1963-3080r36
R85OLUTION N0. 308Q.
RBSOLZTTION AWARDING S.ALB ~ $1,575,000 TEMPORARY IMPRO'V33A'~NT BOND
BS IT RBSOLVEb'By the village council of the Village of Richfield, Hennem
pin Count!, Minnesota, as follower - `
1. The bid of B. J, Van Ifsgen' Sr Co. , of New Yort City, News Y®rt, and
' others, to purchase $1,575,000 Temporary Improtreaient~Bcirids of the
iriliage, -described in the notice of sale, is hereby -found end deterffiiined~ to be
the 'highest and best-hid received pursuant th duly advertised-notice of sale and
is hereby. accepted, said bid being to purchase bonds bearing interest ~t the rs,te
of two and foirty hundredths percent ~2.40°~) per annum at a prise of ~19575,945.OB.
The village finances director is directed to retain- the goodfaith chect . of'the
successfug bidder pending completion of the sale and delivery of the bonnds•, and
the village finance director is directed to return the checks of the unsuccessful
bidders forthwith.
2. The village has' heretofore created a Village Pro3ect ~'0.-4~5 Construcm
tion Fund into which shall be paid alY proceeds of the Temporary Ian®
provement Bonds to be issued pursuant to this .resolution, and out of which shah!
be paid all amounts due aril payable as; costs and expenses incident to or incurred
in connection with the making of such improverr~nt.
There is hereby created a Village Pro,~ect No. 465 Sinting Pund into which
account there shall be paid al"1 proceeds of special assessments to be levied
against benefited property by reason .of the mating of said improvement and out of
which shall. be paid principal of and interest on ail temporary improvement bonds
issued pursuant to this resolution to finance such project.
3. The village herewith covenants and agrees. that, in accordance with
its statratory duties as provided in Minnesota Statutes, 5e.ction 429.091,
it will-pay and retire such temporary improvement bonds and interest thereon out
of proceeds of definitive improvement bonds which the council shah issue arad sell
at or prior to the maturity of the temporary impr®vement bonds: arxthorized by this
resolution, to the extent that these temporary improvement bonds cannot bepaid out
of funds available in the sinting furl account or put~of other municipal funds
which are properly a~ailabie for such purposes and are appropriated for< such purer
poses 'by the council.
4, It is. hereby determined, declared and covenanted that the village wi1L
le~iy special assessments against property benefited bey reason of the
nia~cing of such improvement in an' amount of not' less than 209'® of the cost of such
~mpi®vement and ael valorem taxes, if necessa~, will be levied sep that the com®
fined`proceeds of ad valorem taxes and special assessments will ~ sirff icient to
procluce'at"least 5~ in excess. of the sums necessary to pay principal and interest,
when due; on said temporary improvement bonds and any definitive bonds to be
issue'd' as~ provrided herein, with such special assessments: and ad valorem. tax
ieaies; 3C£`angi; tm be placed on the tax rolls subsequent to the tg.me when said
pro3ect has risen completed and the total cost has been determined,
5. }.`Ttie X1;575,000 Temporary Improvement Bonds shah be 3l5 in number and
numbered 1 to 3158 both inclusive, in the denomination of X5,000 each.
Ices. 3080 ~2m
_~.
-Iaterest on-al~~-bonds i~s~ed liete~aiader~'aha11~I9e ~a~e,A~~e s~mi~.nntaaily
on Fe'ti~uarj- 1-and A~igu~t ~: iai-~each~year, ~®maiencin~ on February 1, ~.9~,. and
e.]:9:~sitch bonds`sliaii inatrire on August 1; 19b5. The ~~s~incipai-®f and interest
on said bonds shall be payable at Bmpire Trust Company, New York City, N
York.
6. Said Temporary Improvement Bonds shah be printed in substantiaiiy
the following f ormg
No.
DNITliD STATES OF AMBItICA1
STATI3 OF MINNSS~~A.
COiJNTY OF HENNEPYN
V'IYoY.~#GB OF RICHPI$I~
TEMPORARY IMI'R®vHt+~NT ~®ND ®F 19~~
$5,000
RNOI~ ALL MBN BY THESE PRE513NTS~ That the Village of Ri~hfieida a duty
org~ni~d municipal. corporation of Hennepin C~sunty, Minnesota, acknor~ledges
itself to tie ir~ebted and, for value received, promises to pay from its V311age
Pro3ect No. 465 Sinking Fund the gum of FI~VB THOiTSAND D®LY1~ItS on the 1st day of
Augusts 1965, without option of prior payment, and to pay interest th~~eon fr®m
the date i~ereof until paid at the rate of two and forty hu~dred°~hs percent 1~L,40~1.~
per annum, payable semiannually ®n the ist day of February ~,nd~the lst de.y of
August- in each year in accordance with separate interest coaepn¢~s i~eceto attached,
Both priftci~ai arid'interest~are payable at I~iapire Trust Comg~anq-ia~ tFae._City of
~New_Yo~k* New, Yo~~; iri any coin or currency of the tJnit~d States__®f Am~~~.r~a
ra-l~iicii at~~he dine of payment is legal tender fog pu1~13~ art ~vri~at~ ~debta: For
the, --- - -
p~ompt -and full' pe.ymerat of such principal aa~d intere~~ the ~aaae ~bece
~ue,~t~ie foil' faith, credit and. Ming powers of the village are hereby irrevom
cably pledged.
.L
This bond is one of a series in the aggregate principal amount of
$1,575,000, ail of like date and tenor esecept as to serial number, ail ~.ssued
by said village for the purpose of defraying expenses incurred ar~d to be ins
curred in the construction of a water improvement of the ~ liag~e and is issued
pursuant to and in full conformity with the Constitution and laws ®f the
State of Minnesota thereunto enabling, including Minnesota Statutes, -Section
429.091, Subdivision 3. This bond is payable primarily from the proceeds of
special assessments to be levied by the village against proper~y benefited by
the making of such improvement but constitutes ~. general oblCigation of the
village= aid the village ~is required to pay the principal thereof and interest
thereon from any fuss in the treasury in the event the moneys on hand in said
~-~Tag~_-~r®~ect No. 465 Sinl~ing fund are at any time in~uff i~ient to pay
pr~nc~pal~~nd interest on boards of this issued when due, and, at or pri®r to
~ir~atiufit~ e~' .this tondo. the village is further required to ire a~ seiY dew
f~ini~~tr"re ~impro rnement bo~l.s and to pay this bond aa~d interest thereon out of
tfie~p~o~eeds of such definitive improvement bonds, to the e~etea~t that this
~®nd~`canri®t be paid out of assessments and ta~ees ther~~toforc~ c®iie~ted or
out`®~" any otfiiet municipal fun~.s ~tnich are pr®periy available and appropriated
by the village for such purpose.
IT TS HffitEBY CERTIFIED, RECI~DD CONi'ENANTED AND AGREE That ail acts,
conditions and things required by the Constitution and laws of the State of
Res. 3080 m3m
Minnesot~e to be done, to happe~a and to be performea! preiimin~a~t to snd-in the
iesrxs.nc~ ~of this bond in order t.o shake ~ it ~ valid ~.nd -bieid3a~ag ®~i3.g~tion of .
the v~i~:l~ge~s:ccordir~ to:~its termso .hare been donee do assist, li~~e ha~~neeaed
end haute been per3~ormeei-~ so rec~uirede that the ~.ilage hay dc~iy determined
the necessity of ~.nd protrided for the constructiosri ®f said improdemei~t; that
the Viila.ge Pro3ect lYo. 465 Sinking Fixnd has been du~,y ~crested~~ir~d Sir®~isioa~
has been~m~cl~ for support thereof by ad oral®reni ta.sees anc~ speei~:i e,ssessments;.
to b~ lei®d, s.t or prior to the time for issuance of sudh defiriiti~e b®nd.s, for
the-years and in aggreg~:te a~reounts not less? than fivepercent ~S37o~ iri e~eces
of sums sufficient to pay the principal and interest ®n ail bonds pa~rshie'froa~
said fund as such principal and interest become due, and actdition~.l tasees, if
needed for said purpose, may be levied up®n all taseable pro~vert~ ~i~a the ~-iliage
without 9:imitation a~ to rate or agreount$tltiat the ho9.der hereof ~aay la~,~e ~4ad en®
force by appropriate proceedings all duties imposed by Minnesota-Statutes,
Chaper 429, upon the village and its officers with reference t®-the~le~ end
collection of said assessments and tasees and the issuance of said def ii~itive
bonds and that the issuance of this bond did not cause the indebtedness of
said vi9.iage to escceed any constitutional or statutory iimitatioa~a
' IN WITNESS VIfHBREOPp the Village of Richfield, Hennepin C®untgrg Minnesom
ta, by its Village Council, has caused this tend to ~ executed in its behalf '
by the facsimile signature of its Mayor and the ~anuai sign~.ture ®f its- Mangers
and sealed with its imprinted and facsimile official seal, as~d _ the interest
coupons appurtenant thereto to be escecuted and authenticated by the facsimile
signatures of said off icers- and has caused this bond to be dated as of August
it 19630
Mayor
Manager
(SBb1L)
(Form of Coupon-
N®.
On the lst day of February QAugust,~s~~9~9 ~_~, t~se Village of R~.chfie9.d,
Hennepin ~Countq, Minnesota, wi11 pay to bearer from its Village Project Nop
4~i5 Sinking Fund at Lmpire Trust Comparny in the City ~ cif Nc~w Yorks RT~w York,
the amoua~t shown hereon for interest then due ®~a its mporary Improvement Eor~d
of ' 1963,
No,
facsimile signature
Manager
Q acsimile signature
Mayor
~o The village clerk shall obtain a'copy of the proposed appro~rigag
' legal opinion of Messrs, Howard, Peterson, Y~Fevere,'Lefier arfd
Hamilton, which sha119 be complete esecept a~ to dating thereof and shall cause
Res. 3080 -~-
a~;id opiniori~to~-15e pseinted ova eaeh~bonda~thgethe~ with a"ee~tificat~~to~be
signed by his faesimile signature in substantially the following forms
I hereby certify that the foregoing is~ a fuil9 true and
correct copy of 'the legal opinion executed by the ab®~e
gamed attorneys,, except as: to the dating hereof o whiet~tt
opin~~~n has been handed to me for film in my office prior
to the time of bond delivery.
acsimile signature
Clerk
The clerk shall- obtain a copy of the opinion at the time of bond deliver
and execute a separate certificate as to such opinion upon receipt of such
opinion and shat 1 f 3 le the opinion in his office,
8. The bonds shall be prepared under the direction of the village
clerk and shall be executed on behalf of the.viliage by the fac~
smile signatute of the mayor and the manual signature of the ma.nageY s ar~d the
printed facsimi.ie corporate seal of the village shall be~ affixed theret®o_ and
tie coupons siiali be executed and authenticated by the facsimiie-~aigfaatu~es of
said officers. When said bonds have been executed and authenticated; they
shall be~ delivered by the treasurer to the purchaser thereof s uphnpayment of
the purchase price heretofore agreed upons ~.nd said purchaser s hai]: not be
obligated to see to the application thereof .
9. The village clerk is hereby authorized and directed to file a
certified copy of this resolution with the county auditor of
Hennepin County together witty such ®ther inf®rmation as he sha9.1 require and
to obtain from said county auditor a certificate that said bonds~.have i~en
entered on his bond register.
10. The officers of the village and the count auditor of Henntepin .
County are hereby authorized and dice cted to prepare and furnish
to the. purchaser of said bonds and to the attorneys approving the legaii°~y of
the issuance therreof r certified copies of all proceedings and records relating
to said bonds and to the financial .affairs of .said villages ~.nd such ether affim
davits, certificates .anal information a§~maq be required to show the facts ren
iating to the legality and marlcet~bility of said bonds as the same appear from
the books and records under their custody and control or as otherwise tcnown
to theme and such cert3ficatess certified copies and affidavits incIluding
any heretofore furnisheda shah be deemed representati®ns of the village as
to the correctness of all statements contained therein. .
Pass?efl by the village council of the i~~.ilage of Richfield this 15th
day of Augusts 1963.
tW , C~~~
tan . ®lsono~~~
tCT1~T:
C. an Kr else; Manager
Edward J. lines C1erk~Treas.