Loading...
1960-2279rRESOLUTION N0, 2279 RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY IMPROVEMENT BONDS, SERIES 159 TO THE IMPROVEMENT BONDS: OF 19548 kNKING FUND IN ACCORDANCE WITH THE TAWS OF z,. 1957, CHAPTER 385 BE IT RESOLVED by the Village Council of the Village of Richfield, Hennepin .County,, Minnesota, as follows-, 1® The total estimted cost of Village Project No, 387, otherwise known as ;�: ;boncrete surfacing and other related improvements of County State Aid fghwliy No. 529 has been estimated at $195,000.008 Part of the money for fi� nii2ci'ng said improvement is being furnished by the County and Municipal State Aid Funds. It is now estimated that the sum of $96,000.00 is currently neces- sary to provide financing for the remainder of the said project and it is here® by., determined to be necessary to borrow said amount for the payment of obliga- t:Uons now incurred and for expenses necessarily incurred in connection with the rpnstruction of said project. There is hereby created a Village Project No. 387 oristruction Fund into which shall be paid all proceeds of temporary bonds issued pursuant to this resolution and similar subsequent resolutions, and out of which shal,1 be paid all amounts due and payable as costs or expenses incident to or in- .dur 6d.in connection with making said I rovement. There is hereby created in • du+ fir.. t e Temporary Improvement Bonds-,Common inking Fund a Village Project No, 387 gifiki g Fund Account into which account-shall be paid the proceeds of all special assessments levied against benefited property by reason of the making of said Improvement and out of which shall be paid principal and interest on all tempor- ary improvement bonds issued to finance said project. 2.. It is hereby determined that the sum of $96,000 shall-be borrowed to finance said Village Project No, 387 by the issuance of temporary improvement bonds of the village as authorized in Minnesota Statutes, Section 429.091, Subdivision 3 as amended by haws 1957, Chapter 3850 Said bonds shall be payable from the Tempor- ary Improvement Bonds Sinking Fund, Village Project.No, 387 Account; but the village further recognizes its statutory duty, as provided by Section 429.091, 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 will pay and retire such bonds and the interest thereon out of the proceeds of defini- tive improvement bonds. which the council shalg 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. 387 Sinking Fund Account or out of other municipal funds.' hich are properly available and are appropriated by the council for such purpose. 1 �Mll ®2® Temporary Bonds Series 15 4® Said temporary improvement bonds in the amount of $968000 shall. be dated September 1, 1960; sham be 96 in number and numbered 1 to 96 inclusive, each in the denomination of $180008 shall. bear interest at the rate of per annum, pay- able semi -annually on March 1st and September 1st of each year and shalt mature on September 10, 1962, shall be subject to redemption and prepayment on any inter- est 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 inso- far as such information is made available to his 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 Ave.,, Minneapolis 23, Minnesota* So Said temporary improvement bonds shall.be mimeographed with attached inter - est coupon in substantially the following forma UNITED STATES OF AMERICA STAIE OF MXNNESOIDT COUNTY OF HENNEPIN VILIAGB OF RICHFIffiD TEMPORARY IMPROVEMENT BOND, SERIES 15 No® $.1000 KNOW ALL MEN BY THESE PRESENTS that the Village of Richfield,, a duly organized municipal corporation-of Hennepin County, Minnesotat acknowledges it-- self it be indebted and for value received, promises to pay to bearer the sum of ONE THDUSAND DOLIARS on the first day of September, 19628 or on a date prior thereto on which this bond has been duly called for redemption, and to pay in- terest thereon from the date hereof until paid or until this bond has been duly called for redemption at the rate of four per cant (4%) per annum, payable semi- annually on the first day of March and the first day of September in each year,, interest to" maturity being payable in accoraance with and upon purchase and srender;pf the interest coupon appurtenant thereto® Both principal and inter- est are payable at the Village Hall, Village of Richfield, 6700 Portland Avenue, Minneapolis 23, Minnesota in any currency or coin 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 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 $96,000, 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 -:.ire ' constructlon...of an 4mprovem ent designated as B9Village Project Nom 38711 by the villages ;Y cR+bid:ru fisting of concrete surfacing and other related improve- m6ntse arid- 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 Minne- sota thereunto enabling, including Minnesota Statutes,.Section 429.091, Sub - division 3, as amended by Laws 1957, Chapter 359, This bond is payable- pri- m3- Temporary Bonds Series 15 marily from the Village Project No® 387 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 Sink- ing Fund Account are at any time insufficient to meet the payment of maturing principal and interests 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 bonds, to the extents if any, that the assessments and taxes or other municipal funds theretofore collected and received in said Sinking Fund Account may be insufficient for such purposee This bond is subject to redemption and prepayment at the option of the village on any interest payment date, at a price of par and accrued interest, upon notice of call for redemption mailed not less than 30 days prior to the date specified for such redemption, to the holder, if known Bond holders, de- siring to receive such notice may have their names and addrewses and the serial numbers of their bonds recorded by the Village Treasurer. IT IS HEREBY CERTIFIED, 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 gener- al 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 construction of said improve- ment- that the Village Project No® 387 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 sums sufficient to pay the principal and inter- est on all 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 shalt Kave and may enforce by appropriate proceedings all du tags 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 is- suance of -. w ,d def initi «e bonds; and that the issuance of this bond did not zr,­jse ihe, 3:;hd.ebtedness of said village to exceed any constitutional or statu® toiry limitation, IN WITPESS WIMREOF the Village of Richfield;. Hennepin County, Minnesota, by ts Vil.laE Council, has caused this bond to be executed in its behalf by the ;signatu.,re of Its M%- or and Manager and sealed with its official seal, and the i n to e4: Q coupons appurtenant thereto to be executed and authenticated by 2-he facsimile signatures: of said officers, and has caused this bond to be dated a;5 September It 1960o Mayor Manager -4® Temporary Bonds Series 15 (Form of Coupon) Unless the bond described below is called for earlier redemption No,. $20000 on the first day of Sept., 19620 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 230 Minnesota: the sum of TWENTY AND NOJ�Wb DOLTA RS lawful money of the United States of America for interest then due on As Temporary Improvement Bonds, Series 150 dated September 10 19609 No, . Mayor Manager 60 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 au thenticated0 they shall be delivered by the Treasurer to the purchaser thereof, upon payment of the pur- chase 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 wa:id bonds have been entered on his bond register. S. 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, cer- tified 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 dutstody 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 at the present time an amount in excess of $96,000 in the Improvement Bonds of 1954B Sinking Fund which will not be required for other purposes prior to September 1, 1962. 10. It is hereby determined to purchase the aforementioned $96,000 Temporary Improvement Bonds, Series. 15 upon their initial issuance in accordance with the provisions of Minnesota Statutes,.Sections471.56 and 475,66, out of funds in the Improvement Bonds of 1954B Sinking Fund and on behalf of said fund,, at par and accrued interest as of the date of delivery of said bonds and comple- tion of such sale, it being further determined to be reasonable and advanta- geous to the Improvement Bonds of 1954B Sinking Fund to invest in said Temporm