1955-705r~~~
RESOLUTION N0~ 705
RES GLUT T ON PR OUI DING FOR THE ISS U~NCE An1D SALE
c~ ~l,~.lo,ooo Ii~RavEr~Nr BONAS ~ 1955
Wes, the Village of Richfield has heretofore undertaken the con-
struction of a sanitary sewer improvement designated as Village Project No.
230, and has provided partial financing for said project by the issuance and
sale of Improvement Bonds of 1954, Series B, and
WBERE~S, it now appears that the sum~of ~p318,000 is-now needed to com-
plete the financing of said Project No. 230, and
WHatEAS, the Village of Richfield has undertaken to complete or has
completed a number of other improvement projects,. including Village Projects
155, 232, 241m 258, 301, 292, 293, 29t~, 295, 286, 289, 298, 301, 308, 219,
233, 239, 291, 296, 303, 306, 316, 250, 270 317, 312, 302, 322', the total
estimated cost of which is X1,092,000, which sum is now necessary to finance
s~._.: rrojects, and
WHEREAS, a11ti of said improvements have been made pursuant to M~.nnesota
Statutes, Sections 129.07-1 to x.29.111,
NQ++I THEREFORE BE IT RESOIIUED BY THE VTLIAQE COUNCIL of the Village of
Richfield, Hennepin County NJinnesota, as. followsa
l.. It is hereby determined to finance the aforementl.oned improvements;
by the issuance of ~1,410~000 improvement bonds of 1955..
2.. Prior to the issuance of said bonds, the Council shall by appro-
priate resolution, provide for. the consolidation of said projects so as to
limit the number of improvements and funds necessary to provide for the financ-
ing of the construction thereof, creating such finds and accounts as shallLbe
necessary and appropriate, into which shall be paid the proceQds from the
sale of said improvement bonds, and shall provide for such sinking fund as
shal]ibe necessary for said bonds issue.
3. In anticipation of the collection of special assessments and
general taxes, the Village shall. forthwith issue and sell ~1,1~1.0,000 Improve-
ment Bonder of 1955 to finance said projects. The fu11 faith and credit of the
Village shall be pledged to the payment of principal and interest on said
bonder when the moneys on hand in the sinking fund for such bond issue are in-
sufficient for that purpose.
l~. The said Improvement Bonds of 1955 shall be 1,110 iri number, and
numbered l to 1,110, both inclusive, in the denomination of ~1~000 each, shall
bear date of Jt~.ne lx 1955, slralli bear interest payable December li 1955 and
semi-annualJ:y thereafter on June 1 and December 1 in each year9 rind shall
mature serially on June 1, in the amount of $75,000 in each of the years 1957
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Resolution Noo 705 - Pale 2
and 1958, and in the amount of X70,000 in each of the years 1959 through 1876,
both inclusive, all bonds maturing on June 1, 19b2 and thereafter being subject
to redemption in inverse numerical order on June 1, 196]: and on any interest
payment date thereafter at a premium of X30.00 if redeemed on or prior to Decem-
ber l~ 19b5, X15.00 if redeemed June 1, 1966, or on or prior to December It
1970 and at par if redeemed on June is 1971 or thereafter.
5. It is hereby determined that the above maturities are such as in
the judgment of the Village Council are warranted by the anticipatedcollection
of special assessments and general taxes.
6. The Village Council shall meet at the Village Ha.11 in'this
Village on Thursday, June 16, 1955 at 8:00 P. M. for the purpose of receiving
and considering sealed bids for the purchase of said bonds, and the Village
Clerk is authorized and directed to cause notice of the sale of said bond: to
be~given by publication in the official newspaper and in Commercials West.
Said notice shall.recite that the Village will furnish printed bonds and ap-
proving bond opinion of Messrs Faegre and Benson, I~inneapolisy Minnesota,
both without expense to the purchaserA 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 Vil]a.ge, to
be forfeited as lic~a.idated damages in the event the bid is accepted and the.
bidder fails to comply therewith. Split rate bids may be submitted stating
the same rate or rates of interest from the date of issue 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 1~ per annum) for the issue
and the maturities of bonds split iri not more than four ways for the purpose
of designation of such rates.. RTo extra or separate coupons will be permitted.
Said notice shall further state that the bonds will be delivered to
the purchaser without expense at Minneapolis, or S t. Paul, Minnesota, or
Chicago, Illinois within ~.0 days after the date of sale without expense to
the purchaser..
Passed by the Village Council of the Village of Richfield this 23rd
day of May, 1955.
ATTEST :
,Pau aug , i ge C er
red Op 't el ,; r
roy raf ton Ma~iager