1959-1937rRESOLUTION N0. 1937
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORAA'~
IMPROVEMENT BONDS, SERIES ELEVEN, TO THE IMPROVEMENT
BONDS OF 1956 SINKING FUND IN ACCORDANCE t~ITFi THE.LAWS
of 1957, CHAPTER 385.
BE IT RESOLVED By the Village Council of the Village of Richfield,
Hermepin County, Minnesota, as foliowss
1~; The total estimated cost of Village Pro~ect_Na:,"3b3, otherwise
known as street grading has been estimated at ~12;OOOi It is now
estimated that- the sum of X12,.000 is currently necessatx~r. to provide
financing and it is hereby determined to be necessary to borrow said
amount for the payment of obligations now incurred and for expenses
necessarily incurred in connection with the construction of said
pro~ectp._ There is hereby created a Village Project No:: 363 Con-
structian Fund into which shall be paid a11"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
wi th the making of said improvement. There is also hereby created
i.n the Temporary Improvement Bond Common Sinking Fund a Village
Pro3ect Nom 363 Sinking Fund .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 and interest on all temporary improvement.
bonds issued to finance said pro3ect.
2. Tt is hereby determined that the sum of X72,000 shall be borrowed
to finance said Village Pro3ect No. 363 by the issuance of temporary
improvem®nt finds of the village as authorized in Minnesota Statutes
Section 129.091, Subdivision 3, as amended by Laws X957, Chapter 3$5.
Said bonds sha7~, be payable from the Village Prod ect No.• 3b3 Sinking "
Fund Account; but the village further recognizes its statutory duty,•
as provided by Section 1129.091, and, covenants and agrees with the
purchaser and a71 holders from tame to time, of said temporary
impro~rement bonds, a t or prior to the maturity thereof it will pay
and retire such bonds and t he 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
extent that-the same cannot be paid out of funds .available in the
Village Project No,.363 Sinking Fund Account or out of other"muncipal
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. 363 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 it~arovement 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 flame when said Village Project
No.3b3 has been completed and. the total cast, thereof has been
determined. .
~:;~ Said temporaxy.imgrovement bonds in the amount of X12,004 sha]1
be dated August 1, 1959; shall be 12 in number and numbered from 1 to
12, inclusive, each in the denomination of X1,000, shall bear interest
at the rate of }~ per annum, payable semi-annually on February l and
August 1 of each year and :shall mature on August 1, 19b1,. shall., bey
gub3ect-to redemption and pre-payment on any interest payment dam:,
at par and accrued interest. Not less than 30 days before the date
specified for redemption of said bonds the Village Treasurer sha]1
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_3nformation is made available
to him by the holders thereof, far ths,purpose of mailing said
notices. The principal of and intexgst an said bonds shall be payab3te
at theRichfield Village Hall, 6700 .Portland Avenus~ 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 OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHFIELD
'T'EMPORARY INIl'ROVEMENT BONDS, SERIES ELEVEN
No. ~1~000
KNOW ALL MEN BY THESE PRESENTS that the Village of Richfield,
a duly organized municipal corporation of Hennepin County, Minnesota
acknowledges itself to be indebted and for value received, promiBE~+s
to pay to bearer the sum of ONE THOUSAND DOLLARS on the first day
of August 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 four per cent (!~) per annum,,
payable semiannually on the First day of February and the First
day of August in each year, interest to maturity being payable
i.ri accordance with and upon purchase and surrender of the interest
coupon appurtenant thereto. Both principal and interest are
payable at the Village Ball, Village of Richfield, b700 Portland
Avenue, Minneapolis 23, Minnesota in any currency or coin cif 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
dne the full faith, credit and taxing powers of the Village are
hereby irrevocably pledged.
This boiul ;~ one of a series in the aggregate. principal amount
of X12,000, all of like date ~trtd ts~or exoep~ asp tb s~risl ntimbsrs
all issued by said village for the purpose of defraying expenses
incurred and to be incurred in construction of improvements desig-
nated as "Village Project Na. 363' by the Village of Richfield,
consisting of street grading, anal 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
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 385. This bond is
payable primarily from the Village Prv3ect No. 363 sinking Fund
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 is said fund are at any tame
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 ixi said Sinking Fund may be insufficient for such purpose.
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This bond is~ subject to red®mption and prepa~mex~`t at the option
of the village on any interest payment' date, at a price of par and
accrued interest, uponnotice.of.call for redemption mailed not less
than 30 days.-prior to the date specified for such ~redemption~ to
the holdei~.~ 3.f knota~+ Bond .~iolcl®rs desiring; td redelro~e etch _.natice
mar have th~i~ names t~fid, addresses .and the serial numbers o~ their
bonds re~ord+~d b~ the V3.5.1age ~rl~asure~:
IT ~S f~~+BS'' CE~~Ii~'IFD R~ICITLDy CO~IEI~ANTED .A1~D AC'xREED that -all
actsi cc~rid3.t~,anl~ .and things ~'equirecl. by the Cbns~t~:tu~bion :end ~~~ws
of the State of Minnesota to be donei to exists to happen ~rid.to
be performed preliminary to and in the issuance off' this bona
order to make it a valid and binding general obligation of said
village according 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 con-
struction of said improvement; that the Village Project No. 363
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 of issuance of
said definitive bonds, for the years and in aggregate amounts nat 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 became 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 villa ge and its
officers with reference to the levy and collection of said assess-
ments 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 WF3EREOF 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 it 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 of August 1, 1959.
(Seal.)
Mayor
eager
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(Form of Coupon)
Unless the bond described below is called for earlier redemption -
No.
~-20.00
On the first day of August (February), 19 ,the Village of
Richfield, Hennepin County, Minnesota, will pay to bearer at the
Village Hall of the Village of Richfield, 6700 Portland Avenue,
Minneapolis 23, Minnesota, the sum of TWENTY ANDNO/1~ DOLLARS
lawful money of the United States of America for interest then
due on its Temporary Improvement Bond, Series Eleven, dated
August 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 sha1,1
be affixed thereto, and the appurtenant interest coupon shall be
executed and authenticated, by the printed, engraved or lithographed
facsimile signatures of said Mayor and Manager. When said bonds
have been executed and authenticated, they shal]. be del3.vered by
the Treasurer to the purchaser thereof, upon payment of the purchase
price heretofore agreed upon and said purchaser shall not be obliged
to see to tha 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 ~. th such other information as he sha7.1 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 anal the, Co}anty Auditor of ;Hennepin
County are ~reby authorized and direct~d...to prepare and furnish to
the purchaser of said .bonds and ~o the,attorne~s approving. the
•legality of :the issuance thereof; certified copies. o~ ally; proceed-
iigs and ~eeords re~;ating to s~~:d. bonds: and to tie ' financial affairs
a~ said v~3.].age; and- such oth®r affidav3.tsa c®rt3.~~.cate~ and
information `as may be required f to show tYi~ foots ~elati:ng 'to the
legality and marketability of said bonds. as tYie dame' appear from the
books and records uniiei~ their custody and; cont~'ol: or as otherwise
known to them,, and such certificates, ee.~ti.fed. copies and affidavitsa
including any heretofore furnished,- shall. be deemed. representations
of the village as to the correctness oi' a1.1 statements contained thereon,.
9., It is 2#b~eby determined tha•`~ there is at th® p~e~sent time an amount
in excess ~ $12000 3.n the Imprz~vement Bonds of 1956 Sink3.ng Fund which
wi7.1 not ba required. for. other ptarposes prior to August ~.; 1$bl. Q
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1~.~ It is Hereby tlete~mined to .purchase ~he aforemen'~iarled ~1~,O00
t~mpora2°y ii~fprovemen`b bonds, Seri~:es 11 upon ~~heir init~.al+ 3~;#suance 3n
accordance with the provisions of Nlinneso'~a Statu'~es3 ~ectioln x.71::56
and .t~75.bb, out of funds in the Improvement Bonds of 1}56 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 1956 Sinking Fund to invest i.n said temporary
improvement bonds, Series 17. and it being further determined to be
reasonable and advantageous to the Village to sell said temporary
improvement bonds, Series 11 in accordance with the provisions of ;.
this resolution.
11. The Village Manager, Mayor and Finance Officer are hereby authorized
and directed to take any and all steps necessary to affect the pro-
visions 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 27th day of ~u~.y, 1959.
F j / / ~
~_ Mayor
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ATTEST:
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9'illage erk
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Mana er