1965-3477r~'~~
RESOLUTION NO. 3477
RESOLUTION DIRECTING THB ISSUANCE AND SALE OF T81~ORARX
IMPROVBM'RNT BOND, S~BRIPS 23, Tl~ THB IMPRCIVEMBNT BONDS OF
1954 SINKING PtJN- IN ACCORDANCE WITH MINNESOTA STATt1TES
1961, CHAPTER 429
BB IT RESOLVED by the city council of the City of Richfield, Hennepin County,
Minnesota, as f oilows:
1. The total estimated cost of_City Project No. 520, otherwfse known as
the 1965 Street Improvement and Oiling Program, has been established at
.$190,000. Part of the money for the financing of said improvement is
available from .the General Fund as the city•s share of the cost of said
improvement. It is now estimated that the sum of $100,000 is currently
necessary to provide financing for a portion of the cost of said project
and it. is hereby determined to be necessary to borrow said amount for the
payment of obligations now incurred and for expenses necessarily incurred
in connection with the construction of said project. There is hereby created
a City Project No. 520 Construction Fund into which shall be paid ail sums
transferred from the General Fund and the proceeds of temporary bonds issued
pursuant to this resolution and similar subsequent resolutions, and out of
which shall be paid ail amounts due and payable as costs or expenses inci-
dent to or incurred in connection with, tt~e making of said improvement. There
is also hereby created a City Project No. 520 account in the Temporary Im-
provement Bonds $inkir~ Fund into which fund shall be paid the proceeds of
-all special assessments levied against benef iced property by reason of the
making of said improvement and out of which shall be paid principal and in-
terest on all temporary improvement bonds issued to finance said project.
2. It is hereby determined that the sum of $100,000 shall be borrowed to
partially finance said City Project No. 520 by the issuance of Tempor-
ary Improvement Bonds of the city as authorized in Minnesota Statutes,
Section 429.091, Subdivision 3. Said bonds shall be payable from the
Temporary Improvement Bonds Sinking Fund, City Froject No. 520 account;
but the city further recognizes its statutory duty, as provided by
Section 429.091, and covenants and agrees with the purchaser and all
holders from time to time, of said temporary improvement bonds, at or
.prior to the maturity thereof it will pay and retire. such bonds and the
interest thereon out of the proceeds of def initive improvement bonds
which the council shall issue and sail at or prior to the maturity of the
Temporary Bonds, to the extent that the same cannot be paid out of funds:
availa.bie in the Temporary Improvement Bonds Sinking Fund., City Project
No. 520 Account, or out of oth er municipal funds which are property
availa.bie and are appropriated by the council for such purpose.
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Bonds -City Proj.
No. 520
3. Lt is hereby determined to levy special assessments against bene-
f ited property by reason of the making of City Project No. 520
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 defin3.tive
bonds to be issued as herein provided, such special assessments to
be placed on the tax rolls subsequent to the time when said Citp
Project No. 520 ,has been completed and the total cost thereof has
been determined. -
4. Said temporary .improvement bonds in the amount of $100,000
shall be dated August 1, 1965; shall be one fn number and numbered
i, in the .denomination of $100,000., shall bear interest at the
.rate of 4% per annum, payable semi-annually on February 1 and August 1
of .each year and shall mature on August 1, 1967, shall be subject to
redemption and prepayment of anq interest payment date, at par and ac-
crued interest. Not less than 30 days before the date specified for
...redemption of said bonds the Citq Treasurer shall maii_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
bonds insofar as such information is made available to him by the
holders thereof, for the purpose of mailing said notices. The princi-
pal of and interest on said bonds- shall. be payable at the ~tichf ie id
City Hall, 6700 Portland Ave,, Minneapolis 23, Minnesota.
5. Said temporary improvement bond shall.be mimeographed with at-
tached interest coupon in substantially the following form:
UNITED STATES OP AMERICA
STATE OF MINN~OTA
COUNTY OP HBNNEPIN
CITY OF RICHFIELD
TBMPORARY IMPROVBMEN~ BOND, SBRIES Twentq Three
NOe
$100,000.
KNOGU' ALL MEN BY THESE PRESENI'S~ that the City of Richfield, a duly organized
municipa9, corporation of Hennepin County,"Minnesota ~.cknowledges itself to be
indebted and for value received,-pro~mises to pay to bearer the sum of ONE
HUNDRED THOUSAND DOLLARS on the first day of August 1967, or on a date prior
thereto on which this bond has been duly called for redemption, apd,.to pay in~
ter.est thereon from the date hereof until paid or until this bond has been
duly called for redemption at the rate of four percent C4%) per annum, payable
semi®annuaiiy on the first day of Pebruary and the first day of August in each
years interest to maturity being payable in accordance with and upon purchase
and surrender of the interest coupon appurtenant thereto, Both principal and
interest are. payable at the City Hali, City of Richfield,. 6700 Portland Ave.,
Minneapolis 23, Minnesota in any currency or coin of the United States of
America which on the respective dates of payment is public tender for private
and public debtso For the prompt and full payment of such principal and inter
est as the same become due the full faith, credit and taxing powers of the city
are hereby irrevocably pledged,
This .bond is one in number in the aggregate principal amount of $100.,000, issued
bq said city for the purpose of defraying expenses incurred and to be incurred
in construction of an improvement designated as BOCity Project No. 520°1 by the
Cifiy of Richf field, consisting of street improvement and street oiling, and is
issued pursuant to and in full conformity with resolutions duly adopted by the
City Council after hearings as required 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 30 .This
bond is payable primarily from the Temporary Improvement Bonds Sinking Fund,
City Project Noe 520 Account of the city, but the council is. required to paq 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 time insufficient to meet the payment
of maturing principal and interest, and is 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 therefore collected and received in said Sinking
. Fund may be insufficient for such purpose.
This. bond is subject 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 holders desiring to receive
such notice may have their names and addresses and the serial numbers of their
bonds recorded by the city treasurer.
-4- Bonds - C.P~ °No. 520
IT IS HEREBY CERTIFIED, RECITED, COVENANTBD AND AGREED that all acts, con-
ditions and things required by the constitution and laws of the State of
Minnesota to be done, to exist, to happen and to be performed preliminary
to and in the issuance of this bond in order to make it a valid and binding
general 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 aril provided for the construc-
tion of said improvement; that- the Temporary Improvement Bonds Sinking Pund,
City Pro3ect No. 520 Account has been duly created and provision has
been. made-for the support thereof by ad valorem taxes and special ass~ess~-
ments 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 sufficient. to pay the principal and interest on ail
bond payable from said fund as such principal and interest become dues
and additional taxes, if needed for said purpose may be levied upon all
taxable property in the city, without limitation as to rate or amount;
that the holder hereof shall have and may enforce by appropriate proceed-
ings all duties imposed by said Chapter 429 upon the city and its offi-
cers 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 bond did not cause the indebtedness of said city to exceed any con-
stitutional or statutory limitation.
IN ~ITN85S WHEREOF the City of Richfield,..Hennepin County, Minnesota, by
its city council hasc caused this bond to be executed in its behalf by the
signature of its mayor and manager and sealed with its officialseal, 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 August 1, 1965.
Mayor
Manager
CSEAL)
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-5- Bonds - C. P. No. 520
(Porm of Coupon)
Unless the bond described below is called for earlier redemption
No. One $2000.00
On the first day of February (August) 19 , the City of Richfield, Hennepin
County, Minnesota, will pay to bearer at the City Hall of the City o£
Richfield, 6700 Portland Ave., Minneapolis,, Minnesota, 55423, the sum of
Ti~O ZHOUSAND AND NO/100 DOLLARS lawful money of the United States of America
for interest then. due on its Temporary Improvement Bonds, Series 23, Dated
August 1, 1965. No. One..
Mayor
Manager
6, Said bonds sha}.1 be prepared under the direction of the city clerk and shalt
be executed on behalf of the city by the signatures of the mayor and manager,
and the corporate seal of the city shall be affixed thereto, and the appur-
tenant'interest coupon shall be executed and authenticated, by the printed,
engraved or lithographed facsimile signatures of said mayor and manager. 9Vhen
paid bond has been executed and authenticated, it shall be delivered by the
treasurer to the purchaser thereof, upon payment of the purchase price hereto-
fore agreed upon and said purchaser shall not be obliged to see to the applica-
tion thereof.
7. The city clerk is hereby authorized and directed to file a certified 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 bond has been entered on his bond register.
8. 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 bonds
and to the attorneys approving the legality of the issuance thereof, certif led
copies of ail proceedings and records relating to said bonds and to the finan-
cial affairs of said city, and such other affidavits, certificates. and infor-
mation as may be regµired, to show the facts relating to the legaiitp and
marketability of said bonds as the same appear from the books and records
under their custody and control or as otherwise known to them, and such certi-
fied copies and affidavits, including any heretofore furnished, shall be deemed
representations of the city as to the correctness of ail statements contained
therein. ~.
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9, It 3s hereby determined that there is at the present time an amount in
excess. of $100,000 in the Improvement Bonds of 1954 Sinking Fund which
will not be required for other purposes prior to August 1, 1967.
10. It is hereby determined to purchase the aforementioned $100,000 temporary
improvement bond, Series 23, upon its 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 Sinking Fund and on behalf of said fund,
at par and accrued interest as~~~vf the date of delivery of said bonds and
completion of such sale, it being further determined to be reasonable and
advantageous to the 1965 Street Improvement and Oiling Program to ixroest in
said temporary improvement bond., Series 23 and i.t being further determined
to be reasonable and advantageous to the citq to seta said temporary improve-
ment bond, Series 23 in accordance with the provisions of this resolution.
il. 'The city manager, magor and finance officer are hereby authorized and
.directed to take arty and all steps necessary to affect the provisions of the
foregoing 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 city council of the City of Richfield this 9th day of August
1965 .
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Stanley V~£. Ctlson, Mayor
ATTBSTa ~ a~~~
Edw. J, o ne, C1erk~Treas,
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