1956-1080rRBSOI.UTTON N0. 10$0
RB.SOLUTION RBJBC'TING SIS~S ON SALE OF $500,000 IMPRCVBMSNT
BANDS ~ 1956, SWATHS AA AND Ai~ORIZiIdG N~O~TIATIONS AAA!?
AA1D ACCBPTAI+i;B OF BIDS WITH BXTRI~- COUPONS
WHBRBAS, this codncii has on this date received competitive bids'for the
purchase of $500,Q00 Sewer Improvement Bonds of 1956, Series ~A"', and
WHBRBAS, it appears Chat s6+id bonds can be sold on a negotiated basis fort
a Lesser net interest costp at a saving to the taxpayers of this com~ni-
'CY r and
WNSr it appears that the improvements far the financing of which such
bonds are to be :issued are improvements vrhich shall be paid for by special
assessments again$t benefited property.
NOW, TBFORf3, BB IT RBSOLVBD by the'Viliage Council of the Village of
Richfield, Hennepin County, 1~linnesota,. as followa~
1, A1S bids received pursuant to 6.nd in accordance with the advertise-
went for bids for the sale of $500,000 Sewer Improvement Bonds of 1956,
Series. "A" are hereby zejected.
a. Pursuant to statutorq authority to sell bonds without advertising
for the sale thereof where the same are payable wholly or partly from the
p roceeds of special assessments {Mirmesotm.Statutes! Section 475.60,
Subd. 2~•(2) the infor~aa,l bid of J. M. Dain & Co~anyr Inc.; Alison-
Williams Company; Northwestern National Bank;, Piper, Jaffrey St Nopurotul;
Mannhe3mer-~ga», Inc., Iiarold B. Wood & Company to purchase sa3.d t~nda
is hereby determined to be a fair a~-d reasonable bide and the sae is
hereby acaepted« The rate of interest on said bonds as contained im
se~id informal bid is as follows x
at the rate of three and seventy-five hundredths percent (3.7596)
per annum from date to August l~ 1956, at the rate of five and
forty hundredths ~,er cent (5.400 per annum from August 1„ 1956
to August 1, 1957, represented by separate sets of coupons in the
a~-uats of $18.75 and $8.Z5 respectively, and at the rate of
three and seventy-five hundredths: percent {3.75ys) per annut~ there-~
after.
3, The village shall forthwith issue its n6gotiable Sewer Improvement
Honda of 1956, Series''*A", dated February it 1956, being 500 in number'
and nurgbered 1 to 500, both inclusivep bearing interest as stated above:
Said interest shall be payable August 1; 1956 and semianauairy thereafter
on February i and August 1 of each yeaaar,'Rnd said bonds shall mature seri-
ally on February 1, in the 6,mount of $25,000 in each of the y6ars 1958
through 1977 both inclusive, all bonds maturing on February 1,, 1972 and
thereafter being sub,~ect to redemption in inverse nums~eic~rl order on
February lA 1966 and on any interest payment date thereafter at a premium
of $20.00 if redeeared on or prior to August it 1971 and at par thereafters
Resolution No. 1080 -2-
4. The .said Sewer Improvement Bonds of 1956 Series "A" and the interest
coupons to be attached thereto shall be in substantiairy the foliowimg forms
UNITED STAT&~ OP AMERICA
5TATB OF MINNESOTA
COUNTY OP HBNNBp'IN
VILLAGE OF RICHFIELD
1
1
No.
SBWER IMPROVPMENT BOND OP 1956, SERIES "A"'
$1,00€1
~F ALL MHN BY TRESS PRASBNTS That the Village of Richfield,
Hennepin County, Minnesota, acknowledges itself to be indebted and far
value received herby p romise~ to pay to bearer out of its Sewer Improve•~
meat Bonds of 1956, Series "A", Debt Redemption Fund on the 1st day of
February, 19 , the sum of ONB TFYOUSAND DOLLARS and to pay interest there•
on out of said Fund from the date hereof until the principal amount is paid
at the rate of
(3.75% per'annum'fi~~i~~~~ maturing February 1, 1958 to
February 1 ~ 1977 ~ p ~us . 5°d~ per annum on all bonds for
the period August lA 1956 to August 1,'195'7, to be expressed
by extra interest coupons'on all bonds, such coupons to be
for the sum of $8.25 each„ with two such coupons tSn each
bond, one of which sh~.1i~ be payable on February 1~ 1957 and
the other on A ugust 1,, 1957.)
interest to maturity being payab],e August 1, 1956 and semi-annually there-
after on the 1st dap of February and the 1st day of august in each year in
accordance with and upon presentation ancf surrender of the attached interest
coupons as they severally become due. Both principal. of and interest on
this bond are paryable at the main office of the Northwestern National Hank
of Minneapolisp in the City of Minneap&iis„ Minnesota, in any coin or cur-
rency of the United Staten of America which on the de.te of payment is legal
tender for public and private debts.
'"1111 bonds. of this issue maturing obi February 1~ 1972 and thereat ter
will be sub,}ect to redemption on February 1~ 1966 and on any interest pay-
ment date thereafter at a premium of $20.00 if redeemed on or prior to
August 3,; 1971, and at par thereafter, upon thirty days prior notice by
mail to the bank where the '{mnds are payable and to the last know~i holder.
Holders desiring to receive such notice must register their names, ad-
dresses and bond numbers with the Village Clerk.
'"'This bond is one of an issue of bands in the total principal amount
of $500,040, ail of like date and tenor, kept as to maturity and redemp-
tion privilege, all issued by the Village for the purpose of providing moneq
to defray the expense incurred or to be incurred in making various sewer imR
provements as authorized by Minnesotan Statutes, Chapter 429 and is payable
out of the Sewer Improvement Bands of 195G, Series "~A."" Debt Redemption Fund
from the proceeds of special assessments levied or to be levied for said
improvements and ad valorem taxes for the proportion of the cost as deter-
mined by the Village Council,. and the full faith and credit of the Village
have been irrevocably pledged for the payment of the principal and interest
when the monies on hand in the apprapxiate fund are insufficient for the
purpose, and ad valorem taxes may be levied for such purposes without limi-~
tatioa as to rate or amount.
Resolution No. 1080 -3-
"IT IS HHRBBY CBI~TIPIBD AND RP,CITBD That ail conditions, acts and
things required b~ the Constitution and Laws of the State of Minnesota to
exist:, to be cb nee to happen and to be perfbrined precedent to and in the is-
uance of this bond cb exist, hive been done, have happened and have been per-
formed in regular and due form, time and manner a~ required by law, and that
the issuance of this bond•did not cause the indebtedness of the Village to
exceed any constitutional or statmtory limitation thereon,
"IN WITN~9S WHBR80P, the 'yiilage of Richfield, Hennepin County,
Minnesota, by its Village 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 tt~ be executed and authenticated by the facsimile
signatures of sm3.d officers, ail asof Pehr••urv ~ _ ~ 4sh_
(Seal)
(Form of Coupon)
1
No.
'"On theist daq of 'August tFebruar~+), 19~, the Village of Richfield,
Hennepin County, Minnesota, will pay'to bearer at the main office of North
western National.~Bank of Minneapoiis~ in the City of Minneapolis,, Minnesota,
out of ite~ Sewer Improvement Bonds of 1956,, Series "A•'• Debt Redemption Fund
the sum of •Doilars for interest tY~en
due bn its SewB~r Improvement Bonds of 195b, Series "At4' dated February 1,
1956, No. .
S. Both principal and interest on said bonds snail be payable at the main
office of the N orthwestern National Bank of Minneapolis, A~3innesota, and the
Village snail pay the reasonable charges of said bank for its services ms
paying agent. The bonds shall be prepared under the direction of the Clerk
and shall be executed on behalf bf the Village by the Mayor and Manager and
the Village seal affixed therefor and the interest coupons snail be executed
and authenticated by the printed facsimile signatures of said officers.
b. The full faith and credit of the Village are hereby pledged for the pay
meat of the principal of and the interest on the bonds vehen the monies on
Resolution No. 1080 -4-
hand in the appropriate fund are insufficient for that purpose, and the
Council shalt include in the tax levy a sufficient amount to take care of
any accumulated or anticipated deficiency in said Sewer Improvement Bonds
of 19Sb, Series "A"' Debt Redemption Pund~ and the Treasurer shah pay the
bonds out of the funds of the treasury when the monies on hand in the ap-
propriate fund are insufficient to meet the payment of maturing principal
and interest.
7. The costs of construction of Village Projects 327 and 330 shah be paid
out of the fund consisting of the proceeds from the safe of such bonds as
shah principal and interest an said bonds if needed to meet principal and
interest obligations on said bonds prior to the completion of construction
of said projects. Upon completion of said projects any balance remaining
from the proceeds of the sale of said bonds may be transferred by the
council to the fund of any other impt~aement instituted pursuant to Minne-
sota Statutes; Chapter 429, or may be transferred to the Sewer Improvement
Bands of 1956, Series "A" Debt Redemption Fund. Separate accounts shall.
be maintained to show the cost of each of said projects separately.
8. The area to be assessed for each of the aforementioned improvements shall
be the area specified in the notice of hearing last preceding the resolution
ordering the improvement.
9. It is hereby determined that the total cost of diilage Project No. 327
shall be assess@d against property specially benefited thereby. It is fur-
then determined that the cost of village Project No. 330 shal]: be assessed
against property specialty benefited thereby, except the sum of $58,.000,
which sum shall be paid from the proceeds of an ad valorem tax levy. For
the purposes of helping to defray the cost of Village Project No. 330 there
is bereby levied a general ad valorem tax levy for the .years and in the
amounts as foliowsz
1956 $3;045 196b $3,045
1957 3;045 1967 3;045
1958 3;045 1968 3;Q4S
1959 3,045 1969 3;045
19b0 3;Q45 1970 3;045
1961 3;045 1971 3,045
1962 3;045 1972 3;045
1963 3,045 1973 3;045
1964 3;045 1974 3,045
1965 3,045 1975 3,045
The proceeds from smid levy shall be paid fnto the Sewer Improvement Bonds of
1956, Series "A" Debt Redemption Fund.
10. It is hereby determined that the coilectionsfrom the fare-going ad valorem
tax levy and from special assessment levies to be made by reason of said im•
pravements will produce and provide at least five percent in excess of the
amount needed to meet when due the principal and interest payments on the
obligations issued hereunder.
Resolution No. 1080 -5-
11. The village clerk is authorized and directed to deliver a certified copy
of this resolution to the County Auditor of Hennepin County and•to obtain his
certificate of registration in accordance with Minnesota Statues« The of-
ficers of the village are hereby further authorized and directed to prepare
and furnish to the purchaser of said bonds and to the attorneys approving the
same, certified copies of all proceedings and records of the•Village relating
to said bonds and to the financial conditions of the villages and such other
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 sp~ciai assessments and such instruments, including any hereto-
fore furnished, shall be deemed represes.'ations of the village as to the
facts therein stated.
Passed by the Village Council this 16th day of April,, 195b.
`~
Fred Q. Kittell, Mayor
,~~
o. ,« an velen, Manager
ATTEST : ~~ ~ ~~+% ~
Pout H« Hauge Village Clerk