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1963-3155r1~2. RESOLUTION N0. 3155 RESOLUTION DIRBCTYl~r THE ISSUANCE AND SALB f7F TEMPORARY IMPROVE- . A9ENT BOI~IDS, SERVES 20, ZO '7'!IB IMPROVEMENT ANDS OP 1955 SINKING FUND IN ACCORDANCE WITH THE ?AWS OF 1961, CHAPTER 429 B8 IT RESOLVBD By the Village Council of the Village of Richfield, Henne- pin County ~ Minnesota, as follows: 1. The -total estimated costs of Village Pxo3ect Nos. 489.A, 481B, 481C, 483, 484, 485, 491, 436, 43bA an3 477, otherwise known as 1962 storm sewer, grading, sidewalk and curb and gutter construction, have been esti- mated at $316,000. It is now estimated that the sum of $1$,000 is cur- rently necessarq to provide financing for the cost of said pro3ects,.and it'3.s hereby determined to be necessary to borrow said amount for the pay- ~nt of obligations now incurred and for expenses necessarily incurred in connection with the construction of said pro3ects. there is hereby created Village Pro3ect Nos. 481A, 481B, 481Co 483, 484, 485, 491, 436, 436A and 47? Construction Funds inter which shall be paid the proceeds o~ temporary bonds issued pursuant to this resolution and out of which shall be.paid all mounts due and payable as costs or expenses incident to or incurs ed in connection with the making of said improvements. There is also hereby created Village Pro3ect Nos. 489:8, 4818, 481C, 483, 484,.485,.491, 436, 436A and 477 accounts in the Temporary Improvement Bonds Common Sinking Fund into which fund shall be paid the proceeds of ail special assessments levied against benefice d property by reason of the making of said improveo manta and out of which shall be paid principal and interest on ail tempor- ary improvement bonds issued to finance said pro3ects. 2. It is hereby determined that the sum of $316,000 shall be borrowed to finance said Village Projects as follows; Village Project No. 436 $22,000.00 Village Pro3ect No. 436th,. 9,000.00 Village Pro3ect No, 477 428000.00 . Village Project No. 489A 3,000.00 Village Project No, 481E 5,000.00 Village Pro3ect No. 481C 2,000.00 Village Pro3ect No. 483 108,000.00 Pillage Project No. 484 19,000.00 Village Pro3ect No. 485 61,000.00 Village Project No. 491 45,000.00 by the issuance of Temporary Improvement Bonds of the Village as authorized in Minnesota Statutes, Section 429,091, Subdivision 3. Said bonds shall. be payable fros~ the Temporary Improvement Bonds Common Sinking Fund, Village Project Nos, 436, 436A, 477,-489.A'$ 481B, 481C, 483, 484, 485, 491 accounts but the village further recognizes-its statu tort' duty, as provided by Sec- tion 429.091, and covenants and agtees-with the purchaser and all holders 1 -~ fro~a time to time, of said temporary improvement bonets, at or prior to the maturity thereof it will pay and re~3.re such bonds and the interest thereon out of the proceeds o£ definitive improvement bonds which the council shall. issue and sail at or prior to the matu~i ty of the Temporary Improvement Bonds, to the extent .that the same cannot be paid out of funds available in the Temporary Improvement Bands Common Sinking gund, Viiiage Pro,~ect Nos, 436, 43bA, 477, 481At, 4818® 481C, 483, 4840 485, and 491 accounts, or out of other snuraicipai funds which are properly available and are appropriated by the council for such purpose. 3e It is hereby determined to levy special assessments against benefited property by reason of the making of Village Projects Noe 436, 436A, 477, 48].At, 481B, 4810, 483, 484 0 485 and 491 and ad valorem taxes, if necessary, to produce sums at least 5°~ in excess of the amounts sufficient to pay prin- cipal and .interest when due on said temporary improvement bonds and on any definitive bonds to be issued as herein provided, such special assessments to be piked on the tax roils subsequent to. the time when said Village Pro- ,$ects have been completed and the total costs thereof have been determined. 1 4. Said temporary improvement bond in the amount of $316,000 shall be dated December 1, 1963; shall be one in number inclusive, in the denomina- tion of $316,000., shall bear interest at the rate of 4% per annum, payable semiannually on~June 1 and December 1 of each gear and shall mature on December 1, 1965, shalt be sub3ect to redemption and prepayment on any inter® est payment date, at par and accrued interest, Not less than 30 daps before the date specified for redemption of said bonds 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 bond insofar as such information is made available to him by the holders thereof, for the purpose of ma~iing said notices The principal of and in~ terest on said bond sh~.11 be payable at the Richfield Viila~e Ha3:1,, 6700 Foreland Avenues M3,nneapolis X30 Minnesota. . S. Said Temporary improvement bonc2 shall be mimeog;aphed with attached interest coupon in substantially the following forms ~i 03m UNITED STAZ&S OP AMERICA. STATE OF MINNESOTA COUNTY OF HENNSPIN VI LIAGE OP AICHP IBLD TEMPORARY IMPROVEMENT BO1~ID, SBATLS Ti~TTY Not $316,000 KNOW ALL MBN BY THESE PRESENTS that the Village. of Aichfielde a duly or- ga~iized municipal corporation of Hennepin Cou~tq, Minnesota actcnowledges itself to be indebted and for value received, promises to pay to bearer the sum of THRBB HUNDRHU SIXTEEN THOUSAND DOLIARS on the first day of December 1965, ©r~on a date prior thereto on which this bond hasbeen duly called For redemptionti arrl to pay interest thereon from the date hereof until paid .or until this bond has been duly called For redemption at the rate of four percent (4%) per annum, payable semi-annually on the First day of June and the first day of December in each year, interest to maturity being payable in accordance with and upon purchase and surrender of the interest coupon appurtenant thereto. Both principal and interest are pay- able at the• Yiliage Hal]:, Village of Richfield, 6700 Portland Ave.,. Minna- apolis, 23, Minnesota in any currency or coin of the United States of America which on the respective dates of payment is public tender for pri® vats and public debts. For the prompt and full. payment of such principal and interest as the same become due the full fa3.th, credit and taxing powers • of the Village are hereby irrevocably pledged, This bond is one, a series in the aggregate principal amount of $316,OOQ,_~ issued by said v3.21age for the purpose of defraying expenses incurred and to be incurred in construe Lion of improvements designated as QBViila~e Project Nos, 436, 436A, 4779 481A8 4818, 4810, 483, 484, 485, 491°° by the Village of Richfield., consisting of storm sewers street grading, sidewal&, curb and gutter~construc tion, and is rued pursuant to and in full conformity with resolutions duly adopted by ,the Village Council after hearings as re- quired by law and pursuant. to and in fu11 conformity with the Constitution and Laws of the State of Minnesota thereunto enabling, including Minnesotae statutes, Section 429,0918 5utsdivision 3s This bond is payable primarily from the Temporary Improvement Bonds Common Sinl~ing Fund, Village Project Noss 436, 436x., 47`78 481A, 4818, 48108 483, 484, 485, 491 Accounts of the village but the Council. is rewired to pay the principal and interest thereon out of any-funds in the treasury in the event that the monies on haax~ in said funds are at any time cuff icient to meet the payment of maturm ing principal and interest, and is further required at or prior to the maturity of this bozxle to provide for the payment and retirement thereof by the issuance of definitive bps, to the extent, if any, that the assess= manta and taxes or other municipal funds theretofore collected and received in said SinBeing Fund may be insufficient for such purposes 1 ®4- This bond is sub3ect to redemption and pre-payment at the option of the village on arty interest payment date, at a price of par and accrued in- terest, upon notice of call for redemption mailed not less than 30 days prior to the date specified for such redemption, to the holder, if knovm. Bond holders desiring to receive such notice may have their names' and addresses and the serial numbers of their bonds recorded by the Village Treasurer. IT IS HSABBY CBRTIFIBH, RECITED® CCVBNANTBD AND AGRBSD that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed prelim- inary to and in the issuance of this bond in order to make it a valid and binding general obligation of said village according to its terms have been done, do exist, have happened and have been performed as so required; that the village has duly determined tYxe he~cessity of and provided for the con- struction of said improvementsg that the Temporary Improvement Bonds Common Sinking Fund, Village Fro,~ect Nos. 436, 436A, 477, 48].A, 481B, 481C, 48~, 484, 485, 491 Accounts have been duly created and provision has been made for the support thereof by ad valorem taxes and special assessments to be levied, at or prior to the time of issuance of said definitive bonds, for the years and in aggregate amounts not less than five percent (59b) in ex- cess of sums sufficient to pay the principal and interest on ail bonds pay- able.from said fund as such principal.and interest become due' and add3.-~ tional taxes, if needed for said purpose, may be levied upon a1i taxable property in the village, urithout limitation as to rate or amount; that the holder hereof shall have and may enforce by appropriate proceedings all duties imposed by said Chapter 429 upon the village and its officers v~ith reference to the levy and collection of said assessments and taxes and the issuance of. said definitive bonds; and that the issuance of this bond did not cause the indebtedness of said village to exceed any cons titutionai or statutory limitation. IN WI7NESS~ t~HBLtBE~+ the Village of Richfield, Hennepin County Minnesota, by ids Village Council, has caused this bond to be executed in its behalf by the signature of its mayor anal manager and sealed Frith its official seal, and the interest coupons appurtenant thereto to be executed and authenticated by the facsimile signatures of said officers, and has caused this bond to be dated as of December 1, 1963, W , ~~-~ Mayor Manager 1 -~- (Form of Coupon) Unless the bond described below is called for earlier redemption No. $6320.00 On the first day of June, December, 19 , the Village of Richf field, Hennepin County Minnesota, will pay to bearer at the Village Hail. of the Village of Richf field, 6?00 Por tiand Avenue., Minneapolis 23, Minnesota, the sum of srX ~xovsAivD, 1HItEE HUI~IDRED T~BNTY DOLLARS lawful money of the United States of America for interest then due on its Temporary Improve- ment Bonds, Series 20, Dated December 1, 1963. No. . W. Mayor Manager . 6. Said bond shall be prepared under the direction of the Village Clerk and shalt be executed on behalf of the village by the signatures of the Mayor and Manager, and the corporate seal of the village shall be aff fixed thereto, and the appur tenant interest coupon shall be executed and authen- ticated, by the printed, engraved or iithograplaed faes~.mile signatures of said Mayor and Mares ger. t+~hen said bond has been executed and authentim cated', it shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price heretofore agreed upon and said pur chaser chair not be obliged to see to the application thereof. 7. The Village Clerk is hereby authorised and directed to file a certi- fled copy of this. resolution with the County ,:ditor of Hennepin County, together with such other information as he shai.i require and to obtain from said County Auditor a certificate that said bonds-have been entered on his bond register. S. The officers of the Village and the County Auditor of Hennepin County are hereby authorised and directed to prepare and furnish to the purchaser of said bond and to the attorneys approving the legality of the issuance thereof, certified copies of ail proceedings and records relating •to said bond and to the financial ~.ffairs of said village, and such other affida® vita' certificates and information as may be required, to show the facts reiatir~ to the legality and marks tability of said bond as the same apm peer from the books and records .under their custody and control or as other- wise known to them, and such certificates, certified copies and affidavits, including any heretofore furnished, shall be deemed represen tatipns of the village as to the correctness. of all statements contained thereon. ®g- 9o xt is hereby determined that there is at the present time an amount in. excess of $316,000 in the Improvement Bonds of 1955 Sinking Pitr~d which wi11 not be required for other purposes prior to December 1, 1965. 10m Tt is hereby determined to purchase $he aforementioned $316,000 temporary improvement bond, Series 20, upon initial issuance in~ac- cordance with the. provisions of Minnesota Statutes, Section 471.56 and 475,b6, out of funds in the Improvement B®nds of 1955 Sinking gund and on behalf of said fund, ~t par and accrued interest as of the date of delivery of said bond and completion of such sale, it being further de- termined to be reasonable and advantageous to the Improvement Bonds of 1955 to 3,•mreSt in said temporary improvement bond, Series 20, and it being further determined to be reasonable and advantageous to the Village to sell said temporary improvement bond, Series 20 in accordance with the provisions of this resolution. li. The Viiiage Manager, Mayor, and Pinance ©fficer are hereby author- ized and directed to take any and ail steps necessary to affect the pro- visions of the f ®regoing resolutions and to make such transfers of funds as may be necessary from time to time, to give effect to the provisions thereof . Passed by the village counci$ of the Village of Richfield this 23rd Bay of December, 1963. 1 O, A T'.~S Td ~L~~ _ , ~.... Edw. J.• Mo ne, Clerk-Treasa l1J e l~~-~~~ ~.~ Mayor 1