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1962-2877r1~~ RESOLUTION NO. 2877 RESOLUTION AIVARDIIVO SALB OP $1,500,000 WATBR BOIWS OP 1962, FIXING THB FORM AND TERlU6 OP SUCH BONDS, LEVYING 3'AXES POR THB PAYMENT OF PRINCIPAI,AND INTEREST THEREON, PROVIDIN3 POR THE US I1~ OP 'NATER REVENUES' POR THEIR PAYMENT a AND Q!7HERLJISL PROVI DI Nip FOR 'IHB IR ISS[JANCB BE IT RESOLVflD by the Village Council of the Village of Richfield, Henne- pin County t M3.nnesota, as follov~s: 1. It is hereby determined that the bids an $1,500,000 ~-~ater Bond of 1962 of the village are ate follc~v~s ~xDD~RS ADDRESS ~z1,C;RIS, FORGAN & CO. Chicago S ~:~~s+in, Hammiil ~ Co. Ne~v York E1eyd;rs~, Stone ~ Co., Tnc.Ne~ York ~': s•r,ig~ Keating & Stead Chicago RATE PREraIUM ) 1965 4.00% $1.50 ) 1966/1968 -2.50% ) 1969®1979 a-3.25% ) 19801982 -3.30% 198:x/1984 -2.40% I'~'~R?tIS TRUST & SAVINGS BANK Chicago ) 1965®1968 -3.75°10 $532.50 i~. t~. Pressprich & Co. Ne~n- York ) 1969/1973 -3.00 ~4~yno]ds & Co. Neer YorYc ) 1974/1979 -3.30% 1980/1984 -3.40% TOTAL INTEREST COST from date of issue to maturity, less pre, iusn, . and NBT INTBRBST RATE $654;941,00 32$7% $ 665 ,49 2.50 3.31.0%a CU;~.~RCE TRUST CO. Kansas City ) 1965/1.969 -3.50% $330.00 $672,765.00 Cc:>!~l''+ody & Co. Chicago ) 19701977 ~-3.20% 3.346% "~~~~~~ss.~v,~ot'e~2:ler & Co. ~ New York ) 19785/1.979 -X3.30% tv:a1°iona.l Sh~.~aut x3ank Boston ) 1980®/1981 m3.40% ~c~cet Thompson & C°~:~~-c, Ync. Ka.r~as City) 1.982®1984 -3.50% ;~. M. RAIN ~ CO. Minneapolis Jch~z Ncxvees~ & Co. Chicago A11is~sn ~tiiliiams Co. Minneapolis Arreriran National Dank Saint Paul ~4irst Nationa.I Bank Saint Paul riic~rthraestern Na.tl Barpk Minneapolis s-s~per, J~.ffra.~r R~ Hop~rood Minneapolis ~,id~e11R I-'hillips e:o. S~.int Paul l~larr~h~imeral3gan, Inc. Saint Paul a'''Pnataghnessy &. Co.,. Inc. Saint Paul ~J~zr~&°~~d-Dluroc~d ~z Ces« Minneapolis i3a.3'ctt5, Kindred & ~;c~. B. J. Van Ingen & Co. u~a~a 'fitter & Cc~. Chicago ) Chi ca.go ) Neer York ) Sate Francisco ) 1965®i1,968 43.10% 1969/1975 -3.20% 1.976®198? -3.40% 1983®1984 -3«50% 196s~1978 -3.25% 1979®198.1 -3.40% 19821984 -3.50% Par $15«l5 $673,265,00 3.248° $673,669.85 3.350 .Res. x'28?? -~- 10/2416 2. T't is hereby determined that the bid of Glom,. Forgan & Co. and others, as hereinbefore set forth, is the most favorable bid and the same is hereby i~ccepted. The village finance :director is directed to retain the good faith deposit of said bidder and to return the good faith d~~pasits of the other bidders forth~rith. 3. The village shall. forthwith issue itaE Water Bonds: of 19Ei2 in the principafi amount of $1,500,000, dated November 1* i962. Bond r~.turit~ in the years 1965 through 1980, inclusive, shall. be in the d.enomina-~ ti on of $1,000 each. and shall be numbered 1 to 1160, inclusive; bonds: rtaturirsg in the years 1981 through 1984, inclus ive,. shall be in t1~e denomination of $3,000 each and sha11 be numbered 1151. to 1228, inclusive; all bonds shall bear intere:~t at the interest rates set forth in the foregoing bid of Glore, Forgan Co. and others. Such bonder shall. mature serially on November 1 ix~ the years and amounts as follows: $25, 000 in each of the years 1965 and 1966; $?5,000 in each of the years' 196? through 19?i inclus ive; $80,000 in each of the yearffi 1972 through 19^?, inclusive; and $85,000 in each of the years 19?8 through 1984, in- clusive. 4.. All bonds of this issue maturing after November 1, 19?8, shai]t be sub3ect to redemption in inverse numerical order on said date and any interest pay~tnt date thereafter at par and accrued interest. 5. Bath principal of and irrterest on such bone3 issue shah be payable at the main office of NortYavestern National Bank of Minneapolis, M:Inneapolis„ Minnesota, and the village shall pay the reasonable charges of sas.d bank for its services as paying agent. 6. The mater Bonds of 1962 and the interest coupons to be threto at- tached shall br in substantially the following form: UNITS STATES OF AMERICA. SIpiTS OF MINNB50T#~, CO`(lNT3f OF HBNIYEPIN VILLAGE OF RICHFIELD Ato. G.Ei~iERAL QBIrIGATI©N t'dATER BOND ®F 196: $1,000 C$5,0003 KNC1f~t 9I.L MEN BY TI3ESB PRF.SENTa, that the Village of Richfield, Henne- . i+in Co~tnty~ Minnesota, acknowledges itself to be indebted and for value recei~+ed he~wby prQbmi.se~ to .pay to hearer out of the 'Pater Bonds of 1962Sinking Fund the sum! of QNL THOUSAND DQI~LAR~ CPIVE THt}USA~ND D4LLARB~ on the 1st day o-~ November, 19 , and to pay interest thereon at the rate of percent C '~) peer annum, all. interest payable on fi4'ay 1, 1963* and semiannually thereafter on May 1 and No~'eanber t of each ye2er, in accordance w~.th and upon presentation and s~rrera~.er of the attached interest coupons as they severally bee©me due... Loth principal; of and interest on this bond are payable at the main office of North- ~restern National, Bank of Minneapolis,. Minneapolis,, Minnesota, in any cdin or ru~rrency of the United States of Rmerica which at the time. of payment is 1ega1 terrier for public and primate debts.. Scar. ~~s77 _~~, iQ ®~~®a ~S.i bonds of this issue maturing after November 1, 197$, era sub,~ect to r adc~mption in inverse nrzm~~ricai order on said date and any inl~arest payment date thereafter at par and accrued interest, upon thirty days prior notice by mail to the bank where the bonds~ are payable and to the last known holder. t~oldars desiring to receive such notice must register their names, address~as and bor!d numbers with the village clerk. This bond is ®na of an issue of bonds in the t®tai principal amour# of $1,50f),f)Ca©, ail of like date and tenor a~ccapt as to maturity, interest rg.te, denomin~.tion and redemption privilege, ail issued by the village for the purpose of providing money for avatar supply„ stoxage and traat~nt facilities and trunk water main facilit ias, and is issued pursuant to authori ty conf erred by more than the requisite ~.,~ority vote of the qualif led electors of the village voting on the e~uastion of the issue at s.n election duly and regularly bald and pursuant to and i.n full conformity with the Constitution and laws of the State of Minneso® to thereunto enabling. IT IH I~REBY CERTiFgBD ANb RECITED that all. acts, conditions awl. things required by the Constitution and laws of the ~ta.te 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, tiara and manner as required by law, that prior to the issuance hereof a direst, an- nual, Ira}apeaiabie ad valorem taac has been levied upon ail. of the taxable pro•~ party in the village in the years aa~t amounts as required by law, and additional ta~ca~ maq be levied upon all of said property, if required to pay principal ov° intaresfi, withe+ut limitation as to rate or amount; that in addition thereto the rriilaga has' pledged to use certain net water revenues of the village for the pay~- xr~nt of such principal and interest; and that this bonds together with ail other indebtadnes~ ®f the village outstanding nn the data hereof and. on the date of its €tct~.~a2 issuance and delivery,, .does- not exceed any constitutional. or statutory iimitatioaa thereon. IN TAIITNE~ i~PI-iERBQF, the Village of IBichf ieldt ~iannepin County, Minne- sota,., by its Village Council, has authorised this end to be signed by the fac® simile signatr.~e of the Mayor and by the taaanual. signature of the Managar~ and to be sealed with the corporate seal of the village, and the interest coupons hereto attached to be executed and authenticated by the facayianiia signatures of said of'f leers, all a~ of November 1, 19~~. Manager ~~EAL~ No. fan the 1st day of May <November~, 19 , the Village of Richfield, Hennepin County, Minnesota, will pay to bearer out of 'Dater Bonds; of 196 finking Fund at the main office of Northwestern National. Bank of Minneapolis, Minneapolis, Minnesota, the sua~a of Df9LIAR~:, being the installment of .interest then due on the General f3bliga.tion Suter Boaxis; of 196 dated November Mayor' (Form. of Coupon Reo~. /Y20 J i ~- 1, 1962, No. Manager 1C/24/62 . Mayor ~°. At the time of bond delivery the Clerk shall execute a certificate stating that,. in fact, the legal opinion has been delivered t® him for Ellin, in~his office and adopting the facsimile signature on each of the bonds as his valid signature for the purpose of certification. 8. The Clerk is authorised and directed to cause tJt~ bonds'of such bond issue to be prepared and the Mayor and Manager are authorised and directed. to execute the same, and the Village Clerk is authorized t© affix the village-seal thereto in accordance with the provisioa~s of this resolution. 9. Tlxere is hereby erected a separate sinking fund for said bonds, which shall. be held by the village treasurer and used for no other purpose than to pay principal of and interest on said lxsnds, provided that if any payment of principal or interest shall become due and there is not sufficient money in said fund to pay the same, the treasurer shall pay such principal. or interest from the generag fund of the village and said general fund shall be re- imtiursed for sucks advances out of the proceeds of taxes levied pursuant' hereto or other moneys ap~aropriated by the village couneiP for such purpose. Such sinking fraud shall be known as: the OVater Bonds. of 1962 Sinking Fund. Into said sinking fund shall be paid a1P proceeds of ail ad vaiore~ taxes levied and collected pursuant to this resolution, such tax levies being suf® ficient to produce, if collected in full, at least five percent in excess of the amount needed ~ meet when due the principal. and interest payments on the bonds of this iss~xe. This issue is one of several that have been or hereafter maq be issued to finance construction of the viliage4~ municipal water system. The cost of later- a~: watermaix~s and appurtenances thereto have been or are to be specially assesad against pto~rty specially benefited thereby and the cost of wells,- pumps storage and treatment facilities, trunk watermair~, and appurtenances thereto ~ mprise the '~~viilage's share of the eo~tB9 of ~ such water system. Ad valorem taxes: have been ®r will be levied to provide for the payment of principal and interest on bends issued to finance such P°Viilage°s share of the cost,'' but,. to 'the extent necessary,. net revenues fs°ox~ the operation of the municipal water system shall. be applied each year toward the payment of such principal and interest and to reduce or abate such ate valorem tax levi*s for the ensuing calendar year. Bond~~ issued or to be iss~xed, in whole or in part, to finanee such °'vi 11 age's share of the cost, °0 including ail bonds of this is ffiue, shall constitute a First and priE°~~ lien upa~n the said net revenues, and shall. ail be on a parity as ~o such lien. It 3s hereby expressly covenanted and agreed that the village will es- tablisfb and enforce reasonable rates and charges for water service furnished to the village and to al ~. other users and will revise the same from time to tame if necessary to provide revenues- suff ~.cient to pay operating eszpense~. of the water Res.. #2877 ~5-~ 10/~ X62 utility and to provide net revent`es sufficient to pay the portion assured by the village of principal and interest on all bonds of this issue and other bonds issued to finan~;e such village's share, when and as the same become due. 10. Por the purpose of paying the principal of and interest on the bonds authorized by this resolutio n~ there is hereby levied upon all of the ta~eabie property in the village ~ direct ad valorem tax which sha11 be spread upon the tax roil. and co liected with and as a part of the other ge~-er- al taxes of the village,. and shall be payable into the ~Tater Bonds of 1962 8ink~ ing Pund above provided, which taxes are; in the years and amounts as follows: YEAR LBVY YEAR I.BVY 1963 ~' 50,4(}0 1994 $112,900 19b4 76,700 1975 110,200 1965 -75 , 600 1996 107,.400 1966 127,500 1977 109,900 1967 ].25,500 1998 107,100 1968 123,500 1979 104,200 1969 120,900 1980 101,200 1970 1:f.f3,400 1981 98,300 19 71~ :21,100 1982 95,300 I972 1I8,.300 1983 92,300 1973 115,6p0 The foregoing levies take into account the fact that $60,000 of bond interest has been capitalized. 11. The Clerk is hereby authorized and directed to deliver a certi® fled copy of this resolution to the County Auditor of Hennepin County, together with such other information as he may require and to obtaia~ his certificate as required by Minnesota Statutes,, Section 495.63. 12. The ta~c levies herein provided shalt. be irrepeaiable until all. of said bonds are paid, provided that the Clerk shall annaallly, prior to ®ctober 10th, certify. to said County Auditor any amount appropriated to the `4Yater~ Bonds of 1962 Sinking Pund, to pay principal. and interest due d+xring the ensuing year and the .County Auditor shalt thereupon redo ~ the levy collectible during such year ~y the amount so certified. 13. The said bonds, when fully executed, shail.be delivered by the Treasurer to the purcl~.ser thereof upon receipt of the purchase price a.nd ~:t~e said pr.~rchaser shall not be obligated to see to. the proper appli-~ ca.t3.on thereof. 14. The C1er~e, TreasurreF° and other officers of the village are autharm ized and directed to prepare and furnish to the purchaser, and to the attorneys approving said bond ~.ssue, certified copies- of -all proceedings ,and records relating to the issuance o~ said bonds acid to the right a power .and- a.~xthor- atty of the village anF3 gts offic~°~~°~ to issue the same, and said certified copies and certificazt~s shall be deemed ~'a?'pr@seYlta:ti0r1$ of the village as to all. ma.tters~ stated therein. Ices. #2E 7? -6m 10/24/6 iS. The ni liege has agreed to furnish the approving legal opinion of Messrs. Howard, Peterson, LePenere, Lefler and Hamilton, Minneapolis, Minnesota, to the purchaser and such opinion is hereby requested. The Cleric shall cause copies of said opinion, complete except as to dating thereof to be printed on each-of the bonds together with a certificate exe- cuted by his facsimile signature in substantially the following Forms I hereby certify that, except For the dating thereof, the foregoing is a full, true and correct copq of the legal opinion on said bonds on file in my off ice. village clerk Village of Richfield r~~ ~ ~ Edward J. Mo ine, Village Clerk Passed by the village counci 1. this 24t1i day of October, 1962. ~.J ~ ~a~ Stanley CV. Olson, ~'a o~ ~~ O. It, V Breve en,, Manager 1