1957-1470r511
RFSOLt~T ION No. ]1,.70
RESOLTPrION DIRECTIi~IG THE ISSUANCE AND SALE OF TEMPORARY
INII'ROVEIti}ENT BONGS TO THE IIMPROVEI~~1' BONDS of 1955 SINRTI~
FUND IN ACCORDANCE WITH THE LA1,d5 OF 1957, CHAPTER 3g5.
BE IT RESOLVED By the Village Council of the Village of
Richfield, Hennepin County, Minnesota, as follows:
1. The total estimated cost of Village Project #341 has been
estimated at x$23,630 and the Total cost of Village Project #3/~2
has been estimated at X11,370. It is now estimated that the sum
of X35,000 is currently necessary to provide financing of the
projects and it is hereby determined to be necessary to borrow
said amount for the ~yment of obligations now incurred and for
expenses neoessarily incurred in connection with the construction
of said Projects.': There is hereby created a Village Project
No,. 341 Construction Fund and a Village Project No. 3102 Construction
Fund into which shall be paid all proceeds of temporary bonds
issued pursuant to this resolution and similar subsequaeble asolutions,
and out of which shall be paid all amounts due and pay
costs or expenses incident to or incurred in connection with the
making of said improvement. There is also herd intatw~hioh fund
Village Projects No. 341 and No. 31,2 Sinking
shall be paid the proceeds of all special assessments levied
against benefited property by reason of the making. of said
inprovement and out of which sha11 be paid principal and.
interest.on all temporary improvement bonds issued to finance
said project.
2. It is hereby determined that the sum of ~3g,000 shall be
borrowed to finance said village Projects No. 341 and No. 31,2 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 3$5• Said bonds shall be payable
from the Village Projects No. 341 and No. 342 Si~~ Fsdrovided
but the village further recognizes it statutory duty, p
by Section 429.091, and covenants and agrees with the ~c~emettt
and all holders from time to time, of said temporary imp
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 bands which the council shall issue and se11 at or
prior to the maturity of the temporary improvement bonds, to the
extent that the same cannot be paid out of funds a orlout
the Village Projects No. 341 and No. 342 S3nk~
of other municipal funds which are properly available and are
appropriated by the council for such purpose.
2-
Resolution No. 14.70
3. It is hereby determined to levy special assessments against
benefited property by reason of the making of Village Projects
No. 341 and 31,2 ar:d ad valorem taxes, if necessary, to produce sums
at least 5~ in excess of the amounts sufficient to pay principal
and interest when due on said temporary i,mprov~nent 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 Projects No. 341 and No. 312 has beef
completed and the total cost thereof 'gas been determined.
1,. Said temporary improvement bonds in the amount of :~35,~0
shall be dated December 1, 1957; shall be 35 in number and
numbered from 1 to 35 inclusive, each i.n the denomination of
~~.~000, sha17. bear interest at the rate of ~ per annum,
payable semi-annually on 3'une 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, £or the purpose of
mailing said notices. The principal of and interest an said bonds
shall be payable at the Richfield Village Ha11, 6700 Portland
Avenue, Minneapolis 23, .Minnesota.
5. Said temporary improvement bonds shall be memographed
with attached interest coupon in substantially the following
form:
Resolution No. 3..1~?0 - 3 -
UNITED STATES OF AMERICA
STATE OF P~,tNNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHFIELD
TEMPORARY IMPROVEiiFidT BONDS, SERIES
TF~EE
No. ~p1, 000
KAT(A~tN ALL MEN Bat THESE PRESENTS that the Village of Richfield,
a duly organised municipal corporation of Hennepin County, Minn-
esota acknowledges itself to be indebted and for value received,
promises to pay to bearer the sum of ONE THOUSAi3D DOLLARS on the
first day of December, 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 {/~~)
per annum, payable semi-annually on the first day of June and
the first day of December in each year, interest to maturity
being payable i.n accordance with and upon purchase and surrender
of the interest coupon appurtenant thereto. Both principal and
interest are payable at the Village Ha11, Village of Richfield,
6700 Portland Avenue, Minneapolis 23, P~linnesota in any currency or
coin of the United States of America 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 X35,000, all of like date and tanar except as to serial
number, all issued by said village for the purpose of defraying
expenses incurred and to be incurred in construction of
improvements designated as "Village Projects No. 341 and No. 342"
by the Village of Richfield, consisting of street grading and
sidewalk construction, and is issued pursuant to anal in full
conformity with resolutions duly adopted by the Village Council
after hearings as required by law and pursuant to and in fu1.1
conformity with the Constitution and laws of the State of Minnesota
thereunto enabling, including Minnesota Statutes, Section 1,29.091,
Subdivision 3, as amended by Laws 1957, Chapter 355. This bond
is payable pri.mariiy from the Village Projects No. 34.1 and No. 342
Sinking Fund of the village but the Council is required to pay
the principal and interest thereon out of any funds in the
treasury ixx the event that the monies on hand i.n said fund are
at any time insufficient to meet the payment of maturing principal
and interest, and is further required at or prior to tho 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. ]1;.70 - 4
Temporary Improvement Bonds, Series Three
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, 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 IS HEREBY CERTIFIED, RECITED, CONVENANTED ANA AGREED that all
acts, conditions and things required by the Constitution and laws
of the State of Minnesota to be done, to exist, to happen and to
be performed preliminary to and i.n the issuance of this band 3.n
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 Projects No. 34.1 and No. 311.2
Sinking Fund has been duly created and provision has been ~riade
for the support thereof by ad valorem taxes and special assessments
to be levied, at or prior to the time of 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 became 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 amounts; that the
holder hereof shall have and may er~.force by appropriate
proceedings all duties imposed by said Chapter 3g5 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 band did not cause the indebt-
edness of said village to exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF the Village of Richfield, Hennepin County,
Minnesota, by its Village Council, has caused this bond to be
executed in 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 Hecember 1, 1957.
Mayor, Vil~.age of Richfield, Minnesota
Managex~Village of Richfield, Minnesota
(SEAL )
- ~ -.
Resolution No. ]J.70
(Form of Coupon)
Unless the bond described below is called for earlier redemption
No, X20.00
On the first day of June (December), 19 ~, the Village of
Richfield, •Hennepin County, T~ti.nnesota, will pay to bearer at the
Village Hall of the Village of Richfield, 6700 Portland Avenue,
Minneapolis 23, Minnesota, tie sum of TWEi;TY AND NO/3.00 DOLLARS
lawful money of the United States of American far interest then
due on its Temporary Improvement Bond, Series Three, Dated
December 1, 1957, No. ,_,_,_„_,,,
L~ ,
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 sha11 be executed and authenticated, by the printed,
engraved or lithographed facsimile signatures of said Mayor and
Manager. tlhen said bonds have been executed and authenticated,
they shall be delivered by the Treasurer to .the purchaser thereof.,
upon payaeent 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 bonds have been entered on his bond register.
-6-
Resolution No. 11.70
$. 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 thereof, certified copies of all proceed-
ings 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 t hear custody and control
or as otherwise known to them, and such certificates, certified
capies 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 in excess of ~p35,000 a.n the Zzaprovement Bonds of 1955
linking Fund which ~ti11 not be required for otlier purposes prior
to December 1, 1959•
10. Zt is hereby determined to purchase the aforementioned
$p35,000 temporary improvement bonds, Series 3 upon their initial
issuance in accordance with the provisions of I~linnesota Statutes,
Sections 471.56 and 475.66, out .of funds in the Improvement Bonds
of 1955 Sinka.ng Fund and on behalf of said fund, at par and
accrued interest as of the date of delivery of said bonds and
completa.on of suah sale, it being further determined to be reasonable
and advantageous to the Improvement Bonds of 1955 Sinking Fund
to invest in said temporary improvement bonds, Series 3 and it
being further determined to be reasonable and advantageous to
the Village to sell said temporary improvement bonds, Series 3
in 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 brae to time,
to give effect to the provisions thereof.
Passed. by the Village Council this 9th Day" of December, 1957•
i
Fred 0. Kittell, Mayor
0O R. Krevelen, Manager
i
ATTEST:
Paul H. augen, illage Clerk '