1960-2321r~£~
RESOLUTION NOs 2321
- RESOLUTION PROVIDIIV~ FOR THE ISSUANCE A1~TD SALE OF
$6209000 IMPROVBMMBNT BONDS OF 1960
BH IT RESOLVBD9 by the Village Council of the Village of Richfield9 Hennes
pin County9 Minnesotan as foliowss
1s It is hereby determined that contracts have been entered into by the
village fox the following impro veme nts for which funds must be pro~rided by the
iss=uance of general obiigati..cin bonds as ~,uthori~ed by Section 429®091, MinneW
sots .~`tatutes9 to~nrits
- Name of Impr®vement tfimount of Bonds
Village project #387D (Water Main) $ 598000.00
vv °B #38?C (Street. Lights) 18,000.00
°4 ~` #38?B (Sidewalk) 5,000.00
ve ao #38?. (Concrete Pavement) 13'000®00
" °9 #390 (Storm Sewer) 59000.00
'° eB #391 (Storm Sewer) 119000s00
°t °' #392 (Storm Sewer) 49000x00
#394 (Storm Sewer) 99000.00
- ra -ae #39'5 (Storm Sewer) 209000,00
.v °e #396 (Storm Sewer) 59000.00
°° e® #39? (Storm Sewer) 69000.00
ev °° #400 A to N (Sidewalk) 649000.00
tB °' #40?A (Storm Sewer) 989000,00
'° '#338 & #338ti (Storm Sewer) 2?9818s00
9e 44 #362 (Storm Sewer) -139902s00
'4 P8 #365 (Curb & Gutter) 109,9500.00
vv °° #366 A & B (S treat Grading) 99662x00
°° °' #36? (Street Grading) 29262®00
9° vv #369 (Storm Sewer) 1?9328000
- °° °' #3?0 (Storm Sewer) 9194?4.00
ea ev #3?2 (Storm Sewer) 3
?6800
e9 ea #381 (Street Grading) 9
5.9,432000
°v "' #382 & 382e4 (Sidewalk) 1.59350000
" ea #389 A & B (Stseeet Grading) 6,50-®00
- 20 In anticipation of the collection of ad valorem tax levies and special
assessments for said improveme nts9 the village shall! forthwith issue and se11
$6209000 general obligation improvement ~nds0 The full faith and credit of
the Village shall be pledged to the payment of the principal of and interest on
the bonds when the moneys on hand in the special funds are .insufficient for the
purpose.
3. The bonds to be issued hereunder shall be 620 in number and numbered
1 to 620.9 both inclusive9 and in the denomination of $19000 ~ach9 shall; bear
date November 19 19609 shall tiear_.interest payable August 19 19619 and semi
annually thereafter on Pebruary 1 and August 1 of each year9 and shall mature
serialSy on February 1 in the years and amounts as followso $259000 in a ach of
the years 1962 and 19?3; $50.9000 in each of the years 1963 to 196? inclusiveg
$309000 in each of the years 1968 to 19~ inclusive; $209000 in 19?4 to 1981 inciusive~
and $109000 in 19829 all bonds mattering of ter February 19 19?59 being subject t®
redemption on said date and any interest p~.y~nent date thereaf ter at par and accrued
interests it is expressly determined that thy: maturities above stated are such
m2~ Res. #2321
as in the 3udgment of the Council are warranted by the anticipated collection
of special assessments and general' taxes,
4. The Council shall meet at the Village Hall in the Village of Richfield.
on Monday, October 24, 1960, at 8200 P.M. for the purpo~ of receiving and con
sidering sealed bids for. the purchase of said bonds. The clerk as authorized and
directed to cause notice ®f sale of said bonds to be given by publication at
least once ten days in advance of sale in the official newspaper and in Commerm
cial West, a financial paper published in Minneapolis, Minnesota. The notice
shall recite that the village will furnish the printed bonds and approving legal
opinion of Messrs. Howard, Peterson, Yoepevere, Iaefler and Haertzen, Minneapolis,
Minnesota, to be prii~ted~ on the bonds without eacpense to purch~:,ser, shall require
that-ail bids be unconditional and accompan9.ed by a good faith check in the
amount of $12,000, and require that each bid shall state rate or rates of inter-
est not exceeding 5 in multiples of 1/4~ or 1/10 of lg'o which may include addition
al interest represented by separate coupons in an amount not exceeding $9,000,
The notice shall further specify that the bonds will be payable at a suitable
bank named by the purchaser within 48 hours of ter the time of sale, and that deW
lively will be made at Minneapolis or St. Paul, Minnesota, or Chicag®$ Illinois,
without expense to the purchaser, or elsewhere at purchaser4s expense within 40
days after the date of seise
5. The purpose of providing money necessary to pay the village's share of
principal and interest on bands issued to finance Village 1'ro,~ects 365, 381,
382 and 382P1, there is hereby levied a general a.d valorem tax against all taxm
able property in the Village, collectable with other general taxes, for the
years and in the amounts as foliowss
1960 $16,250.00 1965 $13,200.00
1961 16,250.00 1966 13,200.00
1962 16,250.00 196` 13,200e00
163 16,250®00 1968 13,200.00
1964' 16,250.00 1969 13,200,00
Adopted by the village counci.i of the Village of Richfield this 10th day
of October, 1960.
A T1EST;
Edward J, Mo e,. illage Clerk
1