1962-2726r~®
RESOLUTION NO® 2726
RESOLUTION AWARDING SALE OF $2,500,000 IMPROVEMENT BONDS
OF 1962, FIXING THE FORM AND TERMS OF SUCH BONDS, LEVYING
TAXES FOR THB PAYMENT OF PRINCIPAL AND INTEREST THEREON,
AND OTHERWISE PROVIDING FOR THEIR ISSUANCE
BE IT RESOLVED By the Village Council of the Village of Richf field, Hennepin
bounty, Minnesota, as follow~o
1. It is hereby determined that the bids on the $2,500,000 Im®
provement Bonds of 1962 of the village are as follows:
BIDDERS ADDRESS
Jo M, RAIN & CO. Minneapolis)
Kalman & Coo, Inc® Minneapolis)
John Nuveen & Coo Chicago )
Allison ~1lilliams Co, Minneapolis)
American Nat81 Bank Saint Paul )
Juran & Moody, Into Saint Paul )
Northwestern Nat*1 Bank Minneapolis)
Paine, Webber, Jackson )
& Curtis Boston )
Piper, J~ffray & Hopwood Minneapolis)
Stern Broso & Coo Kansas City)
Boettcher & Co. Denver )
E® Jo Prescott & Coo Minneapolis)
Caldwell®Phillips Coo Saint Pau S.)
ChannerONewman Securities Chicago )
Mannheimer Wigan, Inc. Saint Paul.)
Shaughnessy & Co® Saint Paul )
Harold Eo'Wood & Coo Saint Paul )
Woodard~Blwood & Co, Minneapolis)
RATE PREMIUM
1965/196902.90% FAR
1970/197503.10%
1976/197803.40%
1979/19823.50%
1983/x].98403.60%
Plus additional interest
of 2000% per anninm. on all
bonds from 8/1/62 to
2/1/63
TOTAL INTEREST
COST from date
of issue to
maturity, less;
premium, and
NET INTEREST RATE
$1,,048,093,75
3.422%
AB C. ALLYN ~Z CO. Chicago ) 1965/1976®3,25% PAR $1,076,062.50
Fo So SMITHERS & CO. New York ) 1977/1980®3.50% 3.513%
Barcus, Kindred & Co, Chicago ) 1981/19843060%
Bo Jo Van Ingen & Co. New York ) Plus additional interest
Dean TrVitter & Coo San Francisco ) of 2,00% per annum from
Herbert Jo Sims & Co,Inc, New York ) 8/1/62 to 2/1/63
R® Do White & Coo New York )
Robert Ro Wallace & Coo Chicago )
Hutchinson & Shockey Chicago )
Mo Bo Vick & Coo Chicago )
20 It is hereby determined that the bid of Jo M® Dain & Company, and
others, as hereinbefore set forth, is the most favorable bid and
the same is hereby acceptedo 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.
-2- May 17, 1962
3o The village shall forthwith issxxe its Improvement Bonds of 1962
in the principal amount of $2,500,OOO,dated May 1, 1962, being 2,500
in number and numbered 1 to 2,500, both inclusive, in the denomination of $1,000
each, bearing interest at the interest rates set forth in the foregoing bid of
J. M. Dain & Company and others. Such bonds shall. mature serially on February 1
in the years and amounts as follows:
$125,000 in each of the years 1965 through 1984.
4. Bonds of such is~xe maturing after February 1, 1977, shall be sub-
ject to call in inverse order of serial numbers at ,par and accrued
interest on said date and any interest payment date thereafter.
5. Both principal and interest on both issues shall. be payable at the
main off ice of The American National Bank of Saint Paul, Saint Paul,
Minnesota, and the village shall pay the reasonable charges of said bank for its
services as paying agent.
6. The Improvement Bonds of 1962 and interest coupons to be thereto at-
tached shall be in substnntiall'y the following form:
UNITED STATBS OF AMERICA
STATE OP MINNESOTA
COUNTY OF HENNBPIN
VILLAGE OF RICHFIELD
No. $1,000
Improvement Bond of 1962
RNO~11 ALL MEN BY THESE PRESENTS that the Village of Richf field, Hennepin
County Minnesota, acknowledges itself to be indebted and for value received here-
by promises to pay to bearer out of its Improvement Bond of 1962 Fund the sum of
ONE 71IOiTSPfND DOLLPiRS` on the 1st day of February 19 , and to pay interest thereon
from the date hereof until the principal.sunr is paid at the rate of
per annum, together with additionar interest at the rate of two and no hundredths
percent 42.00% per annum for the period from August 1, 1962 to February 1, 1963,
represented by separate coupons, all. interest payable February 1, 1963, and sems-
annuall+y thereafter on February 1 and August 1 of each year in accordance with
and upon presentation and surrender of the attached interest coupons as they
severalty become due. Both principal of and interest on this bond are payable
at the main office of The American National Bank of Saint Paul, Saint Paul,
Minnesota, in any coin or currency of the United States of America which at the
time of payment is legal tender far public and private debts.
kll bonds of this issue maturing after February 1, 1977, upon thirty C303
days prior notice by mail to the bank where the bonds are payable and to the
last known holder, are subject to redemption in inverse .;:~xau~erical order on Febru-
ary 1, 1977 and any interest payment date thereafter, upon payment at par and ac-
crued interest. 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
$2,500,000, all. of like date and tenor except as to interest rates, maturity and
-3- May 17, 1962
redemption privilege, all iss~.ted pursuant to and in full conformity with the
Constitution and laws of the. State of Minnesota, including Minnesota Statutes,
Chaper 429, as amended, for the purpose of defraying the expenses incurred and
to be incurred in special improvements'of the village, such improvements being
water mains and appurtenant facilities, and is payable primarily from special
assessments to be levied against property specially benef it~d thereby, but con-
stitutes a general: obligation of the village, and to provide moneys for the
prompt and full 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 limita-
tion as to rate or amounts
IT IS HEREBY CERTIFIED AND RECITED 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 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 ins
debtedness of the village outstanding on the date hereof and the date of its
actual i~:~.uance and delivery does not exceed any constitutional or statutory
limitation thereon.
IN WTTNESs°"V+PHEREOP, the Village of Richfield, Hennepin County Minneso-
ta, by its Village Council, has authorized this bond to be signed by the fac-
simile 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
attached to be executed and authenticated by the facsimile signatures of said
officers, all. as of May 1, 1962,
Mayor Manager
~SEA~,
gPorm of Coupon)
No.
On the 1st day of February ~August~, 19 , the Village of Richf field,
Hennepin County Minnesota, will pay to bearer out of its Improvement Bonds of
1962'Fund at th.e main office of The American National. Bank of Saint Paul, Saint
Paul, Minnesota, the sum of
Dt-IGT.A,RS, being the installment of interest then due on its Improvement Bond of
1962, dated May 1, 19620
Mayor Manager
70 The clerk is authorized and directed to cause the bonds of such bond
is ~,ae to be prepared and the mayor and manager are authorized and
directed to execute the same, and the village clerk is authorized to affix .the
village seal thereto, in accordance with the provisions of this resolutions
mq.v May 17, 1962
8. The village has agreed to furnish the appr oving legal opinion of
Messxs. Howard, Peterson, ?:eFevere, Lef ler and Haertzen to the
purchasers and such opinion is hereby requested. The clerk shalS.cause a copy
of said opinion, complete except as to dating thereof, to be printed on each
of the bonds, together with a certif icate executed by his facsimile signature,
in substantially the following form:
I, the undersigned, Clerk of the Village of Richfield,
Minnesota, hereby certify that the above is a true and
correct copy of the legal opinion on bonds of this issue
except for dating thereof, which opinion was delivered
to me prior to time of bond delivery and is on file in
my office.
Village Clerk
Village of Richfield
At the time of bond delivery, the clerk shall execute a certif icate stating
that, in fact, the legal opinion has been delivered fin him for filing in his
office and adopting the facsimile signature on each of the bonds as his valid
signature for purpose of certif ication.
9. The principal of and interest on such Improvement Bonds of 1962
shall be paid from a special fund which is hereby created and de-
signated as the Improvement Bonds of 1962 Fund. The proceeds of all special
assessments for the.. making 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, honrever, that if any payment
of principal or interest on said bonds shall become due when there is not suf-
ficient money in said fund to pay the same, the treasurer shall pay such
principal or interest from the general fund of the village, and such fund shall.
be reimbursed for such advances out of the proceeds of special assessments or
taxes herein levied when collected. Tt 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 suff icient~
to produce at least five percent (5%) 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 ass~ess3nents to be levied for each of the imprpve-
ments f financed by the issuance of such bonds= shall be more than tuue-~ ty percent
(20) 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 ip
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 valRrem taxes levied hereino
. 10,~ For the purpose of paying the village's share of the principal of
and interest on the said Improvement Bonds of 1962, there is
hereby levied upon a1S of the taxable property in the village a direct ad valor-
em 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 1962 Fund as provided, which tax is in the years and amounts as fol-
lows:
-5-
Year Levy
1962 $ 43,600
1963 53,975
1964 53,025
1965 52,075
1966 51,125
1967 50,175
1968 49,225
1969 48,200
1970 47,175
.1971 46,175
1972 45,150
1973 44, ].Z5
1874 43,100
1975 42,000
1976 40,875
1977 39,775
1878 38,625
1979 37,475
1980 36,325
1981 35,175
1982 34,000
May 17, 1962
11. 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 as he may require, and to obtain his certi-
ficate as required by Minnesota Statutes, Section 475.63.
1Z. The tax levies herein provided shall! be irrepealable until all of
said bonds are paid, provided that the clerk shall annually prior
to ®ctober 10, certify to said County Auditor any amount appropriated to the
Improvement Bonds of 1962 Pund to pay principal'. and interest due during the ensu-
ing year, and the County auditor shall thereupon reduce the levy collectible dur-
ing such year by the amount so certified.
13. The said bonds, when fully executed, shall. be delivered by the
treasurer to the purchaser thereof upon receipt of the purchase
price, and the said purchaser shall not be obligated to see to the proper applica-
tion thereof ,
14. The clerk, treasurer and other officers of the village are author-
ized and directed to prepare and furnish to the purchaser, and to
the attorneys approving said bond is~rtes, certif ied copies of all proceedings
arad records relating to the issuance of said bonds and to the right, power and
authority of the village and its officers to is~xe the same, and said certified
copies and certif icates shalt be deemed representations of the village as to all
matters stated therein.
Passed by the village council of
of May, 1962.
Clerk-Tre surer