1954-446r"`'
RESOLUTION N0. 446
RESOLUTION PROVIDING FOR THS ISSUANCE AND SALE
of ~1, Ooo, o0o z~H~ OVENJENP BoNI3S of 1954, sERIESS B
~~
b~REAS, the Village of Richfield has heretofore undertaken the construc-
tion of a sanitary sewer improvement designated as Village Project No. 224, and
has provided partial financing for said project by the issuance and sale of
X1,000,000 improvement bonds of 1954, and
W~REAS, it now appears that the sum of °365,000 is now needed to com-
plete the financing of said Village Project No. 224, and
WHEREAS, the Vi].la.ge of Richfield has undertaken the construction of a
sanitary sewer improvement designated as Village Project No. 230, and has
entered into a contract for the construction thereof at an es'ta.mated contract
price of X624,523.60, for a portion of which financing is now necessary, and
,,~ WHEREAS, the Village Council has received bids for construction of
certain improvements, or has ordered or will order the construction thereof
by day labor, such improvements being designated as Village Projects Nos.
- 142, 148, 155, 160, 162, 163, 164, 177, 182, 194, 213, 215, 220, 221, 223,.
231, 234, 235, 236, 252, 261, and 281, financing for the cost of rah ich will
be necessary, and
WHEREAS, the Village Council has also. advertised for bids on certain
' ~ storm sewer improvements designated as Village Projects Nos. 264, 266, 268,
Fd.~. _;~ 269, 2?1, 272, 273, 275, and 290, financing for the cost of which will be
necessary, and
_ Y
WHERF~AS, the cost of a71 of the aforementioned improvements is substan-
' tially in excess of X1,000,000, and
WHEREAS, it appears necessary to finance a part of the cost of said im-
provements at this time by the issuance and sale of `1,000,000 improvement
bonds;
NAT THEREFORE, BE TT RESOLVED by the Village Council of the Village ~
Richfield, Hennepin County, Pti.nnesota, as follows:
1. It is hereby determined to finance said improvements by the issuance
of X1,000,000 improvement bonds at this time.
- 2. The Council shall, before issuance of said bonds, provide for the
consolidation of such projects so as to limit the number of improvements and
the funds necessary to provide for financing the construction thereof, and
shall create such special funds as shall be necessary and appropriate, into
which shall be paid the proceeds of the sale of said X1,000,000 improvement
bonds, and shall also provide for such sinking fund or funds as shall be
necessary and appropriate.
~ ~ ..~
-2- Resolutioxi #!il~6
3n Ih anticipation of the collection oi' special assessments and gene~^a1
taxes, the Village shall forthwith issue and sell ~1,000~000 Improvement Bonds
of 1954, Series B to finance said projects The full faith and credit of tie
Village shall be pledged to the payment of principal and interest on the bonds
when the moneys on hand in the sinking fund or funds for such bond issue ark
insufficient for the purpose.
4. The said Improvement Bonds of 195., Series B shall be 1,000 in
number, and numbered 1 ~0 1,000, both inclusive, in the dencmd.nation of X3,000
each, shall bear date of August 1, 1954, shall bear interest payable February
1, 1955 and semi-annually thereafter on August 1 and February l in each year,
and shall mature serial]~y on August 1 in the amount of X50,000 in each of the
years 1956 to 1875, both inclusive,. all bonds maturing on August 1, 1871 and.
thereafter being subject to redemption in inverse numerical order on August
1, 1970 and any interest payment date thereafter at par and accrued interest.
1.~
5. It is hereby determined that the above ~.turities are
such as in the judgment of the Village Council are warranted by the anticipated
collection of special assessments and general taxes.
-~ '~ 6. The ViL-La.ge Council shall meet at the Village Hall in this Village
on Wednesday, July 26~ 1954 at 8:00 of clock Pte. forthe purpose of receiving
and considering sealed bids for the purchase of said bonds, and the Village
Clerk is authorized and detected to cause notice of the sale of said box~ls to
b lication in the official news er and in Commercial West.
e 'ven pap
b ~ y P~
Said notice shall recite that the Village will furnish printed bonds and
approving legal opinion of P~iessrs. Faegre and Bensons Minneapolis, Minnesota,
both without expense to the purchaser, shall require that all bids be uncon-
ditional and accompanied by a certified check, bank draft or cashiers check
in the amount of at least X20,000, payable to the order of the Village, to be
forfeited as liquidated damages in the event the bid is accepted and the
bidder fails to comply therewith. Split rate bids may be aubm9.tted stating
the same rate or rates of interest from the date of a.s sue to maturity for
bonds having a common maturity date, and not more than four such rates (in
integral multiples of one~.fourth or one-tenth of l~ per annum) for the issue
and the maturities of bonds split in not more than four ways for the purpose
of designation of such rates. No extra or separate coupons willl be ~ xmitted,
Said notice shall further state that the bonds will be delivered to the
purchaser wi-ihout expense at I~ti.nneapolis or Saint Paul, Minnesota or Chicago
Illinois wi thin 40 days after the date of sale.
Fassed by the Council this 12th. day of July, 195G.. '
ATTIST t ;~ o
a ~iauge~ Jerk