1954-301rPage ~~.
RESOLUaoN No. 301
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RESOLUTION RF'P,9 TINA TO THE ISSUANCE ~
X1,000,000 IMPROVEMENT BONDS CF 1954
BE IT RESOLVED by the Village Council of the Village of Richfield, Hennepin County,
Minr~esota~ as follows'.
3.75 for bonds matut~ig_ February i, 1956 through February 1, 1963, and
3.70 for bonds maturing February 1, 1964 through February 1' 1975.
1. The Village shall forthwith issue its negotiable Improv®ments Bonds of-1854
in ~«he aggregs~te principal amount of X1,000,000 dated- February l~ 1951 being 1,000
in number and numbered 1 to 1,000 both inclusive, 3xi the denomination of X1,000 each
bearing interest-as follower
payable ~.igust l~ 195l~ and semi-annually thereafter on Februar~r 1 and august 1 in
each year and maturing serially on Februar~r 1 in the amount of $50,000 in each of
the years 1956 to 1975, both inclusive. Al>~ bonds maturing on February 1, 1968
and thereafter will be callable on February l~ 1958 and anky subsequent interest .
payment date at a•premium of X30.00 3f r®deemed on or prior to August l~ 1961, X20:00
if redeemed February 1, 1962 or on or prior to August 1, 1965, ~10,00~if redeemed
February 1, 1966 or on or prior to August 1, 1969, and at par 3f redeemed February
1,'1970 or any interest pant date thereafter.
~; Both principal and interest on said bonds shall be payable at the Northwestern
National Bank of Minnea~lis, 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 shal.l.be in sub-
stantiall~y the following forms
UNITED: STATES OF ~lERSC~-
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VTLLA~GE ~ RICHFIELD
Nom
$1000
IMPROVEMENT BOND (~' 195l~
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IOiTOW~ ALL MEN BY THESE PRESENTS That the Vi],lage of Richfield Hennepin County,
Miruiesota~ acknowledges itself to be indebted and for value received promisee
pair to bearer on the 1st day of Februarys 19 ,the sum of X1,000 out of its Project
No, 22~. Fundy and to pay interest thereon ou'~"of said fund from the date hereof until
the principal amount is paid at the rate of
3.75 for bonds maturing ~'eb. 1~ 1956 through Feb, 1~ 1963
and 3.70,E for bonds maturing Feb, 1, 1964 through Feb, 1, 1975
interest to maturity payable August 2, 1954 and semi-annually thereafter on the let
day of February and the ],st day of .August in each year in accordance with and upon
presentation and surrender of the interest coupons hereto attached as they severally
become due. Both principal and interest on this bond are payable at the main office
of the Northwestern Nat3.o~•1 Bank of Minn,eapol3,.s, Minnesota in any coin or currency of
the United States. of America which at the time of payment is legal tender for public
and private debts. .
A17. bonds of this issue maturing on February 1, 1968 and thereafter will. be
subject to redemption o~n February 1 1958 and any subsequent interest payment date
thereafter at a~ premium of X30.00 if redeemed on or prior to August 1, 1961, X20,00
Reso1. No. 301 • ~ - ~-C
i.f redeemed February l~ 196 or on or prior to August l~ 1965 X10.00 if redeemed
Februax~r 1~ 1966 or an or prior to August l~ 1969, and at par 3f redeemed February
lr 1970 or ar~y interest payment data thereafter upon thz'ty dauys prior notice by
mail~.to the bank where the bonds are payable and to the ]vast known holder. Holders
desiring to reoeive such notice must register their names, addresses and bond
numbers with the Village Clerk.
This bond i.s one of an issue of bonds in the total amount of ~1s000~~0,
all of like date and tenor except as to maturity interest rate and redemption pri-
vi.lege~ 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 authorized by
Chapter 2 98 ~ Lawsof Minnesotan 1953, and is payable out of its. Project Np. 224 Fund
from the proeeeds.of special assessments levied or to be levied for said improve-
ments and ad~ valorem taxes for the proportion of the cost as determined by the
Council, and the full faith and credit of the Village have been irrevocably pledged
for the payment of the principal and interest when the monies on hand in the ap-
propriate fund are insufficient for the purpose, and advalorem taxes may be levied
for such purposes without ].im~.tation ~as. to rate or amount.
IT IS HERESY CERTIFIED ARID RECITED That all conditions acts and things required
by the Constitution and ?~.ws. 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 exists have been
donee have happerbed and have been performed in regular and dwe forms tip' a+nd manner
as required by laws and that the issuance of this bonds did not cause the indebtednesffi
of the Village to exceed a~ constitutional or statutory ].im3.ta~tion thereon. o
IN WITNESS WHERECY' ~ The V~.llage of Richfield Hennepin County Minnesota, by
its Village Council, hasp caused this bond to be execut®d 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 ~s of
February 1, 1954. ~ ~
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Village of Richfield Minnesota
anager
(Bead.)
(Form of Coupon)
No. -
On the 1st day of August (~ebruary), 19~, the Village of Richf'ield~ Hennepin
County, Minnesota< wil.l~ pay to bearer at the maan office of the Northwestern National
Bank of Minneapolis, Minnesotan out of its.Projeet No. 224 Fund the sus of
Dollars for interest then dt~e on its Improvement Bonc..o~~ 9
a e ruary a s ~• ~•
~~~~~~ ~ .
anager yor
!~. The bonds shall be prepared uxnl®r the d3.rect3.on of the Manager and shall
be executed on behalf of the Village by the Mayor and Managers and the 0iilage seal
sha7.7~ be affixed thereto and the interest coupons shall. be executed and authenticated
by the printed facsimile signatures of said officers.
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Resol. No. 301 - 3 -
5, The fu11 faith and credit of the Village are hereby pledged for the pay-
ment of the principal. of and interest on the bonds when the monies on hand in the
appropriate fund are insufficient for that purpose and -the Council shall include in
the tax levy a sufficient .amount to take care of an4Y accumulated or anticipated d®-
fic3.ency in said Project 1Vo. 224 Fund, and the Treasurer shall pay the bonds out of
the funds of the treasfury when the monies on hand in the appropriate fund are in-
sr?fficient to meet the payment of maturing principal and interest.
6, This Council having previously determined that at least 80~ of the cost
of s~eid improvement shall be assessed against property specially benefited thereby,
and it now appearing that the proceeds from the sale of bonds 3.ssued hereunder shall
not be sufficient to finance more than 80~ of the cost of said improvement, it is
now estimated that the collections from said special assessments will. produce and
provide at least five per cent in excess of the aanount needed to meet when due the
principal and interest patents on the obligatdons issu.®d hereunder.
7. The Village Clerk is authorized and directed to deliver a certified copy
of this resolution to the County auditor of Hennepin County and to obtain his
certificata•in accordance with Section 475.63, Minnesota. Statutes.
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8. The officers of the Village are hereby authorized and direct~3'd to prepare
and furn3.sh to the purchaser of sa~.d bonds and to the attorneys: approving the same,
certified copies of all procseedings and records of the Village x~l.ating tosaid
bonds and to the financial condition of the Village, and such oth®r oertificatss,
affidavits and transcripts as may be required to show the facts within their kno~r-
ledge~ or as-shown by the books and records in their custody or under their control,
relating to the validity of said bonds and the levar of special assessments and
such instruments, including ar~gr heretofore furnished, shall be deemed representatior~
of the Village as to the facts therein stated.
Passed. by the Village Council this 8th dag of March 1954.
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