1958-1584r~, ,~ ..,.
RESOLUTION N0. 1,_~,584~
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TENII'ORARY I~IPROV.~t9ENT
BONGS TO THE Ii~fPROV.P~triCNT BONi?S OF 1955 SINKING FUND IN ACCORDATJCE tJITH
THE LAMS OF 1957, CRAFTER 355.
BE IT RESOLVED BF the Village Council of the Village of~Richfield, Hennepin
County, Minnaosta, as follows:
1. The total estimated cost of Village Froject No. 336, otherwise known
as-concrete surfacing and other related..3mprovamants of County State Aid
Highway into. 53 has been estimated at X305,079.52. Part of the money for
financing said improvement is being furnished by the County and.Municigal '
State Aid Funds. It is now estimated that the swn of X9,000 is currently
necessary to provide financing of the remainder of the cost of said project
and it is hereby determined to be necessary to borrow. said amount for the
payment of•obligati_ons now incurred and for expenses necessarily incurred
in connection with the construction of said project. Thera is hereby created
a Village-Project No. 336 Construction Fund into which siaall be paid all
proceeds of temporary bonds issued pursuant to this resolution and similar
subsequent resolutions, and out of which shall be paid all amounts due
and payable as costs or expenses incident to or incurred in connection with
the making of said improvement. .There is also hereby created a Village Froject
No. 336 Sinking Fund Account into which account shall be paid the proceeds
of all special assessments levied against benefited property by reason
of the making o~ said improvement and out of which shall be paid principal
and interest on all temporary improvement bonds issued to finance said project.
zs~~
2. It is hereby determined that the sum of X69,000 shall be borrowed to
finance said Village Project No. 336 by the issuance of temporary improvement
bonds of the village as authorized i.n T~iinnesota Statutes, Section !*29.091,
Subdivision 3, as amended by Laws 1957, Chapter 355. Said bonds sha11 be
payable from the Village Project No. 336 Sinking Fund;-but the village further
recognizes its statutory duty, sa provided by Section 4.29•~~ and covenants
and agrees with the purchaser and all holders from time to time, of said
temporary improvement bonds, at ar 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 salt. at or prior to the
maturity of the temporary improvement bonds, to the extant that the same
cannot be paid out of funds available in the Village Project Na. 336 Sinking
Fund or out of other municipal funds which are properly available and are
appropriated by the council far such purpose.
3. Tt is hereby determined to levy special assessments against benefited
property by reason of the making of V311age Project No. 336 and 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 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. 336 has been completed and the total cost thereof
has been determined.
Resolution No. l...r,_ -2-
~.. Said temporary improvement bonds ixt the amount of4p69,000 shall be
dated July 1, 1958; sha11 be 69 in number and numbered from 1 to 69, inclusive,
each in the denomination of $1,000, shall bear interest at the rate of /.,~
per annum, payable semi-annually on January 1 and Ju1.y 1 of each year and
shall mature on July 1, 1960, shall be subject to redemption and pre-payment
on any interest paymen~'• date, at par and accrued interest. Not leas than
3o says before the date specified far redemption of said bonds the Village
Treasurer sha11 mail notice of the call thereof to the holder, if known, and
said Treasurer sha11 maintain a record of the names and addresses of the
holders of said bands 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 aha11 be payable at the Richfield Village Hall,
6700 Portland Avenue, Minneapolis 23, Minnesota. •
5. Said temporary improvement bonds shall be mixaeographed with attached
interest coupon in substantially the following form:
UNITED STATE3 ~ OF ..A~ICA
STATE OF MINNESOTA
COUNTY OF HENI~EPIN
VILLAGE OF RICHFIELD
TEMPORARY Ir'Il'ROVEM~i~iTT BONDS, SERIES
THREE
No..
~l, 000
KNOUJN 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 THOUSAI~'D DOLLARS on the first day of July 1960
or on a date prior thereto on which this bond has been duly called fair redemption,
and to pay interest thereon from the date hereof until paid ar 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 January and the First
day of July 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 Ha11, Village
of Richfield, 6700 Portland Avenue, Minneapolis z3, Minnesota 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 fu11 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 prinai.pal amount
of ~p69,000, 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 improvements designated as "Vi17.age Project No. 336
by the Village of Richfield, consisting of concrete surfacing and other
related improvements, and is issued pursuant to and in full oonfarmity with
resolutions duly adapted by the Village Council after hearings as required by
law and pursuant to and in full confor,nity with the Constitution and Laws
of the Stateof Minnesota thereunto enabling, including Minnesota Statues,
r..
Resolution No. ~8~ -3-
Section l~9.091, Subdivision 3, as amended by laws 1957, Chapter-355. This
bond is payable primarily from the Village Project No. 336 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 is said fund are at any tune insufficient to meet the payment of maturing
principal and interest, and is further required at or prior to the maturity
of this band, 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.
This bond is subject to redemption and pre-pa9'aent at the option
of the village an any interest pa~rment date, at a price of parand 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 holde~cs desiring to receive such notice may have their names and addresses
and the aerial numbers of their bonds recorded by the Village Treasurer.
IT IS HEREBY CERTIFIED RECITED, CONUENANTED AND AGREED that all
acts, conditions and things required by the Constitution and laws of the
State of Minnesota to be done, to exist, to hap~~en and to be performed
preliminary to and in the issuance of this band 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 1Vo. 33b Sinking Fund
.Account 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 of issuance of said definitive bonds, for the years and
in aggregate amounts not less than five percent (5~) 3n 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 sha1~.
have and may enforce by appropriate proceedings all duties imposed by said
Chapter 355 upon the village and its officers with reference to the levy
and collection of said assessments and taxes and the issuance of said definit~.ve
bands; and that the issuance of this bond did not ~Datisse the indebtedness of
said village to exceed ai~,y constitutional or statutory Limitation.
IN ~,TITNESS t~H~EOF the Village of Richfield, Hennepin County, Minn-
esota, by its Village Council, has caused this bond to be executed 3n its
behalf by the signature of its Mayor and Manager and sealed with it 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 July 1, L95~
Mayor, Village of Richfield, Minnesota
(Seal) Manager, Village of Richfield, Minnesota
r
Resolution No. 1~ 5~_ ..,(~
(Form of Coupon)
IInlese 'the band described below is called for earlier redemption
No.
X20.00
Qn the first day of July (January), 19~_, the Village of
Richfield, Hennepin County, v(3.nnesota, will pay to bearer at the Village
Ha11 of the Village of Richfield, 6700 Portland Avenue, Minneapolis 23,
i~innesota, the sum of TGIENTY .AND N0~100 DOLT.~ARS lawful money of the IInited
Staff of America for interest then due on its Temporary Improvement Bond,
Series Three, dated July 1, 1958, No. _,.„w,.,. .
. Mayor
Manager
6. Said bonds sba11 be prepared under the airsction 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 lithograghed facsimile signatures of
said ivlayor and Manager. [Then 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.
7. The Village Glerk is hereby .authorized and directed to file a
certifies Dopy 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.
8. 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 acid to the attorneys approving the legality of the issuance
thereof, certified copies of all proceedings and records relating to said
bonds and to the financial affairs of said village, and such other affidavits,
certifioates and information as mad 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, sha11 be deemed representations of the village as to
the correctness of all statements contained thereon.
9. It is hereby determined that there is at tho present time an amount
in excess of ~Ci9,000 in the Lnprovement Bonds of 1955 Sinking Fund which
will not be required for other purposes prior to July 1, 1960.
Resolution 1Vo. 184
w5~.
10. Tt is hereby determined to purchase the aforementioned $69,000
temporary improvement bonds, Series 3 upon their initial issuance in acaordance
with the provisions of NIinnesota Statutes, Section 471.56 and !~%5.b6, out
of funds in the Tmprovament Bonds of 1955 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 sal®, it being further determined to be reasonable
and advantageous to the Zmprovsnent 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 tune to time, to give effect to the provisions thereof.
Passed by the Village Council this 23rd day of June, 1955.
~~
~~
Irving R. Keldsen, Mayor
O.R. n Kr velen, Manager
$TTPST:
Paul K. a en, V ge Clerk