1953-236rRESOLUTION NO. 236
RESOLUTION RELA TIN G TO ISSUANCE OF
IMPROVrT BONDS OF 1953s SERIES C.
BE IT RMOLVED by the Village Council of the Village of Richfield, Minnesota,
as follows:
1. In order to provide money for payment of the costs and expenses of
Sewer Projects Nos. 214 and 225, the Village shall forthwith issue its negotiable
coupon Improvement Bonds, Series C, in the aggregate principal amount of $217,000,
said bonds to bear date November 1, 1953, to be In the denomination'of $1000
each, to be 217 in number and numbered 1 to 217, both inclusive, to bear interest
as follows:
4% for bonds. maturing November 1, 1955, through November 1, 1963. 4 for
bonds maturing November 1, 1964 through. November 1, 19739
payable May 1, 1954, and semiannually thereafter on May 1 and November 1 in each
year and which bonds will mature serially on November 1 in the years and amounts
as follows:
$12,000 in 1955; $10,000 in 1956 to 1968, both inclusive; and $15,000 in
1969 to 1973, both inclusive; all bonds maturing on November 13, 1966 and
thereafter 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 November 1,-1959 or on or prior to May 1.,
1962; $10 if redeemed November 10 1962 or on or prior to May 1, 1965;
and at par if redeemed November 1, 1965 or thereafter.
2. Both principal and interest on said bonds shall be payable at 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 bonds and the interest coupons to be thereto attached shall be in
substantially the following foram
UNITED STATES CF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF ffCHFI1W
No. $1000
IMPROVEMENT BOLD OF 1953' SERIFS C
KNOW ALL MEN Iff THESE PRESENTS That the Village of Richfield, Hennepin
County, Minnesota, aclinowledges itself to be indebted and for value received
promises to pay to bearer on the first day of November, 19 , the sum of ONE
THOTSAND MOLLARS out of its Improvement Bonds of 1953 Series C Fund and to pay
Interest thereon out of said fund from the date hereof until the principal
mount is paid at the rate of
(I% for bonds maturing November 1, 1955 through November 1, 1963 and 4
for bonds maturing November 1, 1964 through November 1, 1973.)
interest to maturity parable May 11 1954 and semiannually thereafter on the lst
day of May and the 1st day of November in each year in accordance with and upo4 -
presentation and surrender of the interest coupons hereto attached 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 time of
1
(Resolution No. 236 Cont' d.) 271
payment is legal tender for public and private debts.
All bonds of this issue maturing on November 1, 1966 and thereafter will
be 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 November 1, 1959 or on or prior to May 1, 1962; 10 if redeemed
November 1, 1962 or on or prior to May 1, 1965; and at par if redeemed November
-3, 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 amount of $217,000,
all of like date and tenor except as to maturity, interest rate and redemption
privilege, all issued by the Village for the purpose of providing money to defray
the expense incurred or to be incurred in-making sewer improvements as authorised
by Chapter 398, Laws of Minnesota 1953, and *s'.peyable out of its Improvement
Bonds of 1953 Series C fund from proceeds of special assessments levied or to
be levied for said improvements and ad valorem tames for the proportion of
the cost as determined by the Council, but the full .faith and credit of the
Village have been irrevocably pledged for the payment of the principal and
interest when the moneys on hand in the appropriate fund are insufficient for
the purpose, and ad valorem taxes may be levied for such purpose without limit-
ation as to rate or ,amount.
IT IS HEREBY CERTIFIED AND RECITED That all conditions, acts and things
required -by the Constitution and Laws of the State of Minnesota to exist, to be
done, to happen and to be performed precedent to and in the issuance of this
bond do exist, have been done, have happened and have been performed Sri regular
and due form, time and manner as required by law and that the issuance of this
bond did not cause the indebtedness of the Village to exceed any constittitional
or statutory limitation thereon.
IN WI TUESS WHEREOF, the Village of Richfield, Hennepin County, Minmesota,
by its Village Council, has caused this bond to be executed by the Mayor and
Manager and its corporate seal to be hereto attached and the interest coupons
herewith to be executed and authenticated by the facsimile signatures of said
officers, all as of November 1, 1953.
Village of Richfield, Idnneso to
(SEAL)
(Form of Coupon)
No.
On the first day of May (November), 19 , the Village of Richfield, Hennepin
County, Iiinriesota., will pay to bearer at the main office of the Northwestern
National Bank of Ifinneapolis, Minnesota, out of its Improvement Bonds of 1953
Series C Fund the sum of DOLLARS for interest then clue on its
Improvement Bond, Series C. Taited FoMm—Ber 1, 1953, No.
OR
KANAGER
(Resolution No. 236 Cant'd)
4. The bonds shall be prepared under the direction of the Manager and
shall be executed on behalf of the Village ,by the signatures of the Mayor and
Manager and the village seal shall be affixed thereto, and the interest coupons
shall be executed and authenticated by the printed facsimile signatures of said
officers.
5. There is hereby created a separate debt redemption fund to be called
Improvement Bonds of 1953 Series C Fund for the purpose of financing said
improvements. Into said fund shall be paid all proceeds of the assessments
and taxes levied for said improvements and such other moneys as may be received
by the Village for the purpose of or appropriated to the payment of said
improvement or principal of and interest on said bonds. Out of said Raid shall
be paid the principal of and interest on all bonds issued hereunder. The proceeds
of said bonds shall be paid into the separate improvement project funds as
specified by previous resolution, and the cost of said improvements shall be'
paid out of the respective improvement project funds. If proceeds of special
assessments and taxes levied for such improvements are first paid into the said
Project No. 225 Fund or the Project No. 214 Fund, such proceeds shall thereafter
be transferred to the aforementioned' debt redemption fund.
6. The full faith and credit of the Village are hereby pledged for the
payment of the principal ofr arid interest on the bonds when the moneys an hand
in the appropriate fund are insufficient for that purpose and the Council shall
each year include in the tax levy a sufficient amunt to take care of any
accumulated or anticipated deficiency in the said fund and the treasurer shall
pay the bonds out of the funds of the treasury when the moneys on hand in the
appropriate fund are insufficient to meet the payment of maturing principal and
interes t.
7. It is hereby determined that the estimated collections of special
assessments will produce $286,480. In order to provide money for the portion
of the cost not to be paid from proceeds of special assessments,, there is here-
by levied upon all of the taxable property in the Village, a direct ad valorem
tax in the years and amounts as follows:
YEAR
LEVY
YEAR
LEVY
1954
$2,000
1963
$21000
1955
2,000
1964
2,000
1956
2,000
1965
29000
1957
2J000
1966
2,000
1958
2,000
1967
2,000
1959
2,000
1968
2,000
1960
2,000
1969
2,000
1961
.2,000
1970
2,OW
1962
2,000
1971
23,000'
1972
2,000,
each of said levies
shall be irrepealable
except as provided by law.
8. The Village Clerk is authorized and directed to deliver a certified
copy of this resolution to the County Auditor of Hennepin County and obtain his
certificate in accordance with Section 475.63, Minnesota Statutes,
9. The officers of the Village are hereby authorized and directed to pre- .
pare and furnish tot the purchaser of said bonds and to the attorneys approving the
same, certified copies of all proceedings and records of the Village relating ,o
said bonds and to the financial condition of the Village, and such other certifi-
cates, affidavits and transcripts as may be required to show the facts within
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00iolution Not 00&0. .
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Absir knoarlsdge, car as shoe by the books and records in their` custody or
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under their cootrol, relating to the validity 04 said bmds end the levy
of special asgessm -md such instruments, including any heretofore
fey
furnished,. shall lie- �d*4A*d representations of the Village as to the facts :
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therein stated
Adopted by the Village. Council this 12th day of November, 1953.
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Paul H* H&UPM
Village Clerk r raMn
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