fund out of which shall be paid the cost of the said
3.mprovement and the principal and interest on-the Improvement Bonds authorized
hereunder and into which fund shall be paid all of the proceeds of the special
assessments to be~levied for said improvement and the moneys received from the
sale of Improvement Bonds.
3. In anticipation of the collection of said special assessments, the
village shall forthwith issue and sell $1,100,000 Sewer Improvement Bonds of
1953. The full faith and credit of the village shall be pledged to the payment
of the-principal and interest on the bonds when the moneys on hand in the
Sanitary Sewer Improvement No. 1 Fund are insufficient for the purpose.
!~. The Sewer Improvement Bonds of 1953 shall be 1100 in number and. numbered
1 t0 1100, both inclusive, in the denomination of X1,000 each, shall bear_ date
March 1, 1953, shall bear interest payable September 1, 1953 and semiannually
thereafter on March 1 and September 1 in~each year and shall mature serially on
March 1 in the amount of $60,000 in each of the years 1955 to 1968, both inclusive
and $50,000 in each of the years 1970 to 1973, both inclusive, all bonds maturing
iri 1959 .and prior years without option of prior payment, bonds maturing in the
years 1960 to 1968, inclusive' subject to redemption on any interest payment date
on and after two years prior to maturity data at par and accrued interest and
bonds maturing in the year 1969 and thereafter subject to redemption on March 1,
1968 and any interest payment date thereafter at par and accrued interest.
.r
5. It is hereby determined that the above maturities are such as in the
judgment of the village council are warranted by the anticipated collection of
assessments.
6. The village council shall meet at the Village Hall in said village on
Monday, the 23rd day of February, 1953, at 8s00 o~clock P.M., for the purpose
of receiving and considering sealed bids for the purchase of said bonds and the
village clerk is authorized and directed to cause notice of the sale of said
bonds to be given by publication ten days in the official newspaper of the
village and in Commercial West. Said notice shall recite that the village will
1
_ _
15~
Resolution No. 99 (Cont~d}
furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson,
Passed this 9th day of Februarys 1953.
MAYOR
ATTEST:
1
Minneapolis Minnesotan both without expense to the purchasers sha11 require
that all bids be unconditional and accompanied by a good faith check or draft
in the amount of at least ~20~000~ and shall specify not exceeding four interest
rates in multiples of one-quarter or one-tenth of one percent. Said notice shall
• ~ further provide that delivery of the bonds will be made by the v3.11age within
forty days after the date of sale.
VILLA MANAGER