1959-1938r~~
P.BSOLUTION N0. 1938
RESOLUTION DIIt~C'tidG THE ISSUANCE AND SAIE OF TEMPORARY IMPROVBMBNT
BONDS, SE.~iI~ i2, TO THE IMPROVEMBNT BONDS OF 1954 SINKING PUND IN
ACCORDANCE WITH TIC LOWS OF 1957, CHAPTER 385
BB IT RESOLVED Sy the Village Council of the Village of Richfield, Henne-
pin County Minnesota,, as followsx
lm The total estimated cost of Village Project Nb~ 364, otherwise known
as the 1959 Street Improvement and Oiling Program„ has been estimated at
$128,OOOo Part of the money for the financing of said improvement is avail-
abl~ from the Gea.erai fund as the village's share of the cost of said im-
provemento It 3.s r~oT~~ estimated that the sum of $70,000 is currently neces-
sary to provide financing for a portion of the cost of said project and
it is hereby de•eey,n~.neu. •co be necessary to borrow said amount for the
payment of obligations now incurred and for expenses necessarily incurred
in connection wi.h the construction of said project. There is hereby cre-
ated a Village Project Noa 364 Construction Fund into which shall be paid
all su=ns transferred from the General Pund and the proceeds of temporary
bonds issued pu~:suant to this resolution and similar subsequent resolutions,
and out of whicl~ vl~a.'.1 Ls paid all amounts due and payable as costs or
expenses incidei.~ to o:: incurred in connection with the making of said
improvement Thee .~.s a.iso hereby created a Vili~ge Project No. 364 ac-
count in the Tempo::~.ry improvement Bonds Sinking Pund into which fund shall
be paid the p_ocee4a o~ ~.il ~peciai assessments levied against benefited
property by reasc:: cs" ;,he making of said improvement and out of which shall
be paid p.:incipwb 2„~' interest on all temporary improvement bonds issued to
finance said pro,;~c•~~
20 It is he: eby %c::;.fsn~.ned that the sum of $70,000 shall be borrowed to
partially financ.^ ~a~d "Village Project No. 364 by the issuance of Tempor-
ary Imp_ovement"3or.~3s of the Village as authorized in Minnesotm Statutes,
Section 4290091;, Subc:i-;r.sion 3,. as amended by laws 1957, chapter 385. Said
bonds shall be pN;ruble from the Temporary Improvement Bonds Sinking Fund,
Village Pxoject Noy. 36~~ account; but the village further recognizes its
statutory duty, as provided by Section 429.091, and covenants and agrees
with the purchase= and all holders from time to time, of said temporary im-
provement bonds, u•~ or prior to the maturity thereof it will pay and re-
tire such bonds and the interest thereon out of the proceeds of definitive
improvement bonds which the council shall issue and sell a t or prior to the
maturity of the Temporary Improvement Bonds, to the extent that the same
saxannot be paid otav of funds available in the Temporary Improvement Bonds
Sinking Fundp V,;.llage x~roject No. 364 Account, or out of other municipaS.
funds which a •~ r~~,~Ar~•, ?~ra~_lable and are appropriated by the council for
such purposed
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3. It is hereby determined to levy special assessments against benefited
property by reason 8f the making of Village Project No. 364 and ad valarein
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 improve=
meat 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 Noo 364 has been completed and the total cost thereaf
has been 8eterminedo
4. Said temporary improvement bonds in the amount of $70,000 shall be dated
August 1, 1959; shall be 70 in'numlSer and numbered from 1 to 70 inclusive;
each in tie denomination of $1,000, shall bear interest at the rate of 4~
per annum, payable semi-~.nnualiy on Pebruary 1 and August 1 of each year and
shall mature on August 1, 1961, shall be subject to redemption and pre-
. payment 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 sh ail mail notice of the call 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 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 p~yabie at the Richfield
Village Hall, 6700 Portland Avenue,, Minneapolis 23, Minnesota
5. Said temporary improvement bonds ~ all be mimeographed with attached
interest coupon in substantially the f oliowing formF
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UNITITID STATES OF AMBRICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHFIELD
TEMPORARY IMPROVEMENT BOND, SERIffi TWELVE
No,
$1,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Richfield,. a duly organ-
ized municipal corporation of Hennepin County, Minnesota acknowledges itself
to be indebted and for. value received, promises to pay to bearer the sum of
ONE THOUSAND IIOLIARS 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 paq
interest thereon from the date hereof until paid or until. this bond has
been duly called for redemption at the rate of four percent (4%) per annum,
payable semi-annually on the first day of February and the first day of
August in each year, interest to maturity being payable in accordance with
and upon purchase and surrender of the interest coupon appuftenant thereto.
Both principal and interest ate payable at the Village Ha11, Village of
Richf field, 6700 Portland Ave., Minneapolis 23, Minnesota in any currency
or corn 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 some become due the
full faith, credit and taxing powers of the Village are hereby irrevocably
pledgedo
This bond is one of a series in the aggregate principal amount of $70,000,
all of like date and tenor except as to serial number, all issued by said
village for the purpose of defraying expenses incurred and to be incurred
in construction of an improvement designated as "Village Project No. 364/9'
by the'Viliage of Richfield, consisting of street improvement and street
oiling, and is issued pursuant to and in full conformity with resolutions
duly adopted by the Village Council after hearings as required by law and
pursuant to and in full conformity with the Constitution and Laws of the
State of Minnesota thereunt8 enabling, including Minnesota Statutes,. Sec-
tion 429x091, Subdivision 3, as amended by Laws 1957, Chapter 385. This
bond'is payable primarily from the Temporary Improvement Bonds Sinking
Pund„ Village Project No. 364 Account of the village but the Coflncil is
required to pay the principa3: and interest thereon out of any funds in the
treasury in the event that the monies on hand in said funds are at any
time insufficient to meet the payment of maturing principal and interest,
and is further required at or prior to the maturity of this bonds to pro-
vide for the payment and retirement thereof by the issuance of definitive
bonds , to the extent, if any, that the assessments and taxes or other
municipal funds theretofore collected and received in said Sinking Pund
may be insufficient for such purpose.
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This bond is subject to redemption and pre-payment at the option of the
village on any interest payment date, at a price of par and accrued in-
terest, upon inotice of call for redeiription mail@d nod less than 30 days
prior to the date spec3.f led for such redemption,. to the holder, if known.
Bond holders desiring to receive such notice may have their names and
addresses and the serial numbers of their bonds recorded by the Village
Treasurer.
IT IS I~RB$Y CERTIFTBD, RBCITED, COVENAN'TBD AIV~ AG1tF,.~ that all acts ~
conditions and th#~ngs r~qui~ed by'the Constitution ~.nd laws of the State
of Minnesotan to be done,, to exist, to happen and to be performed prelim-
inary to and in the issuance of this bond in 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 Temporary Improvement Bonds Sink-
ing Fund, Village Project No« 364 Account has been duly created and pro-
vision 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 not less than
five percent (5%) in excess of sums sufficient to pay the principal and
interest o~ all bonds payable fr6m said fund as such principal and interest
become due, and additional taxes, if needed for said purpose, maybe 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 appropri-
ate proceedings ail 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 eau se the indebtedness of said village to
exceed any constitutional or statutory limitation,
IN WITNPSS WHBREOF the~Village of Richf ie1d, Hennepin County,. Minnesotaa,
by its Village Council, has caused this bond to be executed in its behalf
by tie signature of it.~ Mayor and Manager and sealed with its official
seal,, and the interest coupons appurtenant thereto to be e~Cecuted and
authenticated by the facsimile signatures ofd of- and has
caused this band to be dated as of August ; s.1:9 ,.'
~„i?-~
Mayor ~
Manager
{Seal)
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~. ,5 r
(Form of Coupon)
Unless the bond described below is called for earlier redemption
Non $20.00
On the first day of February (August), 19 , the Village of Richfield,
Hennepin County, Minnesota, will pay to bearer at the Vi1lsge Hall of~the
Village of Richf field, 6700 Portland avenue,. Minneapolis 23, Minnesota, the
sum of TVIIBNTY AND NOj100 DOLIARS lawful money of the United States of
America for interest then due on its Temporary Improvement Bonds, Series
12, Dated August 1, 1959. Noa _,,,,,~,a
Mayor
Manager
6, Said bonds shall be prepared under the direction of the Vil]a.ge 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 authen-
ticated, by the printed, engraved or lithographed facsimile signatures of
said Mayor and Manager e. When said bonds have been executed and authenti=
Gated, they shall be delivered by the ~'reasurer to the purchaser thereof,
upon pay~ent of the purchase price heretofore agreed upon and said pur-
chaser shall not be obliged to_see..to the applic~rtion thereof,
7. The Village Clerk is he~eby,.;au.thorized and directed to file a
certif led copy of this resolution with the County Auditor of Hennepin
Cou~nty,,~ tog.etY~er„with: sueh:.other. informatipn as he shall- require and to
obtain from said County Auditor ac certif ieate that said bonds have been
entered on his band register,
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8, The officers 'of the v3.liage and the County Auditor of Hennepin County
are hereb~- authorized and directed ~a prepare and furnish to the purchasex
of said bonds and to the attorneys apptotrii~g the iega.i~~;ty bf .the issuance
thereof , certified copies of ail proceedings and r~~t~~Cds reia~~ng to; 52~id
bonds and to the financial affairs of said village a afi8 si4c1~ other af~ica-
vits, certificates and information as may be required, to show thy: ~act~
relating to the legality and marketability of said bonds as the same ap-
pear from the books and records under their custody and control or as
otherwise known to them, and such certificates, certified copies and affi-
davits, 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 $70,000 in the Improvement Bonds of 1956 SinTcing Pund which
will not be required for other purposes prior to August 1, 1961.
10. It is hereby determined to purchase the aforementioned $701000 tem-
poxary improvement bonds, Series 12 upon their initial issuance in accord-
ance with the provisions of Minnesota Statutes, Section 471.56 and 475.66,
out of funds'in the Improvement Bonds of 1956 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 advan tageous to the 3959 Street Improvement and Oiling Pro-
gram to invest in said temporary improvement bonds, Series 12, and it being
further determined to be reasona'hie and advantageous to the Village to sell
said temporary improvement bonds, Series 12 in accordance with the provi-
sions of this resolution.
11. The Village Manager, Mayor, and Finance Officer are hereby author-
ized and directed to take any and al 1 steps necessary to affect the pro-
visions of the foregoing resolutions ~.nd 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 Z7th day of July, 1959.
ATTEST:
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Edward J. Mo ne, illage Clerk
n, manager