1965-3434r~~~
RESOLUTION N0. 3434
RESOLUTION PROVIDING FOR THB ISSUANCE AND SALE OF
$2,000,000 IMPROVBMBNT B0ND5~ OF 1965
BE IT RESOLVED BY TH8 CITY COUNCIL OP THE CITY OP RICHFIELD,
MINNESOTA, as follows:
1. rt is hereby determined that the contract costs, rniscel lan-
eous costs, and amounts remaining to be financed on city
{villages Projects No.~s 436, 436A, 477, 481A, 481B, 481C, 483, 484, 485,
491, 465, 444, 445B, 445C, 445D, 508, SOSA, 480, 509, 509B, 511, 511A and
514 are substantially in excess of the sum of $2,000,000. It is further
determined that of the total cost of each of the foregoing improvements,
more than 20% of the cost of each improvement will be paid from the
assessments levied against property benefitted by the construction
thereof; and that it is necessary and expedient to finance such projects
by the issuance and sale of $2000,000 Improvement Bonds of 1965, pursues
ant to the provisions of Minnesota Statutes, Chapter 429, as herein pro-
Vid ed.
2. This council shalt meet at the time and place and for the pu~-
pose specified in the form of notice of bond sale hereinafter
set forth, and to take such further action in respect to the bonds there-
in described as it shalt determine to be necessary sand expedient.
3. The citq clerk is authorized and directed to give notice of the
time, place and purpose of said meeting by causing notice to be
published in the Richfield News and in Commercial West, a financial per-
iodical published in Minneapolis, Minnesota, each of such publications
to be at least ten days prior to the date of said meeting, which notice
shall read substantially as followst
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NOTICB OF BOND SALE
$2,000,000 IMPROVEMENT BONDS OF 1965
CITY OP RICHFIELD, MINNBSOTA
NOTICE IS HEREBY GIVEN that the City CounciS. of the City of
Richfield, Minnesota, will meet in the Councir.Chambers in the City
Hall of said city (6700 Portland Avenue, Minneapolis, Minnesota) on
Wednesday, ~'une 23, 1965, at 7:00 o'clock P.M., Central Daylight Saving
Time, to receive pealed bids for the purchase of $2,000,000 Improvement
Bonds of 1965. Such bonds will be general obligation negotiable coupon
bonds dated May 1, 1965, bearing interest at the rate or rates designated
by the successful bidder, in integral multiples of one-quarter (1/4) or
one-tenth (1/10) of one percent (1%) per annum, payable on February 1,
1966 and semiannualiq thereafter on August 1 and February 1 of each. year;
and will be in the denomination of $1,000 each unless the purchaser,
within 48 hours after award, specifies larger denominations.
The bonds shall mature serially on Pebruary 1 in the years and
amounts- as follows;:
1966 $ 25,000 1980 $ 75,000
196? 100,000 1981 ?5,000
1968 100,000 1982 75,000
1969 100,000 1983 ?5,000
1970 100,000 1984 75,000
19?1 ?5,000 1985 75;000
1972 75,000 1986 60,000
1973 75,000 1987 6Q,000
19?4 75,000 1988 ~ 60,000
1975 75,000 1989 60,000
1976 65,000 1990 60,000
19?7 65,000 1991 60,000
1978 ~ 65,000 1992 60,000
1979 75,000 1993 60,000
Bonds maturing in 1984 and thereaf ter will be sub3ect to redemption in
inverse numerical order on Pebruary 1, 1979 and any interest payment
date thereafter.- Redemption shall be at par and accrued interest plus
a pres~i.um of 2% if redeemed on or before August 1, 1982 and without pre-
mium if redeemed thereafter,. Both principal and interest will be payable
at ate! suitable bank designated by the purchaser within 48 hours of ter the
award. The city will furnish to the purchaser, without cost and within
35 daps after said date of sale, the printed bonds with the approving legal
opinion of Messrs. Howard, Peterson, I.eFevere, Lefler and Hamilton, Minne-
apolis, Minnesota, together with the customary final delivery papers, in-
ciuciing a certificate showing the absence of litigation. The text of the
legal opinion will be printed on the back of each bond and certified by
the facsimile. signature of the city clerk. Provision for registration of
principal will be made if purchaser so requests within 48 hours of ter award.
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All bids must be in writings enclosed in a sealed envelope, be
unconditional except as to the above opinion, and left with the under-
signed prior to the above time, accompanied by a certified check, bank
draft or cashier*s check in the amount of at least $40,000, payable to
the order of the city, to be forfeited as liquidated damages in the event
the bid is accepted and the bidder fails to comply therewith. Split rate
bids may be submitted stating the same rate or rates of interest from date
of issue to maturity for all bonds having a common maturity, but rates
shall not be split more than six ways. Repeating any basic rate will
constitute another "split rate". The basic interest rate specified for
any year shall not be less than the basic interest rate specified for
any earlier year. Bids may also provide for extra interest coupons in a
total amount not exceeding $20,000. Interest must not exceed 6%. per annum
on anq bond for any part of its term. Bidders are asked to state total
interest cost and average interest rate. Delivery of the bonds will be
made without expense to the purchaser anywhere within the continental
United States.
Comparison of bids will be made on the basis of total interest cost
from date of issuance to final maturity less any premium offered. No bid
for less than par plus accrued interest from date of issuance to date of
bond delivery. will be considered and oral bids will not be received, The
city reserves the right to reject any informality in any bid, to reject
any and all bids and to adjourn the sale.
BY ORDER OP THE COUNCIL.
Edward J. Moline
Director of Pinance
city of Richfield, Minnesota
4. Bach and ail terms and provisions of the foregoing form of
notice are hereby adopted and confirmed as the terms and condi-
tions for said bonds and for the sale thereof.
Passed by the Council of the City of Richfield this 24th. day of
May, 1965.
tanley W. Olso , Mayor
ATTEST: ~~yL~~
Edward J. line, Clerk-Treas.
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