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1959-1854r~~~ Reso lution No. 1854 A RBSOLUTION PROVIDING POR THE ISSUANCE AND SALE OP $ 600, 000, IMPROVBI~9BNT BONDS BE IT RESULVFrD by the Village Council of the Village of Richfield Minne- sota, as follows; l0 It is hereby determined that contracts have been entered into for the following improvements and the total estimated cost is as fo liows s Village Project Nos 336 Village Project No. 341 Village Project Nos 342 Village Project No. 348 Village Project Nos 350 Village Project Nos 350A Village Project No, 35? Village Project Nos 359 Village Project No0 351 Village Project Noe 355b1 Village Project No, 355-2 Village Project Noo 360 Village Project No, 363 $ 49,O00a00 24y000s00 11,000.00 74,OOOs00 17,OOOs00 12,000.00 380,000,00 13,000.00 2, 000, 00 1,000.00 3,000.00 1,000.00 13 000.00 600,000x00 2. •It is hereby determined that it is necessary .to finance the cost of said improvements by an issue of general ob ligation bonds pur- suant to the provisions of Minnesota Statutes, Section 429 0091, in the amount of $6oa,ooo°ooa 30 There is hereby created a special fund to be designated as 1959 Improvement Bond Fund, out of which shall be paid the cost of said $mprovements, the principal of and interest on the improvement bonds to be issued hereunder and into which fund sh all be paid all of the pro- ceeds of special assessments to be levied for said improvements and the moneys to be received from the sale of the improvement bonds issued here- unders .Separate funds shall also be maintained for each separate improve- ments 4s In anticipation of the collection of said special; assessments and ad valorem levies for the general sha re of the cost the village shall forthwith issue and sell $600,000 Improvement BondsO The full faith and credit of the village shall be pledged to the payment. of principal of and interest on said bonds when the moneys on hand in the 1959 Improvement Pund herein created are insufficient for said purpose, Said bonds shalt be-600 in number and numbered i to 600, both inclusive, in the denomina- tion of $1,000 each, shall: bear date June 1ti 1959, shall bear interest at the rate or-rates designated by the successful. bidder, payable June 1~ 1960 and semiannually the reafter on the 1st day of June and the 1st day of December in each year and shall mature serially on the 1st day of December in the amount of $3 0,000 in each of the years 1460 to 1979, both inclusive, all bonds maturing after December i, 1974 subject to redemption on Decem- ber 1, 1970 and any interest date thereafter at per and accrued interest and a premium of $250 if redeemed on or prior to June 1, 1975 and without premium if redeemed thereafte~d -2- April 27, 1959 5, The Village Council shall meet at the Village Hair in the village on Wednesday the 27th day of May, 1959, at 5:00 o'clock P,M,, Central Daylight Saving Time, for the purpose of receiving and considering sealed bids for the purchase of said bonds.. The bonds shall be sold at pri- ' vate sale. and without advertisement for bids as required by Section 4?5,60 Minnesota Statutes but T. G, Evensen and Associates, Inc„ as fiscal agents for the village are authorised and directed ~ko cause notice of such sale to be given to ail prospective bidders in-such manner as may be deemed necessary. Said notice shall: recite that the village will furnish printed bonds and ap- proving legal opinion of Messrs, Howard, Peterson9 LeFevere, Lefler tend Haertzen' Minneapolis, Minnesota, without e~epense to the purchasers' shall require that ail bids be unconditional and accompanied by a good faith check in the amount of at least $12,000 payable to the order of the village, and shall specify interest rates in multiples of anewquarter or one-tenth of one per cent, and shall; further provide that delivery of the bonds w311 be made by the village within forty days after the date of sale. Passed by the council of the Village of 1959. ~. Richfield this 27th day of April, ruing R, Keldsen, Mayor ~~ ©, an evelen, Manager ATTEST; - c-~' n . Edward J, Mol e, illage Clerk ~~ .\