1958-1637r~ i
RESOLUTION N0.,__63~ __
R~50LUTION DIRECTIA~ THE ISSUANCE AND SALE OF TEtdPORARY IMPROVEMENT
BONL6 TO THE IMPROVffi~IENT BONDS OF 1955 SINKING FUND IN ACCORDANCE WITH
THE LAWS OF 1957, • 0•'TER 355.
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 No. 347, otherwise known
as the 1955 Street Improvement and Oiling Program, has been estimated at
X157,700. Part of the money for the financing of said improvement is
available from the General Fund as the villages share of the cost of
said improvement. It is now estimated that the sum of ;100,000 is currently
necessary to provide financing of a portion of the cost of said project and
it 3.s 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. 347 Construction Fund into which shall be paid
all sums transferred from the General fund and-the 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 ixi connection with the making of said
improvement. There is also hereby created a Village Project # 347 account
in the Temporary Improvement Bonds Sinking Fund into which fund shall be
paid the praeeeda of all spec~.al 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 b® borrowed to ~
partially finance said Village Project No. 347.by the issuance of Temporary
Improvement Bonds of the Village as authorized in Minnesota Statutes, Section
4,29.OQ1, Subdivision 3, as amended by Laws 1957, Chapt9r 355. Said V~.llage
shall be payable from the Temporary Improvement Bands Sinking Fund,
Project #347 Account; but the village further recognizes its statutory duty,
as provided by Section 129.091., and covenants and agrees Stith the purchaser i
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 Improv~-ent Bonds, to the extent that the same cannot be paid out ~
of funds available in the Temporary Improveme t Bands Sinking Fund, Village
Project 347 Account, yr out of other municipa funds which are properly
available and are appropriated by the council far such purpose.
3. It is hereby determined to levy special assessments against benefited ~
property by reason of the making of Village project No. 347 and ad valorem
taxes, if necessary, to produce sums at leash 5~ in excess of the amounts
sufficient to pay principal and interest when due on said temporary improvement j
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Resolution No. 1
bonds and an any definitive bonds to be imsued as herein provided., such special
assessments to be glaced on the tax rolls subsequent to the time when said
Village Project No. 3~.7 has been completed and the total cost thereof has
been determined.
L~.. Said temporary improvement bonds ixi the amount of ~100~000 sha11 be dated
September 1, 1955; shall be 100 its number and numbered from ~. to 100; inclusive,
each in the denomination of X1,000, shall bear interest at the rata of 4~ per
annum, payable semi-»annually on Agarch 1 and September 1 of each year and
sha11 mature on September 1, 1960, shall be subject to redemption and pre-payment
on a~ 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 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 ham
by the holders thereof, for the purpose of mailing said notices. The principal
of and interest on said bonds sha11 be payable at the Richfield Village Ha11,
6700 Portland Avenue, Mi.~aneapolis 23, Minnesota.
5. Said temporary improvement bonds shall be mimeographed with attached
interest coupon in substantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHE'IELD
TEMPORARY IMPROVEMENT BOND, SERIFS FOUR
1
No.
~1s 000
KNOWN ALL MEN BY THESE PRESENTS that the Village of Richfield, a duly organized
municipal corporation of Rennepin County, Minnesota acknowledges itself to
be indebted and for value received, promises to pay to bearer the sum of
ONE TiiOUSAND DOLLARS on the first day of September 1960, 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 ae ble
duly called for redemption at the rate of four percent t4~) pe'r ~~, P 3'a
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 an Buo~ohn
purchase and surrender of the interest coupon appurtenant thereto.
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 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.
i
I
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Resolution No. 1637
This bond 3s one of a series in-the aggregate principal amount of $p100,000,
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. 347" 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 full conformity with the Constitution and Laws of the State of
Minnesota thereunto enabling, including Minnesota Statutes, Section 1~29.09~-,
Subdivision 3, as amended by Laws 1957, Chapter 355. This bond is payable
primarily from the Temporary Improvement Bonds Sinking Fund, Village Project
347 Account 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 funds are at any tame 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.
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 bands recorded by the Village Treasurer.
iT IS ~BY GERTIFIED, RECITED, CONVENANTFD ~ 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 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 far the construction
of said improvement; that the Temporary Improvement Bonds Sinking Fund,
Village Project 347 Account has bean 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~} 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 amount; that the
holder hereof shall 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 end 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
limitation.
_/,~,~
Resolution No. 16~? ,+
IN WITNESS WHEREOF the Village of Richfield, Hennepin County, Minnesota,
by its Village Counoil, has caused this bond to be executed in ~.ts 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, 1958.
Mayor, Village of Richfield, Minnesota
Manager, a of ichfield, Minnesota
. {Seal)
{Form of Coupon)
IInless the bond described below is called for earlier redemption
Na.
X20.00
On the first day of March {September), 19~___s the Village of Richfield,
Hennepin County, Minnesota, will pay to bearer at the Village Hall of the
Village of Richfield, 6700 Fortland Avenue, Minneapolis 23, Minnesota,
the sum of TWENT ~ AND NO/100 DOLLARS lawful money of the United States
of America for interest then due on its Temporary Improvement Bonds, Series
Four, Dated September 1, 1958, No. `. /, ~ ~~ `'
6. Said bonds sha11 be prepared under the direction of the Village Clerk
and shall be executed an 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 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 sha11 not
be obliged to see to the application thereof.
F
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Resolution No. 1,_„ 6~
7. The Village Clerk is hereby authorized and directed to file a
certified copy of this resolution with the County Auditor of Hennepa.n
County, together with such other information as he shall require and to
obtain from said County.A.uditor a certificate that said bonds have been
entered on his bond register.
5. The officers of the Village and the County Auditor of Hennepaan 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 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 feats 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 tame an amount a.n
excess of X100,000 in the Improvement Bonds of 1955 Sinking Fund which will
not be required for other purposes prior to September 1, 1960•
10. It is hereby determined to purchase the aforementioned X100,000
temporary improvement bonds, Series 4 upon their initial issuance in accordance
with the provisions of Minnesota Statutes, Section 4'71.56 and 475.66, out
of funds in the Improvement 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 sale, it being further determined to be reasonable
and advantageous to the 1955 Street Improvement and Oiling Program to
invest a.n said temporary improvement bonds, Series 4, and it being further
determined.,torovement bonds,aSeriesa4~~-n accordance with thetprovisa.onsd
temporary amp
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
t~f the foregoing resolutions and to make such transfers of funds es may
be necessary from tame to time, to give effect to the provisions thereof.
Passed by the Village Council this 25th Bait' of august, 1955•
_ _ _
Irving R 3i~eldsldsen, Mayor
0. R. grevelen, Manager
~~ ~ ~~
ATTEST : ~f-~' ' `~
Edward J. M .ine Village Clerk