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1957-1382r RESOLUrzoN No. 1352 RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TENIPO]~ARY IMPROVII~JENT BONDS TO THE Ir9PROVII~NT HONDS OF 1954 SINKING FUArD IN ACCORDANCE LdITH THE LAWS OF 1957, CHAPTER. 355. BE TT RESOLVED By 'the Village Council of the Village of Richfield, Hennepin County; Minnesota, as follows: 1. The total estimated cost of Village Project No. 339, otherwise known as the 1957 Street Improvement and Oiling Program, has been estimated at X135,500. Part of the money for the financing of said improvement is available from the General Fund as the villagers share of the cost of said improvement. It is now estimated that the sum of ~p100y000 is currently necessary to provide financing of a portion of the cost of said project and it is hereby determined to be necessary to borrow said amount for the payment of obligations now incurred and for expenses necessarily incurred in connection with the construction of said project. There is hereby created a Village Project No. 339 Construction Fund into which shall be paid all sums transferred from the General Fund and the proceeds of temporary bonds issued pursuant to this reso~.ution and similar subsequent resolutions,•and out of which shall be paid all amounts due and payable as costa or expenses incident to or incurred in connection with the making of said improvement. There is also hereby created a Village Project No. 339 Sinking•Fund into which fund shall be paid the pro- ceeds of all special assessments levied against benefited property by reason of the making of said improvement and out of which shall be paid principal and interest on all temporary improvement bonds issued to finance said project. 2. It is hereby determined that the sum of ~p100,000 shall be borrowed to partially finance said Village Project No. 339 by the issuance of temporary improvement bonds of the village as authorized in Minnesota Statutes, Section 429.091, Subdivision 3, as amended by Laws 1957, Chapter 385. Said bonds shall ba payable from the Village Project No. 339 Sinking Fund; but the village further recognizes its statutory duty, as provided by Section 1,29.1, and covenants and agrees with the purchaser and all holders from tame to time, of said temporary improvement bonds, at or prior to the maturity thereof it will pay. and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council shah. issue and se11 at or prior to the maturity of the. temporary 3improvement bonds, to the extent that the same cannot be paid out of funds available i.n the Village Project No. 339 Sinking Fund or out of other municipal funds which are properly available and are appropriated by the council for such purpose. '~ J~ 3.• It is hereby determined to levy special assessments against benefited property by reason of the making of Village Project No. 339 and ad valorem taxes, if necessary, to produce sums at least 5~ in excess of the amounts Resal~ztion No. 13$2 -2- ~3 Cont. - sufficient to gay principal and interest when due on said temporary improvement bonds and on any definitive bonds to be issued as herein provided, such special assessments to be placed on the tax ro11s subsequent to the tune when said Village Project No. 339 has been completed and the total cost thereof has been determined. /~. Said temporary improvement bonds 3n the amount off' X100,000 sha~.l be dated S®ptember 1, 1957, sh~11 be 100 in number z~nd numbered from ~. to 100y iric~.us3.ve, each ~n the denomination of X1,000, shall bear interest at the rate of 4~ per annum, payable semi-annually on March land September l of each year and shall mature on September 1, 1959, shall be subject to redemptian and pre--payment on any interest payment date, at par and • accrued interest. Not less that 30 days before the date speca.fied for redemption of said bonds. the Village Treasurer sha11 mail notice of the Dell thereof to the holder, if known, and said Treasurer shall maintain a record of the names and addresses of the holders of said bonds insofar as such information is made available to him by the holders thereof, for the purpose of mailing said notices. The principal of and interest on said bonds shall be payable at the Richfield Village Hall, 6700 Portland . Avenue, Minneapolis 23, Minnesota. .5. Said temporary improvement bonds shall be mimeographed with attached f ormo interest coupon in substant9:ally the following UNITED STATES OF Ai~RICA STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OF RICHFIELD TEMPORARY IMPROVEMENT BOND, SERIES ONE No. X1,000 KNO~'N ALL MEN BY THESE' PRESENTS that the Village of Richfield, a duly organized municipal corporation of Hennepin County, Minnesota acknowledges itself to be indebted and for value received, promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day of September, 1959, or on a date prior thereto on which this bond has been duly called for redemption, and to pay interest thereon from the date hereof until paid or until this bond has been duly called for redemption at the rate of four percent (L~~) per annum, payable semi-annually on the first day of March and the first day of September in each year, interest to maturity being payable in accordance with and upon purchase and surrender of the interest coupon appurtenant thereto. Both principal and interest are payable at the Village Hall, Village of Richfield,. 6700 Portland Avenue, Minneapolis 23, Minnesota in any currency or coa.n of the United 3tatas. of Amereia~which on the respective dates of payment is public tender for private and public debts. For the prompt and full payment of such principal and interest as the same become due the fu11 faith, credit and taxing powers of the Village are hereby irrevocably pledged. - - - -~- -~~.s,.n_-~ f~P-i-r.^^'^~i~r iris. ...~_. .ar..z-.~n.r~-.-rx-iri..nsrr.-'--~^„-~~~.: ...rx a.'DC.I^;z_aseT;. .. .=-1. .. -..:i[4'R.'^_ -__. _-~•.T-'"TRr'Lq`.•p• ~':^T'..C-_. ___-_.-5r.. ~- w _ _'`: ~TaI:~..g ~..,~FH'%--rn_i :?C,"_'~.`~ I l Resalut3on ~'o. l3$2 -3~- This bond is one of a series in the aggregate principal... amount of X100;000, all of like date and tenor except as"to serial number, all issued. by said uil;Lage for the purpose of defhaying, expanses incurred and to be incurred in construction of an improvement desagnate~, as "Village Projeet No. 339" by the Village of Richfield, consisting o street improvement and street oiling, and is issued pursuant to and in full. coziformity with resolutions duly ado~tad bar the ~'~.ll~~e. Counci.~. •. after hearings $s required by law ahd pursuant to axed in dull coiiform3ty Frith the Constitution and Lasts of the State of Minnesota thereunto enabling, including Minnesota .Statutes, Section t~.29.Og1, subdivision 3, as amended b~ Laws 1957, Chapter 3g5. This bond. is payable primarily from the. Village Project No. 339 Sinking Fund of the village but the Council,is`required.. to pay the principal and interest thereon out of any funds in the treasury in the event that the monies on hand in said fund are at_a~ny.t:ame :insufficient to meet the payment of maturing principal and interests and is further required at or prior to the naturity of this bond, to provide for the payment and retirement thereof by the issuance of definitive. .. bonds, to the .extent, 3t axis, that the assessments and taxes or other. municipal funds theretofore collected and received in said Sinkin~~Fund may be insufficient for such purpose. This bond is subject to redemption and pre-payment at the option of the village on any interest payment date, at a price of par and accrued interest, upon notice of call for redemption mailed not less than 30 days prior to the date specified for such redemption, to the holder, i.f known. Bond holders desiring. to receive such notice may have their names and addresses and the serial numbers of their bonds recorded by the Village Treasurer. 2T..2S f~,ZEBY C~RT2g'2ED, R~C2T~, :~©I~lVE1~TAI~T~. AND..A:C~A~ED that all a~Gtaj;,-epnd~~ions and thixlgs ,requisecl. by ;the. Ccixa,~ti~ution and lawe ,of the S,~ate of .Micnnes+ata 'to b.e ~donez: to exist, ;to , Happen and, tq . be. per armed , pr.el~z~ary ~to. -arid ix~ the issuance of --t~iis :bond -in order to ;~ma~a it a • , .,- valid:and binding general obligation o£~_said vil~,age,accordi~g tq:ts.terms have: been clsne,,. d~, exist p, .have happened a:~d -have beef pexfo~m®cl as ,so ; , require; tk~at .,:the ~;~311ag~ . ~ ;duly, ~determin~d. the ,nec~Qss~,~y a~;: axed ; provided for the.-~const~ruction of said impravemeia;G.; .,ghat the:.,vtilla~g~. P~oj,ect No. x•339 -S3.xbking -Fund has been dt~ly-created.and provzsa:on hia,e ;bpen.=m~d.~. =,,. for fhe support thereof by ad ealorem taxes and sp:®cal;assessments,.:to;.:, be 1sv3;ed, ~t or. prior to, the ~,t~ne:.of issuance ;of said def. ir~i~~,ve: bos,~ .;:. for -.the. years.. and; in ,aggregate amounts .not less that ~,i,ve`,perEent, {;~~)..- s:n excess of sums suff~:cien-~ ~o .pay:the,~prinoipal ,and ~int;erast .,<~ all bonds payable from said- faand ,as sumh principal. eyed,: interest become due; and ,~;,> &dditional taffies ~ if needed- for ,said -purpose, may be .i:ev~,ed . upc~~. - a~.3. taxable :property -ixi the - vi~:lage, without limitation . as to,. rate : or amount.,; that the holder. hereof .shall have and may enforce by appropriate proceedings all duties ~imposed~by said Chapter 3S5 upon tk~e v311age and.. its. offi?sers t~i:th .reference to the levy and collection of said -assessments ,-and. tomes and the issuance 4f said definitive bonds9 and that the-issuance of this bond did not cause the indebtedness of said village to exceed any consti- utional or statutory limitation. _- .• Resolution No. x352 ~r- TN WITNESS WHEREOF the Village of Richfield, Hennepin County, Minnesota, by its Village Council, has caused this bond to be executed ixt its behalf by the signature of its Mayor and Manager and sealed with its official seal, and the interest coupons appurtenant thereto to be executed and authenticated by the facsimile signatures of said officers, and has caused this bond to be dated as of September 1, 1957.,, Mayor, V~1.lage of Richfield, Minnesota Lague of Richfield, Minnesota (Seal} (Form of Coupon} Unless the bond described below is called for earlier redemption No. X20.00 On the first day of March (September ), lg„~,r,,, the Village of Richfield, Hennepin County, Minnesota; will pay to bearer at the Village Hall of the Village of Richfield, 6700 Portland Avenue, Minneapolis 23, Minnesota, the sum of TWEYdTY AND NOll00 DOLLARS lawful money of the United States of America for interest then due on its Temporary Improvement Bond, Series One, Dated September 1, 1957, No. „~ -~ ~ (J~ Mayor ~ ~~ Manager 6. Said bonds shall be prepared under the direction of the Village Clerk and shall be executed on behalf of the village by the signatures of the Mayor and Manager, and the corporate seal of the village shall be affixed thereto, and the appurtenant interest coupon shall be executed and authenti- cated, by :the printed, engraved or lithographed facsimile signatures of said Mayor and Manager. When said bonds have been executed and authenticated, they shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price .heretofore agreed upon and said purchaser shall not be obliged to see to the application thereof. ..~.J 7. The Vi1~.age Clerk is hereby authorized and directed to f; certified ebpy of this resolution with the County Auditor of ~~osu~~N....s County, together with such other information as he shall require and to obtain from said County auditor a certificate that said bonds have been entered on his bond register. $. The officers of•the Village and the County Auditor of Hennepin County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and to the attorneys approving the legality of the issuance thereofy certified copies of all proceedings;arid records relating to said bonds and to the Financial affairs of said village, and such other affidavits, eerta.ficates and information as may be required, to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and such certificates, certified copies and affidavits, including any heretofore furnished, shall be deemed representations of the village as to the correctness of all statements contained thereon. g. It is hereby determined that there is at the present tame an amount in excess of Fp100~000 3.n the Improvement Bonds of 195Lr Sinking Fund which w311 not be required for other purposes prior to September 1, 1959• J.O. It is hereby determined to purchase the aforementioned ~p100,000 temporary 'improvement bonds, Series 1 upon their initial-issuance 3.n accordance with the provisions of Minnesota Statutes, Sections 471.56. and 475.b6, out of funds in the Improvement Bonds of 1954 Sinking Fund and on behalf of-said fund, at par and accrued interest as of the date of delivery of said bonds and completion of such sale, it being further determined to be reasonable and advantageous to the 1957 Street Improvement and oiling Program to invest in said temporary improvement bonds, Series land it being fua~ther determined to be reasonable and advantageous to the Village to sell sand temporary improvement bonds, Series 1 in accordance with the provisions of this resolution. 11r The Village Manager, Mayor and Finance Officer are hereby authorized and directed to take any and all steps necessary to affect the provisions of the foregoing resolutions and to make such transfers of funds as may be necessary from time to time, to give effect to the provisions thereof. Passed by the Village Council this 22nd Day of ~Tuly, 1 7~.. r Fred 0. K3.t~e11, Mayor . Van Krevelen, Manager ATTEST; ~~ Paul. H. Haug®n Village C~.erk