1961-2519r~~~
RBSOLIJTION NO a 2519
RB8OT,[TTION DIR~1°ING THS ISSiTAATCB AND SIB OF TBMFOR~RY IMPROVBN~Nfi B0~ 8
BBRIBS 16 8 ~ TfIB IMPROVBMBNT BONDS OF 194 BTNY{IIVG FiTND IN ~1CCORDANCB
WI~i THB I.AVdS OF 19579 CIie~P0 385
BB IT RB~I,VBD by the Village Council ®f the Tillage of Richf ielde Hennepin
Count~'e Minnesota, as followso
la 'The total estimated cost of Village Project N®® 4.19 otherwise known as
the 1961 Street Improvement and Oiling Programs has been estimated at
$15880000 Part of the money for the financing of said improvement is ava.il~
able from the General Fund as the villageQs share of the cost of said improve
mente It is ffiow estimated that the sum of $100,000 is currently necessary to
provide financing for a portion of the cost of said project and it is hereby
determined to be necessary to bornow said amount for the payment of obliga~.
tions now incurred and for expenses necessarily incurred in connection with
the construction of said project0 There is hereby created a Village Project
No® 414 Construction Fund into which shall be paid all sums transferred-from
the General Fund and the proceeds of temporary bonds is sued pursuant to this
resolution a.nd similar subsequent resolutionse end out of which shall be paid
all amounts due and payable as cgsts or expenses incident to or incurred ia~
connection with the making of said improvement0 There is also hereby created
a Village Project Nod. 414 account in the Temporary Improvement Bonds Sinking
Fund into which fund shall b e paid the proceeds of all special assessments
ie~•ied against benefited property by reason of the making of said improvement
.and out of which shall be paid principal and interest on all temporary i.na=
provement bonds issued to finance said project®
~® It is hereby determined that the suffi of $1008000 shall be borrowed to •
partially finance said Village Project No® 414 by the issuance of Temporary
Improveffi~nt Bonds of the. village as authorised in Minnesota Stattttese Section
4~90091e Subdivision 38 as amended by laws 195°~e chapter 3850 Said bonds shall
be .payable from the Temporarq Improvement Bonds Sinking Funde Village. Project
No® 414 accounty but the village further recognises its statutory dutye as
provided by Section 42900918 and covenants and agrees with the purchaser and all
holders from tip to time9 of said temporary improvement bonds9 at 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
shad issue and sell at or prior to the maturity of the Temporary Bondse t®
the extent that the same cannot be paid ou•~ of funds available in the Tempos=
ary Improvement B®nds Sinking Funde Village Project Noa 4l4 d4ccounte or out
of other municipal funds which are properly available and are appropriated
by the council for such purpose0
30 It is hereby determined to levy special assessments against benefited
property by .reason of the making of Village Project No® 414 and ad valorem
taxese if necessarye to produce sums at least 5~ in exbess;of f~he amounts
sufficient to pay principal and interest when due on said temporary improve
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-2- Vonds - Village Projo 414
went bonds and on any definitive bonds to be issued as herein provided, such
special assessments to be placed on the tax roils subsequent to the time when
said Village project No. 414 has been completed and the total cost thereof
has been determined.
4. Said temporary improvement bonds in the amount of $100,000 shall be dated
August 1, 19b1; shall be 100 in number and numbered from 1 to 100 inclusive,
each in the denomination of $1000.-, shall bear interest at the rate of 4$ per
annum, payable semi-annually on February 1 and August 1 of each year and shall
mature on August 1, 1963, shall be subject to redemption and prepayment of any
interest payment date, at par and accrued interestA Not less than 30 days be-
fore the date specified for redemption of said bonds the Village Treasurer shall
mail notice of the call thereof tv 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 information is made available to him by the holders thereof,
for the purpose of mailing said notices. The principal of and interest on a_
said bonds shall be payable at the Richfield Village Hall, 6700 Portland Ave®, °-"
Minneapolis 23, Minnesota.
5. Said temporary improvement bonds shall be mimeographed with attached in-
terest coupon in substantially the following form:
UNITED STATES OF AMERICA
STA1~ OP MINNESOTA'
COUNTY OF HENNEPIN
VILLAGB OF RICHFIELD
TBMPORARY IMPROVEMENT BO1~D, SERIES SIXTEEN
n
No.
$1000
RNOIN ALL MEN BY THESE PRESENTS that the Village of Richfield, a duly organ-
ized municipal corporation of Hennepin County, Minnesota acknowledges itself
to be indebted and for value received, promises to pay to bearer the sum of
ONE THOUSAND DOLLARS on the first day of August 1963, or on a date prior there-
to on which this borui has been-duly called for redemption, and to pay interest
thereon from the date hereof until paid or until this bond has been duly ca11Qd
for redemption at the rate of four percent C4%) per annum, payable semi-an-
nually on the first day of Pebruary and the first day of August in each year,
interest to maturity being payable in accordance with and upon purchase and
surrender of the interest coupon appurtenant theretos Both principal and in-
terest are payable at the Village Hall, Village of Richf field, 6700 Fortland
Ave., Rinneapolis 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,
mho Bonds =Village Proj, 414
This bond is one ®f a series in the aggregate principal amount of $10®s~®®s
all of liYce date and tenor except as to serial numbers all issued by-said
village for the purpose of defraying expenses incurred and to be incurred
in construction of an improvement designated as 99V].llage Project No® 4l4°B by
the pillage of Richf fields consisting of street improvement and street oiling,
and is issued pursuant to and in full conformity with resolutio.~xs duly adopted
try the Va~ilag~ Council after hearings as required by law axed. pus scant to and
in full cox9formity with the Constitution and haws of the Btate of Minnesota
thereunto enablingg including Minnesota '.~tatutess Bection 429®®9l9 subdivision
3s as amended by Iaaws 195ys Chapter X85, This bond is payable primarily from
the Temporary Improvement Bonds 5in~ing Fuxgds Village Project Nom 414 account
of the village but the Council is required to pay the prin~ipal•and interest
thereon out ®f any funds in the treasury in the event that the monies on haxsl
in said funds are at any time insufficient to meet the payment of maturing
principal and interests and is further regoired at or prior to the .maturity
of this bonds to provide for the payment and retirement thereof b~y the issu=
an~e of definitive bondss to the extents if ant's that the assessments and
takes or other municipal:funds theretofore collected and received in said
Sin&ing Fund may be insufficient for such purposed
This bond is subject to redemption and pre=payment at the option of the.
village on any interest payment dates at a price of par and accrued interests
upon notice of call for redemption mailed not less than 3® days prior to the
date specified for such redemptions to the holders if Pcxxown® Bond holders
desiring to receive such notice may have their names and addressers and the
serial numbers of their bonds recorded by the Village Treasurero
IT IS IIBR'BBY CB1tTIFTBDs BBCITBDs C®i~NAD A1~ AGBBBD that all actss con
ditions and things required by the Corxstitixti®n and laws of the Btate of
Minnesota to be done9 to exists to happen and to be performed preliminary
to d in the iss~xance of this bond in ®rder to make it a valid and binding
. general obligation of said village according to its terms have been dunes
do exist, have happened and have been performed as so r equired9 that the
village has duly determined the necessity of and provided for the construe
ti®n of said improvement9 that the Temporary Improvement Bonds finking Funds
Village Project No® 414 Account has been duly created and provision has been
made for the support thereof by ad valorem taxes and special assessments to
be leviede at or prior to the time of issuance of said definitive bonds for
the years and in aggregate amounts not ic~ss than five percent ~5~~ in excess
of sums sufficient to pay the principaA and interest on x.11 bonds payable
from said fund as such principal and interest become dues and add£tional
~~e~~s if needed for said purpose may be levied upon ail taxable property
in the. villages without limitation as to rate or amount; that the holder
hereof shall have and may enforce by appr®priate proceedings all duties ix+~
gxosed by said Chapter ~g5 upon the ®illage and its officers with referex~ a to
the levy and collection of said assessments and taxes and the issuance of
said definitive bond~e and that the issuance of this bond did not cause thc~
indebtedness of said village to exceed any constitutional or statut®ry limi~
tatiox~®
mqm Bonds Village Proj. 414
IN WITNBSS'V~HBRHOF the Village of Richffield, Hennepin County, Minnesota, by
its Village Council, has caused this bond to be executed in its behalf b~
the signature of its Mayor and Manager and sealed with its official seal,
and the interest coupons appurtenant thereto to be executed and authenticated
by the facsimile signatures of said offieers, and s ca sed this bond t® be
dated as of August 1, 1961.
Mayor
Manager
(Seal)
(Form of Coupon,
Unless the bond described below is called for earlier redemption
No®
$20.00
On the first day of February (Augusts 19 , the Village of Richfield, Hennem
pin County, Minnesota, will pay to bearer at the Village Hall of the Village
of Richfield, 6700 Portland Ave., Minneapolis ~3, Minnesota., the sum of
T60LNTY AND NO~I.00 DOLLARS lawful money of the United State of America for
interest then due on its Temporary Tmpr~vement Bonds eri 16, Dated
August 1, 1961. 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 authenticatedg by the
printed, engraved or iithographed facsimile signatures of said Mayor and
Manager. Shen said bonds have been executed and authenticated, they shall.
be delivered by the Treasurer to the purchaser thereof, upon payment of the
purchase price heretofore agreed upon and said purchaser shalt not be
obliged to see to the application thereof.
7, The Village Clerk is hereby authorised and directed to file a certified
copy of this resolution with the County Auditor ®f Hennepin County, together
with such other information as he shall require and to obtain from said
County Auelitor a certificate that said bonds have been entered on his bonds
registers
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fonds =Village Proj,414
8. The officers of the Village. and the County Auditor of Hennepin County
ere 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 r ecords relating to said
bonds and to the Financial affairs of said vi llage, and such other a£fidam
wits, certif icates and information as may be required, to show the facts
relating to the legality and ~.rketability of said bonds as the same appear
from the books and records urrler their custody and control or as otherrarise
known to them, and such certificates, c ertified copies and affidavits, inm
eluding 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 $100,000 in the Improvement Bonds of 1954 Sinking Fund which
will not be required for other purposes prior to August 1, 1963.
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10. It is hereby determined to purchase the aforementioned $100,000 tem=
porary improvement bonds, Series 16 upon their initial issuance in accordm
once with-the provisions of Minnesota Statutes, Section 471.6 and 475.65,
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 bonds and completion of such sale, it being further determined to be
reasonable and advantageous to the 1961 Street Improvement and Oiling Prom
gram to invest in said temporary improvement bonds, Series 16 and it being
further determined to be reasonable and advantageous to the Village to sel i
said temporary improvement bonds, Series 16 in accordance with the provim
signs of this resolution.
11. The Village Manager, Mayor, and Pinance 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
as may be necessary from time to time, to give effect to the provisions
thereof .
Passed by the village council this 24th day of July, 1961,
-`° Irvi~ .~ Kctdsen, Mayor
O® an gr velen, Manager
~ ._-Mol~.ne,._Vil].age Clerk