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1953-219ra RESOLUTION NO. 21' RESOLUTION PROVIDING FOR.ISSUANCE AND SALE OF IMPROVEMENT BONDS PURSUANT TO LAWS, 1949, CHAPTER 119, AS AMENDED,,FOR SANITARY SEWER IMPROVEMENT N0. 1. WHEREAS, this Council has heretofore determined to construct sanitary sewers in the Village, has designated the same as Sanitary Sewer Improvement No. 1, has called for bids and awarded contracts for the construction of said improvement, has determined to finance said improvements by the issuance and sale of two or more issues of improvem�:nt bonds of which one issue has heretofore been issued and sold, and WHEREAS, this Council has also determined to do certain street surfacing, re- surfacing, grading, and tree removal work in connection with the making of said Sanitary Sewer Improvement No. 1, the cost of which are expenses incurred in con- nection with said Sanitary Sewer Improvement No. 1, and WHEREAS, this Council has heretofore advertised for bids and awarded contracts for the doing of such street surfacing, resurfacing, grading and tree removal, and WHEREAS, this Council has determined that is is necessary to sell improvement bonds in order to finance that portion of the aforementioned sanitary sewer improve- ment for which contracts have been let and for which financing has not heretofore been provided, NOW THEREFORE BE IT RESOLVED by the Village Council of the Village of Richfield Minnesota, as follows: 1.. It is hereby determined that the following Village projects are necessary expenses incurred or to be incurred in the making of Sanitary Sewer Improvement No. 1 of this Village, to -wit: Project No. 172 -2 consisting of the resurfacing of streets in which sanitary -sewers have been constructed, the contract for the construction of which has been awarded to the Bituminous Surface Treating Company. .4- Project Nos. 1553 160, 161, 177, 186, 193, 195 and 210 consisting of street grading on streets in which sanitary sewers have been constructed, the con - t. tract for which has been awarded to Park Construction Company. 4 Project Nos. 203, 205, 207, and 210, consisting of surfacing and resurfacing of streets which were designated as detours pending construction of said sewer improvements, the contract for which has been awarded to Sculley Construction Company. Project No. 186, consisting of.clearing and grubbing trees and shrubs from right -of -way streets where sanitary sewers have been constructed, the contract for which has been awarded to the Huber Tree Service. ` Project No. 208, consisting of the resurfacing of street in which sanitary sewers have been constructed, the contract for which has been awarded to Jay W. Craig Company. 2. It is hereby determined to issue improvement bonds to further finance the making of Sanitary Sewer Improvement. 3. The proceeds from the sale of such bonds as are issued to finance said sanitary sewer improvement shall be a part of the special fund heretofore created by the Council, designated as Sanitary Sewer Improvement No. 1 Fund. 2 4 8 (Resolution No. 219 Continued) L4. In anticipation of the collection of special assessments and general tax levies the- Village shall forthwith issue and sell $1,043,000 Improvement Bonds (of 1953) Series B to further finance said improvement. 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. 5 The aforementioned Improvement Bonds - Series B - shall be sold as a sue. issue, sha 013 in number and numbered 1 to 1013 inclusive, in the, urination of $1,000 each, sh the date of November 1, 1953, shall- interest payable May 11 1951, and semi- annual reafter on November_ - May 1 in each year, and shall mature serially on November 1 z of $53,000 in 1951, $50,000 in each of the years 1955 to 1965, both inc l , an 1$59,,QOO in each of the years 1966 to 1973, both inclusive. All maturing on November-'Tr-1546 and thereafter will be callable on Novembe , 956 and any subsequent interest paym nom- at a premium of $30 if red on or prior to May 1, 1965, and at par if redeemed Novem !�62 0 or prior to May 1, 1965, and at par if redeemed November 1, 1965 or thereafter,_ 6. It is hereby determined that the above maturities are such as in the judg- ment of the Village Council are warranted by the anticipated collection of assess- ments and general tax levies. 7. The Village Council shall meet at the Village Hall in said Village on Thursday November 12, 1953 at 8 :00 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 furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchaser, and shall require that all bids be undonditional and accompanied by a good faith certi- fied check, bank draft, or cashiers check in the amount of at least $20,000, payable to the order of the Village, to be forfeited as liquidated damages in event the bid is accepted and the bidder fails to comply therewith. All bids shall state one basic rate of interest from the date of issue to maturity for all bonds having a common maturity date. Interest shall be stated in multiples of one - quarter or one -tenth of one percent. Not more than four such rates are to be specified for the issue and the maturities of the bonds may be split not more than four ways for the purpose of desig- nation of such rates. No extra or separate coupons permitted. Said notice of sale shall further provide that the bonds will be delivered within forty days from date of sale to the purchaser at Minneapolis or St. Paul, Minnesota, or Chicago, Illinois, without expense to the purchaser, and elsewhere at the purchasbr's expense. 8. Said Improvement Bonds - Series B - shall be advertised and sold together wih $217,000 Improvement Bonds - Series C, the issuance and sale of which will be author-• ized on the date of this resolution. The advertisement for bids may specify that bids must be for both issues but that the bid for each issue-shall be separately stated, and may provide that the good faith check, draft or cashiers check.shall be in the amount of $25,000 so as to include good faith securityfor the bid on both such issues as improvement bonds. Passed by the Village Council this 21st day of October, 1953. QATTES Paul . 4�u een Clerk Fred. C. - Reller Mayor anag r NOTE: See corrected Paragraph No. 5, Resolution No. 219, on following page - #293.