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1958-1757r6'a,~' ~~ RFSOLIlTION NO.. ]~ 757 . RESOLUTION DIRECTING THB ISSUANCE AND-SALE OF TEMQC~tARY IMPROVEMENT BONDS SERIBS SEVEN TO THE IMPROVEMENT BONUS OF 1950 AND SBRIBS B SINKIATG FUND IN ACCG~tDAI~B WITH THB LAWS OF 1957, CHAPTER 385 BB IT RESOLVED. Hy--the Village Council of the Village of Richfield, Hennepin Countyr Minnesota, as follows: 1, The total estimated cost of Village Projects No. 350 and 350A; otherwise-known as the street grading, have been estimated at $~2~fl00 aild $9000 respectivelq. It is now estimated that the swan of $31000 is currently necessary to provide financing and it is hereby deterts mined to be necessary to borrow said amount for the payment of obligats tions now incurred and for expenses necessarily incurred in connects tion with the construction of said project, There is hereby created Village Projects Na. 350 and 350A Construction Funds into which shall be paid all proceeds of temporary bonds issued pursuant to this reaoluts tion and similar subsequent resolutions. and out of which shall be paid all amounts due and payable as costs ox expenses incident to or in- curred in connection with making said improvements. There is hereby created in the Temporary Improvement Bonds; Common Sinking Fund a. Village Project No. 350 Sinking Fund Account and a Village Project Na. 350i~ Sinking Fund Account into which account shall be paid the proceedffi of all special assessments levied against benefited proper- tq by reason of the making of said improvements and out of which shaii be paid principal and interest on all temporary improvement bonds issued to finance said projects, 2, It is hereby determined that the sum of $31x000 shaii be borrowed to finance-said Village Projects Noe 350-and 350A by the issuance of temporary improvement bonds of the village as authorized in Minnesota Statutes. Section 429.091„ Subdivision 3 as amended by Laws x.957,. Chapter 385. Said bonds shalt be payable from~the Village Projects No. 350 and 350A Sinking Fund'Accounts; but the village further recognizes its statutory duty, as provided by Section 429.091, and cove~iants and agrees with the purchaser axld all holders from time to timeA of said temporary improvement bonds., a t or prior to the maturi- ty thereof it will pay and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council sha1S issue and se1S at or prior to the maturity of the temporary improvement bands, to the extent that the same cannot be paid out of funds available in the Village Projects Not 350 and 350A Sinking Fund Accounts or out of other municipal funds which are properly available and are appropriated by the council for such purpose. 1 F~~ r21r 3• Tt is hereby determined to levy speciax assessments against benefited property by reason of the making of Village Projects No. 350 and 350A and ad valorem taxesa 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 ro11s subsequent to the time when smi,d Village Projects No. 350 and 350A Have been completed and the ° the total cost thereof has been determined. 4. Said temporary improvement bonds in the amount of $31,000 sha11 be dated pecember lA I958; shall be 31 in nu~aber and numberedl 1 to 31 inclusive each in the denomination of $1p000, shall bear interest •at the rate of 4°~ per annum payable semi-annuai~.y on Jude lst and December 1st of each year and sh all mature on Decembex ~1~ 1960, shall. .be subject to redemption and prepayme nt on any interest.pay- ment date, at par and accrued interest. Not less•.than 30 days.be- fore the date specified for redemption of said bonds the Village Treasurer shall mai i rrotice o£ the call thereof to the holder, if knowni, and said Treasurer shall maintain a record of the names and addresses of the ho,ui ers of said bonds .insofar as euch infor- mation is made available to hi~n by the holders thereof: for the purpose of mailing said notices. The principal of and interest on said bonds shall be payble at trie Richfield Village Hallp 6700 Portland Avenue, Minneapolis 23, Minnesota. . S. Said temporary improvement bonds shaTS _be__m3m_eo~raphed_ with. attached interest coupon in substantially the following formt 1 -3- UNITBD STAT&~ OP AMERICA STATB OF MINNESOTA COUNTY OP HENNBPIN VILLACB OP RICHFIELD TEMPORARY IMPROVEMENT BOND, BERTHS SBVBN $1,.000 No.. _. . KNOW ALL MEN BY TIiI+SB PRESENTS that the Village of Richfield, a dull organized municipal: corporation of Hennepin Countyr Minnesota< acknowledges itself it be indebted and for value receivey~, promises to pay t8 bearer the sum•of ONE THOU~~IND DOLLARS on the first day of December,. i9fi0, .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 a t the rate of four per cent (4%). per aainumr payaCrle semi-annually on the first day of June and the .first day of December in each year; interest to maturity being payat~le 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 ave., Minneapolis 23,. Minnesotm 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., Por the prompt and full payment of such principal and interest as the same become due the fu 1l faith,, credit and taxing powers of the Village are hereby irrevocably pledged. .' T~iis bond is one of a series in the aggregate principal amou~it of $31,000, all of like date and tenor except as to serial number, all, issued by said village for the purpose of defraying expenses in- curred and to be incurred in construction of improvements designated as "'Village Projects;, No. 350 and 350A"' by the Village of Richfieldt consisting of street grading, and is issued purse ant to and in full conformity with resolutions duly adopted by :the Villa ge Council after hearings as required by laver and pursuant to tnd in full conformity with the Constitution and Laws> of 'the Si~.te of Minnesota thereunto enabling! including Minnesota Statutes, Section 429.091,. Subdivision 3:,. as mmended by Laws 1957, Chapter 385. This bond is payable primarily frog the Village Projects No. 350 an8 350A Sinking Pund Accounts of the villa ge but the Council is required to pay the principal and interest thereon-out of anq funds in the treasury in the event that the monies on hand in said accounts are at any time insufficient to meet the payment of maturing: principal and interestp'and is further re- quired: at or prior to the maturity o.f this bond,. to provide for the payer nt and retirement thereof by the issuance of definitive bonds, to the extent,. if anyi, that the assessments and-taxes or other muni- cipal funds theretofore collected and received in said Sinking Fund Accounts may be insufficient for such purpos~• ~~~~ Temporary Improvement Bonds,. Series Seven ~ -4.• This bond is subject to redemption and prepayment at the option of the villa. ge on any interest pry went date,. at " a price of par and accrued interest, upon notice of call fox redemption mailed riot 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 HBRBBY CBRTIPffiD,. RECITED, COVBNANTBD AND AGRBED that all acts,- conditions and things required by the'Constitution and Laws of the State of Minnesota to be cb ner to exist,. to happen and to be performed preliminary to and in the issuance of this bond in order to make it a valid 8t binding general obligation of said villa ge accord- int to its terms have been lone,. 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. 350 and 350A Sinking Pund Accounts' have been duly'~created and provision has been made for the su;5port 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 amount not less than five per cent (5°10) in excess of sumsr sufficient to pay the principal and interest on all bonds payable from said fund as such principal and interest become dues and additional taxes,. if needed..for'said purpose, may b e 1e~id'd upon ail: taxable property. in the village,, without limitation as to rate or amount; that the holder hereof sh alx have and may en€orce by appropriate proceedings all duties imposed by said Chapter 38S upan the village and'. its officers flSith reference to the levy and tolls ction 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.e IN WITNBSS WHBRBOF 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 Manager ~~~~ -5- {Porm of Coupon) Unless the bond described below is called for earlier redemption - No. $20.00 On.the fitst day of June {December), 19 , the Village of Richfield,. Hennepin County,. Minnesota,. will Say to bearer at the Village Hali of th2 Village of Richfield,, 6700 Portland avenue,, Minneapolis 23,. Minnesota the sum of TWENTY AND NO~i00 DOLEARS la.wfur money of the United States of America for interest then due od its Temporary Improvement Bonds,. Series' Seven, dated December 1,. 1958, No. 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 sha13: be executed and authenticated,. by the printed, engraved or lithographed facsimile signatures of the said Mayor and Manager. When said bond have been executed and authenticated, they shall be delivered by the Treasurer to the purchaser thereofi 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 Clerk is hereby authorized and direct~"d to file a certified copy of this resolution with the County Auditor of Hennepin County together with such other information as he shale require and to obtain from said County Auditor a certificate that said bonds have been entered on his bond register, n ~s'~ _~_ 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 alI proceedings and records rel~.ting to said bonds and to the financial affairs of said. villagep and such otheP 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,.cettified copies and affidavits., including any heretofore furnish ed,, 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 $31,.000 in the Improvement Bonds of 1950 and Series B Sinking Fund which will not be required for other purposes prior to December 1,, 1960. 10. It is hereby determined to purchase the aforementioned $31,,000 Temporary Improvement Bonds,. Series 7 upon their initi~,i issuance in accordance witY~ the provision of Minnesota Statutes Sections 471.56 and 475.66,. out of funds in the Improvement Blinds of 1950 and Seri es~ 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 1950 ~,nd Series B Sinking Fund to invest in said Temporary Improvement Bonds, Series 7 and it being further determined to be reasonable and ad~rantageous'to the Village to sell said Temporary Improvement Bonds, Series ?,in ac- cordance with the provisions of this resolution. ll. The Village ManagerA Mayor and Finance Officer are hereby authorized and directed to tame anp 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 tv the provisions thereof. Passed by the. Village Council this 8th day of December,. 1958. .~' ~ t .r' ., : ~ May or ATTEST: , _- ~, ~ ~" anager -~~ ~ ~ ~ Villa: C1er .