1961-2624r~~
1
RESOLUTION NO. 2624
RffiOLTJ'ITON AWARDING SAIB OP $1,155,000 IMPROVBMENT BONDS OF 1961
AND $120,000 GENERAL OBLIGATION WATBR BONDS:, FI%INC THB FORM AND
TERMS OF SUCH BONDS, LEVYII~ TARES FOR 1IIB PAYMENT OF PRINCIPAL
AND INTERBST 3HEREON, AND O~ffiRWISB PROVIDING FOR 1fIBIR ISSUANCE,
BB IT R&SOLVBD by the Village Council of the Village of Richfield, Hennepin
County, Minnesota', as follow:
1, It is herebq determined-that the bids on the $1,155,000 Improvement Bonds
of 1961 aml the $120,000 General Obligation 'Water Bonds of the village
1
1
are as follows:
BIDDBRS ADDRBS~
*SALMAN & CO. Minneapolis )
Juran~& Moody, Inc. 5t. Pau1 )
Paine 9 iTebber~f Jackson
& Curtis Boston )
Ster1 Boas. & Co, gansas City )
Boettcher & Co. Denver
Channe.r Newman Sec. Chics~o )
Ba J; Prescott & Co. Minneapolis
Richfield Bk, & ~7r. Co. Richfield)
~Je M. DAIN & CO. Minneapolis .)
John Nuveen & Cos Chicago
Allison Williams 'Co.Minneapolis )
Amero NatQ1 Bank St., Paul. )
Northwestern Nat1 Bank~tinneapolis
Piper Jaffray & Hopwood Mpls,
CaldwellmPhillips Co. St. Paul
Mannheimer Bga~n,Inc. St. Paul ~
Shaughnessy & COe St, Paul. )
Harold Eo Wood ~ Co. St. Paul )
Woodard~Blwood & Co. Minneapolis)
**A,C, ALL'~fly & CO• Chicago )
?~BARCUS, gINDRBD & O0. )
~B.J, VAN I1~TGBN & CO.INC~ New York)
Dean Witter & Co. .San Francisco)
M. B, Vick~Co. Chicago ~
RATS
1964/1967=2,50X
1968/1972 ~:s00%
1973/19763,40%
1977/1980-3.70°6
1981/1983-3.75°b
Plus add*1 int,
per annum from
1964/1968~2,70'~
1969/1972~3.00~
1973/1974-3.310
1975/1977-3.60x
1978/19833, 70%
Pius add°1 into
per annum! f rom
1964/197203.00'I
1973/1974=3,40%
1975/1977~3,60~
1978/1981a3.80~
1982/1983-3090°
Plus add*1 into
per annum-from
TOTAL INTEREST
COST from date of
issue to maturity,
less premium, and
PRBMNM NBT INTEREST RATB
PAR $525,228.13
3.56296
of 1,50%
3/1/62 to 2/1/63
PAR
$526,610,00
3,571X
of 1,5°~
2/1/62 to 2/1/63
$120 75
$542,312,25
3,.67896
of 1,50
2/1/62 to 2/1/63
Rests 2624 -2- Novo 8, 1961
,,
BIDDBRS ~IDDRB55~ RATS PREMIUM TOTAL NBT COST & INTa
'~Pa Jo SMITI~RS & Goa New York ) 1964/1967®3®0% PAR $545,798.25
Julien Collins & Go; Ch~.cago ) 1968/1976-3m50~ 3®70%
Herbert Jo Sims & Co.Inc. New York) 1977/1983®3aT~~
Ra D® White & Coo New York ) Plus add41 interest on alI bonds to
Hutchinson, Shockey & Coo Chicago) bring interest up to 6% from 1/1/62 to 8/1/62
Robert R® Wallace & Coo Chicago)
2a It is hereby determined that the bid of Kalman &Coa, and others, as herein
before set forth, is the most favorable bid-and the same is hereby accepted,
The village finance director is directed to retain the good faith deposit of said
' bidder and to return the good faith deposits of the other bidders forthwith.
30 The village shall forthwith issue its improvement bonds of 1961 in the princi®
~~.~ pal amount of $1,155,000, dated November 1, 1961, being 1,155 in number and
numbered.l to 1,155, both inclusive, in the denomination of $1,000 each, beari ng in®
terest at the interest rates set forth in the foregoing bid of Kalman & Coo ani othersa
Such-bonds shall mature serially on February 1, in the years and amounts as follows:
$b5,000 in each of the years 1964 through 1968, inclusive;
$60,000 in 1969; and $55,000 in each of the years 1970
through 1983, inclusiveo
40. The
village shall also forthwith issue its negotiable general obligation
.
water bonds in the principal amount of $120,000, dated November 1, 1961,
being 120 inn number and numbered 1 to 120, bot h inclusive, in the denomination of
$1,000 each, bearing interest at the interest rates set forth in the foregoing bid
of Kalman & Coo and otherso
The $120,000 general obligation water bonds shall mature serially on February 1
in the gears and amounts as follows:
$5,000 in each of the years 1964 through 1979,. inclusive; and
$10,000 in each of the years 1980 through 1983, inclusivea
5, Bonds of both issues maturing on Pebruary 1, 1977 or thereafter shalr.be
subject to call in inverse order of serial numbers at par and accrued in®
terest on February 1, 1976 and any interest payment date thereaftera
6a Both principal and interest on both issues shall be payable at the main
office of The American National Bank of Saint Paul,. Saint Paui, Minnesota,
or The Richfield.Bank & Trust Coa, Richfield, Minnesota,.and the village sha1T pay
the reasonable charges of said banks for their services as paying agentso
7e The improvement bonds of 1961 and interest coupons to be thereto attached
in substantially the following form$
UNITBD STATES OP AMBRICA
STA7.E~ OF MINNESOTA.
COUNTY OF HBNNBPIN
VILLAGE OF RICHFIELD
Res.. 2624 -3m Nov, 8, 1961
No, $1000
Improvement Bond of 1961
KNOW ALL MEN BY ~ffiSB PRBSBNTS that the Pillage of Richfield, Hennepin County,
Minnesota, acknowledges itself to be indebted and for value received hereby
promises to pap to bearer out of Improvement Bond of 1961 Pund the sum of ONB
THOUSt~ND DOLLARS on the 1st day of February 19 , and to pay interest thereon at
the rate of percent C %) per annum, together with
additional interest at the rate of one and fifty hundredths percent (1.50°~~ per
annum for the period from March 1, 1962 to February 1, 1963, represented by separate
coupons, a,1T interest payable August 1, 1962 and semiannually thereafter on Pebru®
ary 1, and August 1 of each year in accordance with and upon presentation and sur®
render of the attached interest coupons as they severalty become due. Bot1T p rin®
cipal Qf and interest on this bond are payable at the main office of The American
National Bank of Saint Paul, Saint Paul, Minnesota, or The Richfield Bank & Trust
Co._, Richfield, Minnesota, in any coin or currency of the United States of l~merica
which at the time of payment is legal tender for public and private debts.
All bonds of this issue maturing on February 1, 1977 or thereafter, upon
thirty C30) days prior notice by mail to one of the banks where the bonds are paym.
able and to the-last known holder, are subject to. redemption in inverse numberical
order on February 1, 1976 and any interest payment date thereafter, upon payment
at par and-accrued interest. Holders desiring to receive such notice must regis®
ter their names, addresses and bond numbers with the village clerk.
This bond is one of an issue of bonds in the total principal amount of
$1,155,000,. all of like date and tenor except as to interest rates, maturity an3
r-edemption privilege, all issued pursuant to and in full conformity with the Con
stittttion and laws of the ~atate~of Minnesota, including Minnesota Statutes, Chap=
ter 429, as amended, for the purpose of defraying the expenses incurred and to
be incurred in special improvements of the village, such improvements being side
walks, storm sewers and water mains, and is payable primarily from special assess-
m~nts to be .levied against property specially benefited thereby, but constitutes
a general obligation of the village, and to provide moneys for the prnmpt and f all
payment of said principal and interest as the same become due, the full faith and
credit of the village is hereby irrevocably pledged and the village will levy ad
valorem taxes if required for such purpose without limitation as to rate or ~rn.ount.
TT IS HEREBY CER~.I F]ED'AND RECITED that all acts, conditions-and things re®
gaited bq the Constitution and laws of the State of Minnesota to be done, to
happen and to be performed precedent to and in the issuance of this bond have been
done, have happened and have-been performed in regular and due form, time and
manner as required by law, and that this bond together with all other indebtedness
of the village outstanding on the date hereDf and the date of its actual issuance
and delivery does not exceed any constitutional or statutory limitation thereon.
IN WITNESS WHEREOF, the Village of Richf field, Hennepin County, Minnesota., by
its Pillage Council, has authorized this bond to be signed by the facsimile signa-
tu~e of the mayor and bq the manu~.l signature of the manager and sealed with
the corporate seal of the village, and the interest coupons hereto attached to be
executed and authenticated by the facsimile signatures of said officers, all as
of November 1, 1961.
Mayor Manager
(SF~L)
Res. 2624 -4- Nov. 8, 196.1
CFOrm of Coupon)
No. $
On the 1st d~.y of August CFebruary), 19 , the Village of Richfield, Henne®
pin County, Minnesota, will pay to bearer out of Improvement Bonds of 1961
Fund at the main office of The American NationaY.Bank of Saint Paul, Saint
Paul, Minnesota, or The Richfield Bank & Trust Co®, Richfield, Minnesota, the
sum of DOLLARS, being the installment of inm
terest then due on the improvement bond of 1961 dated November 1, 1961.
Number
Mayor
Manager
8, The $120,000 Genera:]. Obligation Water Bonds and interest coupons to be
thereto attached shall be in substantially the following form:
UNITBD STATES OF AMERICA.
STATE OF MINNESOTA".
COUNTY OF HENNEPIN
VILLAGE OF RICEiFIBLD
No.
$1,000
General Obligation Water Bonds of 1961
KNOW ALL MBN BY THESE PRESENTS, that the Village of Richfield, Hennepin
County, Minnesota, acknowledges itself to be indebted and for value received
hereby promises to pay to bearer out of the Water Bonds of 1961 Fund the sum
of ONB THOUSAND DOLLARS on the -1st day of February 19 , and to pay interest
thereon at the rate of percent C %) per annum
together with additional interest at the rate of one and fifty hundredths perm
cent 01.50%) per annum for-the period from March 1, 1962 to February 1, 1963,
represented by separate coupons, all interest payable August 1, 1962 and
semiannually thereafter on Febru~:ry 1 and August 1 of each year in accordance
with and upon presentation and surrender of the attached interest coupons as
they severally become due. Both principal of and inte-rest on this bond are
pay~.ble at the main office of The American National Bank of Saint Paul, Saint
Paul, Minnesota, or-the Richfield Bank & Trust Co,, Richfield, Minnesota, :gin
any coin or currency of the United States of America which at the time of paym
went is legal tender for public and private debts.
All bonds of this issue maturing on February 1, 1977 or thereaf ter, upon
thirty C30) days prior notice by mail t~~one of the banks where the bonds are
payable and t® the last known holder, are subject to redemption in inverse
numerical order on February 1, 1976 and any interest payment date there~.fter,
upon payment at par and accrued inter-ester Holders desiring to receive such
notice must register their names, addresses and bond numbers with the village
clerk.
This bond is one of an issue.of bonds in the total principal amount of
$120,000, all of like date and tenor except as to maturity, all issued by the
Res® 262 mi~ Nov, 8, 1961
village for the purpose of providing money for water supply and trunk water
main facilities, and is issued pursuant to authority conferred by more than
the requisite majority vote of the qualified electors of the village voting
on the question of the issue at an election duly and regularly called and
held, and pursuant to and in full conformity with the Constitution and laws
of the State of Minnesota thereunto enablingA
IT ZS HEREBY CERTIFIED AND RECITBD that all acts, conditions and things
required by the Constitution and laws of the State of Minnesota to be done,
to happen and to be performed precent to and in the issuance of this bond
have-been done, have happened and have been performed in regular and due form,
time and manner as required by lawy that prior to the issuance hereof a direct
annual irrepealable ad valorem tax has been levied upon all of the taxable prom
petty in the village in the years and amounts as required by law, and addi~
tional taxes may be levied upon all of said property, if required to pay
principal or interest, without limitation as to rate or amount; and that this
bond together with all other indebtedness of the village outstanding on the
date hereof and the date of its actual issuance and delivery does not exceed
any constitutional or statutory limitation thereonm
IN ~TTNESS ~REOF, the Village of Richf field, Hennepin County, Minnesota, by
'its Village Council, has authorized this bond to be signed by the facsimile
signature of the mayor and by the manual signature of the manager and sealed
with the corporate seal of the village, and the interest coupons hereto at~
Cached to be executed and authenticated by the facsimile signatures of said
officers, all as of November 1, 1961a
Mayor Manager
(SEAT.)
No®
On the 1st day of August (February), 19 , the Village of Richfield, Hennepin
County, Minnesota, will pay to bearer out of Tl~ater Bonds of 1961 Fund at the
main office of The American National Bank of Saint Paul, Saint Paul, Minnesota,
or The Richfield Bank & Trust Coo, Richfield, Minnesota, the sum of
DOI,IARS, being the installment of interest then due on the water
bond of 1961 dated November 1, 1961, Number
Mayor Manager
90 The clerk is authorized and directed to cause the bonds of such bond issues
to be prepared and the mayor and manager are authorized and directedl~i
execute the same, and the village clerk is authorized to affix the village seal
thereto, in accordance with the provisions of this resolution®
(Form of Coupon)
Rasa 2624 ®6m Nov, 8, 1961
10o The village has agreed to furnish the approving legal opinion of
Messrse Howard, Peterson, LeFevere, Lefler & Haertzen to the purchasers
and such opinion is hereby requesteda The clerk shall cause a copy of said
opinion, complete except.as to dating thereof, to be printed on each of the
bonds, together with a certificate executed by his facsimile signatures in
substantially the following form:
I hereby certify that, except.-for dating thereof, the
foregoing is a full, true and correct copy of the legal opin®
ion on said bonds on file in my office,
Village Clerk
Village of Richfield
At the time of bond delivery, the clerk shall execute a certificate stating
that., in fact, the legal opinion has-been delivered to him for filing in his
office and adopting the facsimile signature on each of the bonds as his valid
signature for purpose of certificationo
llq The principal of and interest on such improvement bonds of 1961 shall
be paid from a special fund which is hereby created and designated as
the Improvement Bonds of 1961 Fund, The proceeds of all special: assessments
for the maka.ng of the improvements financed from the proceeds of such bonds
shall be paid into such fund together with the proceeds of any taxes herein
levied on account of such fund, provided, however, that if any payment of
principal or interest on said bonds shall become due when there is not suffi~
dent money in said fund to pay the same, the treasurer shall pay such princi-
pal or interest from the general fund of the village and such fund sha].1 be
reimbursed for-such advances out of the proceeds of special assessments or
taxes herein levied when collecteda It is hereby determined that the proceeds
of taxes herein levied together with the proceeds of special assessments to be
levied for the improvements being financed by such bonds shall be sufficient
to produce at least five percent (5°Io) in excess of the amount needed to meet,
when due, the principal and interest payments on such bonds, It is further
determined that the special assessments to be levied for each of the improve
manta financed by the issuance of such bonds shall be more than twenty percent
(20~b) of the total cost of such improvements® The village covenants and agrees
that it will levy special assessments in an amount which will be sufficient to
produce at least five percent (5%) in excess of: the amount needed to meet,
when due, the principal and interest payments on the bonds, when taken together
with ad valorem taxes levied hereinm
12e For the purpose of paying the villageQs share of the principal of and
interest on the said Improvement Bonds of 1961, there is hereby levied
upon all of the taxable property in the village a, direct ad valorem tax which
shall be spread upon the tax rolls and collected with and as part of other
general taxes of the village and shall be paid into the Improvement Bonds of
1961 Fund as provided, which tax is in the years and amounts as follows~o
Year L-evq
1962 $ 77,000
1963 48,000
.. 1964 47,000
1965 46,000
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Res, 2624 ®7=
Year rev
1966 $45,000
1967 42,000
1968 39,000
1969 38,000
1970 379000
1971 36,000
1972 35,000
1973 35,000
1974 34,000
1975 33,000
1976 31,000
1977 31,000
1978 30,000
1979 29,000
1980 28,000
1981 26,000
Novi 8, 1961
13$ The general obligation water bonds iss~xed hereunder shall be payable
from the Water Bonds of 1961 Fund® If any payment of principal or
interest on said bonds shall become due when there is not sufficient money in
said fund to pay the same, the treasurer shall pay said principal or interest
from the general fund of the village and such fund shall b e reimbursed for
such advances out of proceeds of taxes herein levied when collected
14. For the purpose of paying the principal of and interest on the general
obligation water bonds provided for herein, there is hereby levied upon
all. of the taxable property in the village a direct ad valorem tax which shall
be spread upon the tax rolls and collected with and as a part of the other gen®
eral taxes of the village, and shall be paid into the t~9ater Bonds of 1961 Fund
above provided, which tax is in the years and amounts as followsc
Year L
1
1962 $17,000
1963 9,000
1964 9,000
.1965 9,000
1966 9,000
1967 9,000
1968 9,000
1969 9,000
1970 8,000
1971 8,000
1972 8,000
1973 89000
1974 8,000
1975 ~ 8,000
.1976 89000
1977 8,000
1978 10,000
1979 11,000
1980 11,000
1981 10,000
ReSe 2624 ®8® Nove 8, 1961
150 The clerk is hereby authorized and directed to deliver a certified
copy of this resolution to the County Auditor of Hennepin County,
together with such other information a s he may require, and to obtain his cer~
tificate as required by Minnesota Statutes, Section 475063®
160 The tax levies herein provided shalt be irrepealable until al]: of said
bonds are paid, provided that the clerk shall annually, prior to Octo-
ber 10, certify to said County Auditor any amount appropriated to either the
improvement Bonds of 1961 Fund or the Water Bonds of 1961 Fund to pay principal
and interest due during the ensuing gear, and the County Auditor shall therein
upon reduce the levy collectible during such year by the amount so ce~rtif iede
170 The said bonds, when fully executed, shall be delivered by the treasur~
er to the purchaser thereof upon receipt of the purchase price, and tYe said
purchaser sha1T not be obligated to see to the proper application thereof0
180 ~.e clerk, treasurer and other officers of the village are authorized
and directed to prepare and furnish to the purchaser, and to the atm
torneys approving said bond issues, certified copies of all proceedings and
records relating to the issuance of said bonds and to the right, power and
authority of the village and its officers to issue the same, and said certi-
fied copies and certificates shall be deemed representations of the village
as to-all matters stated therein.
Passed by the village council of the Village of Richfield this 8th day of
November, 19610
i~~C/~
Edward Jo Mo ne, Clerk®Treas,
Q
Irving Ito Keldsen, Mayor
00 n Krev len, Manager
1