1953-235r~~~
RESOLUTION N0. 235
RESOLUTION RELATING TO ISSUANCE OF
IMPROVr~M~NT BONDS OF 1953, SERIES B.
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.BE IT RESOLVED by `the Village Council of the Village of Richfield, Minnesota, ,
as follows:
1. The Village shall forthwith issue its negotiable Improvement Bonds,
Series Bj in the aggregate principal amount of ~1,01~3,000, dated November 1, 1953,
being 1043 in number and numbered 1 to 10l~3, both inclusive, in the denomination
of X1000 each, bearing interest as follows:
- ~.~ for bonds maturing November 1, 1954 though November 1, 19b3, and ~4~ for
bonds maturing November 1, 1961 through November 1, 1973•
payable May 1, 1951, and semiannually thereafter on May 1 and November 1 in each
year, and maturing serially on November ~lst in the years and amounts as follows: ,
~53,000~in 1951, X50,000 in 1955 to 1965; both inclusive, and X55,000 in 19b6 to
1973, both inclusive, all bonds maturing on November 1, 1966 and thererafter being
subject to redemption on November 1, 1956 .and any interest payment date thereafter
at a premium of $30 if redeemed on or prior to May 1, 1959, $20 if redeemed Novem-
ber 1, 1959 or on or prior to-May 1, 19b2, $10 if redeemed November 1, 1962 or on
or prior to May 1, 1965, and at par if redeemed November 1, 1965 or thereafter.
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2. The Series B. 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 Hennepin .
Village of Richfield
No. X1000
IMPROV:E;MM~TT BOND OF 1953, SERIES B
KNOW ALL MEN BY THESE PRESENTS That the Village of Richfield, Hennepin County,
Minnesota, acknowledges itself to be indebted and for value received hereby promises
to pay to bearer out of its Sanitary Sewer Improvement No. 1 Fund on the 1st day of
November, 19, the sum of ONE THOUSAND DOLLARS and to pay interest thereon out of
said Fund from the date hereof until the principal amount is paid at the rate of
(~.~ on bonds maturing November 1, 1954 through November 1, 1963, and 44~
on bends maturing November 1, 19b1~ through November 1, 1973•)
interest to maturity being payable May l; 19511 and semiannually thereafter on the
1st day of Mai' and the 1st day of November in each year in accordance with and upon
presentation and surrend®r of~the attached interest coupons as they severally become
due. Both principal of and interest on.this bond are payable at the Northwestern
National Bank of Minn~:apolis, Minnesota, in any coin or currency of the United Skates
of America which on the date of payment is legal tsnder for public and private debts.
All bonds of this issue.:maturing November 1, 1966 and thereafter will be sub-
ject to redemption on November 1, 196 and any interest payment date thereafter
at.a premium of X30 if redeemed on or prior to May 1, 1959, $20 if redeemed November
1, 1959 or on or prior to May 1, 19b2, $10 if deemed November 1, 1962 or on or
prior to May 1, 1945, and a~ par if redeemed November 1, 1965 or thereafter, upon
~, thirty days prior notice by mail to the bank where the bonds are payable and to the
last known holder. Holders desiring to receive such notice must register their
names, addresses and bond numbers with the Village Clerk.
This bond is one of an issue of bonds in the total principal amount of
~1,0l~3,000, all of like date and tenor except as to maturity, interest rate and
redemption privilegex, all issued pursuant to and in full conformit with the
Constitution and Laws of the State of Minnesota, including Section ~12.I~71,
(No. 235 Continued)
Minnesota Statutes, and acts amendatory thereof and supplemental thereof, for the
purpose of defraying the expenses incurred and to be incurred in various im-
provements of said Village, and is payble primarily from special assessments
to be 7.evied against property specially benefited thereby but constitutes a
general obligation of the Vil]lagg, and to provide moneys for the prompt and
full payment of said primcipal and interest as the same become due the full
faith and credit of the Village is irrevocably pledges and the Village will
levy ad valorem taxes if required for such propose without limitation as to
rate or amount. '
IT IS HEREBY CERTIFI~;D AND RECITID That all acts, conditions and things
required by the Constitution and Laws of the Stste of Minnesota to be done,
to happen, 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 laws; and that this bond, together
with all other indebtedness of the Village outstanding on the date hereof
and the date of its actual issuance and delivery does not exceed any con-
stitutional or statutory limitation thereon.
IN InIITNESS Wt1ERE0F, the Village of Richfield, Hennepin County, Min-
nesota, by its Village Council, has caused this bond to be signed by the
Mayor and the Manager and sealed with the corporate seal of the Village
and the interest coupons hereto attached to be executed and authenticated
by the facsimile signatures of said officers, all as of November 1, 1953.
Mayor
Village of Richfield:, Minnesota
Manager
(Seal)
No.
(Form of Coupon)
On the 1st day of May (November, 19 , the Village of Richfield,
Hennepin County, Minnesota, will pay to bearer at the main office of the
Northwestern National Bank of Minneapolis, Minnesota out of its Sanitary
Sewer Improvment No. 1 Fund the sum of DOLLARS
for interest then due on its Improvement Bond, Series B, dated November
1, 1953' No,
Mayor
Manager
2-a. Both principal and interest on said bonds aY~.l be payable at
the main office of the Northwestern.National Bank of Minneapolis, Minnesota
and the Village shall pay the reasonable charges of said bank for its services
as paying agent.
3. The Manager is directed to cause said bonds to be prepared, and
the Mayor and Manager are authorized and directed to execute the same and
affix 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.
1~. This Council having previously determined that 90~ of the cost of
said improvement shall be assessed against property specially benefited
thereby, it is now estimated that the collections from said special assess-
ments will produce the sub of X2,636,835 including interest, during the period
when the bonds issued hereunder (and pursuant to previous council resolution)
Resolution No. 235 Continued)
fall due. In order to provide at least five percent in excess
to meet when due the prirncipal and interest on the obligations
Improvement No. 1 there is hereby levied a supplemental direct
all taxable property in the Village in the years and amounts a.
Year Levy '' ~ Year
195 ~ ,, l~0 19b3
1955 -- 18,500 1964
1956 18,500 1965
1957 18,500 1966
1958 18,500 1967
1959 18,500 1968
1960 _ _
7.8, 500 1969
1961 ~ 18,500 1970
1962 X8,500 1971
1972
of the amount needed
for Sanitary Sewer
ad valorem tax upon
follows:
Levy
18~
18,500
18,500
18,500
18, 500
18, 500
18,500
18,500
18,500
16,000.
~a®ed, ~~
5. There has heretofore been created a separate sinking fund for said bonds
to be called Improvement Bonds of 1953, Series B, called the Sanitary Sewer Improve-
ment No. 1 Fund, and the taxes heretofore and hereinabove specified and all special
assessments levied for Sanitary Sewer Improvement No. bare hereby irrevocably
appropriated to said fund.
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6. The said bonds when fully executed shall be delivered by theixeasurer to
the purchasers thereof upon receipt of the purchase price, and the said purchasers
shall not be obligated to see to the proper application thereof.
7. The Village C~.erk is 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 may require and to obtain from him a certificate that the bonds
have been entered upon his band register and a tax has been levied as required by
law.
the Village as to all matters stated the"rein.
8. The 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 the improvement bonds and to
the right, power and authority of the Village end its officers to issue the same
and said certified copies and certificates shall be deemed the representations of
Adopted by the Village Council this 12th day of November 1953•
ATTEST:
~~. ~ .
Paul H ugen Fred C. eller
. Mayor
,.~-
Le oy Tra on
Manager