1953-220r~ - _ - - _.
RESOLUTTt~T N0. 220
RESOLUTI~i PROVIDINQ~ FOR THE TSSUANGE AND SALE OF ~ 217000
TMPROVEMIIVT BOIUI~ OF 1953 PURSUANT TO THE PROVTST~TS OF
MINNESOTA STATUTES, SEGTTGiTS 429.011 TO 429.11.1.
WHEREAS, the Village Council has determined to construct sanitary sewers
3n the Village and has designated the S~ as Project No. 21~.~ and
WHEREAS, the Village Council has determined to construct storm sewers .in
the Village and has designated the same as Project No. 225, and
WHF~RFAS, the Village Council has called for bids and ~aar~ed contracts
for the cr~struction of said improvements under the provisions of Minnesota
Statutes, SectLons l~29.011 .to t~29.111, and
X49
WHERE, the Village Council has determined that it is necessary to se11
improvement bonds in order to- finance a portion of the cost of said improvement,
NOW THEREFORE, BE I T RESOLVE39 by the Village Council of the Village of
Richfield Minnesotan as followss
1. T t is hereby de tern}ixied to finance said irr~rovements by the issuance of
improvement bonds.
2. There is hereby created a special fund to be designated as Project No.
225 Fund. The proceeds from the sale of ~35,00o Improvement Bonds herein pro-
vided for, and- from collections of special assessments and t~ces levied for the
improvement and any other moneys appropriated thereto by the Village shall be
paid to such fund and it sha11 be used solely to defray expenses of the improvement
and payment of principal and interest due -upon the obli.gat3.ons.
3. There is hereby also created a special fund to be designated as Project
No. 21~t. Fund. The proceeds from the sale of 182000 Improvement Bonds herein
provided for, and from. collections of special assessments and taxes levied for
the improvement anal any other moneys appropriated thereto by the Village shall
be paid to such fund and it shall be used solely to~ defray expenses of the
improvement and payment of principal and interest due upon the obligal3ons.
1~. Tn anticipation of the collection of special assessments and general
taxes, the Village shall forthwith issue and sell X217,000 Improvement .Beds
(of 1953) Seri-es C, to finance said iaao projects. The full faith and credit of
the Village sha11 be pledged to the payment of principal and interest on the
bonds when moneys on hand in said funds are insufficient for the purpose.
5. The said Improvement Bonds - 5er].es C -shall be 217 in number, and
numbered l to 217, both inclusive, in the denomination of ~l~OQO each,+ sha11
bear date of November 1~ 1953, shall bear interest payable May 1, 1~4, and
semi-annually thereafter on November 1, and ~2ay 1 in each year and shall. mature
serially on November 1 in the amount of X12,000 in 1955' X10,000 in each of
the. years 1956 to 1968, both inclusive, and 15000 in each of the gears 1969
to 1973, both inclusive. All bonds maturing on November 1~ 1966 and thereafter
will b e callable on November 1 ~ 1956 and any subsequent interest .payment date
at a premium of X30 if redeemed on or prior to May l~ 1959, X20 if redeemed
November 1, 1959 or on or prior to May 1~ 1g62, $10 if redeemed November 1,
1962, or on 'or prior to May 1, 1965, and at par if redeemed November 1' 1965
or thereafter.
6. Tt is hereby determined that the above maturities are such as in the '
judgment of the V311age Council are warranted by the anticipated collection of
assessments and general tax levies. - -
~5®
(Resolution N'o. 220 Conti d)
7. The Village ~o~cil shall meet at the Village Hall in said Village on
Thursday, November 12, 1953 at 8:00 0~ 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 pub] i.cation ten days in the official nea~rspaper of the Village and in
Ca~nmercial Vest. Said notice shall recite that the Village wi11 furnish printed
bonds and approving legal opinion of A~essrs. Faegre & Benson, Nfi.xmeapolis,
P~axmesota, both without expense to the purchaser, and shall require that all
bids be unconditional and accompanied by a good faith certified check, bank
draft, or cashiers check in the amount of at least S,O~JO, payable to the order
of the Village, to be forfeited as liquidated damages in event the bid is
accepted and the bidder fails to comely therew.i.th. R11 bids shall state one
basic rate of interest from the date of issue to maturity for all bands having
a common maturity date. Interest shall be stated in multLples of one-quarter
or one-tenth of one percent. Not more than four such rates are to be specified
for the issue and the maturit3.es of the bonds may ~ split not more than four
ways for the purpose of designation of such rates. No extra or separate
coupons pexmi.tted. Said notice of sale shall further provide that the bonds will
be delivered within forty days fx+om date of sale to the purchaser at l~i.~eapolis
or St. Paul, Nrinnesota, or Chicago, Illinois, without expense to the purchaser,
and elsewhere a~ the purchasers expense. '
8. Said Improvement Bonds - Series C -shall be advertised and sold
together with ~1,6It3,OQ0 ?mprovement Bonds, Series B, the issuance and sale
of which has been authorized on the date of this resoluta.on. The advertise-
ment for bads may specify that bids must be for both issues but that the' good.
faith check, draft or cashiers check shall be in the amount of at least ~2,~,000
so as to include good faith security far the bad on both such issues of
improvement bonds.
Passed by the Village Council this 21st day of October, 1953.
ATT~ST.s
a ' Iiau , lage
re Re er, yor
roy ton ager
i