1963-3151r''~ ®~
RESOLUTION NOm 3151
RESOLUTION AUgIORIZIIe90 RBPURC~SB OF ANDS: SUBJECT
~ ZO COUNCIL APPROVAL
~iEREAS9 this village issues bonds from t$me to time to finance assessable
public improvements and establ3sY~es sinking funds for such bond issues from which
principal and interest payments thereon are to be males and
~lti3ERBP~S9 special a.ss~essments for such improvements are levied and made pay®
at~le into such sinking funds9 and
Sa such special assessments are frequently prepaid so as to create tem®
porary surpluses- in such sinking funds.p and
~ bonds of such bond issues become available f®r repurchase by the
village -from time to times prior to ells earliest redemption dates of such bondse
and
9NHE~RH~4S, Minnesota Statutesg Section 47S®66s authorises the repurchase of
bonds prior to maturity by a municipality and
~HBREAS9 offers to se 11 such bonds back to the of 12age are ~c~me time s extended
to the pillage by the hoid~rs thereof® with such offers being-for immediate ac~
ceptance~ and there is a need for prompt action on such offers if such repurchases
are to be made by the villages and
'WHEREAS, it is deemed necessary and desirable for the village to~make such
repurchases from tame to times from the appropriate sinking funds, when funds are
available therein and such offers are reasonables so as to reduce the total out
standing debt of the village and so as to reduce the mount of interest payable
on obligations of the village®
N~~ ~i-ffiR8B®REg EE IT RBS~?Li~BD by the Village Council of the pillage of
Richf ie ld as follows a
1® ~lhenever there is a temporary surplus of funds in a bond sinking funds
resuitipg from the prepayment of special assessments the Village Manager and t4xe
Director of Financed acting concurrentlys may tentatively accept an offer to sell
bo~dse repayable from such sinking fexnd, to the villages provided that such offer
is a reasonable oneD and will not deplete such sinking fund to the point. where
principal and interest obligations will not be metD subject to the following pro®
visions of this read iutio n®
2® lVo tentative acceptance of such an offer shall be made for ~ prig
greater than p~.rg plus accrued interest to the day after the ne~et regular ~iiiage
Coua~cil.meetingg plus a premium equal to the highest premium payable on any bonds
of suc9a b®nd issue ® for redemption prior to maturitya If the bonds to be repurm
chased are aub3ect to redemption prior to maturitys but at a later date than the
date offereds the premium shall not e~eceed the premium payable at the earliest
redemption date for such bonds0
n2m 12®2363
3® Such tentative acceptances Shen made, shat i be reported in writing
by the V311age Maxiager and the Director of Pinance to the Village Council at
its next regular meeting„ Such report shaYi show ail of the terms of the
repurchs.~e, the balance in the sinking fund before and after the purchase, and
the principal anal interest obligations to be met by-the sinking fund for-the
ensuing twelve months® Such report may also incir~de saxcYi other information
as the Manager and 3irector of Pinance may deeffi pertinent,
4a Tf the Council approves the temporary acceptance of such offers or any
part thereofs it sh ail authorize such repurchase of bonds by resole tion® If no
such res®iutio n is adopted, the purchase shall not be made®
5a This resolution shall not be deemed to prevent the Village Manager and
Director of Finance from presenting offers from hoidens of bonds to sail bonds
of the v3.ilage beck to the villages prior to the acceptance of such offers0
Passed by the Village Council of the Village of Richfield this 23rd day of
Decembers 1963, ,
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6'l 1 .Lr~?T °y ~ ~G~, ~p
C%
Edward J. M Ines ierk~l~reas,
taniey V~, Qlsons Mayor
C~ an r eiens Manager
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