1962-2826r (2)1~~
RES~JLUTION N0. 2826
RESOLUTION DIRECTING THE ISSUANCE ANA BALE OF TEMPORARY
IMPROVEMBNT BONDS, SBRIBS 17, TO THB IMPROVEMENT BONDS
OF 1954 SINKING FUND IN ACCORDANCB WI~-I MINNESOTA. STATUTES
196, CHAPTBR 429
BB IT RESOLVED by the Village Council of the Village of Richf field, Henne-
pin County, Minnesota, as follows: •
1. The total estimated cost of Village Project No..442, otherwise known
as the 1962 Street Improvement and Oiling Program, has been established
at $189,000.00. Part of the money for the financing of said improvement
is available from the- General Fund as the village's shre of the cost of
said improvement. It is now estimated that the sum of $100,000 is cur-
rently necessary to provide financing fora portion of the cost of said
project and it is hereby determined to be necessary to borrow said amount
for the payment of obligations now incurred and for expenses necessarily
incurred in connection with the construction of said project. There is
hereby created a Village Project No. 442 Constructian Fund into which shall
be paid ail sums transferred from the General Fund and the proceeds of tem-
porary bonds issued pursuant to this resolution and similar subsequent
resolutions, and out of which shall be paid ail amounts due and payable as
costs or expenses incident to or incurred in connection with the making
of said improvement. There is also hereby created a Village Project No.
442 account in the Temporary Improvement Bonds Sinking Fund into which
fund shall be paid the proceeds of all special assessments levied against
benefited property by reason of the making of said improvement and out of
which shall. be paid principal and interest on all temporary improvement
bonds issued to finance said project.
2. It is hereby determined that the sum of $100,000 shalt be borrowed to
partially finance said Village Project No. 442 by the issuance of Tempor-
ary Improvement Bonds of the village as authorized in Minnesota Statutes,
Section 429.091, Subdivision 3. Said bonds_shail be payable from the
Temporary Improvement Bonds Sinking Fund, Village Project No. 442 account;
but the village further recognizes its statutory duty, as provided by
Section 429.091, and covenants and agrees with the purchaser and all
holders from time to time, of said temporary improvement bonds, 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 co uncii shall issue and sell at or prior to the maturity o£ the
Temporary Bonds, to the extent that the same cannot be paid out of funds
available.in the Temporary Improvement Bonds Sinking Fund, Village Project
No. 442 Account, or out of other municipal funds which are property avail-
able and are appropriated by the council for such purpose.
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3. Tt is hereby determined to levy special assessments against
benefited property by reason of the making of Village Project No.
442 and ad valorem taxes, if necessary, to produce sums at least 5%
in excess of the amounts sufficient to pay principal and interest
when due on said temporary improvement bonds and on any definitive
bonds to be issued as herein provided, such special assessments to
be placed on the tax rolls subsequent to the time when said Village
Project No, 442 has been completed and the to tai cost thereof has
been determined,
4. Saa.d temporary improvement bonds in the amount of $100,000
shall be dated August 1, 1962; shall be one in number and numbered
1, in the denomination of $100,000., 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, 1964, shall be subject to re-
demption and prepayment of any interest payment date, at par ar~d ae-
crued interest. Not less than 30 days before the date specified for
redemption of said bands the Village Treasurer shall' mail notice of
the call thereof~o the holder, if known, and said 'T~easurer shall
maintain a recor of the names and addresses. of the hoidens of said
bonds insofar as such information i,s made available to him by the
holders thereof, for the purpose of mailing said notices. The princi-
pal of and interest on-said bonds shall be payable at the Richfield
Village Hall, 6700 Portland Ave., Minneapolis 23, Minnesota,
5. Said temporary improvement bond shall be mimeographed with at~-
tached interest coupon in substantial ]:y the following form:
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UNITED STATES OF AMBRICPL
STATE OF MINNESOTA
COUNTY OF HENNEPIN
VILLPiGE OF RICHFIELD
TEMPORARY IMPROVBMgNT BOND, SERIES SEVENTEBN
No. $100,000.
KNOPT ALL MEN BY T~IESB PRESENTS that the Village of Richfield, a duly or®
g~ani~ed municipal corporation of Hennepin County, Minnesota acknowledges
itself to be indeb~Pd and-for value received, promises to pay to bearer
the sum of ONB THOUSAND DOLLARS on the first day ®f August 1964, or on a
date prior thereto on which this bond has been duly called for redemption,
and to pay interest thereon from the date hereof until paid or until this
bond has been duly called for redemption at the rate of four percent C4%)
per annum, payable semiannually on the first day of February and the first
day of August in each year, interest to maturity being jpayable in accordance
with and upon purchase and surrender of the interest coupon appurtenant
thereto. Both principal and interest ale payable at the Village Hall,
Village of Richfield, 6700 Portland Ave,, Minneapolis 23, Minnesota in any
currency of 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 irr~erest as the same become
due the ful]: faith, credit and taxing powers of the Village are hereby irm
revocably pledged.
This bond 3s one in number in the aggregate principal amount of $100,000,
issued by said village for the purpose of defraying e~epenses incurred and
to be incurred in construction of an improvement designated as °°Village
Project No. 442°0 by the Village of Richfield, consisting of street improve
meat and street oiling, and is issued pursuant to and in fu 11 conformity
with resolutions duly adopted by the Village Council after hearings as re~
quired by law and pursuant to and in full conformity with the Constitution
and Laws of the State of Minnesota thereunto enabling, including Minnesota,
Statutes, Section 429.091, Subdivision 3. This bond is payable primarily
from the Temporary Improvement Bonds Sinking Fund, Village Project No. 442
Account of the village but the Council is required to pay the principal and
interest thereon out of any funds in the treasury in the event that the
monies on hand in said funds are at any time insufficient to meet the pay®
meat of maturing principal and interest, end is further required at or
priar to the maturity of this bonds to provide fo~° the payment and retirem
ment thereof by the issuance of definitive bonds, to the extent, if any,
that the assessments and taxes or other municipal funds therefore collected
and received in said Sinking Fund may be insufficient for such purpose,
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 interest,
upon notice of call for redemption mailed not less than 30 days prior to the
date specified for such redemption, to the holder, if known, Bond holders
desiring to receive such notice may have their names and addresses and the
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-4w Bonds o V.P.#442
serial numbers of their bonds recorded by the Village Treasurer.
IT I5 HEREBY CERTIFIED, RECI7ED9 (JOVENANTED AND AGREED that all acts, conm
ditions ~,nd things required by the Constitution and laws of the Mate of
Minnesota to be done, to exist, to happen and to be performed preliminary
to and in the issuance of this bond in order to make it a valid and binding
general obligation of said village according to its terms have been done,.
do exist, have happened and have been performed as so required; that the
village has duly determined the necessity of and provided for the construcm
tion of said improvement; that the Temporary Improvement Honds Sinking Pund,
Village Project No, 442 Account has been duly created and provision .has
been made for the support thereof by ad valorem--taxes and special as~ess~
menu to be levied, at or prior to the time of issuance of said def instive
bonds, for the years and in aggregate amounts not less than five percent
(5%) in excess of sums sufficient to pay the principal and interest on all
bonds payable from said fund as such principal and interest become due,
and additional taxers if needed for. said purpose may be levied upon air
taxable property in the village, without limitation as to rate or amount;
that the holder hereof sha11 have and may enforce by appropriate proceed
ings a1]: duties imposed by said Chapter 4~9 upon the village and it offi®
cars with reference to the levy and collection of said assessments and
taxes and the issuance of said definitive bonds and that the issuance of
this bond did not cagase the indebtedness of said village to exceed any con®
stitutional or statutory limitation.
IN WITNESS WHEREOF the Village of Richfield¢ Hennepin County, Minnesotans
by its Village Councils has caused this bond to be executed in Sts behalf
by 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 offiyers, and has caused
this bond to be dated as of August 1, 1962,
T Mayor
Manager
(SEAL)
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(Form of Coupon)
Unless the bond described below is called for earlier redemption
No, One
$20.00
On the first day of February (August) 19 , the Village of Richfield,
Hennepin County, Minnesota, will pay to bearer at the Village Hall of the
Village of Richfield, 6700 Portland Ave., Minneapolis 23, Minnesota, the
sum of TWENTY AND DIO/ 100 DOLLARS lawful money of the United States of
America for interest then due on its Temporary Improvement Bonds, Series
17, Dated August 1, 1962. No. One.
Mayor
Manager
6. Said bonds shall be prepared under the direction of the Village Cleric
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 affi9eed
theretop and the appurtenant interest coupon shall be executed and authen-
ticated, by the printed, engraved or lithographed facsimile signatures of
said Mayor and Managero When said bond has been executed and authenticated,
it shall be delivered by the Treasurer to the purchaser thereof,- upon pay-
ment of the pu rchase price heretofore agreed upon and said purchaser shalt
not be obliged to see to the application thereof.
7. The Village Clerk is hereby authorized and directed to file a certi-
fied copy of this resolution with the County Auditor of Hennepin County,
together with such other information as he shall require and to obtain from
said County Auditor a certificate that said bond has been entered on his
bond register.
8. The officers of the Village and the County Auditor of Hennepin County
are 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 records relating to said
bonds and to the financial affairs of said village, and such other affica-
vits, certificates. and information as may be required, to show the facts
relating to the legality and marketability of said bonds as the same appear
from the books and records under their custody and control or as otherwise
known to theme and such certificates, certified copies and affidavits, in-
cluding any heretofore furnished' shall be deemed representations of the
-6- ~ Bonds - V.P.#442
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 o£ 1954 Sinking Fund
which will not be required for other purposes prior to August 1, 1964.
10. It is hereby determined to purchase the aforementioned $100,000
temporary improvement bond, Series 17 upon its initial issuance in ac~-
cordance with the provisions of Minnesota Statutes, Section 471,56 and
47S.b6, 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 1962 Street Improvem
went and Oiling Program to invest in said temporary improvement bond,
Series l? and it being further determined to be reasonable and advan-
tageous to the Village to sell said temporary improvement bond, Series
1? in accordance with the provisions of this resolution.
11. The Village Manager, Mayor and Finance 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 27th day of August, 1962.
. Olson, Mayor
1~V~nt Kr~trelen, Manager
ATTZ;ST:
Edward JAM line, Clerk-Treas.
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