1960-2229~~
ItESO%UTION N0~ 2229
RBS®~UTION DIRECTING ISSUANCE AND SALE OF TENIP(?RARY IMPROVEI~NT
BO1VI}Sa SLRI.P,S' iQ, Ti0 THE IMPROVEMENT BON1~S OI$ 1954 SINI{I~ FUN19 TN
ACCORDANCE WITf-I THE IAWS OP 195?~ CIIAP~ 385
BE ,TT RE~Y~VED b~ the Tillage Council of the Village of Richf field ~ Hennepia~
Couzrtyg Minnesotan as follows"
1~ The total estimated cost of Village Project Nom 385p otherwise known as
the 1960 Street Improvement and ®iiing Programs has been estimated at
$150g000p .Part of the money for the financing of said improvement is availm
able _f~om the General" fund as the village°s share of the cost of said improve®
me~t~ It is now estimated that the sum of ~100g000 is currently necessary to
provide.financing for a portion of the cost of said project and it is hereby
d~term~.ned to be necessary to borrow said amount for the payment of oblig~:~
Boras.h~ incurred and for expenses necessarily incurred in connection with
the bonstruction of said protect& There is hereby created a Village Project
No®..385 ~orgstruction Fund into which shall be paid all sums transferred. from
the tsenerai Pund and the proceeds of temporary bonds issued pursuant to this
resolution and similar subsequent resolutions, and out of which, shall be paid
all amounts clue and payable as costs. or e'cpenses inciatent to or incurred 3n
c®rinection with the making of said improvementfl There is also hereby created
~: Village Protect No® 38S account in the Temporary Improvement Bonder Sinking
Fend.int~ which fund shall be paid the proceeds of all special assessments
levied against benefited property by reason of the making of said improvement
and ox~t of which shall be paid principal and interest on all temporary im~
prov~ment bonds issued to finance said protect,
20 It is hereby determined that the sum of ~100~000 sha11 be borrowed to
p~.rtialiy finance said Village Protect Noy 38S by~h~-issuance of Temporary
Improvement Bonds of tYze Village as authorized in Minnesota Statutes Section
X29®~91.s.Subdivision 38 as amended by laws 195?g chapter 385® Said bonds shall
be payable from the Temporary Improvement Bonds Sinking Pund~ Village Protect
~T®® 385 accour~t9 'but the village further recognizes its statutory duty as
prpvided,by Secti®n 429w091s and covenants and agrees with the purchaser and all
h®iders from time to times of said temporary improvement bondsfl at or prior
to the maturity thereof it will. pay and retire such bonds and the interest
thereon out of the proceeds of def initive improvement bonds which the council
shall issue and sell at or prior to the maturity of the Temporary Bondsp to
the;~xtent that the see cannot be paid out of funds available in the Tempor®
ary Improvement Bonds; Sinking 1~und9 Village Project Noy 385 Accounts or out
of other municipal funds which are properly available and arse appropriated
by -the counci i for such purpose
®~
~® It is hereby determine~S to levy special a.ssessment~ ag~.inst benew
fits. property by reason of the ma.l~ing of Viiiage Project No® ~g5 and sd
v~.iorean taffies, if necc~ss~.ry, to produce sums a.t least 57~ in eseces~ of
the amount sufficient to pay principal a.nd interest when due o~ sa.id
temporary improvement bonds and on any definitive bonds to be issued ~.~
herein provided, such spec$al assessments to be placed .on the ts~ ro11s
subsequent to the time whew said Village Pro3ect N®~ ~~5 has- beep com®
p~~'te~ and the to tai cost thereof has been determineda
4~® Said temporary improvement bonds in the amount of $100,000 shah be
dated August 1, 19606 shah Ise 100 in number and numbered from 1 to 100
inclusive, each in the denomination of $1000 s shalS bear interest at
the r~.te of 4°h per annum, payable semi~snnualYy on February 1 and
Augu~'~ 1 of each year and shall mature on August 1, 196, shalt be
sub,~ec~ to redemption and prepayment of any interest payment date, at
par and accrued interest® Not less than 30 days before the date species
Pied for redemption of said bonds the 'Viiiage Treasurer shall mail notice
og the tali thereof to the holders if mown, and said Treasurer sha11
maintain a record of the names ark. addresses of the holders of said
t~nds~ 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 st the Richfield Village Hail,
6700 Portland Avenues Minneapolis ~3, Minnesota®
5® ~~aid tempora~°y improvement bonds shall be ~imeogr~,phed with ate
tacked interest coupon in substantially the fo Bowing forms
UNITBD STATE OF AMERI~
STATB OP MINNHSOTA~
®OTJNTY ®F HENN.RPIN
VIY,LAGB ®F RI~IHLD
THMP®RAR3~ IMPR®'VENIg1~ D®ND s SERIES' F®fT1tTBffiiT
N®Q
$1000
IC1vtXN ALf; NON BV THESE P~tE5ENT5 that the Viiiage of Richfield, a duly
orgarai~ed municipal corporation of Hennepin County, Minnesota acl~now~
ledges itself to be indebted a.nd for va.iue received, promises t® pay
to feaster the sum of ®I~ THOUSAfi1D DOLLARS on the first day of August
196, or on a date prior thereto on which this bond has been duly called
for redemption, and to pay interest thereon from the date hereof ummtii
paid or until this bond has 'been duly called for redemption at the rate
of four percent Q4%~ per annumg payable semiannually on the first day of
February a.nd the first day of August in each year,~interest to maturity
being paysbie in accordance with and upon purchase and surrender of the
interest coupon appurtenant thereto® Roth principal and interest are
payable a.t the Village Hali, Viiiage of Richfield, 6700 Portland Ave®,
_Minneapolis ~~, M$nnesot~ in arty currency or coin of the United States
of America which on the respective dates of payment is public tender foa~
m ~m
private and public debts® For the prompt and fu11 payment of such princi~
pal and interest as the same become due the fu11 faith9 credit and taking
growers of the pillage are hereby irxevocably pledged®
This bond•is one of a series in the aggregate principal amount of $1009000,
ail of like date ~.~ tenor except as to serial number9 all issued by said
village for the purpose of defraying expenses incurred and to be incurred
in construction of an improvement designated as Q8V'illage Pro3ect Nom 385°x'
by the village of Richf ield9 consisting of street improvement and street
oiling9 and is used pursuant to and in full conformity with resolutions
duly adopted by the ~311age Council, after hearings as required by law and
pursuant to ark. in foil conformity with the Constitution and T~.ws~ of the
State of Minnesota thereunto enabling9 including Minnesota Statc~s9 Section
~~~®0919 Subdivision 39 as amended by Isaws 1959 Chapter 3850 This bond is
payable primarily from the Temporary' Improvement Bonds Sinking Fund9 Viiiage
Project No0.385 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 funds a~°e at any time insufficient to
meet the payment of matching principal and interest9 and is further required
at or prior to the maturity of this bonds to provide for the payment and
retirement thereof by the issuance of definitive bonds9 to the extent9 if
any9 that the ~,ss•essments and taxes or other municipal funds theretofore
collected ar:~l received in said Sinking Fund may be insufficient for such
purpose
This bond is sub,~ect to redemption and pre®payment at the op~.or~ of the
village on any interest payment date9 a.t a price of par and accrued interest9
ups~n notice of call for redemption mailed not less than 30. days prior to the
date specified for such redemption9 to the holder9 if known Bond holders
desiring to receive such notice may have their nines and addresses and the
serial numbers of their bonds recorded by the Village Treasurer®
TT IS HEREBY' CERTIFTEDs RECITBD9 C®VENAIVI°ED AND AGREED that all acts9
conditions and things required by the Constitution and laws of the State
of Minnesota to be done9 to axis t9 to happen and to be performed prelimm
inary to and in the issuance of this bond in order to make it ~. valid ar~i
binding general obligation of said village according to its term have been
donee do exist9 have happened and have been performed asp so requiredg that
the village has duly determined the necessity of and provided for the cones
struetion of said improvement; that the Temporary Improvement Bonder SingC~
ins Fund9 V311age Project NoA 385 Account has. been duly created and proms
vision has been made for the support thereof by ad valorem ta~ees and
special assessa~nts to be levied9 at or prior to the time of issuance of
said definitive bonds9 for the years and in aggregate amounts not less than
fig percent ~5°~~ in excess of sums sufficient to pay the principal and
interest on ail. bonds pag~~~1e from said fund as such principal and interest
become due9 and additional ~taxes9 if needed for sand purpose9 ~aay be levied
upon all ta~rable property in the viilage9 without l~.mitation'as to rate
or amounts 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 ass:ess~
manta and tars and the issuance of said definitive bonds axed that the
~~
issuance of this bond did not cause the indebtedness of said village t®
exceed any cons titutios~alE or statutory limitations
IN PAlIT1VBSS VdHBitHCF the Village of Richfield, Hennepin Countye Minnesot~.e
by its Village Councils his caused this b®nd to be executed in its behalf
by the signature of its May®~ and Manager s.r~l sealed with its official
wale and the interest coupons appurten~.nt thereto to be executed and
authenticated ~ the facsimile signatures of-said off icersfl and has
caused this bond to be dated as of August ig 19600
Mayor
Manager
~~eal~
(Form of Coupon
~Uniess the bond described below is called for earlier redemption
Nog $2®®~®
~. =~_.
the first day of February (Auguste 19 s the Village of Richfie lde
Hennepin Countyg Minnesotan viii pay ~ bearer at the Village Ha9.1 of the
Viil~ge of Richfields 67®t3 Portland Avenues Minneapolis 23, Minnesotae the
sum of 3WIBrT~ AND N0~1®0 mLIARS lawful money of the United 5t~tes of
America for interest then due on its Temporary Improvement Bondsa Series
1~9 Dated august is 196®~ Nom
d~ ~ ~
~~
-~ Mayer
Manager
6s S~.id bonds shall be prepared under the direction of the Village Clerk
ahd sh~.li be es~ecuted on behalf of the village by the signatures of the
Mayor ~.nd Marm.gere and the c®risorate seal of the village sham: be affiaeed
theretoe and the appurtenant interest coupon shall be executed and authenm
ticatede by tine prin,tede engraved. or lithographed facsimile signatures of
said Mayor and Managers When said bonds have been executed ~,nd authentim
catede they shall be delivered by the Treasurer to the purchaser there®fa
upon payment of the purchase price heretofore agreed upon and said pur~
chaser shall not be obliged to see to the application thereof®
`~® The Village Clerk is hereby authorized and directed to fi18 a certim
,tied copy of this resolution with the County Auditor of Hennepin Countye
together with such mther information as he shall require and t® obtain From
~,®
ud.ito
said County~a ~ertrificate thq.t said bonds have been entered. on his bonds
register,
8, Thy 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 iss~xance
thereof, certified copies of all proceedings and records relating to said
bonds and to the financial affairs of said village, anti such other affida®
®its, certificates and information as may be required, to show the facts
relating ~ the legality and marketability of said bonds as the same ap®
pear from the books and records under their custody and control or ~.s
otherwise knowxx 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 thereoffi®
. r~.'" 49
9® xt is hereby determined that there is ~,~ the present tirr~ an amount
in e~ccess of ~li9B,®t9® in the Improvement Boxids of 1954 Sinking Fund. which
rad.11: not be required for other purposes prior to August 1, 196®
1®e It is hereby determined to purchase the aforementioned $1®~,®®® temp
po~ary improvement bonds, Series 14 upon their initial issuance in accord=
ante with the provisions of Minnesota Statutesti Section 471®5~s and 4~5a~6,
out of funds in the Improvement Bonds of 1954 Sinking Fund and on behalf
of said fund, at par and accrued interest as of the date of delivery of
said box~.s and completion of such sale, it being further determined to be
r~asonabie and advantageous to the 196® street Improvement and ®iling Pro®
gram to invest in said temporary improvement bonds, dries 14, and it being
further determined to be reasonable and advantageous to the Village to sell
said tempor~.ry improvement bonds, Series 14 in accor.s~t~c~-~arith the provi~
signs of this resolution
11® Tla.e Village Manager, May®r, and Finance ®fficer are hereby author«~
i~d and directed to take any and all steps necessary to affect the pro®
nisi®ns 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 5th day
AT7~5~'t
B, J® MoYin Q Village Clerk