1959-1803r%~ =:~
RESOLUTION N0. 1803
RESOLUTION DIRECTTKG THE ISSUANCE AND SALE OP TEMPORARY
TMPROVEMBNT BONDS TO THE IMPROV~MfiNT BONDS OP 1954, SERVES
B SINKING PUND IN ACCORDANCE WITH THB LOWS' OP 1957, CHAPTRR 385
BE IT RESOL'VBD By the Vili~.ge Council of the Village of Richfield;
Hennepin County,, Minnesotaf as foliowst
1. The total estimated cost of Village Project Noy 358, otherwi§e
known as the Storm Sewer Constructions has been estimated at $82,000.
It ,is now estimated That the sum of $82;000.00 is currently necessary
to provide financing and it is hereby determined to be necessary to
borrow said amount for the payment of obligations now incurred and
four expenses necessarily incurred in connection with the construction
of Said project. There is hereby created a Village Project No` 358
Construction Fund into which shall be paid all proceeds of temporary
bonds issued pursuant to this resolution and similar subsequent resolu-
tions, and out of which shall be paid ail amounts-due and payable as
costs or expenses incident to or incurred in connection with making
said improvement. There is hereby created a Village Project No. 358
Sinking Pund Account into which account shall be paid the proceeds
of all special assessments levied against benefited property by reason
of the making of said improvement and out of which shall be paid
principal a,nd interest on ail temporary improvement bonds issued to
finance said project..
2. It is hereby determined that the sum of $82,000 shall be borrowed
to finance said Village Project No. 358 by the issuanace of temporary
improvement bonds of the village as authorized in Minnesota Statutes,.
Section 429.091, Subdivision 3 as amended bq Laws 1957, Chapter 385.
Said bonds shall be payable from the Village Project No. 358 Sinking
Pund Account; but the village further recognizes its statutory duty,
as provided by Section 429.091, and covenants and agrees with the
purchaser and all holders from time to time, of said temporary im-
provement 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'se11
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 Project No. 358 Sinking Pund Account or out of other muni-
cipal 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.
358 and ad vai orem taxes, if necessary,, to produce scims at least 5~
in excess of the amounts suff ic3.ent to pay principal and interest
when due on said temporary improvement bonds and on any definitive
bonds to be issued ss herein provided, such special assessments to
be placed on the tax roils subsequent to the time when said Village
Project No: 358 has been completed and the total cost thereof has.
been determined.
4. Said temporary improvement bonds in the amount of $82,000 shall
be elated March 1,, 1959; shall be 82 in number and numbered 1 to 82
inclusive,. each in the deno~hination of $1,000, shall bear interest
at the rate of 4°Io per annum, payable semi-annually on Mardi 1st
and September 1st of each year and shall mature on March 1, 1951,
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 tali thereof to the hoiden, if
known,, and said Treasurer shall maintain a record of the names
and addresses of the holders of said bonds insofar as such
inforrr~.tion is made available to him by the holders thereof, for
the purpose of mailing said notices. The principal of and 3uterest
on said bonds shall be payable at the Richf ieid Village Hali,
6?00 Portland Avenuer Minneapolis 23,. Minnesota.
5. Said temporary improvement bonds shall be mimeographed with
attached interest coupon in substantially the following form:
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UNITED STATES OP AM'BRIGA
STATB OP MINNESOTA
COUNTY OP HENNBPIN
VILIAGE OP RICHFIELD
TEMPORARY IMPROVEMBNT BOND, SERIES EIGHT
Na. $1,000
KNOW 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 barer the sum of ONB THOUSAND DOLLARS on the first day of
March, 1961, 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 foux per cent C4%) per annum,. payable
semi-annually on the first day of March and the first day of September
in each year,. interest to maturity being. payable in accords ce 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 an the
respective dates of pay went is public tender for private and public
debts. For the prompt and fu 11 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..
T~iis bond is one of a series in the aggregate principal .amount
of $82,000, all of like date and tenor except as to serial number,, all
issued by said village for the parpose of defraying expenses incurred
and to be incurred in construction of an improvement designated as
"Village Project No,. 358" by the Village of Richfield, consisting of
storm sewer development, and is issued pursuant to and in full con-
formity 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 thereunt6 enabling,
including Minnesota Statutes, Section 429.091, Subdivision 3p as amended
by Laws 195?, Chapter 385. This bond is payable primarily from the
Village Project No. 358 Sinking Pund 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 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 p~.yment and retirement
thereof by the issuance of definitiee bonds, to the extent, if an y,
that the assessments and taxes or other municipal funds theretofore
collected and received in said Sinking Pund may be insufficient for
such purposed
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Temporary Improvement Bonds, Series Hight
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 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 numbeies of their
bonds recorded by the Village Treasurer..
IT IS HEREBY~CBRTIPiED, RHCI7~D, COVENANTED AND AGREED that all
acts,. conditions and things requif ed by the'Constitution and Laws of
the State of Minnesota to be done,, to a-xist, to happen and to 'be
pex~ormed prelimS:nary to and in the issuance of this bond in order to
make it a valid and binding general obiigfi.tion of said village accord-
ing 'to ids terms hate been done, do exist; have happened and have been
perforrnecl as so iec~uired; that the village has duly determined the
necessity of and provider for the construction of said improvement;
that the V3.llage Project No. 358 Sinking Pui~d Account has been duly
created and provision has been made for the support thereof by ad
valorem taxes and special assessments to be le~tied, at or prior to
the time for issuance of sa3.d definitive bonds, for the years and in
aggregake amounts not less than five per cent (5%) in excess of sums
sufficient to pay the principal and interest on all bonds payable
ftiom ga~.rl fund aS at ch 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 holcder 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 of said
village to exceed any constitutional. ox statutory .limitation.
IN WiTNBSS WI~REOP the Vill~.ge of Richf ield,_ Hennepin County,
Minnesota, by its Village Council, has caused this bond to 6e executed
in its behalf by the s ignature 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 sigdatures of said officers,
and has caused this bond to be dated as March 1„ 1959.
Mayor
Manager
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Unless the bond described below is called for earlier redemption
(Form of Coupon)
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No.
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$20.00
On the fitst day of March (September), 19 , the Village of
Richfield, Hennepin County„ Minnesota, will day to bearer at
the Village Hall of the Village of Richfield, 6700 Portland
Avenuer Minneapolis 23, Minnesota the sum of 'TWENTY AND NO/100
DOLLARS lawful money of the United States of America for interest
then dui on its Temporary Improvement Bonds,. Series Bight, dated
March 1, 1959, 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 shall
be executed and authenticated, by the printed, engraved or lithographed
facsimile signatures of the said Mayor and Manager. When said bands
have been executed and authenticatedr they shall be delivered by
the Treasurer to the purchaser thereof,. upon pay meat 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 Auditor of Hennepin
are and furnish
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o prep
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County are hereby authorized and direc
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 villageA 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 correctness of all statements
contained thereon.
9. It is hereby determined that there is at the present time an
amount in excess of $82,000 in the Improvement Bonds of 1954, Series B
Sinking'Pund which will not be regtt~ed for other purposes prior to
March 1, 1961. .
IOe It is hereby determined to purchase the aforementioned $82,000
Temporary Improvement Bonds, Series. 8 upon their initi~.l issuance
in accordance with the provision of Minnesota Statutes, Sections
471,5b and 475.66, out of funds in the Improvement Bonds of 1954,
Series B Sinking Pund 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,.'S:eries B Sinking
Pund to invest in said Temporary Improvement Bonds, Series 8 and
it being further determined to be reasonable and advantageous to
the Village to sell said Temporary Improvement Bonds,. Series 8 in
accordance with the provisions of this resolution..
il. The Village Manager,, Mayor and Pinance Officer are hereby
authorized and directed to take any and all steps necessary to
affect the provisions of the foregoing resolutions and to makes
such transfers of funds as may be necessary from time to time,
to give effect to the pro visions thereof.
Passed by the Village Council th
ATTEST:
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Village er