1957-1404r
®~
RESOLUTION N0. 1404
A RESOLUTION AWARDII~ THB SALE OF AND FIXING THB
FORM AND SPECIFICATIONS OF $155,000 PARK IMPROVE-
MENT BONDS, DIRBCTiNG THEIR BXECUTION AND DELIVERY
AND PROVIDING TAXES AND FUNDS POR THEIR PAYMENT
'BB IT RESOLVED by the Village Council of the Village of Richfield,
Minnesota, as foliowss
1: It is hereby determined and found that the bid of J. M. Dain & Com-
pany, Minneapolis.,. Minnesota, and Associates, to purchase $155,000 Park Im-
provement Bonds as advertised for sa1E is the lowest and best bid received
for said bonds and is hereby accepted,, said bid being as follows:
' 1959 through 196? (~ 4.7S~0 Plus a premium of $225.75 at a price of
$!S 5,225..75. The Village Treasurer is directed to retain the good faith check
of the successful bidder' pending completion of the sale and delivery of the
bonds.
2. The Village of Richfield shall forthwith issue its negotiable coupon
Park Improvement Bonds in the aggregate principal aa~aeent of $155,000, said
bonds to be dated September 1, 1957, to be 155'in numbet and numbered 1 to
155, both inclusive, in the denomination of $1,000 each,, to bear interest as
above set forthr payable March'1, 1958 and semianmiaily thereafter on March
1 and September 1 in each year,. and to mature serially on March'1 in the
years slid amounts as follows: $10,.000 in 1959, $15,p00 in 1960, 1961 and 1962
and $20,.000 in 1963 to 1967„ both inclusive, all without option of prior pay-
ment.
3. Both principal of and interest on said bonds shall be payable at
the main office of Northwestern National Bank of Minneapolis, in Minneapolis,
Minnesota,, and the village shall pay the reasonable charges of said bank for
its services as paying agent.
4. The bonds artd the interest coupons thereto attached shall be in sub-
stantially the following form:
UNITED STATES OF AMERICA:'
STATB OF MINNESOTA
COUNTY OP HBNNBPIN
VILIAGE OF RICHF IBID
No.
PARK IMPROVEMENT BOND OF 1957.
$1,000
lO~tOW ALL MBN BY THESE PRESENTS That the Village of Richfield, Henne-
pin County,, Minnesota, hereby acknowledges itself to be indebted and for value
received promises to pay to bearer on the 1st day of March, 19 ,without op-
tion~of prior payment, the sum of ONB THOUSAND DOLLARS and to pay interest
thereon from the date hereof until the principal sum is paid, ~.t the rate of
interest to maturity payable March 1,. 1958 and semiannually thereafter on the
1st day of March and the 1st day of September in each year in accordance with
::. _.,~. _ .,_. ..,.v,..J
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LrLL ., . .. ....
I
Resolution No. i~
Page ~i
and upon presentation and surresxter of the interest coupons hereto att~eched
as they severally become due. Both principal anti interest are payable at
in any coin or currenc~+ bf the United States of America which at the time of
payment is legal tender for public and private debts. Por the prompt and full
payment of sucYs principal and interest, as the same respectively become due,.
the full faithp credit asul taxing powers of the village have bean and are here-
by irrevocably pledged.
This bond is-one of an issue of $155,000 principal amount of bonds,
all of like date and-tenor except as to maturity and interest rate„ all issued
by the village for the purpose of providing money for the construction of im~-
provements to the severaF parks of the village pursuant to authority conferred
by score than the requisite ma3otity vote of the electors voting at a special
election duly and regularly called and held and is issued pursuant to asul in
full conformity with the Constitution and Laws of the State of Minnesota.
IT IS HBRBBY CERTIFIED AND RBCITED That all: acts,, wnditions and
thins required'hy the Constitution and Laws of the State of Minnesota. to be
Bonet to happen, to exist a4id to be performed precedent to and in the issuance
of this bond have been done,. have happened, do exist and have been performed
in regular and due form,. time and manner as so required; that prior to the
issuance hereof a direct annual irrepealable ad valorem tax has been duly
levied upon all of the taxable property in the village for the years and in
the amounts as required by law, and additional taxes will be levied upon ail
of said pf~operty, if needed for such purpose, without limitation as to rate
or amount, and that the issuance of this bond did not cause the indebtedness
of the village to exceed any constitutional or statutory limitation thereon.
- - ,.
'IN WITNESS WHBREOF,, the'Viilage of Richfield, Hennepin Countyp
Minnesota,, by the Village Council, has caused this bond to be executed in its
behalf by the signatures of the Mayor and Manager and its corporate seal to be
hereto affixed,. and has caused the attached interest coupons to be executed
and authe icated by the facsimile signatures of said officers, all as of
Septemb~ 1957., ~ ~ _ /I
Manager _ Mary or
(Seal)
(Form of Coupon)
No. $~-...--
On the lst dap of March (September), 19 , the Village of Richf ieid,
Hennepin County,, Minnesota, will pay to bearer at
the sum of DOLLARS for interest then due an
its Park Improvement Bond dated September 1, 1957, No.
...
Manager - - Mayor
~.
Resolution No. 1404 - Page 3
5, 'the bond's shall be prepared under the detection of the Clerk and
shall be executed 'ekn behalf of the, village by the 5.gnatu~es of the Mayor and
Manager and the corporate:,seai of the village shah be affixed to each thereof,
and the interest ~ouQons shall be executed and ,autiiei~tic~ted ;by the printed
facsimile signatures off' said mayor and manager. WYieii .said bonds have been so
executed they sha13 be de~:iverecl by the ~ village t~ea.surer to Elie purchaser.
thereof upon receipt-of trie purchase price Yieretofore agteed Ripon and the pur-,
chaser shall not be obligated tb see to the p$opet app].3cat3cin th~reof•
b. There is hereby created a sepatate sinking ~urlit foil said bondsi
tAlhich shall be held by the. vs.ilage treasurer and used for no other purpose
t~isn to pay piincipal of and interest on said bonds, provided that if any pay-
ment of principal or interest shall become due when there is not sufficient
money in said fund to pay the same, the treasurer shall p ay such principal or
interest from the general fund of the viila.ge, and said general fund shall. be
reimbursed for such advances out of the proceeds of taxes levied pursuant here-
to or other moneys appropriated by the village council for such purpose.
There is hereby levied upon ail the taxable property in the village a direct
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
' 1957 Le_-__v~y
100
$22 Year
1962 Levy
$25,000
,
1g58 23,000 1963 24,000
1959 22,200 1964 23;000
1960 21,500 1965 22,000
19b1 26,000
Stich of said levies shall be irrepeaiable,. provided that the village reserves
the right to reduce said levies in the manner and to the extent permitted by
law.
7. The village clerk is hereby authorized and directed to file with
the County Auditor of Hennepin County a certified copy of this resolution to-
gether with such other information.as the County Auditor may require, and to
obtain fxom the County Auditor a certificate that such tax has been levied and
the bonds have been entered upon his bond register.
8. The County Auditor of Hennepin County and the 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 fi-
nancial condition and affairs of the village, and such other certificates, af-
fidavits 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,
., ... ..
Resolution #1404 Page 4
including any heretofore furnished, shall be deemed representations of the
village as to the facts stated therein.
Passed by the Village Council of the Village of Richfield this
26th day of August, 1957.
D
Pred O. Rittell, Mayor ~
fl.R. Van en, Manager
Attest ~ ~
Paul . Iaugen Village Clerk
1