1959-1940r~~
RESOLUTION No. a.9~o
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF 7~ORARY
Il~ROVEMENT BONDS, SERIES TEN,TO THE IMPROVEMENT BONDS
OF 1953 AND SERIES B SINKING FUND IN ACCORDANCE WITH
THE Lt~WS OF 1957 ~ CHAPTER 385.
BE IT RESOLVID by the Village Cotuicil of the Village of Richfield,
Hennepin County, Minnesota, as follows:
la The total estimated cost of Village Project No. 365, otherwise
lmown as the concrete surfacing and other related improvements of
County State Aid Highway No. 53, has been estimated at ~2ob,685.
Part of the money for financing said improvement is being furnished
by the County and Municipal State Aid Funds. It is now estimated
that the sum of X97,000. is currently necessary to provide financing
for the remainder of the said project and it is her®by determined
to be necessary to borrow said amount for the pa~ruent of obligations
now incurred and for expanses necessarily incurred in connection
with the construction of said project. There is hereby created a
Village Project No. 365 Construction Fund into which shall ~ paid
all 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 incurre d
3n connection with making said improvement. There is hereby created
in the Temporary Improvement Bonds Common Sinking Fund a Village
Project No. 365 Sinking Fund Account into which account shall be
paid the proceeds of all special assessor®nts levied against benefited
property by reason of the making of said improvement and out of which
shall be paid principal and interest on a13. temporary improvement
bonds issued to finance said project.
2, It is hereby determined that the sum of X97,000 shall be borrowed
to finance said Village Project No.3b5 by the issuance of temporary
improvement bonds of the vi].7.age as authorized in Minnesota Statutes,
Section x.29.091, Subdivision 3 as amended by Laws 1957, Chapter 385.
Said bonds shall be payable from the Temporary Improvement Bonds
Sinking Fund, Village Project No. 365 Account; but the village
further recognizes its statutory duty, as provided by Section
I~29o091, and covenants and agrees with the purchaser and all holders
from time to time, of said temporary improvement bonds., at or prior
to the maturity thereof it wi71 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 extent that the 'same
cannot be paid out of funds available in the Village Project No. 365
Sinking Fund Account or out of other municipal funds which era properly
available and era appropriated by the council for such purposes.
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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.
365 and ad valorem taxes, if necessary, to produce sums at least 5~
in excess of the amounts sufficient to pay principal and interes+.
when due on said temporary improvement bonds and on any definiti a
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.3$5 has been completed and the total cost thereof has
been determined.
!~. Said temporary improvement bonds 3n the amount of X97,000 shall
be dated August 1, 1959; shall be 97 in number and numbered 1 to
97 inclusive, each in the denomination of X1,000, shall bear interest
at the rate of ~.~ per annum, payable semi-annually on February 1st
and August 1st of each year and shall mature on August 1, 1961,
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 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 fo3lowing forma
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UNITED STATES OF AMERICA
STATE OF MINNE9J TA
COUNTY OF HENNEPIN
VILLAGE OF RICHFIELD
TEMPORARY IMPROVEMENT BOND, SERIES TEN
No.
~ 1,000
KNOW ALL MEN BY THF~SE PRESENTS that the Village of Richfields
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 on the first day of
August, 19b1, or on a date prior thereto on which this bond has been
duly cal3e d for redemption, and to pay interest thereon from the date
hereof until paid or until this bond has been duly cal]e d for
redemption at the rate of four per cent (!~~) 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 oo upon appurtenant
thereto. Bath principal and interest are payable at the Village Hall,
Village of Richfield, 6700 Portland Avenue, Minneapolis 23, Minn®sota
in any currency or coin of the United States of America which ~n the
respective dates of payment is public tender for private and public
debts. For the prompt and full payment of such principal and 3.nterest
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 $97,OOO, all of like date and tenor except as to serial number, all
issued by said village for the purpoae of defraying expenses incurred
and to be incurred in construction of an improvement designated as
«Village Project No. 365~t by the Village of Richfield, consisting of
concrete surfacing and other related imprrnrements, and is issued pur-
suant to and in full conformity with resolutions duly adopted by the
Village Council after hearings as required by law and pursuant to and
in fu]1 conformity with the Constitution and Laws of the State of
Minnesota thereunto enabling, including Minnesota Statutes, Section
x.29.091, Subdivision 3, as amended by Laws 1957, Chapter. 385. This
bond is payable primarily from the Village Project No.. 365 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 in said Sinking Fund Account 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 assess-
ments and taxes or other municipal funds theretofore collected and
received in said Sinking Fund Account may be insufficient for such
purpose.
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T®mporary Improvement Bonds, Ser3.es Ten
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This bond is sub3ect to redemption and prepayment at the.. option
of the village on. any interest pa,~ment date, at a price of par and
accxuacl. interest, ` upon notice Q~: fall for redemption mailed not less
an 3a days prior to the ,date; specified for such ~edemptiori; 'to~
e holder i,i~ knawri. Sond .holders desiring to ~eeeive such n~ti.ce
msy hive t~e3r rises ahd add~e~s®~ and the serial number's of 'their
bonds recorded by the ~'~.llage T~'~asu~heY~:
IT IS FIEREBY CERTg'IED, 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 general 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 hae duly determined the
necessity of and provided for the construction of said improvement;
that the Village Project No. 365 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 for issuance of said definitive bonds, for the years and in
aggregate amounts not less than five per cent (5~) in excess of stuns
sufficient to pay the principal and interest on all bonds payable
from said fund as such prinoipal 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 rates 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 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 or statutory limitation.
IN WITNESS tnTIi~REOF 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
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 August 1, 1959.
Mayor
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Manager
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(Form of Coupon)
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Unless the bond described below is called for earlier redemption -
No.
$20.00
On the first day of August, 19 , the Village of Richfield
Hennepin County, Minnesota, will pay to bearer at the Village
Hall of the Village of Richfield, 6700 Portland Avenue South,
Minneapolis 23,, Minnesota the sum of TWENTY AND. NO/100 DOLLARS
lawful money of the United States of America for interest then
due on its Temporary Improvement Bonds, Series Ten, dated
August 1, 199, 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 bonds
have been executed and authenticated,.they shall be delivered 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 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
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 thereon.
9.• It is hereby determined that there is a t the present time an
amount in excess of X97,000 in the Improvement Bonds of 1953 and
Series B Sinking Fund which wi71 not be required for other purposes
prior to August 1, 1961~~
10,x- It is hereby determined to purchase the aforementioned X97,000
Temporary Improvement Bonds, Series 10 upon their initial issuance
in accordance with the provisionof Minnesota Statutes, Sections
471.56 and l~75.6b, out of funds in the Improvement Bonds of 1953
and Series B Sinking Fund and on behalf of said fund, a t par and
accrued interest as of the date of delivery of said bonds and
completion of such sale, it being further determined to be reason-
able and advantageous to the Improvement Bonds of 1953 and Series B
Sinking Fund to invest in said Temporary Improvement Bonds Series 10
and it being further .determined to be reasonable and advantageous to
the Village to sell said Temporary Improvement Bonds, Series 10 in
accordance with the provis ions of this resolution.°
11. The Village Manager, Mayor and Finance Officer are hereby
authorized and directed to take any and ali 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.
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Passed by the Village Council this 27th day of July, 1959•
ATTESTS
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'~ Vi11ag Cle k
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Mayor
ager