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1956-1168r~~ RF~SOLDTION N0. 1168 A RESOLUTION AWARDING THE SASE OF AND FIXXTAtt~ THE 8i~! AND SPECIFICATION OF ~62,Oa0 PARK HONDS, DIRECTING THEIR E~CUTION AND DELIVERY AND PROVIDING TAMES AND FUNDS FOR THEIR PAYP~ENT ,;,. BE TT RESO~Vt~D:by the Qillagh ~ouriei], o,~ the 9:~#$e of R~chf~,eld; I~Ziesota, as fo~:].~iw~ s l.; . It is~ hereby detier~.iied and found that tce ,~i~ off' t#. i~~ D~3 & ~Co. Inc., All3sorijWilliame ~ Cc- aria Piper-Jaffra~. & .~#ap~bed to pt~ro~h~ae X62,000 Park T~maro~ement Boiicts e~i hd~n®rt~.sed for ~e1e ~,~ ,thb: 1~~ ~ir~d best bad ~or~said bands and is hereby accepted, said bad ba3ng ae fh~.+oWSs A17. ban ~ ~ i;o bbd ~.nt~irest d~ tie rate ti~ fd1~t~ ~~' aen1~ {~.~_ der aiuitt#~ from dh'te tb ~turi~, suds iao~ds ~ma$u~it~g Fe~i~uary 1, 1958 to February 1, 1963 inclusive, at a price of ~62,037e5O. The Village Treasurer is directed to retain the good faith check of the successful bidder pend~.ng wmpletion of the sale and del3.very of the bonds, 2. The Village of Richfield shall forthwith issue its negotiable coupon Park Improvement Bonds in the aggregate principal amount of X62,000, said bonds to be dated August 1, 1956, to be 62 3.n number and numbered 1 to 62, both inclusive, in the denomination of ~1~000 ®ach, to bear interest as above set forth payable February 1, 1957 and semi- annual7,y thereafter an August 1 and February 1 3.n each year, and to mature serially on February 1 in the years and amounts as followss X12,000 in 1958 and X10,000 in each of the years 1959 through 196,3 inclusive, without option of prior payment. 3. Hoch principal of and interest on said bonds shall be payab]ae at the main office, Narthwestern National Bank of I~3nn®apolis, in the city of Minneapolis, Minnesota, and the village shall pay the reasonable charges of said bank for its services as paying agent. 4. The bands and coupons attached thereto shall be in sub- stantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEI'IN VILLAGE OF RIGHFIELD No. 1st PARK IR~PROV,EMENT ANDS OF 1956 KNOW ALL P9:EN BY THESE PRESENTS That the Village of Richfield, Hennep3.n County, Minnesota, hereby acknowledges itself to be indebted: and for value received promises to pay to bearer, without option of prior payment, on the 1st day of February, 19 ,the sum of ONE THOUSAND DOLLARS and to pay intterest thereon from the date hereof unti3. the princi- p~l sum is paid, at the rate of four per cent {~,~) per annum, interest to maturity payable February 1, 1957, and semi-annually-thereafter on the let day of August and the let day of February in each year 3n accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due, Both principal and interest are payable at the Main Office of the Northwestern National Bank of Minneapolis in the City of Minneapolis, Minnesota, in any coin or currency of the United States of America which at the time of payment ia~ legal tender for public and private debts o For the Frgmpt a~i full payment of such principal and 3.nterest as the same respsct~..vely become due, the full faith, credit and taxing,..pawers..of the village have been and are hereby_ir-revocab7.y, _plsdge~dq . This bond is one of an issue of~~62,.000..pr3noipal amount of bonds, all of Like.. darts. and tenor except as to maturity, all issued by saidvillage.. ~ the purpose.. of.. prov~.ding money for the cwyutr9action of improvements to the several parks of the village pursuant to authority conferred by more than the requisite majority vats of the elector® voting at a special election duly and regularly called and held and is issued pursuant to and in full conformity with the C~onstitaitian. and. Laws of the State of Minr~esotae IT TS HEREBY CERTIFIED AND RECITED That all acts, conditions and things req,uiret~ by'-the Constitution .and .?,awe of the State of Minnesota t~ be done, to happen, to exist and to be perfarmed.,precedent to and 3aa the issuance of this bond hava been done, have happened, do exist and'. have been performed in rebular and due form, time and manner as so required; that prior to the issuance hereof a direct annual irrepeal- able ad valorem tax has been duly levied upon a31 of the taxabl© property in the village for the years and in the amounts as required by law, and additional taxes will bs levied upon all of said property, i.f Headed for such purpose, without limitation as to rate or amount, and that the issuanoe of this bond did not cause the indebtedness of the village to exceed any constitutional or statutory Limitation thereon.- IN WITNESS WHEREOF, the Village of Richfield, Hennepin County Minnesota, by the Village Council, has caused this bond to be execu~e~ i.n its behalf by the si+;nature of the Mayor and Manager and its corporate seal to be hsroto affixed, and has caused the attached interest coupor~e to be executed and authenticated by the facsimile signatures of said officers, all as of Aug~~.st 1, 1956. -2- {Form of Coupon) No. On the lst day of February (August), 19 ,the Village of Richfield, ~iennepin County, Minnesota, will pay to bearer at the sum of DOLT~ARS for interest then due an its Park Smprovament Bond dated August 1, 19563 No. yor Hager 5. The bonds shall.be prepared under the direction of the clerk and sha11 be executed on behalf of the village by the signature of the mayor and manager and the corporate seal of the village shall be affixed to each th®reof, and the interest coupons shall be executed and authen- ticated by the printed facsimile signatures of said mayor and manager. Wh®n sa3.d bonds have 'men so executed they shall be delivered by the village treasurer to the purchaser thereof upon receipt of the purchase price heretofore agreed upon and the purchaser shall not be obligated to see to the proper application thereof. 6. There is hereby created a separate sinking fund for said bonds, which shall be held by the village treasurer and used for no other pur- pose than to pay principal of and interest on said bonds, provided, that if any payment of principal or interest shall become due when there is not sufficient money in said fund to pay the same, the treasurer shall pay such principal or interest from the general fund of the villa ge, and said general fund shall be reimbursed for such advances out of the proceeds of taxes levied pursuant hereto or other moneys appropriated by the village council for such purposed There is hereby levied upon all the taxable property in the village a direct annual ad valorem tax which shall be spread upon the tax rolls and collected with and as a part of other general taxes of the village, which tax is in the years and amounts as follows: Year Trev 1956 12,800 1957 12,5 1959 12,500 1960 12,500 1961 12,500 each of said levies shall be irrepealable, provided that the village reserves the right to reduce said levies in the mann®r and to the extent permitted by law. -3- i I 7. The village clerk is hereby authorized and directed to file with the County Auditor of Hennepin County a certified copy of this resolution together with such other information as the County Auditor may require, and to obtain from the County Auditor a certificate that such tax has men Ievi.ed and the bonds have been entered upon his bond register. 8. The County Auditor of Henn®pin County and th® officers of the village are hereby 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 condition and affairs of the village: and such other certificates, 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 and control relating to the validity and marketability of said bonds and such instruments including any heretofore furnished, shall be d®emed representations of the village as to the facts tkaerein stated. Passed by the Village Council of the Village of Richfield this 13th day of August,. 1956. ATTEST; Pa uge i age C er -~.- 0. n Kraabelen, Manager