1953-110ro f~/
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RESOLU~Z ~ N0. 11.0
RES®LUTION AUTHO~RIZIlVG THE ISSUANCE OFSANITARY SEWER
IMPROVEM~t T Bpi DS IN THE AMOUNT OF X1,100, 000.00 for
SANITARY SEWER SNIFROVEMENT N0. 1. a
BE I T RESOLVED by tY~ Vi1la.ge Council of the Village of Richfield
Minnesota, as followss
- 1. The village shall forthwith issue its negotiable sewer Improverr~nt
Bonds in the aggregate principal amount of ~1,100~000, dated March 1, 1953, in
the denomination of $1,000 each, bearing interest as .followss 3 3/l~ for maturities
1955 through 1963, bothinclusive; 3.90 for maturities 19b}~ through 1968, both
inclusiro~e;and !~ for maturities 1969 through 1973, both inclusive, interest payable
September 1, 1953 and semiannually thereafter on the 1st day of Mas~ch and the 1st day
of September in each year, and maturing serially on March 1st in the years and amounts
as follows : $60, 000 in 1955- to 19.69, both inclusive, and X50, 000 in 1970 ~ 1973, both
inclusive, all bonds maturing in the years 1955 ~ 1959, inclusive being without
opt3.on of prior payment, bonds maturing in 1960 to 1968, inclusive, being subject
to redemption at par and accrued interest on any interest payment date on or after
taro years prior to maturity and bonds maturing in 1969 to 1973, inclusive being
subject to redemption at par and accrued interest on March 1, 19b8 and any interest
payment date thereafter.
2. Both principal and interest shall be payable at the main office of
the Northwestern Na~t3.onal Bank of Minneapolis, Minnesota, and the village shall
pay the reasonable charges of said bank for its serni.ces as paying agent.
3. The bonds and the interest coupons to be thereto attached shall be
in substantially the following forms
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENN SPIN
VILLAGE OF RICHFIELD
No.
$]., 000
SEWER TMPROVENIITT T BO~N7j OF 1953
Sanitary Sewer Improvement No, 1.
ISNOTnT ALL MEN BY ~IESE PRESENTS That the Village of Richfield, Hennepin
County, Minnesota, acknowledges itself to be indebted and for value received hereby
promises to -pay to bearer from the fund of Sanitary Sewer Improvement No._ l ~ the sum
of ONE THOUSAND DOLLARS on the let day of March, 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 being payable September 1, 1953,
and semiannually thereafter on tl'e let day of March and. the let day of September ,
- in each year in accordance with and upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal of and interest on
this bond are payable at the main office of the Northwestern National Bank of Minneapolis
Minnesota in any coin or currency of the United States of America which at the date
of payment is legal tandem for public and private debts.
(In bonds Nos. 1 to 300, inclusive)
This bond is payable at maturity date without option of prepayment.
(In bonds Nos. 301 to 1100, inclusive)
This bond is subject to redemption on March 1, 19 ,and
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any interest payment date thereafter at par and accrued interest. Thirty
days prior notice of redemption will be given by mail to the bank where the
bands are payable and to the last known holder. Holders desiring to reoeive
such nofiice must register their names, addr®sses and bond numbers wi•hd~ the
Village Clerk, -
This bond is one of an issue of bonds, in the total. principal amount
of $1,100,000, all of like date and tenor except as to maturity, interest rate
and redemption privilege, all issued pursuant to and in full emnformity with
the Constitution and Laws of the State of Minnesota, including Section 1.~7,.2.L~71,
Minnesota Statutes 19l~9, and acts amendatory thereof and supplemental thereto,
for the purpose of defraying the expenses incurred and to be incurred in a special
improvement called Sanitary Sewer Improvement No. 1 in said Village, and is
payable partly from special assessments to _be levied against property specially
benefited thereby but constitutes a general obligation of the village, and to
provide moneys for the prompt and full payment of said principal and interest as
the same become due the full faith and dredit of the Village is hereby
irrevocably pledged and the village wI.11 levy ad valorem taxes as required for
such purpose without limitations as to .rate or amount.
T T IS HEREBY CERTIFIED AND RECITED That all acts, condi lions and things
rewired by the Constitution and Laws of the State of Nkinnesota to be done,
to happens 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 required by law; and that this bond together with all other
indebtedness of the village outstanding on thedate of its actual issuance and
delivery does not exceed any constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the Village of Richfield, ~nnepin County,
~~ki.nnesota, by its Village Council, has caused this bond to be signed by the
Mayor and Manager and sealed with the corporate seal of said village and the
interest coupons hereto attached to be executed and authenticated by the
facsimile signataires of" the Mayor and Manager, all as of the 1st day of March 1953.
AqA O
1~NAGER
(Seal)
(Form of Coupon)
No.
On the let day of March (September),
Hennepin County, Minnesota, will pay to bearer
Improvement No. 1 Fund at the main office of
Village of Richfield, Minnesota
19 , the Village of Richfield,. - ^
out_of the Sanitary Sewer
the sum of .DQ~IARS, being the instal]~ent of interest
then due on Sts Sewer Improvement Bond dated March 1, 1953, No.
:;~
anager yor
4. The Manager is directed to cause sam.d bends to be prepared, and
the mayor and manager are authorized and directed to execute the same and affix
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the village seal thereto and to cause the interest coupons to be executed and
authenticated by the printed facsimile signatures of the mayor and manager.
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5. The village council hereby determines that 90 percent of the
cost of Sax~.itary Viewer Improvement No. 1 shall be assessed against property
specially benefited thereby. The estinated collection of said special assessments
will produce the sum of ~l,l~7I~,290 during the period when bonds issued hereunder
will fall due. Tn order to provide at least five percent in excess of the amount
needed to meet when due the principal and interest payments on the obligations cohere
is hereby levied a direct general ad valorem tax upon~all taxable property in the
village in the years and amounts as follows:
• YEAR
IbE~TY
YEAR LEVY
___._._
1953 15,1 :- ~ 1963 ~ 8, 380
1954
~ 10,510 196l~ 8,130
1955 10,280 1965 7,880
195b lo, 0l~0 1966 7, 610
1957 9,800 1967 7,390
1958 9,570 1868 ~ 6,090
1959 ~ 9,330 1969 5,880
1960 9,090 1970 ~ 5,b70
1961 8,860 197-1 5;x.60
1962
~ 8,620 _
, ~,~, g,~
6. There is hereby created a separate sinking fund for said bonds
and the taxes hereinabove specified and all special assesments ,hereafter levied for i
Sanitary Sewer 2mprovement No. 1 are hereby irrevocably appropriated to said fund.
7. 4he said bids when fully executed shall be delivered by the
treasurer to the purchaser thereof upon receipt of the purchase price, and the said
purchaser shall- not be obligated ~ to see to the proper application thereof.;
8. The village Clerk is authorized and directed to file a
certified copy of this resolution wi th the County Auditor of Hennepin County
together with such other information as he may require and to obtain from him• a
certificate that the bonds have been entered upon his bond register and a tax
has been levied as required by law.
9. ~.e clerk and treasurer are authorized and directed to prepare
and furnish to the purchasers and to the attorneys approving said issue certified
copies of all proceedings and records relating to the issuance of said stewer
improvement bonds, and to the right, pow®r and author3.ty of the village and its
officers to issue the same and said certified copies and certificates shall be
deemed the representations of the village as to all matters stated •Fd~erein.
Dated this 9th day of March, 1953.
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ATTEST;
a~u~. n
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red C. Re11e
ayor
Lero Traf
Manager ~-~