1965-3405r~,~~
RESOLUTION N0. 3405
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF ZBMPORARY IMPROVB-
MBNT BOND5, SffitIBS 22, ZO THE IMPROgH~tENT BOND OF X954, SBRIB5 B
STNKIN~ FUND TN ACCCfl2DANCB WI1H THB LAWS OF 1961, CHAPTER 429
BB IT RBSOLVBD by the city council of the City of Richfield, Hennepin County,
Minnesota, as f oliows=s
1. The total estimated costs of City Project Nos. 508, 508A, 480, 509,
S09B, 511, 511A and 514, otherwise known as 1964 street lighting, con-
crete curb and gutter, sidewalk, storm sewer and street grading, have
.been estimated at $106,000. It is now estimated that the .sum of $106,000
is currentiq necessary to provide financing for the cost of said projects,
and it is herebq determined to be necessary to borrow said amount for the
payment of obligations now incurred and fdr expens es .necessarily incurred
in connection with-the construction of said. projects. There is hereby
created City Project Nos. 508, 508A, 480, 509, 509B, 511, 511A and 514
Construction Funds into which shall be paid the proceeds of temporary
bonds issued pursuant to this resolution and out of which shalt be paid
all amounts due and payable as costs or expenses incident to or incurred
in connection with the making. of said improvements. There is also herebq
created City Project Nos. 508; 508A, 480, 509, 509B, 511, SilA and 514
accounts in the Temporary Improvement Bonds Common Sinking Fund into which
fund shall be paid the proceeds of all special assessments levied against
benefited property by reason of the making of said improvements` and out of
which shall be paid principal and interest on all temporary improvement
bonds issued to finance said projects.
2. It is hereby determined that the sum of $106,000 shall be borrowed to
finance said City Projects as follows:
City Project No. 508-508A: $38,000.00
City Project No, 480 1?,000.00
City Project No. 509 41,000.00
City Project No. 509B 2,000.00
City Project. No. 511. 3,300.Q0
city Project No. 5118 1,200.00
City Project No. S14 3,500.00
by the issuance o£ Temporary Improvement Bonds of the city as authorized
in Minnesota Statutes, Section 429.091, Subdivision 3.. Said bonds shall
be payable from the.Teinporary Improvement Bonds Common Sinking Fund, City
Projects Nos. 508, 508A, 480, 509, 509B, 511, 511A and 514 accounts; but
the city further recognizes its statutory duty, as provided by Section
429.091, and covenants and agrees with the purchaser and all holders
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from time to time, of said temporary improvement bonds, at or prior to the
maturity thereof it will _pap_s.nd retire such bonds and. the interest thereon
out of the proceeds of.definitive improvement bonds which the council shalll
issue and sell at or prior to the maturity of the Temporary Improvement Bonds,
to the extent that the same cannot be paid out of funds available in the
Temporary Improvement Bonds Common Sinking Fund, City Project Nos. 508, 508A,
480, 509y 509B, 511, 511A and 514 accounts, or out of other munisipai funds
which are properly available and are appropriated by the council for such
purpose.
3. It is hereby determined to levy special assessments against benefited
property by reason of-the making of City Projects 508, 508A, 480, 509, 5098,
511, 511A and 514 and ad valorem taxes, if necessary, to produce sums at
least 5% in excess of the amounts sufficient to pay principal 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 placed on the
tax rolls subsequent to the time when said City Projects have been completed
and the total costs thereof have been determined.
4. Said temporary improvement bond in the amount of $106,000 shall be dated
April 1, 1965; shall be one _in number inclusive, in the denomination of
$106,000, shall bear interest a.t the rate of 4% per annum, payable semi-
annually on October 1 and April 1 of each year and shall mature on April 1,
1967, shall be subject to redemption and prepayment on any interest payment
date, at par and accrued interest. Not less than 30 days before the date
specified for redemption of said bonds the Citq Treasurer shall mail notice
of the call thereof to the holder, if known, and said Treasurer shall main-
tain 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 mailing said notice, The principal of and interest on said bozxl
shall be payable at the Richfield City Ha11' 6700 Portland Avenue, Minneapolis,
Minnesota 55423.
5. Said Temporary improvement bond shall be mimeographed with attached
interest coupon in substantially the following forms
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UNITED STATES OF AMERICA.
S TATS OF MINNESOTA.
COUNTY OF HENNEPTN
CTTY OF RICHFIELD
TEMPORARY IMPROVEMENT BOND, SERTBS TNTENTY-TWO
No. $106,000
KNOW ALL M8N BY THESE PRESENTS that the City of Richfield, a duly organ-
ized municipal corporation of Hennepin County, Minnesota acknowledges
itself to be indebted and for value received, promises to pay to bearer
the sum of ONB HUNDRED SIX 'THOUSAND Dt1LLARS on the first day of April,
196?, or on a date prior thereto. on which this bond has been duly called
for redemption, and to pay interest thereon from the date hereof t~ntii
paid or until this bond has been dulq called for redemption at the rate
of four percent C4%a) per annum, payable semi-annually on the first day
of October and the first day of April 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 City Hall, City of Richfield, 6700 Portland Ave., Minneapolis,
Minnesota, 55423, in anq currency or coin of the United States of America
which on the respective dates of payment is public tender for private and
public debts. Por the prompt and full payment of such principax and in-
terest as the same become due the full. faith, credit and taxing powers
of the city are hereby irrevocably pledged,
This bond is one, a series in the aggregate principal amount of $106,000,
issued by said city for the purpose of defraying expenses incurred and
to be incurred in construction of improvements designated,as "City Project
Nos. 508, 50811, 480, 509, 509H, 511, 51111 and 514"' by the City pf Richfield,
consisting of street lighting,~concrete curb and gutter, sidewalk, storm
sewer and street grading, and is issued pursuant to .aryl. in foil conformity
with resolutions duly adopted by the city council after hearings as re-
quired by law and pursuant to-and in full conformity with the Constitution
and Laws of the State of Minnesota thereunto enabling, including Minnesota
statutes, Section 429.091, Subdivision 3.~ This bond. is payable primarily
from the Temporary Improvement Bonds Common Sinking Fund, City Project Nos.
508, 508A, 480, 509, 509B, 511, Si3A and 514 accounts of the city, 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 tame sufficient to'"meet the payment of maturing principal and
interest, and as further required at or prior to the maturity of this
bond, to provide for the payment and retirement thereof by the issuance
of .definitive bonds, to the extent, if any, that the assessments and taxes
or other municipal funds theretofore collected and received in said
Sinking Fund may be insufficient for such purpose.
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This bond is sub3ect to redemption and pre-payment at the option of the
city on any interest payment date, at a price of par and accrued interest,
.upon notice of call for redemption mailed not less than 30 days prior to
the date specified for such redemption, to the holder, if known, Bond
hoiders~desiring to receive such notice may have their names and addresses
and the serial num bets of the it bonds recorded by the City Treasurer.
IT IS HBRBBY CBRTIFISD, RBCTTBD, COVBNANZBD AND AGRBBD that all acts,
conditions and things required by the Constitution and laws of the State
of Minnesota to be done, to ex~.st, to happen and to be performed prelim-
inary to and in the issuance o£ this bond in order to make it a valid and
binding genet ai obligation of said city according to its terms have been
done, do exist, have happened and have been performed as so required; that
the city has duly determined the necessity of and provided for tl~e con-
struction of said improvements; that the Temporary Improvement Bonds Common
Sinking Fund, City Pro3ect Nos., 508, 508A, 480, 509, 509$,.'S11,~a11A .and 514
Accounts- have been duly created and provision has been made for 'the support
thereof by ad valorem taxes ansl 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 (5%? in excess of sums suf-
ficient to pay the principal ar~d interest on ail bonds- payable from said
fund as-such principal and interest become due, and additional taxes, if
needed for said purpose, may tae levied upon ail taxable property in the
citq, without limitation as to.~ate or amount; that the holder hereof shall
have and may enforce by appropriate proceedings all.. duties imposed by said
Chapter 429 upon the city and .ts officers with reference to the levy and
collection of said assessments and taxes and the issuance of said definitive
bonds; and that the issuance of-this band did not cause .the indebtedness}
of said city to exceed any constitutional or statutory limitation.
IN WITNESS WI~iERBOF the City of Richfield,. Hennepin County, Minnesota, by
its Citq Council, has caused this bond to be executed in its behalf by
the signature of its mayor and manager and sealed with its official seal,
and the interest coupons appurtenant thereto to be executed and authenti-
cated by the facsimile sigrnatures of said officers, and has caused this
bond to be dated as of April 1, 1965.
S-~~~
T Mayor
Manager
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(Porm of Coupon)
Unless the bond described below is called for earlier redemption
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/aff dsar
$~-28~A-.-90~
On the first day of April, October, 19 , the City of Richfield,
Hennepin County, Minne sots, will pay to bearer at the City Haii Qf the
City of Richf ie1d, 6?00 Portland Avenue, Minneapolis, Minnesota, 55423,
the sum of ONE Z#iOUSAND'.TWO HUNDRBD DOLIARS lawful moneq of the United
States of America for interest then due on its Temporary Improvement
Bonds, Series 22, Dated April 1, 1965. No.~
Mayor
Manager
6. Said bond shall be prepared under the direction of the city clerk
and shall be executed on behalf of the city by the signatures of the
Mayor ar~d Manager, and the corporate seal of the city shall be affixed
thereto, and the appurtenant interest coupon shall be executed and authena
ticated, by the printed, engraved or lithographed facsimile signatures of
said Mayor and Mana.gero When said bond has been executed and authenti~
sated, it shall be delivered by, the Treasurer to the purchaser thereof,
upon payment of the purchase price heretofore agreed upon and said pur-
chaser shall not be obliged to see to the appii cation thereof s
7s The City Clerk is hereby authorized and directed to file a certi~
fled copy of this 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 certificate that said bonds have been entered
on his bond register.
80 The officers of the city and the County Auditor of Hennepin County
are hereby authorized 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 affairs of said city, and such other affidavits,
certificates and information a~ may be required to show the facts relat®
ing to the legality and marketability of said bond .as the same appear
from the books and records under their custody and control or as other
wise known to them, and such certif icates, certified copies and affidavits,
including any heretofore furnished, shall be deemed re presentations of the
city as to the correctness of ail statements contained thereon.
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9, It is hereby determined tl~ra, ~ there is a.t the present. time an amount
in excess of $106,000 in the Improvement Bonds of 19548 Sinking Pund which
will not be required for other purposes prior to ~,prii 1, 1967,
10. It is hereby determined to purchase the aforementioned $106,000
temporary improvement bond, Series 22, upon initial issuance in accordance
with the provisions of Minnesota Statutes, Section 471,56 and 475,66, out
of funds in the Improvement Bonds of 1954, Series B Sinking Fund and on
behalf of said fund, at par and. accrued interest as of the date of deliv-
ery of said bond and completion of such sale, it being further determined
to be reasonable and advantageous to the Improvement Bonds of 1954, 5erie~
B to invest in said temporary improvement bond, Series 22, and it being
further determined to be reasonable and advantageous to the city to selr
said temporary improvement bond, Series 22 in accordance with the provisions
of this resolution.
11. The city manager, mayor, a.nd finance officer are hereby authorized
and directed to take any and all steps necessary to affect the provisions
of the foregoing resolutions az~d to make such transfers of funds as may
be necessary from time to time' to give effect to the provisions thereof,
Passed by the city council of the City of Richfield this 12th day of April,
1965.
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3~anle y W, Olson, Mayor
ATTESTt ~G.'2z~~~ i~~-~~'~
Bdward J. Moline, C1erk~Treasurer
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