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1961-2597rV R'.~I.i1TION NO0 2597 RESOLUTION PROVIDIIl1G FOR THE ISSt7ANCE AND SALE OF $1,275,000 IMPROVEMENT BONDS OF 1961 BE IT RESOLVED, bV the Village Council of the Village of Richf field, Hennepin County, Minnesota, as fol].odusa im It is hereby determined that the contract posts, miscellaneous costs, amounts now financeds and mounts remaining to be financed for the following pillage projects are as followss Village Project No. 413 (Pa~rement, curb & gutter) Contract costs $161,233018 Miscellaneous costs 14,018®71 Total ' . 175,251®89 Less Amount of Municipal State Aid Funds 165,251x89 To be financed 10,000000 Village Project No. 420 (Sidewalk) Contract costs 67,947.20 Miscellaneous costs 14,052®80 Total ~ 82,000000 Amount Now financed. 25g000A00 Balance to be financed 57,000000 Village Project No® 422' and 422A (1Nater Maim ) Contract Costs 757,270090 Additional contract costs 8,767®58 Miscellaneous cos' 1159961®52 To be financed 882,000000 Village Project No® 418 CWater Main) Contract costs 55,472068 Miscellaneous costs 7,527e32 To be financed 63,000000 Village Project No0 425 (Storm Sewer) C®ntra.ct costs 123,090©50 Miscellaneous costs 19,909050 To be financed 143,000®00 Resolution #2597 ®2m S€•~~to 259 1961 It is further determined that of the total cost of each of the foregoing improvements Cexclusive of municipal state®aid and county shares )9 more than 20'~ of 'the cost of each improvement will be paid from assessments levied against propertq benefitted by the construction thereof, and that it 3.s necessary and expedient to finance the amounts remaining to be financed on such projects by the issuance and sale of $1~ii,55~000 improvement bonds pur= suent to the provisions of Minneso~. Statutes9 Chapter 4298 as herei~~ pro® vided, 2a It is hereby determined that the contract castle miscellaneous costs, and amount to be financed on the following village project are as followsa Village Project No, 427 CWelis) Contract costs $608720,00 Supplementarq agreement for test wells 488000000 Miscellaneous costs. 118280,00 To be f a.nanced 1208000,00 It is~further determined that all of the foregoing costs have been or viii be incurred in the construction of municipal water suppiq facilities9 and that it is necessary and expedient to finance said casts bjP the issuance and sale of $1209000 general obligation vaster bonds of the villagE pursuant to the provisions of Minnesota. Statutes, Chapter 475 artd the autha~°~ ty con® feared by the voters of this village at a special ele~.tion held on November 88 1960 as provided herein, 3, This council shall meet at the time and place and for ':he purpose specified in the form of notice of bond sale hereinafter set forth and to take such further action in respect to the bonds therein de.~cribed as shall be found desirable aril expedient, 4a The village clerk is authorized and directed to gi~re notice of the time9 place and purpose of said meeting by eausir~ notice thereof to be pub® lashed in the Richfie id News and Commercial WestB a financial peri~~dical published at Minneapolis Nlinnesota9 each of such publications to b e ~t least ten days prior to the date of said meeting, which notice shall read substan® tially as fa-llows g NOTICE OF BOND SALE $1,1559000 IMPROVEMENT BENDS OP 1961 and $120,000 GENBRAL OBLIGATION WATER BOimS VILLAGE OF RICHFIELD9 MINNESOTA NOTICE is hereby given that the village council of the Viila,ge of Richfie ld9 Minnesota, will meet in the council chambers in the v9.ilage hall in said village 06700 Portland Avenue9 Minneapolis Minneesota:) on Wednesdaye November 89 19619 at 7:30 o°clock p,m®9 Central Star lard Txme9 to receive sealed bids for the purchase of $1,1559000 Improvement Bonds of 1961 and $1209000 General Obligation Water Bonds of the village, Both issues gill be general obligation negotiable coupon bonds dated November is 19619 bearing interest at the rate or rates designated by the successful bidder9 in integral Resolution #€259`7 e3® Sept. 25, 1961 multiples of one-quarter (1/4) or one-tenth C1/103 of one per~.ent ~1%) per annum payable on August 1, 1962 and semiannually thereaf•tex• os~a February 1 and August 1 of each year; and will be in denominations of $1x000 each unless the purchaser, within 48 hours of ter award, specifies larger den~:minations in multiples of $1,000, 14ands in both issues maturing on February 1, 1977 or thereafter shall be subject to tail, in inverse order of serial numbers, at pa~° and accrued in~ tercet, on February 1, 19°76 and any interest payment date thereafter® The $191 x5,000 Improvement Bonds of 1961 shall ma•~ure serially ors Feb® ruar~r 1 3n the years and amounts as follower $65,000 in each cf the year6 1964 through 1968 inclusive; $60,000 in 1969; and $559000 in the years 1970 through 1983 inclusive. The $1209000 General Obligation bVater Borers :~hali mature serially on February 1, in the years and amounts as follower $58000 in each oie the years 1964 through 1979 inclusive, and $108000 in each of the years 1980 through 1983 inclusive. Together9 the two bond issues will mature in the years and amounts a.s follower $?0,000 in each of the years 1964 through 1968 inclusive; $658000 in 1969; $609000 in each of the years 19`70 through 19'79 inclasivee and $658000 in each of the years 1980 through 1983 inclusive. Both principal and interest will be payable at an,9 sustable bank desig® Hated by the purchaser within 48 hours of ter the bids are opened. The village will furnish to the purchaser without cost and within 40 days after said date of sale9 the printed bonds and the approving legal opinion of Messrse Howard9 Peterson,. Y.eFevere9 I.efier and Haert~en, Minneapolis, Agfrinesotae togefiher with the crxstomary final delivery paperse including a certificate showing absence of litigation. A copy of the approving legal opinion will be printed or each bondo Provision for registration as to principal will be made if the purchaser so requests. All bids must be in writing enclosed in a sealed enve°~pee be uncondi® tionai except as to the above opinion and be left tuith •~he undersigned prior to the above time, accompanied by a certified check9 bank draft or cashier's check in the amount of at least $2590009 payable to the order of the villagee to be forfeited as liquidated damages in the event the bid is accepted azad the bidder fails to comply therewith® Bach bid must be a combined bid for all bonds of both issuesa Split rate bids may be submitted stating the same rate or rates of interest from date of iss•ae zo maturity for all bonds having a common m~.turity9 but rates shall not be split more than five ways. Bids may also provide for extra interest coupons in a total amount not e~cceedir,~ $199125, Interest must not exceed 67® per annum on any bond for any portion of its term, Bidders a.re also requested to state total interest cost and average rate. Comparison of bids will be on the basis of total interest costs from date of issue to final maturity9 less any premium offeredo Igo bid for less: than par plus accured interest from date of issue to date of bond delivery will be considered and oral bids will not be re~;eived. The village reserves Resolution #2597 ~ Sept® ZSa 1961 the right to ~raive any informality ~.n any bad and to reject any and ail bids BY ORDBR OF THE COUNCI3, Edw. J. Molines Director of Finance V'iilage of Richf field 5. Each and ali of the terms and provisions of the foregoing form of notice are hereby adopted and confirmed as the terms and conditions for said bonds and for the sale thereof. 1 AT7~STs ~. Edward J. Mo fine 9 C1erk~Treasure~r 1