1959-1976rRESOLUTION N0, 1976 16
RESOLUTION M ISSUE AND SELL $600,000 IMPROVEhOC BONDS,
FIXING FORM AND SPBCIFICATIONS THEREFOR, DIRECTING THEIR
EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT
WHEREAS the village has entered into contracts for various improvements and
has incurred costs and it is necessary to provide.part of the funds :for payment
thereof, and
WHEREAS the village is authorized to issue its general obligation bonds to
provide funds for said improvements without an election if twenty percent or
more of the cost thereof is to be assessed against benefited property, and
WHEREAS the entire cost of said improvements has been or will be assessed
against benefited property,
NOW,-THEREFORE, BE IT RESOLVED by the Village Council of the Village of
Richfield, Minnesota, as follows:
1. All of the facts here and above set forth and recited are true and
correct and are hereby made part of this resolution.
2. The improvements to be financed from the proceeds of $6000000 Im-
provement Bonds, the total cost thereof, and the amount to be
credited to said improvement is as follows.:
3. A separate 1959 Improvement Bond Fund is hereby created. Into said fund
shall be paid all proceeds of special assessments collected from the above improve-
ments and out of said fund shall be paid principal of and interest on said bonds..
The bond proceeds, except for accrued interest,.shall be credited to said improve-
ments as above provided. Accrued interest shall be credited to said 1959 Improve-
ment Bond Fund.
4. The offer of J. M. Dain & Company, Inc., Allison - Williams Company,
Northwestern National Bank of Minneapolis, Piper, Jaffray and Hopwood,
Mannheimer -Egan, Inc. and Harold E. Wood & Company to purchase $600,000 Improve-
ment Bonds is hereby found and determined to be a favorable offer and shall be and
is hereby accepted said bid being to purchase $600,000 Improvement bonds bearing
interest as follows:
Improvement
Amount to be Credited
V.
P.
No,
336
$490000.00
I.
P.
No.
341
240000.00
V.
P.
No.
342
11,000.00
V.
P.
No.,
348
740000.00
V.
P.
No.
350
179000.00
V.
P.
No.
350A
129000.00
V.
P.
No.
357
3809000.00
V.
P..No,
359
139000.00
V.*P.
No.
351
2,000.00
V.
P.
No,
355 -1
1,000.00
V.
P.
No.
355 -2
39000.00
.V..P.
No.
360
1,000.00
V.
P.
No.
363
13,000.00
3. A separate 1959 Improvement Bond Fund is hereby created. Into said fund
shall be paid all proceeds of special assessments collected from the above improve-
ments and out of said fund shall be paid principal of and interest on said bonds..
The bond proceeds, except for accrued interest,.shall be credited to said improve-
ments as above provided. Accrued interest shall be credited to said 1959 Improve-
ment Bond Fund.
4. The offer of J. M. Dain & Company, Inc., Allison - Williams Company,
Northwestern National Bank of Minneapolis, Piper, Jaffray and Hopwood,
Mannheimer -Egan, Inc. and Harold E. Wood & Company to purchase $600,000 Improve-
ment Bonds is hereby found and determined to be a favorable offer and shall be and
is hereby accepted said bid being to purchase $600,000 Improvement bonds bearing
interest as follows:
tv
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Bonds maturing in the years 1960 to 1965 inclusive, 3.40% per annum,
Bonds maturing in the years 1966 and 1967, 3,7076 per annum,
Bonds maturing in the years 1968 and 1969, 3.90% per annum,
Bonds maturing in the years 1970 to 1979 inclusive, 4.00% per annum,
together with additional' interest for the period from nctober 16,
1959 to December 1, 1960, at the rate of 2.00% per annum, represented
by two extra coupons, one due J 1960, in the amount of $12.50
and one due December 1, 1960, in the amount of'$10.
S. The Village of Richfield shall forthwith issue its negotiable
coupon Improvement Bonds in the principal amount of $600,000,
said bonds to be dated June 1, 1959, to be 600 in number and numbered
1 to 600, both inclusive, in the denomination of $1000 each, bearing
interest as above set forth, payable June •1, 1960, and semiannually
thereafter on June 1 and December l in each year, and maturing serially
on December 1st in the amount of $30,000 in each of the years 1960 to
1979, both inclusive, all bonds maturing in 1975 or thereafter being
subject to redemption on December 1, 1970, and any interest payment date
thereafter in inverse numerical order at par and accrued interest and
a premium of $25 if redeemed on or before June 1, 1975, and without
premium if redeemed December 1, 1975, or thereafter,
6, Both principal of and interest on said bonds.shal .be payable
at the main office of Northwestern National Bank of Minneapolis
in the City of Minneapolis, Minnesota, and the village ` shall pay the
reasonable charges of said bank for its services as Saying agent.
7. The bonds and the interest coupons shall be in substantially
the following forms
aO
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLAGE OF RICHFIELD
IMPROVEMENT BOND OF 1959
Noe
$1000
KNOW ALL MEN BY THESE PRESENTS that the Village of Richfield, Hennepin County,
Minnesota, acknowledges itself to be indebted and for value received hereby
promises to pay to bearer from its 1959 Improvement Bond Fund on the lst day of
December, 19 , the sum of ONE 1HOUSAND DOLLARS and to pay interest thereon from
the date hereof until the principal amount is paid at the rate of three and forty
hundredths percent (3,40'0 per annum together with additional interest from
October 16, 1959, to December 1, 19609 at the rate of two percent (2%) per
annum represented by separate coupons, interest to maturity payable June 1, 19600
and semiannually thereafter on the 1st day of June and the ist day of December
in each year in accordance with and upon presentation and surrender of the in-
terest coupons hereto attached as they severally become due, Both principal and
interest are parable at the main office of Northwestern National Bank of Minnea-
polis in the City of Minneapolis, Minnesota, in any coin or currency of the
United States of America which at the time of payment is legal tender for public
and private debts, For the prompt and full payment of such principal and interest
as the same respectively become due the full faith, credit and taxing powers of
the village have been and are hereby irrevocably pledged,
All bonds of this issue maturing in 1975 to 1979 inclusive, are subject to
redemption on December 1, 1970, and any interest payment date thereafter in in-
verse numerical order at par and accrued interest and a premium of $25, if re-
deemed on or before June 1, 1975, and without premium if redeemed December 1, 1975,
or thereafter, Thirty days prior notice of redemption will be given by mail to
the bank where the bonds are payable and to the last known holder, Holders desir-
ing to receive such notice must register their names, addresses and bond numbers
with the village clerk,
This bond is one of an issue of $600,000, principal amount, all of like date
and tenor except as to maturity and interest rate, all issued by the village for
the purpose of providing money to defray the expense incurred or to be incurred
in making various improvements as authorized by. resolution of the council and is
paid primarily from special assessments which the village council has heretofore
levied for the separate improvements to be financed by this issue as authorized
by Chapter 429, Minnesota Statutes,
IT IS HEREBY CERTIFIED AND RECITED that all: acts, conditions and things re-
quired by the Constitution and Laws of the State of Minnesota to be done, to
happen, to exist and to be performed precedent to and in the issuance of this bond
have been done, have happened, do exist and have been performed in regular and due
form, time and manner as so required; that the full faith and credit of the
village is pledged for the payment of the principal and interest of the bonds of
this issue when the monies on hand in the appropriate fund are insufficient for
the purpose and taxes will be levied upon all of said property, if needed, to
take care of any deficiency, without limitation as to rate or amount and that
the issuance of this bond did not cause the indebtedness of the village to ex-
ceed any constitutional or statutory limitation thereon,
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13, The officers of the village are hereby authorized and directed to
prepare and furnish to the purchaser of the bonds and to the attor-
neys approving the same certified copies of all proceedings and re-
cords of the village relating to said bonds and to the financial condi-
tion and affairs of the village, and such other certificates, affidavits
and transcripts as may be required by the books and records in their
custody and under their control relating to the validity and marketability
of said bonds, and such instrument-so including any heretofore furnished,
shall be deemed representations of the village as to the facts stated
therein,
Passed by the Village Council this 14th day of September, 1959®
ATTEST:
Village. ler
1
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