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1959-1804r~~ RESOLUTION No. 1804 RESOLUTION D IRECTTNG THETSSUANCE AND SALE OF TEMPORARY IMPROVEMENT BONDS TO ACCORDANCE 1~ITH THE LAWS OF5195AT, CHAPTER 38 B SLING FUNDS IN BE IT RESOLVED By the Village Council of the Village of Richfield, Hennepin County, Minnesota, as follows: to The total-estimated cost of Village Project N~. 348A, otherwise known as the Storm Sewer Construction, has been estimated at X69,00©• it is now estimated that the sum of ~69,~30.OO.is currently necessary to provide financing and it is hereby determined to be necessary to borrow said amount for the payment of obligations naw incurred and for expenses necessarily incurred iri connection with the construction of said project, There is hereby created a Village Project No. 3•~.BA Construction Fund into which shall be paid all proceeds of temporary bonds issued pursuant to this resolution and similar oubsequent resolu- tions, and out of which shall be paid all amounts due and payable as costs ar expenses incident to or incurred in connection with making said improvement. -There is hereby created a Village Project No. 348A Sinking Fund Account into which account ah all 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 and interest on all temporary improvement bonds issued to finance said project. 2. It is hereby determined that the sum of X69,000 shall be borrowed to finance said Village Project No. 348A by the issuance of temporary improvement bonds of the village as authorized in Minnesota Statutes, Section 429.091, Subdivision 3 as amended by Laws 1957, Chapter 385. Said bonds shall be payable from the Village Project No, 348A Sink3.ng Fund 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 tame 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 improvement bonds, to the exteni3 that the same cannot he paid out of funds available 3n the Village Project No. 348A Sinking Fund Account or out of other municipal funds which are properly available and are appropriated by the council for such purpose. .~„~~~ - 2 3. It is hereby determined to levy special assessments. against benefited property by reason of the making of Village Project No. 3!~$A and ad valorem taxes, if necessary, to produce sums at least 5j 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. 348A has been completed and the total cost thereof has bean determined. 4. Said temporary improvement bonds in the amount of ~bq,~0 shall be dated March 1, 1959; shall be 69 in number and numbered 1 to 6g inclusive, each in the denomination of X1,000, shall bear interest at the rate of ~~ per annum, payable semi.-annually on March 1st and September lst of each year and shall mature on March 1, 19b1, shall be subject to redemption and prepayment on any interest payment date, at par and accrued interest. Not 3ess 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, 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 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 Avenue, Minneapolis 23, Minnesota. 5. Said temporary improvement bonds shall be mimeographed with attached interest coupon in substantially the following form: 1 ~r~+ -3 - UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTX OF HENNEPIN PILLAGE OF RICHFIELD TEMPORARY IM1?ROVEMENT BOND., SERIES NINE Ne. ~1~OQ0 KNOTrd 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 ~n the first day of March, 1941, or on a date prior thereto on which this bond has been. duly called for red®mption, 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 March and the first day of September 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 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. This bond is one of a series in the aggregate. principal amount of X69,000, ali of like date and tenor except as to serial numbers all issued by said village for the purpose of defraying expenses incurred and to be incurred in construction of an improvement designated as ~iVillage Project No. 3lt8A~- by the Village of Richfield, consisting of storm sewer development, and is issued pursuant to and i.ri 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 thereunto enabling, including Minnesota Statutes, Section 129.091, Subdivision 3, as amended by Laws 1957, Chapter 3$5. This bond is payable primarily from the Village Project No. 31~8A Sinking Fund Account of the village but the Council is required to pay the principal and interest thereon out of any funds 9.ri 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 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 fox such purpose. ~~~ Temporary Improvement Bonds, Series Nine 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 numbers of their bonds recorded by the Village Treasurer. TT IS 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 in the issuance of this bond in order to make it a valid and binding genera]. 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, 3~.8A Sinking Fund Aecount 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 (5~) 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 itts 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, Hennepa.n 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 March 1, 1959. Mayor Manager ~~ ~5- (Form of Coupon} Unless the bond described below is called for earlier redemption No. X20.00 On the first day of March (September}, l9 , the Village of Richfield, Hennepin County,. Minnesota, will pay to bearer at the Village Hall of the Village of Richfield, 6700 Portland ..venue, Minneapolis 239 Minnesota the sum of TWENTY AND N0~100 DOLLARS lawful money of the United States of America for interest then due on its Temporary Improvement Bonds, Series Nine, dated March 19 1959, No, . Mayor Manager 6Q Said bonac ehall be *_+reparea. under the direction of the Village Clerk and ehall 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 p<~rchaser thereof9 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 directed to file a certified copy of this resolution with the County Auditor of Hennepin County, together with such other information as he shall requixe and to obtain from sai ~ County auditor a certificate that said bonds have been entered on his bond registerp ~~~~ -6- 8e 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 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 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 thereono 9., St is hereby determined that there is at the present time an amount 3.ri excess of X69,000 in the Zlrprovament Bands of 195. and 1951 Series B Sinking Funds which will not be required for other purposes prior to March 1, 19~~-e l0e It is hereby determined to purchase the aforementioned X69,000 Temporary Improvement Bonds, Series 9, upon their initial issuance in accordance with the provision of Minnesota Statutes, Sections x.71.56 and ~.75.6b, out of funds in the Improvement Bonds of 1954 and 1951 Series B Sinking Funds and on behalf of said fund, at par and accrued interest as of the data of delivery of said bonds and completion of such sale, it being further determined to be reasonable and advantageous to the Improvement Bonds of 195tc and 1951 Series B Sinking Funds to invest in said Temporary Improvement Bonds, Series 9 and it being further determined to be reasonable and advantageous to the Village to sell said Temporary Improvement Bonds, Series 9 in accordance with the provisions of this resolution. ll. Tha 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 9th day of March, 1959. e / ~ • ` ~ ~~~~~ . Mayor ATTEST: u-~~~- ~ -- Manager Village erk