1958-1756r~..
RESOLUTION N0~ 1756
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY
IMPROVEMENT BONDS, SERIES SIX., Ta THE IMPROVEMENT BONDS
of 195l~, SERIES B SINKING FUND AND IMPROVEMENT BONDS OF
1955 SINKING FUND TN ~iCCORDANCE WITH THE LAWS OF 1957,
CHAPTER 3$5.
BE IT RESOLVED by the V_ ~_].~,a,~ Coun~31 of the Village of Richfield,
Hennepin County, Minnesota,~~as follows:
1. The total estimated cost of Village Project No. 35?, otherwise
known as the Sanitary Se~~er Laterdi, has-been estimated at ~40d,000.
It is now estimated-that the sum of ~?~02,000a00 is currently necessary
to provide financing and it is hereby determined to be necessary to
borrow said amount for the payment of obligations riow incurred and
for expenses necessarily incurred in connection with the construction
of said. project. There is hereby created a Village Project No. 357
,
Construction Fund into which :shall 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 making said impro;Te~:snt. There is hereby created in the Temporary
Improvement Bonds Common Sinking Fund a Village project No. 357
Sinking Fund Account into which account shall be paid the proceeds
of all special assessments levied against benefited pxoperty by reason
of the making of said improvement and out of whi~eh shall be paid
principal and interest on all temporary improvement bonds issued to
finance-said project.
2. Tt is hereby determined that the sum of X402,000 shall be
borrowed to finance said Village Project No, 357 by the issuance
of temporary improvement bonds of the village as authorized in
Minnesota Statutes, Section x.29.091, Subdivision 3 as amended by
Laws lg5?, Chapter 3$5o Said bonds shall be payable from the
Village Project No, 357 Sinking Fund ~iccount,• but the-village further
recognizes its statutory duty, as provided by Section 1129.091, 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 and retire such bonds and the interest
thereon out of the proceeds of definitive improvement bonds which
the council ,shall issue and sel? at or prior to the maturity of the
temporary improvement bonds, to the extent that the same cannot be
paid out of funds available in the Village Proje ct No. 357 Sinking
Fund ~lecount or out of other municipal-funds which are properly
available and are appropriated by the council for such purpose.
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3. It is hereby determined to levy special assessments against
benefited property by reason of the making of Village Project No.
357 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. 357 has bean completed and the total cost thereof has
been determined.
!~. Said temporary improvement bonds in the amount of ~1~02,000 shall
be dated December 1, 1958; shall be l~02 ari number and numbered 1 to
x.02 inclusive, each in the denomination of X1,000, shall bear interest
at the rate of ~.~ per annum, payable semi-annually on June lst
and December 1st of each year and shall mature on December 1, 1960,
shall be subject to redemption and prepayment 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, i.f
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 Hall,
6700 Portland x~venue, Minneapolis 23, Minnesota.
5. Said temporary improvement bonds shall be mimeographed with
attached interest coupon in substantially the following form:
"~~ 7+
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHF?ELD
TEMPOR~.RY IMPROVEMENT BOND, SERIES SIR
No. X1,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Richf field,
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
December, 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 been duly called for
redemption at the rate of four per cent (~.~) 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 in accordance with
and upon purchase and surrender of the interest coupon appurtenant
thereto. 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 America which on the
respective dates of payment is public tender for private and publ3.c
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 ~~.02,000, all of like date and tenor except as to serial number, alt
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, 357+~ by the Village of Richfield, consisting of
Sanitary Sewer Lateral development, 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 con-
formity with the Constitution and Laws of the State of Minnesota there-
unto enabling, including Minnesota Statutes, Section l~29.091, Sub-
division 3, as amended by Laws 1957, Chapter 3$5. This bond is
payable primarily from the Village Project No. 357 Sinking Fund
Account of the villa ge but the Council is required to pay the principal
and interest thereon out of any funds i.n the treasury in the event
that the monies on hand in said Sinking Fund Account 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 Account may be insufficient for such purpose.
~~~
Temporary Improvement Bonds, Series Six - ~'
This bond is subject to ,redemption and prepayment 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 spe cified 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, COVENANTED AND AGREID 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 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. 357 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 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 limitation as to rate or
amount; that the holder hereof shall 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~e~ ~~~d
village to exceed any constitutional or statutory limitation..
IN WITNESS T,~HEREOF 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 December 1, 1958•
Mayor
nager
_~.5~c.
1
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(Form of Coupon)
1
I
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, Minnesota, w 1 pay to bearer at
the Village Hall of the Village of Richfield, 6700 Portland
Avenue, Minneapolis 23, Minnesota the sum of TWENTY AND N0~100
DOLIIARS lawful money of the United States of America for interest
then due on its Temporary Improvement Bonds, Series Six, dated
Iecember 1, 1958, No. .
Mayor
ana ger
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 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 purchaser iyhereof, upon payer nt 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.
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8. The officers of the Village and the County .p,.uditor of Hennepin
County are hereby authorized and directed to prepare and f urnish
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 v3.7.lage, 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 correctnesaof all statements
contained thereon. '
9. Tt is hereby determined that there is at the present time an
amount in excessof X402,000 in the Improvement Bonds of 1954, Series B
Sinking Fund and Improvement Bonds of 1955 Sinking Fund which will
not be required for other purposes prior to December 1, 19~.
l0. Tt is hereby determined to purchase the aforementioned X402,000
Temporary Improvement Bonds, Series 6 upon their initial issuance
in accordance with. the provision of Minnesota Statutes, Sections
471.56 and 475.66, out of funds in the Improvement Bonds of 1954,
Series B Sinking Fund and 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 Improve-
ment Bonds of 1954, Series B Sinking Fund and Improvement Bonds of
1955 Sinking Fuxid to invest in said Temporary Improvement Bonds,
Series 6 and it being further determined to be reasonable and
advantageous to the Village to sell said Temporary Improvement
Bonds, Series 6 in accordance with the provisions of this resolu-
tion.
ll. 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 8th day of December, 1958.
ATTEST: ~~~
ag lerk