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1963-3079r`35 RESOLUTION N0. 3079 _. , RESOLUTION AWARDING SALE OP $1,?00,000 9tATBR BONDS OF 1963, FIXING THB FORM AND TERMS OF SUCH BONDS, LEVYING TAXES FOR THB PAYMENT OF PRINCIPAL A1V4~ INTEREST THERBON, PROVII~DVG FOR TH6 USING OP WATBR REVENUES POR Tf~ TR PAYMENT, AND OZHERT~PISB PROVTH- ING POR THBIR ISSUANCE B8 IT RESOLVES by the Viila.ge Council of the Village of Richf ieid, _ Hennepin County, Minnesota, as f oilows: ' 1, It- is hereby determined that the bids on $1,700,000 Mater Bonds of 1963 of the village are as follows~s TC?TAL INTEREST COST from date of issue to maturity, less premium and NBT INTBRBS"T BIDDERS' ADDRBSS RATE PREMIUM RATS J, M. DAIN & COMPANY Minneapolis) John Nuveen ~ Co. Chicago ) A11a1son~illiams~ Co. Minneapolis) American Nationax Bamk St. PauIl ) Pirst Natl Bank 3t-Paul ) . Northd~estern Natl Bank Minneapolis) Piper, Jaffray & Hopwood, Mpis. ) Caldwell Phillips Co. St. PauIl ) 1~oodard-Elwood ~ Co, Minneapolis) 6LORE, PORGAN & G0. New York ) COMMERCE TRUST CO. Kansas City) Hagden, Stone & Co. New York ) The Nat'l Shawmut Bank Boston ) Dempseq-Tegeler & Co. St. Louis ) Barret, Fitch, North '& Co. Znc; Kansas City) Luce, Thompson, & Co. Kansas City) Robt.L.Conners & Co, Cincinnati ) HARRTS TRUST .& SAVINGS BK, Chicago) Harriman Ripley & Co. New York ) R,~T,Pressprich & Co, New York ) Hornbiower & i~eeics ~ Boston ) L,P.Rothschild & C®, New York ) Reynolds & Co. New York ) KALMAN & CO. Minneapolis) Hartford -Nat'l Hank & • ~~~TrustµCo~' ~ Hartford ) Paine, 'We~~er, Jackson .', Curtis Boston ) Stern-Bro~~iers~• Kan9~as City) Fraiieis I;duPbmt & Co. New York ) Juran`~~it~ooi~y~-Inc. St. Paul ) Towri'seriS, Ua~iney & Tyson Boston Charmer, Newman Secur. Chicago 1966/1970-3,10° FAR $800;175.00 1971/1976-3; 20% 8.441~O 19?7/1981-3.40% 1982/1985-3.50% Pius additional interest of 1.20% per•-annum from 10/1/63 to 8/1/64 1966/19?4-3.25°70 $71.4Q~ 19?5/1985-3,50% 1966/1971-X3,00% $493.00 1972/1975-3.25% 1976/1983-3.50% 1984/1985-3,60% Plus additional interest of 1.0(3 per annum from 10/1/63 to 8/1/64 1966/1968-2, 70°lo PAR 1969/1971-3,00% 1972/1973-3,10% 1974/1976-3;50% 197?/19?9-3. SOx 1A80/1985-3.60'70 Pius additional interest of 2,40% per annum from -"'-"~--- 9/2S/63 to 2/1/64 $802;303,60 3.450% $812280.50 3, 49~3~ $814,786.p0 3.504$ Res. X3079 BIDDERS ~~ A. C. ALLYN & CO. BARCUS, KINDRBD &~ B.J.Variingen & Cci. Dean Witter &'Co. M.B!'Yick & Co. 1 ~2® A3~RBSS Chicago ) CO. Chicago ) New York ) San Francis) New York ) RATE e..® PREMIUM 1966/1977®3;3070 PAR 1978/ ®3;4070 1979/1982®3;50% 1983/19853.6(370 P9:us additional. interest of 1.50% per annum. f rom 12/1/63 to 8/1/64 'it~AL YNTEREST' COST fri~i ~datt of issue to maturity, less- premium and NBT INTEREST RATE $$18;650.00 3.521% 2. It is Hereby determined that the bid of J. M. Dain ~i Company and -`~ ~ others; as hereinbefore set forth, is the~moet favo~afile t~id and the same is hreby accepted. The village f~.nance director 'is di~~cted to retain the good•f with deposit of said bidder and to return the good faith deposits of the other bidders forthwith. 3. The village shall. forthwith leans its Water Bonds of ' 1968- in the total principaz amount of $1,700,000, dated August 19-1963,~in the denomination of $1,000 each and numbered 1 to 1700 inclusivie; _Ai1 booms shall bear interest at the` interest rates set forth in the foregoing bi:d ~of~~ J. M; Dain & Company and others9, Such bonds shall mature on August 1 in the-..}~ears and amounts•as follower $509000 in each of the ye8.rs 1966 through 1969; inclusive, $759000 in each of the years 1970 through'1973, inclusive; and $100,000 in each of the years 1974 through 1985, inclusive. 4. Ali bonds of this issue maturing after August 1, 19799 sha11 be sub3ect to redemption in inverse numerical order on said date and any interest payment date thereafter at par and accrued interest. 5. Both principal of and interest on such bonds shalt be payable at the main office of Northwestern National Bank. of Minneapolis, Minnesota., and the village shhli pay the reasonable charges of said bank for its s~ervice~ as paying agents. UNITED S°I'ATES OF AMERICA STATE OF MINNESOTt COUNTY OP HBNNEPIN VILYA(~ OF RICHFffiLD 1 Noe 6. The. Water Bonds of 1963 and the interest coupons to be thereto at® tacked shall be in substantially the following forma GENERAL OBLIGATION WATER BOND OF 1963 $1,000 ' KNaW ALL MEN BY THESE PRBSENTS that the Yiliage of Richf''ieid, Hennepin County, Minnesota, acknowledges itself to be indebted and for°~alue received hereby_promiseg to pay to bearer out of its Water Bonds of 1963 Sinking Fund the euan of ~ 0~ THOUSAND DOLLARS on the first day of August, 19 ,and to pay interest thereon.at the rate of ` C %) per a~um9 together with additional interest at the rate of one and twenty hundredths percent Q1.2070) per annum for the'peri4~d from October 1, 1963 to August 19 1964, represented by separate coupons,. ail interest payable Res. !13079 X30 Y~e~iruary -i,~19'GA~; "and semiannua,i]Cy-thereafter on- Petiruary 1" arid-August. 3, o.f eack~ year,-3n"accordance -witk~~ and upon presenta~tioci and surrerider~of' the at4 tached~interest-coupons as they severalty lie come due.- Both principal of and interest on ~hiffi bond a.re-~ayabie at the main off3.ce-of ~N©rtfiwres'~ern h'a.t3oMa1 Bank of Minneapolis, Minneapolis,, Minnesota,. iri any coin or"carrericp'"of-the United States. of America which at the time of payment is 1ega1 ta~nder for public and private debts. A11 bonds of this issue maturing after August 1, 1979, are suB3ect to redemption in inverse numerical order on said date and any interest payment date thereafter at par arm accrued interest, upon thirty .days prior notice by mail to the bank where the bonds are payable and to the last icno~i Bolder. Holders desiring to receive such notice 'must regfster their names, addresses anal bond numbers .with the village clerk. ' TYiis bond is one of an issue of bands in -the total principal. amount of $1,700,000, ail of like date and tenor except as-to maturity, interest rate an8 redemption privilege, all issued by the village for the purpose of providing money fox water supply, staorage and treatment facilities and trunk water main facilities and is issued pursuant to authority conferred by more'tlian tiie re- quisite ma3ority vote of the qualif led electors of the village voting on the question of the issue at an election duly and regularly held and pursuant to attd in full conformity with the Constitution and laws of the State of Minneso~- ta thereunto enabling. TT IS IiHREBlt CBRTTPIF.~ AND RSCITBD. that af'~. acts, conditions and things required bq the Constitut Son and laws of the State of Minnesota, to be done, to happen and to be performed precedent to and in the issuance of this ,pond ' have been done, have happened and have been perfornrted in regular and due form,' time- afid manner as required by law; that prior to tk~e issuance hereof a direct, annuals iMrepealable ad valorem tax has been levie8 upon a11.of the t`axable' property in the village in the years, and amounts. as t~equised by_law,.~and addi- tional.taxes ma~- be levied upon a1F of said property if required to pay princi« pal or interest, without limitation as to rate or amount; that in addition thereto the village has pledged to use certain net water revenues of the ' village for the payment of such principal and interest; and that this bond together with al! other indebtedness of the village outstanding on the date hereof and on the date of its actual issuance and delivery, does not exceed . any constitutions! or statutory limitation thereo ne ' TAT t~ITN8S3t WHBRBOF, the Village of Richfield, Hennepin County Minne« sots, by its village council, has: authorized this bond to be signed by the fac« simile signature of the magor and by the .manual signature of the manager arm to be sealed with the printed facsimile corporate sear of the viiiaee, and the interest coupons hereto attachb d to be ,executed and authenticated by fac- simile signatures of said officers ail as of August 1, 1963. ~~ Manager M yor 1 Res. Ar3079 v4o - ` (Boma of .Coupon) ~'o. ~ On the ist day of Bebruary (August), 19 s the ~i11~,ge of ~Richf ield~9 Henaiep in Couaity~. Minnesota, will pay to bearer out of its '~'~:te~ Bonds of 1963 Sinking Fixnd at~ the main office ®f'lvorthwestern Ns,tional Bank.®f Minneapolis, Minnesotan the amount sliowa~~ hereon, being the installiiaent -®f ~ interest then due on its General Obligation 'dater Bond of 1963, dated August 1, 1963, No. Manager Maydr 7. At the time trf bond delivery the Clerk shaiQ execute a certificate stating that, in fact, the legal opinion has been de~.ivered to him for filing in his office and adoptiaa~ the facsimile signature- oax~e~;ch of the bonds as his valid signatureQ for the purpose of such certification. 8. The Clerk is authorized aaxl directed to cause the tioi~s ~f such bond issue to. be. prepared and the Mayor and Manager are- authorized and directed toyexecute the same and the l/iliage Clerk is authorized to affix the imprinted facsimile village seal thereon in accordaaice with the provisions of this resolution. . ____ 9. Thee is hereby created a separate shaking fund for-said bond which shall .be held by the vibl~ge treasurer and used for no other purpose than to pay principal of and interest on said bonds prodded thiat if any payment of'principar or interest sk~ail become due and thew is not sufficient money in said fund to pity the same, the treasurer shall pay such~principai or interest from the general fund of the village and said general fui~i sha~,~ be rem imbursed for such advances out of the oceeds of taxes levied piarsuantR .hereto or other moneys appropriated by the village council for such purpose. Such sinking fund shah be known as the 1Nater Bonds of 1963 Sinking Fund. Into said shaking fund $l~all be paid ai.l proceeds of all ad valorem taxes levied and collected pursuant to this'resolution9 such tape:levies being sufficient to produce, if coliect~d in fulls at least five percent (5°~,, in ex~ case of the amount neededto meet, when due, the principal and interest: payments on the bonds of this issue,. This issue is one of several that have been or hereafter>=mad' be issued to finaa~e construction of the village°s municipal water systeara.;u. the cost of lateral w star mains and appurtenances thereto have been or are t~ be.speciaily assessed against proper ty benefited specially thereb~rg and the Bost of wells, pumps, storage and treatment facilities, trunk water mains and appurtenance thereto comprise the B4viliage °s ghats of the cost00 of such water systeaao . Ad valorem taxes hears .been or will be levied to provide for the payment of pri~acipal and interest on bonds issued to finance such °0viliagees shire of the cost9°, but, to the e~etent necessary, net revenues from the operation of the municipal vaster system sha11¢ be applied each year toward the payment of such principal. Arid interest and to reduce or abate such ad valor~a taac levies for the ensuing calendar year! Bonds issued or to be `issued, in whole or in part, to fi~aan~ce $u~cffi , °°village•s share of the cost°Q, including all bonds of this issue,., sha1~ cos~ti~ Res. #3079 05- tiffs a f first and prior 'lien upon the said net revenues, and shall ail be oaa a parity as to such liens It is hereby expressly convenanted and agreed th®,t the'~iilYa~e will eem tabiish and enforce reasonable rates and charges fog water sea°vic~-furaxished to the village and' to all ®ther users and will revue the same time to`ti~ae. if necessarq to provide revenues cuff icient to pay opera.tin~ e9eper~ees ~ef ~ the water utilitj- and to provide net revenues sufficient to pay the p®rtia~ri ~:sstia~d by the village of principal and interest bn all bonds of this issue and other bonds issued to finative such village°s share, when and as the same become due. 10. Por the pure®se of paying the principal of and interest on the bonds authorized by this resolution; there is hereby ie~iesl upon ail the ta~eabie property in the village a direct ad va9.orem tax which shah 'be spread upon the tax toils and collected with and as part of the other-genePal taxed of the viilage9 and sh~.il be payable into the 9~ater Honda ~of S1963 Sinking Pond, above provided, which taxes are in the years and amounts as fo iiows> 19$3 $10696(?0 1973 $1448300 1964 14192.®0 1974 1409900 1965 110;000 1975 1379.500 1966 1089400 1976 1348000 1967 1060800 1977 .1309400 1968 1318400 1978 ~ 1269800 1969 188900 1979 123930 19?® 1269400 1980 1199700 19?1 ~~1~49000 1981 116;000 1972 147,600 1982 112930® 193 108,700. li. The clerk is hereby authorized and directed to delivr~r a certified copy of this resolution t® the County Auditor of Hennepin County, together with such other informati®n as he may require and to obtain his certi~ ficate as required by Minnesota Statutes, Section 475,63, ,, 12. The tax levies herein provided shall. be irrepeai~.ble until all t~f skid bonds are paid, provided that the Clerk shah annuail, prior to ®ctober 10th,- certify to said County Auditor any amount appropriated to the Pater. Sonde of 1963 Sinking Puhd9 t¢b pay principal and interest due during the ensuing year and the County Auditor shall thereug~on reduce the levy collectible during such year by the amount so certified. 13. The said bonds when fu liy 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 the proper applica® tion thereof. 14. The Clerk, Treasurer and other officers of the viii~.ge are authorized and directed to prepare and furnish to the purchaser and to the attorneys approving said bond issue certified copies of all prot~eedings and records relating to the issuance of said bonds and to the right, power and authority of the village a~ its officers to issue thc~ same, and said certified Res. X3079 m6m copies and certificates shal].'be deemed representations of the village as to all matters stated thereon. 15. The village has agireed to fut~nish the approving-legal apini6n ' of Messrs; Howard, Peterson, LeFevere, Lef ier -and Haaail.t®na Minneapolis, Minnesota, to the purchaser and'such opini®n~is hereby requested, The ~ietk.shal~l cause espies 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 form: I hereby certify that, except for the dating hereof a the foregoing is a true, full and correct copy of the legal opinion bn said bonds on file in my office, ' _ Village Cierl~g Vi11a of Richfield Passed try the vi liage council of the Village of Richfield this 1Sth da~* of August, 19 63 , 1 ATTEST; Edward J'. Mol e, C1erlc~Trea.s.