1965-3442r~~~
RBSOLUTION N0. 3442
RESOLUTION AWARDING SALE OF $2,000,000 IMPROVEMENT BONDS OF 1965,
FIXING THB FORM AND TBRMS~ OF SUCH BONDS, LEVYING TAXES FOR THB
PAYMENT OP PRINCIPAL AND INTBRE$T.THER~ON, AND O1Ii8RWISB PROVIDING
FOR THEIR ISSiJANCB
BB IT RE~LVED BY the City Council of the City of Richf field, Heinnepin County,
Minnesota' as ~ follows;
1. It is hereby determined that the bids on the $2,000,.000 Improvement
Bonds of 1965 of the city are as follows:
-TOTAL INTEREST
COST ,f rom date
of ~s sue to
maturity, less
premium, and
NBT INTEREST
BIDDERS ADDRESS RATS PREMIUM RATE ~ ~~
J. M. Dain & Company, Inc. Minneapolis 1966/1969-3.20% Par $963,755.00
Allison Williams Company Minneapolis 1970/1975-3._30% 3.5760%
First National Bank Minne apolis 1976/1979-3.40%
The First National Bank St. Paul 1980/1984-3.50%
Northwestern Nat'l Bank Minneapolis 1985/1993-3.60%
Piper, Jaffrey & Hopwood Minneapolis Plus additional interest
aidwell Phillips, Inc. St. Paul of 2.40% per annum from
haughnessq & Company, Inc: St. Paul 9/1/65 to 2/1/66
oodard-Bliwood & Company Minneapolis
HARRIS TRUST & SAVINGS BB. Chicago 1966/1975-3.25% Par $980,725.15
Mellon Natio~nai Bank-and 1976/1978-3.40%a 3.6390%
Trust Company Pittsburgh 1979/1981-3.50%s
1982/1985.03, b0%
1986/1990-3.?0%
1991/1993 -3.75%
Plus 2.75% per annum
on bonds due 1966 thru
1975 from 9/1/65 to
2/1/66 and
Pius 2.00% per annum
on bonds due 19?6 thru
1993 from 9/1/65 to
2/1/66
THE NORIIIERN~TRUST COMPANY Chicago 1966/1975-3.,25% $49.00 $982,380.38
Bast Dillon, Union 1976/].981-3.,50% 3.6451%
Securities & Co. New York 1982/1985-3.60%
Paribas Corporation New York 1986/1993-3,75%
Reinholdt & Gardner St; Louis Pius 2.75% per annum
Walston & Co., Inc. ~Tew Xork on bonds due 1966 thru
lien Blair & Company Chicago 1975 From 9/1/65 to 2/1/66 and
Plus 2.00% per annum on bonds due 1976
thru 1985 from 9/1/65 to 2/1/66
Res. 3442 -2- June 23, 1965
1
BIDDERS
RALMAN 8~ COMPANY, INC.
Francis I, duPont & Co.
Hartford Nat'1 Bnk. and
Trust Company
Bache & Company
Stern Brothers & Co.
Barcus ,Kindred & Co.
Paine, ~-ebber, Jackson
& Curtis
Charmer Newman Secur, Co.
McDougal & Condon, Inc.
Townsend, Dabney & Tyson
GLOBE, FORGAN, AVM. R.
STARTS, INC.
Goodbody & Company
Hayden, Stone & Co. Inc.
Conners & Company
Commerce Trust Company
ADDRESS
Minneapolis
New York
Hartford
New York
Kansas City
Chicago
Boston
Chicago
Chicago
Boston
New York
New York
New York
Cincinnati
Kansas City
RATE
1966/1978-3.40%
1979/1981-3.50%
1982/1985-3 ..60°I
1986/1988-3.70°
1989/1993 -3.75010
Plus additional
interest
of .2.00% per annum from
8/1/65 to 2/1/66
1966/1980-3.50%
1981/1984-3.60%
1985 /1988-3.70%
1989/1991-3.759'0
1992/1993 -3.80%
Pius additional interest
of 2.00% per annum from
8/1/65 to 2/1/66
PREMIUM
Par
TOTAL INTEREST
COST from date
of issue to
maturity, less:
premium, and
NET INTERB5T
RATE
$989,351.25
3.6710010
Par $1,000,165.00
3.7118%
2. It is hereby determined that the bid of J. M. Dain & Company, Inc.
and others, as hereinbefore set forth, is the most favorable bid and
the same is hereby accepted,. The city finance director is directed to retain the
good faith deposit of said bidder and to return the good faith deposits of the
other bidders forthwith.
3. The city shall forthwith issue its Improvement Bonds of 1965 in the
principal amount of $2,000,000, dated May 1, 1965, being 400 in
number and numbered 1 to 400, both inclusive, in the denomination of $5,000 each,
bearing interest at the interest rates set forth in the foregoing bid of J. M.
Dain & Company, Inc. and others. Such bonds shall mature serialry on February 1,
in the years and amounts as follows:
1
Res. 3442
-3- June 23, 1965
Year Am_ cunt Year Amount
1966 $ 25,000 1980 $ 75000
1967 100000 1981 75.,000
1968 100000 1982 75,000
1969 100,000 1983 ?5,000
1970 100!000 1984 75,000
1971 75,000 1985 75,000
1972 ?5,000 1986 601000
1973 75,000 1987 60,000
1974 75,000 1988 60000
1975 75000 1989 60,000
197b 65,000 1990 60,000
197? 65,000 1991 60,000
1978 65,000. 1992 60,000
1979 75,000 1993 60,000
4. Bonds maturing in 1984 and thereafter w iii be sub3ect to redemption
in inverse.numberic al order on February 1 , 1979 and any interest pay-
ment date thereafter. Redemption shall be at par and accrued interest plus a
premium of 2% if redeemed on or before August 1, 1982 and. without premium if re-
thereaf ter.
5. Both principal and interest on this issue shall be payable at the
main off ice of the Northwestern National Bank of Minneapolis, Minne-
apolis, Minnesota, and the city shall pay the reasonable charges of said bank for
its services as paying agent.
6. The Improvement Bonds of 1965 and interest coupons to be thereto
attached shall be in substantially the following forms
UNITED S~TATF.S OF AMBRICE~.
BTAJTB OF MINNE$OT~I
COUNTY OF HENNEPIN
CITY OF RI(3iFIBLD
No.
$5,000
Improvement Bond of 1965
KNOW ALL MEN BY THE58 PRESENTB that the City of Richfield, Hennepin
County, Minnesota, acknowledges itself to be indebted and for value received here-
by promises to pay to bearer out of its Imprnvement Bonds of 1965 Fund the sum of
FIVE 1Ii0U5AND DOLL4RS on the ~ist dan of February 19 , and to pay interest thereon
from the date hereof until the principal sum is paid at the rate of
per annum, together with additional interest at the
rate of two and forty hundredths percent (2.40%~ per annum for the period Septem-
ber 1, 1965 to February 1, 1966, represented by separate coupons, all interest pay-
able February 1, 1966, and semiannually thereafter on February 1 and August 1 of
each year in accordance with and upon presentation and surrender of the attached
-4- July 23, 1965
interest coupons as they severally become due. Both principal of and interest
on this bond are payable at the main office of the Northwestern National Bank
of Minneapolis, Minneapolis, Minniesota, in any coin or currency of the United
States of America which at the time of payment is legal tender £or public and,
private debts,
Ali bonds of this issue maturing after February 1, 1983, upon thirty
(30) days prior notice by mail to the bank where the bonds are payable and to
the last known holder, are subject to redemption in inverse numerical order on
February 1, 1979, and any interest payment date thereafter. Redemption shall be
upon payment at par and accrued interest plus a premium of 2°fo of the principal
amount so redeemed if redeemed on or before August~l, 1982 and. without premium
if redeemed thereafter. Holders desiring to receive such notice must register
their names, addresses and bond numbers with the city clerk.
This bond is one of an issue of bonds in the total principal amount
of $2,000,000, ail of like date and tenor except as to serial number, interest
rates, maturity and redemption privilege, all issued pursuant to and in full con-
formity with the Constitution and laws of the Mate of Minnesota, including
Minnesota statutes, Chapter 429, as amended, for the purpose of defraying the
expenses incurred and to be incurred in making special. improvements of the city,
such improvements being water mains and appurtenant facilities, street grading,
surfacing, and lighting, curbs and gutters, storm sewers and sidewalks, and is
payable primarily from special assessments to be levied against property speciai-
iy benefited thereby, but constitutes a general obligation of the city, and to
provide moneys for the prompt and full payment of said principal and interest
as the same become due, the f uli faith and credit of the city is hereby irrevoc-
ably pledged and the city will levy ad valorem taxes if required for such purpose
without limitatio n as to rate or amount,
IT IS HEREBY CERTIFIED ANA RECITED that all acts, conditions and things
required by the Constitution and laws of the State of Minnesota and the home
rule charter of the city to be done, to happen and to be performed precedent to
and in the issuance of this bond have been done, have happened and have been per-
formed in regular and due form, time and manner as required by law, and that
this bond together with all other indebtedness of the city outstanding on the
date hereof and the date of its actual issuance and delivery does-not exceed any
constitutional or statutory limitation thereon.
IN WITI~SS~ WHERBOF, the City of Richf field, Hennepin County, Minnesota,
by its City Council, has authorized this bond to be signed by the facsimile sig-
nature of the mayor and by the manual signature of the manager and sealed with
the facsimile corporate seal of the city, and the interest coupons hereto at-
tached to be executed and authenticated by the facsimile signatures of said of-
f icers, all as of May 1, 1965.
Mayor
Manager
(HEAL)
1
_s_
No.
(Form of Coupon)
July 23, 1965
On the 1st day of February {August), l9 , the City of Richfield,
Hermepin County, Minnesota, viii pay to bearer out of its Improvement Bonds of
1965 Fund at the main office of the Northwestern National Bank of Minneapolis,
Minneapolis, Minnesota, the amount shown hereon, being the installment of inter-
est then due on its Improvement Bond of 1965, dated May 1, 1965.
Mayor
Manager
7. The clerk is authorized and directed to cause the bonds of such
bond issue to be prepared and the mayor and. manager are authorized
and directed to execute the same, and the city clerk is authorized to affix the
city seal thereto, in accordance with the provisions of this resolution and the
recitals contained in the bond form as set out in the foregoing paragraph 6.
8. The citq has agreed to furnish the approving legal opinion of
Messrs. Howard, Peterson, LeFevere, Lef ler and Hamilton to the pur-
chasers and such opinion is hereby requested. The clerk shall cause a copy of
said opinion, complete except as to dating thereof, tv be printed on each of the
bonds, together with a certificate executed by his facsimile signature, in sub-
stantially the following form:
I, the undersigned, Clerk of the City of Richfield, Minneso-
ta, hereby certify that the above is a true a.nd correct copy of the legal
opinion on bonds of this issue except for dating thereof, which opinion
was delivered to me prior to tune of bond delivery and is on file in my
off ice.
City Clerk
City of Richf ieid
At the time of bond delivery, the clerk shall execute a certificate stating that,
in fact, the legal opinion has been delivered to him for filing in his office and
adopting the facsimile signature on each of the bonds as his valid signature for
purpose of certification.
9, The principal of and interest on such Improvement Bonds of 1965
shall be paid from a special fund which is hereby created and desig-
nated as the Improvement Bonds of 1965 Fund.. The proceeds of ail special as~ss:-
ments for the making of the improvements financed from the proceeds of such bond
sha13~ be paid into such fund together with the proceeds of any taxes herein levied
on account of such fund; provided, however, that if argr payment of principal or
interest on said bonds shall become due when there is not sufficient money in
said fund to pay the same, the treasurer shall paq such principal or interest from
the general fund of the city and such fund shall be reimbursed for such advances
out of special assessments or taxes herein levied when collected. It is hereby
determined that the proceeds of taxes herein levied together with, the proceeds of
special assessments to be levied for the improvements being financed by such bonds
Res. 3442 -6- July 23, 1965
shall be sufficient to produce at least five percent CS%) in excess of the
amount needed to meet, when due, the principal and interest payments on such
bonds. It is further determined that the special assessments to be levied for
each of the improvements financed by the issuance of~-such. bonds shall be more
than twenty percent {20%) of the total cost of such improvements, The city
covenants and agrees that it will levy special assessments in an amount which
will be sufficient to produce at least five percent ~5%~ in excess of the amount
needed to-meet, when due, the principal and interest payments on. the bonds, when
ta]cen together with ad valorem taxes levied herein.
10. The projects being financed in whole or in part by this bond
issue; the total es timated cost of each of such projects, the
amount of the cost of each such p roject to be financed. from the proceeds of this
bond issue, and the share of the cost of each such project constituting the city's
share are hereby determined and declared to be as foilowss
Amount to be
Financed by
Total Bstimated This,Bond City's Share
Project No. Cost Issue of the Cost
436 $ 147,208. $ 21,563, $ 7,680.
436• 48,632. 9,000. 2,867.
477 193,209. 30,000. 4,160.
481 a, b, c 9,944, 10,000 290.
483 & 491 152,586, 152,586,. 89,955.
484 18,910. 18,910, .3,850.
4_85 60,81?. 60,817. 51,928.
445 b, c, d 18,927. 18,927, 13890.
444 112 , 271. 112 , 271, 88, 700.
508 & a 39 , 002. 39 , 002 . -
480 211,481. 24,681. 7,581.
509 & B 42,780. ~ 42,780. 33,210.
511 & A 4,653. 4,653, 2,170.
514 3,703, 3,703, 1,703,
465 1,752,306. 1,575,000. ?93,989.
Res. 3442 -?- ,Tuly 23, 1965
The city's share of the cost of water improvements listed. above shall be
paid out of the net revenues of the water utility plant and system of the city,
to the extent that such revenues are available. Such revenues shall be applied
from time to time to payment of such city's share of the cost of such projects
pro rata with amounts payable as the city's share of the cost of other water
. system projects. To the extent that such net revenues are applied toward the
payment of principal and interest on the bonds. of this issue, the tax levies
hereinafter made to pap the city's share of the cost of such projects shall he
reduced or cancelled in accordance with and subject to the provisions of Minne-
sota Statutes, Section 475.61, Subdivision 3.
11. For the purpose of paying the city's share of the principal of
and interest on the said Improvement Bonds of 1965, there is
hereby levied upon all of the taxable property in the cfty a direct ad valorem
tax which shall be spread upon the tax rolls and collected with and. as part of
other gene raI taxes of the city and shall be paid into the Improvement Bonds of
1965 Fund as provided, which tax is~to be collected in the years and amounts as
follows s
Year Lev
1966 $ 250,800.00
196 7 172 , 600.00
1968 169:,200,00
1969 165,900.00
1970 136,100.00
1971 133,600.00
1972 131,000.00
1973 128,400.00
19?4 125,700.00
19?5 112,600.00
1976 110,300.00
1977 108,000.00
1978 116,200.00
19.79 113,500.00
1980 110;700.00
1981 10$,000.00
1982 105 , Z 00.00
1983 102,500.00
1984 99,700.00
1985 81,100.00
1986 78,900.00
1987 76,6p0.00
1988 74,404.00
1989 72,100.00
1990 b9,800.00
1991 67,500.00
1992 65,300.00
12, The clerk is hereby au thorized and directed to deliver a certi-
fied copy of this resolution to the County Auditor of Hennepin
County, together with such other information as he may require, and to. obtain
his certif icate as required by Minnesota Statutes, Section 475,63.
1
1
1
Res.s 3442
..g-
July 23, 1965
13. The tax levies herein provided shall! be irrepealabie until
alY of said bonds are paid,, provided that the Fierk shall
annually, prior to October lU, certify to said County Auditor any amount
appropriated to the Ymprovement Ro~nds~of 1965 Fund to pay principal and
interest due during the ensuing. year,. and the County Auditor shall.there-
upon reduce the levy collectible during such year by the amount so certified.
14.. The said booms, when fully executed, shalt be delivered by
the treasurer to the purchaser thereof upon receipt of the
purchase price, and the said purchaser shah not be obligated to .see to
the proper application thereof.
15. The clerk, treasurer and other officers of the citq are author-
_ ized and directed to prepare and furnish to the purchaser, and
to the attorneys approving-said bond issues, certif led copies of all pro-
ceedings and records relating to the issuance of said bonds and to the
right, power and authority of the city and its officers to issue the same,
and said certif led copie,s~ and certif icates shah be deemed representations
of the city as-to-all matters stated therein.
Fass~d bq the City Council of the City of Richfield this 23rd day
of ~ , 1965.
ATTEST s ~ ~L~
Edward J. Moi e,~Cierk-Treas.
taniey . Olson, Mayor