1957-1469rSO
RESOLUTION N0. 1469
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY IMPROVEMENT
BONDS TO THE IMPROVEi~1EFdT BOI3DS OF 1954 SINKING FUND IN ACCORDANCE
tidTTH THE LAirJS 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 Imrpovement and Oiling Program, has been .
estimated at .~J35,000. Part of the money far the financing of said
improvement is available from the General Fund as the village's
share of the cost of said improvement. Tt is now estimated that
the sum of X33,000.00 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 paynent 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 Sinking Fund into which fund small be
paid the proceeds of all special assessments levied against bene-
fited 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 X33,000 shall be
borrowed to partially finance said Village Project No. 339 by the
issuance of temporary improvement bonds of the village as authorized
in Min~:~esota Statutes, Section L,29.091, Subdivision 3 as amended.
by Laws 1957, Chapter 355. Said bonds shall be payable from the
Village Project No. 339 Sinking Fund; but the village further recognizes
its statutory duty, as provided by Section 1.~29.09~-, and covenants
and agrees with the Furehaser and all holders from time 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
shall issue and sell at or prior to the maturity of the temporary
improvement bonds, to the ea-tent that the same cannot be PFund ort
of f~:r~3s available in the Village Project No. 339 Sinking
out of other municipal funds which-are properl..y available and are
appropriated by the council for such purpose.
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Resolution No. L.,.69
3. St is hereby determined to levy special assessments against
benefited property by reason of the making of Village Project No.
339 and ad valorem taxes,~i.f necessary, to produce sums at least 5%
i.n excess of the amounts sufficient to pay 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 rolls subsequent to the time when said Village
Project No. 339 has beon completed and the total cost thereof has
been determined.
~.. Said temporary improverent bonds in the amount of X33,000
shall be dated December 1, 1957; shall be 33 in number and numbered
lOl to l33 inclusive, each in the denomination of X1,000, shall
bear interest at the rate of ly°bper annum, payable seira-annually
on June 1 and December 1 of each year and shall mature on December
1, 1959, shall be subject to redemption and pre-payment on any
interest payment date, at par and accrued interest. Not less than
30 days before the date specified for redemption of said bonds the
Village Treasurer shall mail notice of the call 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
Ha11, 6700 Portland Avenue, Minneapolis 23, IrIinnesota.
5, Said temporary improvement bonds shall be memeographed with
attached interest coupon i.ri substantially the following forms
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Resol.# 11,.69 UNITED STATES OF AMERICA Page 3
STATE OF MINNESOTA
i ~ COUNTY OF HENNEPTN
VILLAGE OF RICHFIELD
TF~'lPORARY IMPROVEMENT BOND, SERIES T'a)0
No. ~l, 000
KN04J ALL r~liT BY THESE PRESENTS that the Village of Richfield,
a duly organized, municipal corporation of Hennepin County, Minnesota
acknowledges itself it be indebted and for value received, promises
to pay to bearer the some of ONE THOUSAND DOLLARS on the first day of
De~~nber , 1959, or on a date prior thereto on which this bond has
been duly called far 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 (1,.~) per annum, payable
semi-annually on the f3xst day of June .and the first day of T}eoenber
in each year, interest to maturity being payable in accordance with
and upon purchase and surrender of the interest coupon appurtenant there-
to. Both principal and interest are payable at the Village Hall,
Village of Richfield, 6700 Portland Avenue, Minneapolis 23, Minnesota
in any currency or coin of the United States of American 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 full faith, credit and taxing powers of the
Village are hereby irrevocably pledged.
This bond is one of a series in the aggregate principal amount
of $p ~~000, all of like date and tenor except as to serial. number, all
issued by said village for the purpose of defraying expenses incurred and
to be incurred in construction of an improvement designated as "Village
Project No. 33R" by the Village of Richfield, consisting of street
improvement and street oiling, and is issued pursuant to and in full
conformity with resolutions duly adopted by the Village Council after
hearings as required by law and pursuant to and in fu11 conformity with
the Constitution and Laws of the State of Minnesota thereunto enabling,
including Minnesota Statutes, Section /.,,29.091, Subdivision 3, as amended
by Laws 1957, Chapter 355. 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
any time insufficient to meet the payment of maturing principal and
interest, and is further required at or prior to the maturity of this
bond, to provide for the payment and retirement thereof by the issuance
of definitive bonds, to the extent, if any, that the assessments and
taxes or other municipal funds theretofore collected and received in
said Sinking Fund may be insufficient for such purpose.
Resolution No. L*69
Temporary improvement Bends., Series Two Page 4
This bond is sub3ect 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, if 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.
IT TS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that
all acts, conditions and things required b-r the Constitution and laws
of the State of Minnesota to be done, to exist, to happen and to be
performed preliminary to and in the issuance of this bond in order to
make it a valid and binding general obligation of said village according
to its terms have been done, do exist, have happened and have been
performed as so required; that the village has duly determined the
necessity of and provided for the construction of said improvement;
that the Village Project No. 339 Si.r~lsing Fund has been duly created and
provision has been made for the support thereof by ad valorem taxes and
Special assessments to be levied, at or prior to the time for issuance
of said definitive bonds, for the years and in aggregate amounts not
less than five percent (5~) in excess of sums sufficient to pay the
principal and interest on all bonds payable from said fund as such
principal and interest become due, and additional taxes, if needed for
said purpose, may be levied upon all taxable property in the village,
without limitation as to rate or amount; that the holder hereof sha11
have and may enforce_by appropriate proceedings all duties imposed by
said Chapter 3S5 upon the village and its officers with reference to
the levy and collection of said assessments and taxes and the issuance
of said definitive bonds; and that the issuance of this bond did not
cause the indebtedness of said village to exceed any constitutional
or statutory 13mitation.
IN WITNESS WHEREOF the Village of Richfield, Hennepin County,
Minnesota, by its Village Council, has caused this bond to be executed
in its behlf 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 facs>xnile signatures of said officers,
and has caused this bond to be dated as }}e~b~ 1, 1957
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Mayor
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Resolution No. 11.69
(Form of Coupon}
Unless the bond described below is called for earli®r redemption
No.
X20.00
On the first day of ~'une (December), 19 ~, the Village of Rich-
field, 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 TWE.!TY ANA N0~100 DOLLARS
].awful money of the United States of America for interest then due
on its Temporary Improvement Bonds, Series Two, Dated December
1, 1957, No.
Mayor
Manage
6. Said bonds shall be prepared under the direction of the Village
Clerk and sYia~.l 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 authenticated, by the _7rinted, engraved or lithographed
facsimile signatures of the said Mayor and Manager. [•Jhen said bonds
have been executed and authenticated, they shall be delivered by
the Treasurer to the purchaser thereof, upon paynent of the purchase
price heretofore agreed upon and said purchaser shall not be obliged
to see to the application thereof.
7. The Village Clerk is hereby authorized and directed to file a
certified. copy of this resolution with the County Auditor of Hennepin
County, together with such other information as he shall require
and to obtain from-said County Auditor a certificate that said bands
have bean entered on his bond register.
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Resolution No. 1469
g. The officers of the Village and the County Auditor of Hennepin
County are hereby authorized and directed to prepare and furnish •
to the p~rch~sar of said bonds and to the attorneys approving the
legality of the issi7.ance thereof, certified copies of all proceedings
and records relating to said bonds and to the financial affairs
of said village, and such other affidavits, certificates 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.
9. It is hereby determined that there is at the present time an
amount us excess of ~3~,000 in the Improvement Bonds of 1954 Sinking
Fund which will not be required for other purposes prior to
December 1, 1959•
Z0. It is hereby determined to purchase the aforementioned
.p 33,000 temporary improvement bonds, Series 2 upon their initial
issuance in accordance with the provision of t•~innesota Statutes,
Sections 471.56 and 475.66, 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 Improvement Bonds of 1954
'Sinking Fund to invest in said temporary improvement bonds, Series
2 and it being further determined to be reasonable and advantageous
to the Village to se11 said temporary ira~rovement bonds, Series 2
f.n accordance with the provisions of this resolution.
11. 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 9th Day of December, 1957.
Fred 0. 'ttell, tiIayor
ATTEST ~ ~ ~ ~^
Paul Hauge , Village Cl$'.e'~'a evelen, Manager