1954-462r_--a
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RESSOLUTION N0. 1i.62
RES OLUPI ON RELATING T O THE ISSUANCE C!~' ~l, 000, 000
IMPROVEMENP BOND6 (~' 1954, SERIFS B
BE IT RESOLVED by the Village Council of the Village of Richfield,
Hennepin County, Minnesota, as follows:
1. The Village shall forthwith issue its negotiable Improvwment Bonds
of 1954, Series B, in the aggregate principal amount of X1,000,000, dated August
1, 1954, being 1000 in number and numbered 1 to 1,000, both inclusive, in the
denomination of 1,000 each, bearing interest as follows:
3 for bonds maturing .August 1, 1956 to August 1, 1966, inclusive and
3 for ~ nds maturing August 1, 1967 to August 1, 1975, inclusive
payable February 1, 1955 and semiannually thereafter on August 1 and February
1 in each year, and maturing serially on August 1 in the amount of X50,000 in
each of the years 1956 to 1975, both inclusivee All bonds maturing on August
1, 1971 and thereafter will be callable on August 1, 1970 and any interest
payment date thereafter at par and accrued interest,
2m Both principal and interest on said bonds shall be payable at
the main office of the Northwestern n?ational Bank of Minneapolis, P~.nnesota,
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 substantial~.y the following form:
UNITED STATES OF AMERICA
STATE OF MINi~E5 OPA
C OUNrY OF HF,NNEPIN
VILI,EiGE OF RICH.~IELD
No.' $1,000
IMPROVEMENP BOTID OF 1954, SERIES B
KNOT ~iLL MEN BY THESE FRESEI~TS Tha;, the Village of Richfield, Hennepin
County,, Minnesota, acknowledges itself to be indebted and for value received
promises to pay to bearer on the 1st day of August, 19 the sum of X19000 out
of its Improvement Bonds of 1954, Series B, Debt Redemption Fund, and to pay in-
terest thereon out of said fund from date heraof until the principal amount is
paid at the rate of
3 for bonds maturing August 1, 1956 to August 1, 1966, inclusive and
3 for bonds maturing August 1, 1967 to August 1, 1975, inclusive
interest to maturity payable February 1, 1955 and semiannua].1y thereafter on the
1st day of August and the 1st day of February 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
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Resolution #Ltb2 -= Page 2 _
at the main office of the Northwestern National Bank of MinneapQ7.3s, 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.
~L1 bonds of this issue maturing on ~-ug~st 1, _ 1971. and thereafter will
be subject to redemption on august 1, 1970 and any interest payment date there=
after at ~rar and accrued interest, 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 ~1~000,000,
aZl of 7.i.ke date and tenor except as to maturity, interest rate and redemption
privilege,,, all issued by the Village for the purpose of providing money to de-
fray the expense incurred or to be incurred in making sewer improvements as
authorized by Chapter 398, Laws of 1'ti.nnesota of 1953, and is payable out of its
Improvement Bonds of 19~.k Series B, Debt Redemption Fund, .from the proceeds of
special assessments levied or to be levied for said improvement and ad valorem
taxes for the proportion of the cost as determined by the Council, and the fua.]~
faith and credit of the Village have been irrevocab]y' pledged for the payment
of the princiga], and interest when the monies on hand in the appropriate fund
are insufficient for the purpose, and ad valorem taxes may be levied for such
purposes without ].imitation as to rate or amount„
IT IS HEREBY CERTSFIED AAID_ RECITED That ail 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_exis~,.have been done, have happened and have been performed in regular
and due form, time and manner as required by law, and that the issuance of this
bond. did not ~caus.e the indebtedness of the Village to exceed .an~r cons tatutional
or statutory limitation thereon..
IN W1fiNESS WEIERE~', the Village of Richfield, Hennepin County, Minnesota,
by its Village Council, has caused th~,s bond to be executed by' the Mayor and
Manager sand itscorporate 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 august 1, 195.
yor Manager
Village of Richfield, Minnesota
(Seal)
(Form of Coupon)
No_. ~..:~..:. ; ... _ . .
an the let day of February (kugust) , 19 ,the :Village of Ric ` ie d,
Hennapi.n County, Minnesota, will pay to bearer at the .main- office of the North.-
,. ~,
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Resolution No. 4b2 -Page 3
western National Bank of Minneapolis, Minnesota out of its Improvement Bonds of
1951+, Series B, Debt Redemption Fund, the sum of ~ for interest then due
on its Improvement .Bond of 195t~ dated f~ugust l,, 19 , . o. ~.
Mayor Manager
~.. The bonds shall be prepared under the direction of the Manager and
shall. be executed on behalf of the Village by the Mayor and the Manager, and
the village seal shall be affixed thereto, and the interest coupons shall be
executed and authenticated by the printed facsimile signatures of such officers.
5 u The full. fai th and credit of the Village are hereby pledged for the
payment of the principal of ar~d the interest on the bonds when the monies on
hand in the appropriate fund are insufficient for that purpose, and the Council
sha3.]. include in the tax levy a sufficient amount to take care of any accumulated
or anticipated deficiency in said 195l~ Improvement Bond, Series B, Debt Redemp-
tion Fund, and the treasurer shall pay the bonds out of the funds of the
treasury when the monies. on hand in the appropriate fund are insufficient to
meet the payment of maturing principal and interest.
6. It is estimated that the collections from special assessments to .
be levied against property specially benefited by reason of the improvement for
which said bonds are issued will produce and provide at least 5~ in excess of
the amount needed to meet when due the principal and interest payments on the
obligations issued hereunder,
7. The Village Clerk is authorized and directed to deliver a certified
copy of this resolution to the County ~iuditor of Hennepin County and to obtain
his Certificate in accordance with Section x.75.63, Pti.nnesota Statutes.
89. The officers of the Village are hereby authorized and directed to
prepare and furnish to the purchaser of said bonds and to the attorneys approv-
ing the same, certified copies of all proceedings and records of the Village
relating to said bonds and to the financial condition of the Village, arnd 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 or under their control, relating to the validity of said bonds and the
levy of special assessments and such instruments, including array heretofore
furnished, shall be deemed representations of the Village as to the facts
therein stated.
Passed by the Council- this 2$th day of July, 1951.
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L4TTEST s red 0, Kit tell,; Mayor
d
Paul uge , illage~ 1"erk
Ler Traft n, Manager