1958-1666r
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RESOLUTION N0. 1666
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1
RFSOLUTxON DIRECTING THE ISSUANCE AID SALE OF TEI~OAARX IlNPR(~EMENT
BONUS TO THE IMPROVIlwiENT BONDS OF' 19.5., SERIES B SIlIIKING FUND IN
ACCORDANCE WITH THE LAWS OF 19~?, C~ 3~5.
BE IT RESOLVED By the Village Council of adze Village- of Richfield,:
iiennepin County, I~irmesota, as foil.ows:
1. The total estimated cost of Village. Project No.. ~?.t8, otherwise
known as the Storm Sewer Oversizing, had been estimated. at ~?9,~.•-
It is now estimated that the aum of $79,000.00 is currently necessary
~o provide financing and it is hereby determined to be necessary to
borrow said amount for the payment of obligations now incurred and
for expenses necessarily incurred in connection with the construction
of said pro3ect. There is hereby c„„~~~ :ted a Village Project No.. 318
Construction-Fund into which shaL1L"6e~all proceeds o~ temporary bonds
issued pursuant to this resolution and similar subsequent resolutions.,.
and out of which shall be paid all amounts due and payable as costh
or expenses incident to or incurred in connection with making said
improvement. There is hereby created a Village Pro3ect No..3~8
Sinking Fund Account into which account shall be: paid the•praceeds
of all special assessments levied. against benefitsd.:prQper~ty by reason
of the mak~i.ng of said improvement and out of which shall be• paid
principal and interest on a]1 temporary improven~e.nt bonds: issued •to
finance said pro3ect.
2. It is hereby determined that the sum of ~7~,000 shall ~~
borrowed to finance said Village Project No. 3tt8 by the _ issuanE.e-
of temporary improvement bonds .of the. village as.:authorized in_
Minnesota Statutes, Section I~29.091, Subdivisian3 ,as.-amended by~
Laws 1957, Chapter 385.• Said bonds shall be payable.from:the:
Vi13.age Project. No. 3lt8 Sinking Fund Account; .but the village further.
recognizes its statutor~r duty, as provided by Section l~29.091, .and
covenants and agrees with the purchaser.-.and all holders from time
to time,- of said temporary improvement bonds, at: or prior to the
maturity thereof it will. pay ar~d retire such bonds and the interest
.thereon out of the prooesds of definit~,ve improvement bonds which
the council .sha7rl. issue and sell at or .prior -to tha maturity of .the
temporary im~roeement bonds, to the extent that the same-cannot be
paid out .of funds..available , in .the Village Pro ject~ No. 3~$ S3at?
Fund Account or out of other municipal funds which pare .propex~l~r
avaS.lable and are:_appropria~ted by .the council for. such: purpose. .
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3. 1t is hereby determined to levy special assessments against
benefited property by reason of the making of Village Pro3ect No.
3lt8 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 bottds atld 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. 3~.8 has been completed and the fatal cost thereof has
been determined.
4. Said temporary improvement bonds in the amount of ~79,00o shall
be dated October 1, 1957; shall be 79 in number and numbered 1 to 79
inclusive, each in the denomination of ~1,000~ shall bear interest
at the rate of ~~ per annum, payable semi-annually on Aprii let
and October lst of each year and shall mature on October 1, 19b0,
shall be subject to redemption and prepayment on.any interest
payment date, at par and accrued interest. Not less than ~ days
before the date specified for redemption of said bonds the Village
Treasurer sha11 mail notice of tt~ 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 bald®rs thereoft for
the purpose of mailing said notices. The principal of and interest
on said bonds shall be payab3~e at the RicYifield Village Hall
67~ Portland Avenue, Minneapolis 23, Minnesota.
5. Said temporary improvement bonds shall be mimeographed with
attached interest coupon in substantially the following forma
.. _ _. _ . _.. .~:: _ _ _ _ .- _ _ _ a
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UNITED STATES of AMERICA
STATE OF MINNESOTA
COUNTS(' OF HENNEPIN
~; ~ VILLAGE OF RICHFIELD
TEMPORARY I[~PROVEN~NT HOND, SERIES FIVE
No,
$1,000
KNIT ALL MEN 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 sum of ONE THOUSAND DOLLARS on the first day of
October, 1960, or on a date prior thereto on which this bond has been
duly ca].].ed 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 per cent (1~~} per annum, payable
semi-annually on the first day of April and the first day of October
in each year, interest to maturity being payable in accordance with
and c~aon purchase and surrender of the interest coupon appurtenant
thereto. Hoth 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 privets and public
debts. For the prompt and full payment of such principal and interest
as the sarme 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 $79,IX30, all of like date and tenor except as to serial number, all
issued by said village for the purpose of defraying expenses incurred
and to be incurred in construction of an improvement designated as
~~Village Pro3ect No. 34$~~ by the Vi].laage of Richfield, consisting of
storm sewer development, and i.s issued pursuant to and in fu11 con-
formity with resolutions duly adopted by the Village Council after .
hearings as required by law and pursuant to and in full conformity wi~i
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 3$5. This bond is payable primarily from the
Village Project No. 3~.8 Sinking Fund Account of the village but the
Council is required to pay the principal and interest thereon out of
aryy funds 3.n 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 reti.ren~snt
thereof by the issuance of definitive bonds, to the extent, 3.f any,
that the assessments and taxes or other municipal funds theretofore
collected and received in said Sinking Fund may be insufficient for
such purpose.
.-.... ._.-.~....'.--_._ -~a'asma-_~___.-syy~nta~+.wv: .. - i_ _Rr_._._-r~r?i~ziar-v~:Fn'T•n'~.....t'x':~•S:T!.':3S-'.:~-'-S~IpT-r___~ T,-..~.+±:.y+._
Temporary :[mprovement Bonds, Series Fide
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This band is subject to redemption and prepayx~nt 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 ZS HEREBY CERTIFIED, RECITED, COVENANTED 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 happen and to be
performed preliminary to and. 3.n the issuance of this band in order to
make it a valid and binding general obligation of said village accord-
ing 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. 3118 Sinking Fund Account has been duly
created and; provision has been made for the support thereof by ad
valorem to xes 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 per cent.{~,~) 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 13mitation as to rate or
amount; that the holder hereof shal 1 have and may enforce by appropriate
proceedings all duties imposed by said Chapter 385 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 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 October 1, 1958.
/ ~' ~~
ayor
snag r
-~ 5
(Form of Coupon)
Unless the bond described below is called for earlier redemption
No.
X20.00
On the first day of April (October), 19 ,the Village of
Richfield, Hennepin County, Minnesota, w~l peg to bearer at
the Village Hall of the Village of Richfield, 6700 Portland
Avenue, Minneapolis 23, Minnesota the sum of TNTENTY AND NO/1~
DO?,LARS lawful money of the U~i.ted States of America for interest
then due on its~Temporary Improvement Honda, Series Five, dated
October ~, 1958, No. ~.
Mayor
age
6: Said bonds sha11 be prepared under the direction of the Village
Clerk and shall be executed on behalf of the eillage 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 the said Mayor and Manager.. When said bonds
have been executed and authenticated, they shall. be delivered by
the Treasurer to the p~~rchaser thereof, upon payment of the purchase
price heretofore agreed upon and said purchaser shall not be obliged
to see to the application thereof.
?. The Village Clerk is hereby authorized and directed to file a
certified copy of this rer..olution with the County Auditor of Hennepin
C ounty~ together with such other inf orma t3. on a s he shall require and
to obtain from said County Auditor a certificate that said bonds have
been entered on his bond register,
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E _g_ _..
$. The officers of the Village and the County Auditor of Hennepin
County are hereby authorized and directed to prepare and furniah
~• to the purchaser of said bands 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 afi~ai~s
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 retards under their custody and control or as
otherw3.se 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 tl~reon.
9. It is hereby determined that there is at the present time an
amount in excess of X79,000 in the Improvement Bonds of 1954, Series B
Sinking Fund which will not be required for other purposes prior to
October 1, 1960.
10. It is hereby determined to purchase the aforementioned $'T9,000
Temporary Improvement Bonds, Series ~ upon their initial issuance
in accordance with the provision of Minnesota Statutes, Sections
lt71.56 and 1175.66, out of funds in the Improvement Bands of 195le,
Series B 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, Series B Sinking
Fund to invest in said Temporary Improvement Bonds, Series 5 and
it being further determined to be reasonable and advantageous to
the Village to sell said Temporary Improvement Bonds, Series 5 in
accordance with the previsions of this resolution.
ll. The Village Malaager, 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 b® necessary from time to tame,
to give effect to the provisions thereof.
Passed by the Village Council this 22nd day of September, 1958.
ATTESTs
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i a Clerk
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Mayor
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Maria