1960-2337r~_ ~,~
RffiOLEJTION NO. 233%
RBSOLUT.[ON AWARDING THS SALE OF $620,000 IMPROVEN~NT BONDS OF 1960
FIXI1~ TIC FORM AND SP~IPICATIONS THHR~, DIRBCTING THBIR BXI~Ue
TION AND Dffi.IVBRY AND PROVIDING FOR THBIR PAYMBNT.-
BB TT RESt)LVBD, by the Village Council of the Vi.ilage of Richf ieid, Minneso°ta~,
as foilows`=
1. The bid of John Nuveen ~& Co., American National Bank, Shaughnessy &
Co., Woodard•+Biwood & Co., Caldwell-Phillips Co., and Richf ieid State Bank to
purchase $b20,000 Improvement Bonds': of 1960 of the.viiiage described in the
notice of sa:1e thereof is hereby found and determined to be the highest and best
bid received pursuant to-duly advertised notice of sale and shall be and is here-
by accepted, said bid being to purchase bonds bearing interest, per annum, as
foilowss
On all bondsmda.turing in the years 1962 to 1969 inclusive m 3.20$
On all bonds maturing in the years 1970 and 1971 3.60%
On a1i bonds maturing in.the~ gears 1972 to 1975 inclusive ~ 3.80`$
On al i bonds maturing in the years 1976 to 1982 inclusive 4 3.9t3~
Plus additional interest on all bonds of 1.300 from January 1, 1961, to February
1~ 1962,
at a price of $620,071,60. The vii].a.ge treasurer is directed to retain the good
faith check of the successful bidder pending completion of the sale and delivery
of the bonds, and the village clerk is directed to return the checks of
successf uY bidders forthwith, the un-
2, ~'he Villa.ge of Richf field shall forthwith issue its negotiable coupon
Improvement Bonds of 1960 in the .aggregate principal amount of $620,0009 said
bonds to~t~ dated November 1, 1960, to be 620 in number and numbered 1 to _620,
both inclusive, in the denomination of $1,000 each9 bearing interest as above
set forth9 payable August 1, 1961, and semiannua~.ly thereafter on February 1,
and August 1, in each gear, and which bonds mature serially on February 1, in
the years and amounts as~f ollowst
$25,000 in each of the years 1962 and 1973;
$50,000 in each of the gears 1963 to 1967 inclusive;
$30,000 3.n each of the years 1968 to 1972 inclusive;
$209000'in each of the years 1974 to 1981 inclusive;
and $10,000 in 1982.
Ali such bonds maturing of ter February 1, 1975, shall be.sub3ect to redemption
on said date and any interest payment date thereafter at paac~and accrued interests
The addit3.ona1 interest of 1.300 per annum from January 1, 1961, to February 1,
1962, shall be represented on each bond by a separate interest coupon B~1 due
August 1, 1961, in the amount of $7.58 and a separate interest coupon B~2, due
February it 1962, in the amount of $6x50,
3. Both principal of and interest on said bonds shall be payable at Ameri-
can National Bank and Trust Company of Chicago, and the village shall; pay the rea~son®
~ able charges of said bank for its services as paying agents
Resolution #233?
4. The bonds' and the interest coupons to be .thereto attached shalii be in
substantia].1y the following forans
UNZT:SD STAZ~S OP AMBRIC~
STATE OP MINN.E SOTA.
COUNTY OP H.BNNEFIly
VILLAGE OP RICHPIIaLD
No,
YMPROVBA~NT BONDS OF 196®
$100®
• KNOW ALL. MEN BY THESE PRESENTS' That the Village of Richfielde Hennepin
County Minnesota' acknowledges itself to be indelvted and for value received
hereby promises to pay t® bearer on the 1st-day of Pebrua~~!, 19 , the sum of
ONB THOUSAND DOLLARS, and to pay interest there®n from the date hereof usati said
principal amount is paid at the rate of
interest to maturity payable August 1, 1961, and semiannually thereafter on the
1st day of February and the 1st day of August in each year in accordance with and
upon presentation and surrender of the interest coupons hereto attached as they.
severally become due, Both principal and interest are payable at American Nam
tionai Bank of Chicago,, Chicago, ?'llinois, in any .coin or currency of the United
States of America which at the time of payment is legal tender for public and
pri_e~ate debts, Por the prompt and fu 11 payment of such principal; and interest
as the same ;respectively become clue the full f~.th9 credit and taxing powers of
the village have been and are hereby irrevocabiy.pledged®
ail bonds 'of this issue maturing after Februaay 1, 19~~, are sub3ect to
redemption on said date and any interest payment date then eafter ~.t par and acs
trued interest upon thirty days prior notice by mail to the bank where the 1x~nds
are payahie and to the last known holder® Holders desiring to receive such
mailed notice must register their names, addresses and bond numbers with the
village clerk, Ail others will be deemed to have .waived such mailed not3scem
This bond is one. of an issue of $620s000 principal amount, a1T of like date
and tenor except ~,s to maturity axed interest rate, ail issued pursuant to and in
fu11 conformity with the Constitution and Laws of the State of Minnesota, thereto
enabling, including C1i~.pter 429$ Minnesota Statutes, for the purpose of defraying
expenses incurred or to be incurred in the construction of storm sewer, street
grading, street surfacing, sidewalk,. water main, curb and gutter and street iight®
ing=improvements, in anticipation of the collection of special assessments on proms
party benefited thereby and ad valorem taxes for the Village Bs share of the costa
and is payable out of a fund designated Improvear~nt Bonds of 1960 Fund, into
which fund all proceeds of said assessments and taxes will be paid.
It is hereby certif led and recited that the Village will duly levy and
collect special assessments and ad valorem taxes to pay said bonds and that the
full faith and credit of the Village has been pledged .to the payment of said bonds
and that all acts, conditions and things recnxired by the Constitu tion and Laws of
®~
Resolution #'2337
the State of Minnesota to be done, to happen and to be performed precedent to and
in the issuance of this bond have been doh, have happened and have been perforimed
in regular and due form, time• asxd manner as required bq law; and that this bond., ~-
gether with all other atndebtedness of the Viil~.ge outstanding on the date named
herein and on the date o£ actual issuance and deliverq hereof does not exceed anq
statutorq or constitutional limitation thereon.
.IN bYVITNESS WH8RB03~, the Village of Richfield, Hennepin Countq® Minnesota, bq
its. Village Counc3,1, has. caused this bond to .be executed bq the facsimile signature
of its Mapor and the manual signature of its Village Manager, and sealed with the
corporate seal of the triilage, and the interest coupons hereto attached to be exe-
cuted and authenticated bq the facsimile signatures of said of cars, alr as of
November 1, 1960. ~~~~~~~' ~ ~,
aq
Village Manager
(SBAL)
(FOrm of Coupon)
No. ~
On the 1st daq o£ Augixst (Pebruarq), 19 , the Village of Richf field, Henna-~
pin Countq, Minnesota, wi~ii paq to bearer out of Improves nt Bondsof 1960 Funds at
American Nati~onai Bank and Trust Cnmpanq of Chicago, Chicago, Illinois, the sum of
l~LL4lRS, being the installment of inter~s$ then due •on, its
Improvement Bvnd of -1960, dated November 1, 1960.,
No..;
or
V{ilage Manager
5. The Village Clerk shali.obtain a copq of the proposed approving legal
opinion of Messrs. Howard, Peterson, LeFevere, Def ier and Haertzen, which sh~.11
be complete except as to dating thereof, and~shali cause said opinion to be printed
on each bond, together with a certifica~e.to be signed bq the Clerk in substantiailq
the following forms.
I herebq certifq that except as to dating hereof, tJhe foregoing is a full,
true and correct copq of the: lega.i opinion executed bq the above•named attornegs,
which opinion has been handed to me for filing in mq off ice prior to the time of
bond deliveseq.
Village Clerk
and the Clerk shall execute such certificate up®n receipt of the opinion and shall
file the said opinion in his office.
m3m
Resolution #2337
6. The bonds sha11 be prepared under the direction of the Village Manager
and shall be executed on behalf of the village ~by the facsimile signature of the Magor
and the manual signature of its Village Manager, and the corpo~s.te seal shalt be
affixed thereto and the interest coupons shall be executed and authenticated bq the
printed facsimile signatures of the Mayor and Village Manager. When fuilq executed,
the bonds~shaii be delivered bq the Treasurer to the purchaser upon receipt of the
purchase price, and the purchaser shall not be obligated to see t® the proper appli®
cation thereof.
7. The bonds issued hereunder shall be payable from the Improvement Bonds. of
1960 Fund, which is hereby created, provided that if anq.pagment of principal or
interest on sa3.d bonds shah become due v~hen there is not sufficient money in said
fund .to pap the same,~the Treasurer shall pay such. principal or interest from the
Gene tai Pund of the vi ilage', to ~ reimbursed when suf fic~3.ent moneys are available
in the said Fund,
8. It is hereby determined that the estimated collections of special assess-
menu to be levied for the improvements being financed bq said bond issue will
produce at least 5%. in excess of the amouiat needed to meet when due principal and
irr~erest payrr~nts on the bonds, when added to the proceeds of ad valorem tax levies
heretofore made to paq the viliage•s share on Village Pro,ects 365, 381, 383 and
3821, a certified copq of this resolution shall be delivered to the Countq A~xditor
of Hennepin Countq in order to obtain leis certificate pursuant to Section- 475.63,
Minnesota Statutes.
9. -The officers of the village are hereby authorized and directed to pram
pare and furnish to the purchaser of the bonds and to the attornegs approving the
same, certified copies of ail proceedings and records of the village relating to
said bonds and to the financial condition and affairs of the village, and such other
certificates, affidavits and transcripts ~s nay be required to show the facts
within their knowledge, or as shown bq the books and records in their custody and
under their control relating to the validity and marketabiiitq of said bonds, and
such instruments, including anq heretofore furnished, shall be deemed representations
of the village a~ to the Facts stated therein.
Passed bq the Village Council of the Village of Richf laid this 24th daq of
tactober, 1960. ~''~ ~j~'~~/ ,,~ ~
ng x~ acexctsen,
A TI~ST=
Bdward J Moline, Village Clerk
1
ens