1955-724r~~4'
RESOLUTION N0. 724
RF~OLUTION FIXING F~Ni OF' ~.1,lt10,000 II~OVII~NT
BONDS ~' 1955, ,WARDING SALE THEREQF', CONNING
GAIN FROG CTS • !~S IMPROVEMENTS A~ CRFc~TING
CERTAIN FUNDS
BE 1T RESOLVID by the Village Council of the Village of Richfield, Hentae-
pin County, Minnesota, as follows:
1. The bid of J. M. Dain & Company; Al]~..ison-Williams Company; Northwestern
National Bank; Jahn Nuveen & Company; Paine, Webber, Jackson & Curtis; Fiper,
Jaffray & Hopwood; Mannheimer-Egan, Inc.; Harold E. Wood & Com~ny, Woodward-
Elwoad & Company; Caldwell Phillips Company, Shaughnessy & Company and E. J.
Prescott & Company to purchase $1,!47.0,000 Improvement Bonder of 1955 of this
Village bearing interest at the rate of 3.14 per annum on all bonds maturing
June ly 1957 to June 1, 1968, inclusive; at the rate of 3.30 per annum on all
bonds maturing June li 1969 to June 1, 1971, inclusive;-and at the rate of
3.20 per annum on all bonds maturing June 1, 1972 to 1976 inclusive is hereby
found determined and declared to be the most favorable bid on said bonds and
said bid is hereby accepted.
2. The village shall forthwith issue its. negotiable Improvement Bonds of
1955 in the aggregate principal amount of $1,1410,000, dated June 1, 1955,
being 11141.0 in number and numbered 1 to 1,1410, both inclusive bearing interest
as follows :
3~.140~ on 'a11~ fonds maturing June l~ 1957 to June 1, 1968, inclusive.
3.30 on all bonds maturing June 1, 19b9 to June 1, 1971, inclusive.
3.20 on al>4 bonds maturing June 1, 1972 to June 1, 1976, inclusive.
Said interest shall be payable December 1, 1955 and semiannually thereafter on
June 1, and•December 1 of each year, and said bonds•sha11 mature serially on
June 1 in the years and amounts as follows: ~P?5,000 in each of the years 1957
and 1958, and X70,000 in each of the years 1959 through 1976, both inclusive,
all bonds. maturing on June 1, 1962 and thereafter being subject to redemption
in inverse numerical order on June 1, 1961 and on any interest payment date
thereafter at a ~emium of X30.00 if redeemed on or grior to December 1~
19b5, X15.00 if redeemed June 1, 1966 or on or prior to December 1~ 1970, and
at par if redeemed on June 1~ 1971 or thareafter~
3. The Improvement Bonds of 1955 and the interest coupons to be attached
thereto shall. be in substantially the following form:
nUNITED STATES (&' AMERICA
STATE ~' CTA
COUNTY C~' HENNEPIN
VILL(~GE QF RICHFIEJI)
No. X1,000
z,~PROVE~~NT BOND ~ 1955
rrKNOiJ ALL MEN BY' THESE PRESENTS That the Village of Richfield, Hennepin
~_~5
Resolutaan Noo 724 -2..
County, Minnesota, acknowledges itself to be indebted and for value received
hereby promises to pay to bearer out of its. Improvement Bonds of 1955 Debt Re-
demption Fund on the 1st day of June 19 ,the sum of ONE THOt1SAND DOLIARS and
to pay interest thereon out of said Fun$~from the date hereof until the princi-
pal amount is-paid at the rate of
(3.40 on bonds maturing June 1, 1957 to June 1, 1968, inclusive)
3.30 on bonds maturing June 1, 1969 to June 1, 1971, inclusive;
and 3.20 on bonds maturing June 1~ 1972 to one 1, 1976, inclusive..)
interest to maturity being payable December 1, 1955 and semaannually~thereafter
on the 1st day of June and the 1st day of December in each year in accordance
with and upon presentation and surrender of the attached interest coupons as
they severally become due. Both principal of and interest on this bond axe
payable at the main office of the Northwestern National Bank of Minneapolis
in the City of Minneapo]a.s, Minnesota, in any coin or currency of the United
States of l~nerica which on the date of payment as legal tender for public and
private debtst
t~A11 bonds of this issue maturing on June l~ 1962 and thereafter will be
subject to redemption on June 1, 1961 and on any interest payment date there-
after at a premium of X30.00 if redeemed on or prior to December 1,. 1965,
X15.00 of redeemed June ly 1966 or on or prior to December 1, 1970, and at
par if redeemed an June 1, 1971 or thereafter, 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 Clerks
~~ his bond is one of an issue of ffionds in the total principal amount of
~l¢410,000, all of lake date and tenor except as to maturity, interest rate,
and redemption privilege, all issued by the Village for the purpose of pro-
viding money to defray the expense incurred or to be incurred in maki.ng.vari-
ous sewer and street improvements as authorized by Minnesota Statues, Chapter
429 and is payable out of the Improvement Bonds of 1955 eebt ~edaon Fund.~~
the proceeds of special assessments levied or to be levied for said improve-
ments and ad valorem taxes for the proportion of the cost as determined by the
Village Council,, and the full faith and dredit of the Village have been irre-
vocably pledged for the payment of the principal 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.
n~ IS HEREBY CERTIFIID AND RECITED That all conditions., acts and things
required by the Constitution and Laws of the State of Minnesota to axis t, to
be done,, to happen and to ~ performed precedent to and in the issuance of
this bond do ero.st, 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 cause the indebtedness of the Village to exceed any con-
stitutional or statutory limitation thereon.
~~TN WITNESS WHERE(', the Village of Richfield, Hennepin County, ~.nnesotat
'~ ~-~6
Resolution No.. ~~4 -3-
by its. Vil~ge Council, has caused this bond to be executed by the Mayor and
Manager and its corporate 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 June 1, 1955.
Mayor, ge of ichfields M~.nnesota
Manager, illage of ichfie ,Minnesota
(Seal)
(Form of Coupon)
No. ~~~ the 1st day of December {June), 19 ,the Village of Richfield, Henne-
pin County, I~iinnesota., will pay to bearer at the main office of ATortl~testern
National. Bank of Minneapo3.is, in the City of Nfi.nneapolis, N6.nnesota, out of its
Improvement Bonds of 1955 Debt Redemption Fund the sum of
Dollars for interest then due on its Improvement Bond of 19 at June ?
1955, No.
Mayor
Manager
4. Both principal and interest on said bonds shall be payable at the main
office of the Northwestern National Bank of I~i.nneapolis, Minnesota, and the
Village shall pay the reasonable charges of said bank for its services as paying
agent.. The bonds shall be prepared under the direction of the Clerk and shall.
be executed on behalf of the Village by the Mayor and Manager and the Village
seal affixed thereto, and the interest coupons shall be executed and authenti-
cated by the printed facsimile signatures of said officers.
5. The full. faith and credit of the Village are hereby pledged for the
payment of the principal of and the interest on the bonds when the monies on
hand in the appropriate fund are insufficient for that purpose, and the Council
shall include in the tax levy a sufficient amount to take care of any accumulated
or anticipated deficiency in said Improvement Bonds of 1955 Debt Redemption
Fundy 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 pay-
meabt of maturing principal and interest..
6. Tt is hereby determined that the improvement projects to be financed by
said bond issue sha]1 be grouped and combined in the manner hereinafter set
forth; and that the estimated coat for which financing is required and the as-
1
~~
Resolution No« 72
-!,!,-
sessable cost of each of said improvements shal7~ be as hereinafter set forth,
viz
V3.71age Fro jects
(Combined as One Improvement If ?listed T ogether)
#308
#2}9, 233., 239, 291, 296, 303, 306 and 316
#250
X270, 312, 30?, and 317
#322
#23e !balance prev;_ously financed)
~28 8 3Tld ~.~ A r.
J
#3ot~.
#292, .293 5 294. and 2°5
#155, 232, 211, 28 an~i 30~.
Estimated Cost Requiring
Financing and Assessable
Cast
~591,boo~.oo
30,200,00
68,700600
2.3,000600
90,OO0.O0
318,000.,00
9,5ooboo
6,3ooboo
32,600«00
20,100,00
To the extent said ~,~,o jects ravo heretofore been combined as improvements
all acts taken in so doin; are herobJ expressly ratified and canfirmedb
76 There 1J hcre:.~y created a separate construction fund for each of the
aforementioned iniprov~ments except V~.llage Project No« 230 for which a con-
struction hand ha.s horetc been created. The estimated cost of each of said
improvements for which financing is required, in the arrrount.hereinbefore set
forth, shall be allocated to the appropriate fund from the proceeds of the
sale of the said Improvement Bonds of 1955, and used to defray expenses of
the improvement and, if r_ecessaxy, the payment of principal and interest
due upon said bonds anti 1 completion and payment of all. costs of the improve-
ments Thereafter suciz find may be discontinued, and any balance of the pro-
ceeds of bonds remaining therein may be transferred by the council to the
fund of any other improvo:,aent insti•tated pursuant to I~Linnesota Statutes,
Chapter l~296 x.11 monies not so transferred and all collections of special
assessments and taxes levied for said improvements shal~.be credited and
paid into a separate sinking fund which shall be known as the Improvement
Bonds of 1955 Debt Redemption Fund6. In those instances where the afore-
mentioned improvements, or any of them, have been partially or wholly fi-
nanced by interin financing tahe funds providing such interim financing steal].
be reimbuxsed from tria appropriate improvement fundsq Separate accounts shall
be maintained on the cost of each project, even though combined with other
projects as a single imp^ovement~
~~8
Resaluti.on No. 72~_, -5-
8, The area to be assessed for ~a.ch of the aforementioned. improvements
sha].1,. be the area specified i.n the notice of hearing last preceding the re~.
solution ordering the improven~rrt,
g. Tt is hereby determined that the total cost of each of the aforementioned
improvements sha].1. be assessed against property specially benefited thereby;
and that the collections from special assessment levies to be made by reason
of said improvements will produce and provide at least five percent in exc®ss;
of the amount needed to meet when due the principal and interest paymexits on
the obligations issued hereunder..
10. The Village Clerk is authorized and directed to deliver a certified
copy of this resolution to the County Auditor of Hennepin County and to ob-
tain his certificate of registration in accordance with Minnesota Statutesr
ll. The officers of the Village are hereby authorized and directed to
prepare end furnish to the purchaser of said bonds and to the attorneys ap-
proving the sa3ne~ certified copies of a].l proceedings and records of the
Village re7at3.ng to said bonds and to the financial condition of the Village'
and such other certifieates~ 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 assessmentsa and such instraments~ including
any heretofore furnished, shall be deemed representations of the village as
to the facts. therein stated..
12. P+irsuant to Resolution No.. 485 of this Council adopted .August 23,
X954 it was determianed that the total estiaa ted coat of Village Project No:
230 was ~678~000 and that ~360~000 of the proceeds from the sale of
~l~000~,000 Improvem®nt B ond~ of 1954 Series B, be allocaf~ed to the con-
struction Hind for said project.. (See Paragraph 7 of said Resolution). It
is hsretiy determined that a percentage of the proceeds of specia]. assess-
ments levied for said improvement be paid into the Debt Redemption Fund
for said Improvetr~nt Bonds of 1~l~~ Series B, and a percentage of the pro-
ceeds of such special assessments be paid inta the Debt Redemption Fund for
the Improvement Bondsof 1955, said percentage to be that which financing
from each bond issue: bears to the total estimated cost of said project:
Passed by the Village Council this ,27~ day of .~,~~ 195. •
pcriN~a yor
&TT~T a ~ ~ ~ ~ G~
C rk .
acnager