1954-383r~~~
RESOLUTION N0. 383
RESOLUTION AtTrHORIZING INVESTIIEI~ ~' PROCEEDS
OF STORM SEWER FUND IN STR.F~T EQUIP.E~NT CERTT-
FICATES ~' INDEBTEDNESS
,WHEREt~1S, this Counci3., by previous resolution, has authorized the issu-
ance of ~~.9,000 Street Equipment Certificates of Indebtedness,
WHEREAS, there is now an the Storm Sewer Districts A~ E~ J~ Q, D~ D3,
and Street Improvement ~l.A Fund (hereinafter referred to as ~~Sewer Fund~~) of
the Village of Richfield ~1~9,000 which is not currently needed for any purpose,
is sub3ect to investment by this Council, and is now invested, arnl
~S, the interest rate on said certificates is higher than the rate
of return on the securities in which such Sewer Fund monies axe now invested,
and is more favorable than the anticipated bid of any prospective purchaser
of said certificates, and
desirable investment for such Sewer Fund monies,
WHEREAS, the interest rate established for such certificates of indebted-
ness appears to be a fair and equitable rate of return, and would provide a
NOW TH~R,E~'ORE, BE 7~ RESOLVED by the Village Council of the Village of
Richfield, Hennepin Coun"Ly, I~iinnesota, as follows:
1. That investments from the said Sewer Fund be liquidated to the ex-
tent of ~~.9,000, that said sum be invested, by the purchase of said Street
Equipment Certificates of Indebtedness, that said Certificates of Indebted-
ness be issued and credited to said Sewer Fund, as an investment of said
"Fund, at face value, effective on the 1st day of July, 1954.
2. That principal and interest on said certificates of indebtedness
shall be designated as payable at the main office of the Northwestern National
Bank of l~Linneapolis, Iti:nnesota; but that of said Certificates, or a part
thereof, are not subsequently sold or transferred by this Village to another
person or party, it shall be sufficient, as to such certificates or part
thereof as retained by the Village, to make such interest and principal pay-
ments by entering the appropriate bookkeeping entries on the financial records
of th3as Village showing the payment of such principal and interest payments
in the appropriate funds. If there sha71 be any charges made hereafter by
said bank for acting as paying agent, such charges shall be paid by the
Village.
3~ The Certificates of Indebtedness and the interest coupons to be
attached thereto shall be in substantially the following form:
No. a
UNITED STATES C~' AMERICA
STATE OF I~NNES OTA
VILLAGE (~' RICHFIELD
X1000
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-2- Resolution #383
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STREET CONSTRUCTION EQUIPiKENP
CERTIFICATE ~' INDEBTEDNESS
KNOfnT ALL MEN BY THESE 11tESENrS That the Village of Richfield Hennepin
County, I~Linnesota, acknowledges itself to be indebted and for value received
hereby promises to pay to bearer the sum of ONE THOUSAND DOLiAR5 on July lst,
lg ,and to pay interest thereon from the date hereof until the principal
amount is paid at the rate of three percent (3I) ~r annum, interest to matur-
i1y payable July l~ 1955, and semiannually thereaf ter on the lst day of July
and the lst day of January in each year iri accordance with and upon presenta-
tion and surrender of the attached interest coupons as they severally become
due. Both principal and interest are payable at the main office of the North-
western National Bank of Minneapolis in the City of Minneapolis, Minnesota,
in any coin or currency of the United States of 1§merica which at the time of
payment is legal tender for public andprivate debts and to provide money for
the prompt and full payment of said principal and interest as the same become due
the full.faith~ credit and taxing powers of the Village have been and are here-
by irrevocably pledged.
This certificate is one of an issue in the total principal amount of
X49,000, all of like date and tenor except as to maturity, issued by the
Village pursuant to the Constitution and Laws of the State of Minnesota, in-
cluding M.S.A. Section L~12,301, for the purpose of financing the purchase of
certain stxeet construction equipment,
IT IS HEREBY' CERTIFIED AND RECITED That all acts conditions and things
required by the Constitution and Laws of the State of Nn.nnesota to be done,
to happen, to exist and to be performed precedent to and in the issuance of
this certificate of indebtedness have been donee have happened, do exist and
have been performed in regular and due form, time and manner as required by
law and that this certificate of indebtedness together with all other debts
of the Village outstanding on the date hereof and the date of its actual
issuance and delivery does not exceed ar~y constitutional or statutory limi-
tation of indebtedness.
IN TESTIMONY WHEREOF the Village of Richfield Hennepin County, Nlinneso-
ta~ by its Village Council has caused this certificate of indebtedness to be
signed by its Mayor and Village 1tanager and sealed with the corporate seal of
the Village and the interest coupons hereto attached to be executed and authen-
ta.cated by the facsimile signatures of said officers all as of July , 1954.
Mayor
Village Manager
(Seal)
i=
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•
3-
No. .
(Form of Coupon)
Resolution #3$3
On the 1st day of January (July), 19 ,the Village of Richfield, Henne-
pin County, Minnesota, will pay to bearer at the main office of the Northwestern
National Bank of Minneapolis, i~innesota, the sum of DOLLARS,
being the installment of interest then due on its Street Construction Equipment
Certificate of Indebtedness dated July 1~ 1954, No.
' /~ ~
Mayor
Vi lags Ntanager
i~
If
4. The certificates of indebtedness shall be printed under the direction
of the Village Manager and shall be executed on behalf of the Village by the
signature of the Mayor and the Village Manager and the corporate seal of said
Village shall be affixed to each thereof, and the interest coupons shall be
executed and authenticated by the printed, engraved or lithographed facsimile
signatures of said Mayor and IJianager. When said certificates have been so
executed they shall be delivered by the Village Treasurer to the purchaser
thereof upon receipt of the purchase price heretofore agreed upon and the
purchaser shall not be obligated to see to the proper application thereof.
5. There is hereby created a separate sinking fund for said certificates
of indebtedness, which shall be held by the Village Treasurer and used for no
other purpose these to pay principal of and interest on said certificates; pro-
vided that if any payment of principal or interest shall become due when
there is not sufficient money in said fund to pay the same, the Treasurer shall
pay such principal or interest from the General Fund of the Village, and said
General Fund shall be reimbur~d for such advances out of the proceeds of
taxes levied pursuant hereto or other moneys appropriated by the Village
Council for such purpose. Into said sinka.ng fund shall be paid all proceeds
of the taxes levied pursuant to this resolution and such other moneys as may
be received by the Village for the purpose of or appropriated to the payment
of said certificates of indebtedness and interest.
6. There is hereby levied upon all the taxable property in the Village
a direct annual ad valorem tax which shall be spread upon the tax rolls and
colledted with and as a part of~other general taxes of the Villages which tax
is to be in the years and amounts as follows:
Year Levy
1854 ~p11,000
1955 11,760
1956 11,345
195? ~-x-,130
1958 lo,sl5
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-4-
Resolution #383
Each of said levies shall be irrepealable, provided that the Village reserves
the right to reduce said levies in the manner and to the extent ~rmitted by law.
7. The Village Clerk is hereby authorized and directed to file with the
County Auditor of Hennepin County, ivlinneSota, a certified copy of this resolute
tion together Vm.th such other information as the County Auditor may require,
and to obtain from the County Auditor a certificate that such tax has been
lavied and the certificates of indebtedness have been entered upon his bond
register.
8. The County Auditor of Hennepin Coun~Ly and the officers of the Vi1la.ge
are hereby authorized and directed to prepare and furnish to the purchaser of
said certificates of indebtedness and to the attorneys approving the issue,
certified copies of all proceedings and records of the. Village relating to
said certificates and to the financial condition and affairs of the Village,
and such other certificates= affidavits and transcripts as may be required to
show the facts within their knowledge, or as shown by the books and records
in their custody and control, relating to the validity and marketability of
said certificates and such instruments, including any heretofore furnished,
shall be deemed representations of the Village as to the facts therein stated.
Passed by the Village Council this 7th day of June, 1951.
~~
red ~ 'ttel ~ yor
ATTEST ;
roy raf ton, Hager
Paul H.~Haug , Village Clerk
f~