1956-1069r~~
RffiOLUTION N0. 1069
RESOLUTION AUTHORI2IIUG 'THE ISSUARTCE ACID SALE
OF X500,000 SEWER IMPROVEMENT ~?NDS OF 1956,
SERIES "A".
WHEREAS, the Village of Richfield has heretofore undertaken the
construction of sanitary sewer improvements designated as Village Projeot
Nn. 327 and has also undertaken the construction of storm sewer improvements
designated as Village Project No, 330 and has received bids for the con-
struction of said improvements, and
~iHEREASa it now appears that the sum of ~5O0,fl00 will be Headed
to finance the construction of said Projects No, 327 and 330, and
~S, said ix~revements have bean made pursuant to Chapter-4291
Minnesota Statutes.
NOW, THEREFORE, Be it resolved by the Village Council of the
Village of Richfield Hennepin County, Minnesota as follows:
1. It is hereby determined to finance Village Project,: No. 32?
and 330 by the issuance of ~500,0~ Sewer Improvement Bonds of 1956s
Series "A",
2. Such bonds sha31 be issued in anticipation of the collection
of spacial assessments and general taxes to be levied by the village l~+y
reason of the making of said improvements. The full faith end credit of
the village shall ba pledged to the payment of principal and interest ~n
said bonds when the mon®ys on hand in the sinking fund for a~uch bond issue
era 3.nsufficient for that purpose.
3. Thera is hereby created a sinking fund for the payment of
principal and interest on such bonds, which fund shall be known as the
Sewer ]~aprovament Bonds of 1956, Series ~Ati Debt Redemption Fund. Such
fund shall be us®d in the manner provided by law.
?~. The said Sewer Improvement Bonds of 1956s Series ~A" shalt
be 5~ in number and numbered 1 to 500 both inclusive, in the denominations
of X1,000 each, shall bear the date of February 1, 1956, shall bear interest
payable August l~ 1956 and semi-annually thereafter on February 1 and
August 1 in each year until maturity and shall mature serially on February ].
3n the amount of ~25,~o in each of the years 1958 through 1977 both in-
clusive, all bonds maturing on February 1, 1972 and thereafter being
subject to rec~mption in inverse numerical order on February 1, 19h6 and
an any interest payment data thereafter at a premium of $20 if redeemed
~, or prior to August 1, 1971 and at par thereafter.
5. It is hereby determined that the above maturities are such
as is the judgment of the Village Council are warranted by the anticipated
collection of spacial assessments and general taxes.
6. The Village Crunch shall meet at the Village Hall its this
Village on Monday, April 115th, 1956 at 8 o~cloek P.M. far the purpose of
receiving and considering sealed bide for the purchase of said bonds and
the village clerk is authorized and directed to cause erotica of the sale.
of sa3rd. boax3s to b® given by publioation in the ~officiel newspaper atxd ~
Commercial West. Said notice shall recite that the village will furnish
printed bonds and approving legal opinion of Messrs. Faegre and Benson,
Minneapolis, l~al.nnesota, both without expense to the purchaser and that
the bonds will be delivered to the purchaser without expense at Minneapolis
or St. Paul, Minnesota or Chicago, Illinois within 1~O days from the data
of ea1e, accompanied by an unqualified legal opinion and customary final
delivery papers including a certificate showing absenc® of litigation.
All bids must be in writing enclosed in a sealed envelope, be
unconditional except as to the above opinion, and be left with the under-
sign®d prior to the above tame, accompanied by a mortified check, bank
draft or cashier's check in the amount of at least ~10,t1O0, 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 submitted setting the same rate or rates '
of interest from the date of .issue to maturity for all bonds having a
common maturity date and not more than four such rates (in integral
multipl®s of on®-quarter or one-tenth of one percent per annum) for the
issue and the maturities of the bonds split not more than four ways for
the purpose of designation of such rates. The bid off®rin~ the lowest
net interest cost {total interest from date of. issue to stated maturities,
less any premiums offered) will be deemed the most favorabl®. No bid for
less than par plus accrued interest from date of issue to date of bond
delivery will be considered. Oral auction bids will not be received. No
extra or separate coupons will be permitted. The right to waive any
informality and the right to re3ect any and all bids are reserved.
Passed by the Village Council of the Village of Ri:ohfield,
Minnesota this 26th day of March, 19~.
ATTEST:
\\
a .Reagan V age er
®o
red Ki 1 ,Mayor
.~
f ~ ;I ~ ~~~
0. R. a~ n ~Kreve3, Manager
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