1954-485ri
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RESOLUTION N0. 485
RESOLUTION PROVIDING FOR THE ALLOCATION OF PROCEEDS OF SALE OF
X1,000,000 II~P1 ROVEMENT BONDS OF 1954, SERIES B
WITER.EAS, this Council has heretofore authorized the issuance and sale of
X1,000,000 Improvement Bonds of 1954, Series B, and
WHEREAS, the distribution of the proceeds of such sale has not been made
by prior resolution of this Council, and
WT3EREAS, certain projects to be financed by said bond issue are of the same
nature or type and may be grouped as a single improvement for accounting purposes,
and
WHEREAS, certain of such projects as are to be financed in part by said bond
issue have now been completed or are nearing completion, making final financing
necessary, upon present estimates of the total costs of such projects,
NOW THEREFORE BE IT RESOLVED, by the Village Council of the Village of
Richfield, Hennepin County, Minnesota, as follows:
1. That it is hereby determined to finance Village Project No. 162 from said
bond issue; that the toal estimated cost thereof is X10,500; that a construction-
fund for this improvement is hereby created, to which said amount from the pro-
ceeds of said bond issue is hereby allocated, and out of which all necessary and
incidental costs of said improvement shall be paid; and that the proceeds of
special assessments levied on account of said improvement shall be paid into the
Improvement Bonds of 1954, Series B, Debt Redemption Fund.
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thereof is now determined to be $1,334,000; that X1,000,000 in financing having
heretofore been provided, the sum of X334,000 is hereby allocated to the con-
struction fund for said project; and that a percentage of the proceeds of special
assessments levied for said improvement be paid into said Debt Redemption Fund,
such percentage being that which financing from this bond issue bears to the total
cost of said project.
2. That it is hereby determined to finance the balance of the cost of
Village Project No. 224 from said bond is sue- that the total estimated cost
3. That it is hereby determined to finance the balance of the cost of
Village Project No. 225 from said bond is sue; .that the total estimated cost
thereof is now determined to be X70,000 in view of unexpected right of way ac-
quisition costs; that X60,000 of said cost havirig.heretofore been financed, the
sum of ~p10,000 is hereby allocated to the construction fund for said project;
and treat a percentage of special assessments levied for said improvement be paid
into said Debt Redemption Fund, such percentage being that which financing from
this bond issue bears to the total cost of said projects which has been financed
by Village bonds.
4. That it is hereby determined to f finance Village Projects Nos. 112, 148, 220,
182, 213, 223, 236, 163, 164, 21.5, 218, 219, 22.1, 231, 234, 23.5 and 194 from said
bond issue; that all of said projects~bein~g for street or alley grading and the
same type of improvement, it is hereby determined to combine them for acgounting
purposes; that a construction fund for said improvement is hereby created to which
the estimated cost of said improven"~nt, $33,000, is hereby allocated from said
bond issue and out of which the necessary and incidental expenses of said im-
provement shall be paid; and that the proceeds of special assessments levied on
account of said improvement be paid into the said Debt Redemption Fund.
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5. That it is hereby determined to finance Village Project No. 281 from said
bond issue; that the total estimated cost thereof is X22;500; that a construction
fund for this improvement is hereby created, to which said amount from the pro-
ceeds of said bond issue is hereby allocated, and out of which all necessary and
~ incidental costs of said improvement shall be paid; and that the proceeds of
~ special assessments levied on account of said improvement shall be paid into the
Debt Redemption r'und.
6. That it is hereby determined to finance Village Projects Nos. 264, 26b,
268, 269, 271, 272, 273, 275 and 290 from the said bond issue; that all of said
projects being storm sewer projects and of the same type, it is hereby determined
to combine them for accounting purposes; that a construction fund for said im-
provement is hereby created to which the estimated cost of said improvement,
X230,000, is hereby allocated from said bond issue, and out of which the necessary
and incidental expenses of said improvement shall be paid, provided that a sepa-
rate record shall be maintained as to the actual cost of each of said projects; and
that the proceeds of special assessments levied on account of said improvement be
paid into the said Debt Redemption Fund.
7. That it is hereby determined to finance a portion of the cost of Village
Project No. 230 from said bond issue; that the total estimated cost thereof is
~b78,000; that the sum of X360,000 is hereby allocated to the construction fund
for said project; and that a percentage of the proceeds of special assessments
levied for said improvement be paid into said Debt Redemption Fund, rich percentage
being that which financing from this bond issue bears to the total cost of said
project.,
$. That in any case where interim financing has been provided for any of the
aforementioned projects, the fund from which such financing was advanced shall be
fully repaid for monies furnished on account of such project from the sum allocated
to said project by this resolution, and that all accounts created to provide such
inter5sn financing be closed.
g. That the premium~of X55.00 and the interest of said bonds accrued from
date of the bonds until date of delivery be paid into said Debt Redemption Fund.
10. 'That it is hereby determined to finance Village Projects 155, 16017--
and 252 from the Sanitary Sewer Improvem~;nt No. 1 Construction Fund, it being
_the determination of this Council that said projects are necessary and incidental
to, and arise out of and by reason of the construction of said sanitary sewer im-
proveme;~~t; i,iza~ in any case where interim financing has been provided for any of
said projects, the fund from which such financing was advanced shall be repaid
for moni.,es so advanced, from said sanitary sewer construction fund, and that ail
accounts created to provide such interim financing be closed.
Adopted by the Village Council of the Village of Richfield this 23rd day of
August, 1954.
ATTESTS
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Paul Ha en
Clerk
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Fred 0. Kittell
Mayor
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Le oy Tr ton
i~ianager