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1963-3056r
12 RESOLUTION N0. 308 RE~LUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORAR9~ IMPROVEMENT BONDS, 5BRIES 19, TO THS IMPROVEMENT BONDS OF 1954 SINKIRG FUND IN ACCORDANCE WIZFI MINNBSOT~f STATUTES 1961, C~?APTBR 429 BS IT R$SOLVED by the village council of the Village of Richfield, Hennepin County, Minnesota, as foilowsz . 1. The total estimated cost of Village Project No,.474, otherwise knov~n as the 1963 Street Improvement, and Oiling Program, has been established at $151,972.00. Part of the money for the financing of said improvement is available from the General Fund as the village*s share of the cost of said improvement. It is now estimated that the sum of $100,000 is currently necessary to provide financing for a portion of the cost of said project and it is hereby. deter-mined 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. 474 Construction Fund into which shall be paid ail sums transferred from the-General Fund and the proceeds of temporary bonds issued pursuant to this resolution and similar subsequent resolutions, and out of which shall be paid all amounts due and payable as costs or expenses incident to or incurred in con~ction with the making of said improvement. There is also. hereby created a Village Project No. 474 account in the Temporary Ian- prn~-ement Bonds Sinking Pund into which fund shall be paid the proceeds of all special assessrr~ents levied against benefited property by reason of the makin~ of said improvement and out of which sha11 be paid principal and ins terse on all temporary improvement bonds issued to finance said project. 2. It is hereby determined that the sum of $100,000 sha11 be borrowed to partially finance said Village Project No. 474 by the issuance of Tempor- ary Improvement Bonds of the village as authorised in Minnesota S~atute~, Section 429,091, Subdivision 3, Said bonds shall be payable from the Temporary Improvement Bogs Sinking Fund, Village Project No. 474 account; but the village further reco~gni~es 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 ®r prior to the maturity thereof it will pay end retire such bonds and the interest thereon out of the proceeds of def initive improvement bonds- which the council shall issue and sell at or prior to the maturity of 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. 474 Account, or out of other municipal funds whicY~ are property avail able and are appropriated by the council f o~ su,ch purpose, r_ ~~ i l UNITED STATBS OP AMERICA. STATE OF MINNESOTA COUNTY OF HENNEPIN VILLAGE OP RICHFIBLD TEMPORARY IMPROVEMENT BOND, SERIBS NINETEEN No. $100,000. KNOAP ALL MEN BY THESE FRESBNTS that the dillage of Richf field, a duly organized' municipal corporation of Hennepin County, Minnesota acknowledges itself to be indebted ~.nd for value received, promises to pay to bearer the sum ®f ON8 HUNDRBD 3HOUSAND DOLLARS on the first day of August 1965, or on a date prior thereto on which this bond has been duly called far redemption, and to pay interest thereon from the date hereof until paid or until this bond has been duly caned for re~ demption at the rate of four percent (4%) per annum, payable semi annually on the first day of February and the first dap of August in each year, :.interest to maturity being payable in~accorda~nce with and upon purchase and surrender of the interest coupon appurtenant thereto. Both principal and interest are p~yabie at the V~i.'llage Ha11, Village of Richfield, 67{34 Portland Ave., Minneapolis 23, Minne~ so~ts_i~ any currency or-coin of the United States of i4merica which on the respective dates of payment is public tender for private and public debts. For the prompt and full payment of .such principal arul interest as the same become due the foil faith, credit and taaei~ powers of the Village are hereby irrevocably pledged. This t~nd'is one in number in the aggregate principal amount of $100,000, issued by said village for the purpose of defraying expenses incurred axxl to be incurred in construction of an improvement designated as °QViilage Project No. 474°B by the Village of Richfield, consisting of street improvement and street oiling, and is issued .pursuant to and in full conformity with resolutions dixiy adopted by the Village Council after hearings. as required by law and pursuant to and in fu11 conformity with the Constitut.ioia and Laws of the State of Minnesota thereunto enabli~, including.Minnesot~n Statutes, Section 429.09]., Subdivision 3, This bond is payable primarily from the Temporary Improvement Bonds-Sinking Frand, Village Fro~,ect No. 4 74 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 payment of m~.turit~ principal and interest, acid is further required at or prior t~ the maturity ®f this bond, to provide for the payment and retirement thereof by the issuance of def initive bonds, to the extent, if any, that the assessments and tees or other municipal funds therefore collected and received in said Slinking Fund may be insnff icient for such purpose. This-bond is sub3ect to redemption and pre®payment at the option ®f .the village on any interest payment date, at~a price of par and accrued interest, upon notice o~ call for redemption mailed not less than 30 days prior to the elate specif led for such redemption, to the holder, if known, Bond holders- desiring to receive such notice ma}- have their names and addresses and the serial. numbers ®f their bonds recorded by the village treasurer. 1 -2•• Bonds - Village Froj. No. 4?4 1 3. It is hereby determined to levy special assessments against benefited property by reason of the making of Viila,ge Project No. 4?4 and ad valorem taxes, if necessary, to produce sums at least 5°Io in excess of the amounts sufficient to pay principal and interest when due on said temporary improvement bonds and on any def initive 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. 4?4 has been completed and the total cost thereof has been determir~d. 4. laid temporary improvement bonds in the amount of $100,000 shall be dated August 1, 1963; shall be one in number and numbered 1, in the. denomination of $100,000., shall bear interest at thg, rate of 4$ per annum, payable semi-annually on February 1 and August 1 of each year and shall mature on August 1, 1965, shall be subject to redemption and prepayment of any interest payment date, at par and ac- crued interest. Not less than 30 days before the date specified for redemption of said bo nds the Village Treasurer shall mail notice of the call thereof to the holder, if known, and said Treasurer shall maintain a record of the names and addresses of the holders of said bonds insofar as such information is 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, 6?00 Portland Ave., Minneapolis 23, Minnesota. 5, Said.temporary improvement bond shall be mimeographed with atm tached interest coupon in substantially the following form: 1 -4- Bonds - V.P. 1/4`74 IT IS HBRIIBY CBRITPIST~, RECITED, COVBNANTBD AND AGRBBD that ail acts, con- ditions and things required by the constitution and laws of the Mate of Minnesota to be done, to exit, to happen and to be performed prelin+9nary to and in tie issuance of this bond in order to make it a valid and binding general obligation of said viila.ge 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 construc® tion of said improvement; that the Temporary Improvement Bonds Siniking Fund, Village Project No. 474 Account has been duly created and provision has been made for the support thereof by ad valorem taxes and special assessor manta to be levied, at or prior to the time of issuance of said def initive bonds, for the years and in aggregate amounts not less than five percent f5%, it excess of .sums sufficient to pay the principal and interest on ail b®nds payable from said fund as such principal and interest become due, and additional taxes, if needed for said purpose may be levied up4an all taxable property in the village, without limitation as to rate or amount; that the holder hereof sha1S have and may enforce by appropriate proceed- ings all duties imposed by said Chapter 429 upon the village and its offi- cers with reference to the levy and co //action of said assessments and taxes and the issuance of said definitive bonds and that the issuance of dais bond did not cause the indebtedness of said village to exceed any con- stitutional or statutory limitation.' IN WITNB~S 1~IERBOP the Village of Richfield, Hennepin County, Minnesotan, by its village council has caused this bond to be executed in its behalf by tine 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 officers, and has caused dais bond to be dated as of August 1, 1963. Mayor Manager CSEAL) 1 -5- ~ Bonds - V.P, il~F74 {Form of Coupon) Unless the bond described below is called for earlier redemption No. One $2000.00 On the first day of February {August) 19~, the Village of Richfield, Hennepin Cou~`ty, Minnesota, will pay to bearer a' the Village Hali of the Village of Richf field, 6700 Portland Ave., Minneapolis 23, Minnesota, the suan of ZWO ~i0USA1~9 AND NO®1fl0 DOLIAR~ lawful ~xioney of the United Rtates of America for interest then due on its Temporary Improvement Bonds, Series:. 19, Dated August 1, 1963. No. One. Mayor Manager 6. Said bonds shall be prepared under the direction of the Village Cierl~ and shall be executed on behalf of the village by the signatures of the mayor and manager, and the corporate seal of the village sha11 be affixed thereto, and the appurtenant interest coupon shall be executed and authen® ticated, by the printed, engraved or. lithographed facsimile signatures of said mayor and manager. thihen said bond has been executed and authenticated, it shall be delivered by the treasurer to the purchaser thereof, upon pay- ment of the purchase price heretofore agreed upon and said purchaser shall not be obliged to see to the application thereof. 7. The village clerk is hereby authorized and directed to f lie a certi® fled copy of thus 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 certif irate that said bond has been entered.on has bond register. - B. 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 ~.nd to the financial affairs of said village, and such other affi~a® vita, 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 them, and such certificates, certif led copies and affidavits, inm chiding any heretofore furnished, shaii be deemed representations of the 1 m6.. Bonds - V.P. ~J474 village as to the correctness of all statements contained thereon. 9. It is hereby determined that there is at the present bane an amount in excess of $100,000 in the Improvement Bonds of 1954 Sinking Fund which will not be required for other purposes prior to ~'ugust 1, 1965. 1 10. It is hereby determined to purchase the aforementioned $10©,000 temporary improvement bond, Series 19 upon its initial issuance in ac~ cordance with the provisions of Minnesotan Statutes, Section 471,56 and 475.66, out of funds in the Improvement Bonds of 1954 Sinking Pund 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 1963 Street Improve- ment and Oiling Program to invest in said temporary improvement bond, Series 19 and att being further determined to be reasonable and advance tageous to the village to sell said temporary improvement bond, Series 19 in accordance adith the provisions of this resolution. li. The village manager, mayor and finance officer are hereby authorm ized and directed to take any and ail steps necessary to affect the prom visions of the foregoing resolutions and to a~.ke such transfers of . fund as may be necessary from time to time, to give effect to the provisions thereof. Passed by the village council this 22nd day of July, 1963, ATTBST; Bdward J. Mol e, ClerkmTreasurer fJ