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1959-2039r~~ RBSOLUTION N0. 2039 RESOLUTION DIRECTING THE ISS:UANCB AND SALE OF TEMPORARY IMPROVBA MBNT BONDS, SBRIBS 13, TO THE IMPROVBMBNT BONDS OF 1955 SINKING PUND IN ACCORDANCB WITH THB IAW5 OP 1957, CHAPTER 385 BB TT RBSOLVBD By the'Village Council of the Village of Richfield, Henne- pin County: Minnesota,, as follows: 1. 'The total estimated costs 6f.Vi1la.ge Project No. 388, 338A, 362, 369, 370, 372, 366A, 366B, 367, 381, 382, 382A1, otherwise known as 19'59 storm sewer, grading and sidewalk construction; have been estimated at $189,,000. Tt is now estimated that the sum of $189,000 is currentl~i necessary to provide financing for the cost of said projects and 'it is hereby deter- mined 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 projects: There is~hereb~y crested Village Project Nos. 338, 338x, 362, 369, 370, 372, 366A, 3668., 367, 381, 382 and 382~t Construction Punds into which shaiY be paid the proceeds of temporary bonds issued pursuant to this resolution and out of which shalt be paid all amounts due. and payable as costs or expenses incident to ox incurred in connection with the making of"said improvements. There"is also her@by created Vi1la.ge Project-Nos, 338, 338A, 362, 369, 3?0, 372, 366A, 366B, 367', 381, 382-and 382A~.accounts in the Temporary Improvement Bonds Common Sinking Fund into which fund shall be paid the proceeds of ail special assessments levied . against benefited property by reason of the making of said improvements and out of whichshall be paid principal and interest on all t emporary improve- ment bonds issued to finance said projects. 2. It is hereby determined that the sum of $189,000 shaiS be borrowed to finance said Village Projects as follows: Village Project No, 338 $25;000.00 Village Project No. 338A .3;000.00 Village Project No; 362 14;000.00 Village Project No: 369 17;000.00 Village Project No. 3 70 91;000.00 Village Project No, 3 72 4;000.00 Village Project No, 366A 6;000,00 Village Project No. 366B 3;000.00 Village Project No. 3b? 3;000.00 Village Project No. 381 7;000.00 Village Project No. 382 14;000.00 Village Project No. 382A 2,000.00 by the issuance of Te~iporary Impravemef~t Bonds of the~Village as authorized in Minnesota Statutes, Section 429,091, Subdivision 3, as amended by laws 1957, Chapter 385. .Said bonds~shaii be payable from the'Tempotary Improve- ment Bonds Com~hon 5i~king'Fund; Village Project Nos. 338,~338A, 362, 369, 370, 372, 366i~, 366B, 367, 381, 382, 382A accounts; but the vi]lage further recognizes its statutory duty, as provided by Section 429.091, and covenants 1 ,2. and agrees with the purchaser and all hold ers from time. to time, of paid temporary improvement bonds, a t or prior to the maturity thereof it will pay and retire such bonds and the interest thereon out of the proceeds of definitive improvement bonds which the council shalt issue and sell~a t or prior to tie maturity of the temporary Improvement Bonds, to the extent that the same cannot be paid out of 'funds available in the Teiaporar~i Im-" pro~iement BonHs.Com~hon Sinking'Pund~ Village Project Nos. 338, 338A, 362, 3b9, 370, 372, 3b6E~, 3668, 367, 381, 382 and 382A accounts, or out of other municipal funds which are properly available and are appropriated by the councit for such purpose. 3. It is hereby determined to levy special assessments: against benefited property'by reason of the"making of"Village Projects No. 338, 338A,'362, 3b9, 370,'372, 366A, 3668, 367, 381, 382, 382FC~. 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 improvement bonds and on any definitive bonds to b e issued as herein provided, such special assessments to be placed on the tax rolls subsequent to the time when said Village Projects have been completed and the total costs thereof have been determined, 4. Said temporary improvement bonds in the amount of $189,000 shall be dated December 1, 1959; shall be 189 in number and numbered from 1 to 189 inclusive, each in tl~e denomination of $1,000, shall bear interest at the rate of 4°ro per annum, payable semi-annually on'June 1 and December 1 of each year and shall mature on December 1, 1961, shall b e subject to re- demption'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 shah 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 in- formation.is made available to him by the hold ers thereof, for the purpose of mailing said notices. The principal 4f and interest on said bonds hail be'payable at~the Richfield Village Hall, 6700 Portland Avenue, Minneapolis 23, Minnesota.. 3. Said Temporary improvement bonds shall be mimeographed with attached interest coupon in substantially the following form: 1 -3- UNITED STATES OP AMBRICA STAB OP MINNBSOT.~ COUNTY OP HENNEPIN VILIAGB OP RICHFIELD TEMPORARY IMPROVEMQNT BOND, SERIES THIRTBEN No. $10000 KNOW ALL MBN BY THESE PRESENTS that the Village bf Richf field, a duly or- ganized municipal corporation.of Hennepin County' Minnesotan acknowledges itself to be indebted and for value received, promises; to pay to Y~earer the sum of ONB THOUSAND DOLIA~RS. on the first day of .December 1961, or on a date prior thereto on which this bond has been duly called for redemp- tion~ and to pay interest thereon from the date hereof until paid of until this bond has been duly called for redemption at the rate of four.~ercent C4~) per annum, payable semi-annually on the first day of June and the first day of December in each year, interest to maturity being payable in accordance with and upon purchase and surrender of the interest coupon ap- purt~nant there toe Both principal and interest are payabie'at the Village Haim Village of Richfield, 6700 Portland Ave., Minneapolis, .23, ~Minnesota~ in any currency or coin of the United States of America which on the re- spective dates of payment is public tender for private and public debtse Por the prompt and full p~.yment of such principal and interest as the same become due the full faith, credit and taxing powers of the.Viilage are hereby irxevocabiy pledged, ~his.borid is one of a series in the aggregate principal amount of $189,000, all of like date and tenor except as to serial number, aif issued by said village for the purpose of defraying expenses incurred and to be incurred in c6nstruction of improvements designated as "Village Pro3ect No,s. 338, 338A, 362, 369, 370, 372, 366A, 366B, 367, 381, 382, 3828.°' by the Village of Richf i~ld, consisting of storm sewer, street grading and sidewalk con- struction, 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 conf ormity with the Constitution and Laws of the State of~Minnesota thereunto enabling, including Minnesota Statutes, Sec- tipn 429,091, Subdivision 3,, as amended by Laws 1957, Chapter 385e This bond is payable primarilq from the Temporary Improvem@nt Bonds• Common • Sinking Fund,~Vii'iage Project No. 338, 338A, 362, 3?0, 372, 366A~, 366B, 369, 367 381, 382, 382 Accounts of the village but the Councili 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 funds are at any time suffi- cient 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 re~irsment thereof by the issuance of definitive bonds, to the extent, if anq, that the assessments and taxes or other municipal f unds~theretofore collected and received in said Sinking Pund may be insuf- ficient for such purpose. 1 ~- This bond is sub3ect 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 notice of call for redemption maii~d not less than 30 days prior to the date specified for such redemption, to the hold er, if known. Bond holcdezs 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 IlBRBBY CBRTIFISD, RBCITBD, CO'VBNANTBD AND AGRBBD that all acts, conditions and things:r~quired by'the Constitution and imws of the State of•Minnesotar 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 obiigatian of said village according to its terms have been done, do exist, have happened and have been performed as so requi.xed; that the village has duly determined the necessity of and provided for the con- struction of 'said improvements; that the Temporary Improvement Blinds Common Sinking Fund, Village project Nos. 338, 338A, 362, 369, 370, 372, 36bA, 366B, 36'7, 381, 382, 382A Accounts have been duly created and provision has been made for the Support thereof by ad valorem taxes and special as- sessments tb be levied, at or prior to the time of issuance of said defin- itive bonds, for the years and in aggregate amounts not less than fine percent (5%) in excess of sums sufficient to pay the principal and inter- est on a11'bonds payable from said fund as such principal 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 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 village 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 WHBREOP the'Viliage 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 Marnager and sealed with its official seal, and the interest coupons appurtenant thereto to be ~~ecuted and authenticated by the facsimile signatures of S$id officers, and has caused this bond to be dated as of December 1, 195 ~~ ~ ~~~ Mayor Manager .. ~~ --i mss (Form of Coupon) Unless the bond described below is called for earlier redemption Np® $20e00 Qn the first daj~ of June, Decembers 1 ~, the Village of Richf ie1d, Hennepin Countyg Minnesota, wnii. pay to bes.rer ~at the Vi:iisge Hall of 'the Village of Richf ie1dQ 600 Portland Avenues Minneapolis 23~ Minnesota, the sum of TWENTY ~ N®~I.)) DOLLARS lawful. money of the United States; of America for interest then due on its: Temporary Improvement Bonds Series 13, Dated December l~ 1959Q 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 authen- ticated, by the printed, engraved or lithographed facsimile signatures of said Mayor and ManagerQ V~hen said bonds have been executed and authenti~ Gated, they shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon and said pur- chaser shall not be obliged to see to the application thereof4 7, The Village Clerk is hereby authorized and directed to file a certi-~ fled 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 register4 $a The officers of the Village and the County Auditor of Hennepin County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and to the attorneys approving the legality of the issuance thereof, certified copies of all proceedings and records relating to said bonds and to the financial affairs of said village, and such other affida- vits, certificates and information as may be required$ to show the facts relating to the legality and marketability of said bonds as the same ap- pear from the boolc~ and records under their custody and control or as other- wise known t® them, and such certificates, c ertified copies and affidavits,. including any -heretofore furnisheda shall be deemed representations of the village as to the correctness of al ]: statements contained thereonm -~-1 1 1 1 -6~ 9s It is hereby determined that there is at the present time an amount in excess of $189,000 in the Improvement Bonds of 1955 Sinking Puf~d which will not be required for other purposes. prior to December 1, 1961m loo It is hereby determined to purchase the aforementioned $189,000 temporary improvement bonds, Series 13 upon their initial issuance in accordance with the provisions of Minnesota Statutes, Section 471,56 and 4?Sm66, out of funds ifs the Improvement Bonds of 1955 Sinking Fund and on beh~.?f 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 de- termined to be reasonable and advantageous to the Improvement"Bonds of 1955 to invest in said temporary improvement bonds, Series 13, and it being further determined to be reasonable and ad~rantageous to the Village to sell said temporary improvement bonds, Series 13 in accordance with the provisions of this resolution, lie The Village Manager, Mayor, and i~inance Officer are hereby author- ized 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 asmay be necessary from time to time, to give effect to the provisions thereof Passed by the Village Council this 14th day pf December 195 , A ~ ~/ , ~~. Irving R, Keldsen, Mayor ~l2 O® Ae an ICre eleng Manager 1 ATTEST L ~e, ~ ~? ~ -~ Edward Jm ~ line, Cleric