1954-281r16
RF.SOLUTI(TN No, 281
RESOLUTICK PFOVEIMNG FOR THE ISSUANCE AND SALE OF $1,000,000
LKWVEMENT BoNgs OF 1954 PURSUANT TO MIMESOTA STATUES
ANNOTATED, SECTICKS 429.011 To 429.13.1,
the Village Council has determined to construct sanity sewer laterals
and appurtenances thereto and has designated such work as Project No. 224, and
WHEREAS, the Village Council has cb-Ued for bids for the construction of
said improvement under the provisions of Minnesota Statutes Annotated, Sections
429.011 to 429.111, and
WHEREAS, the Village Council has determined that it is necessary and desirable
to sell improvement bands in order to finance all or a portion of the cost of said
improvement.
NCW THEREFORE, BE .IT RESOLVED. by the Village Council of the Village of
Richfield., annesota, as follows:
1. It is hereby determined to finance said improvement or a portion thereof
by the issuance of improvement bonds.
2. There is hereby created a special fund to be designated as Project No.
224 Fund. The proceeds from the sale of $1,000,000 Improvement Bonds, herein pro-
vided for, and from collections of special assessments and taxes levied for the
said improvement and any other moneys appropriated thereto by the Village shall be
paid to such fund and it shall be used solely to defray expenses of said improvement
and payment of principal and interest due upon the said obligations.
3. In anticipatian of the collection of special assessments and general taxes,:
the village shall forthwith issue and sell $1,000,000 Improvement Bonds of 1954,
to finance said improvement. The full faith and credit of the Village shall be
pledged to the payment of principal and interest on the bonds when moneys on hand
in said fund are insufficient for the purpose.
4. Said Improvement Bonds of 1954 shall be 1,000 in number, and numbered
1 to 1,000, both inclusive, in the d enomination of $19000 each, shall bear date of
February 1, 1954, shall bear interest payable August 1, 1954, and s emi•- annually
(Resolution No. 281 Con Vd.) 7
thereafter on February 1 and August 1 in each year and shall mature serially on
February 1 in the amount of. $50,000 in each of the years 1956 to 1975, both inclusive.
i
All bonds maturing on February 1, 1968 and thereafter will be callable on February 1,
1958 and any subsequent interest payment date, at a premium of $30 if redeemed on or
prior to August 1, 1961; $20 if redeemed February 1, 1962 or on or prior to August 1,
1965; $10 if redeemed February 1, 1966 or on or prior to August 1, 1969; and at par
if redeemed February 1, 1970, or any interest pant date thereafter.
5. It is hereby determined that the above maturities are such as in the judg.
ment of the Village Council are warranted by the antLeipated collectLon of assessments
and general tax 3s vies. It is also determined that special assessmen to again t
benefited property shall be levied in an amount sufficient to bear at least 80%
of the cost of said improvement.
6. The Village 8ouncil shall meet at the Village Hall in said Village on
Tuesday, February 23rd, 1954 at 9:00 o'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
publication ten days in the official newspaper of the village and in Commercial
West. Said notice shall recite that the village will fLurnish printed bonds and
approving legal opinion of Messrs. Faegre do Benson, Minneapolis, Minnesota, both with-
out 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 $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 designation of. such rates. No extra or separmto
coupons permitted. Said notice of sale shall further provide that the bonds will