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1965-3545ri~~~ 1 1 RBSOLUTION N0. 3545 RBSOLUTTON D.IItECTING THB ISSUANCE AND SALE OF TEMPORARY'IMPROVB- MBNT BONDS, SERIES 24, TO THB IMPROVEMHNT BONDS OF"1954,- SERIES~B SINK.ING~ FUND" IN ACCtytDANCE WIC THS LA1+~S OF 1961, CHAPTER 429 BE IT RBSOLVBD by the city council of the. City of Richf ie ld, Hennepin County, Minnesota, as followed ' le The total estimated cost~;of City Project Nos, 519, 526, 527, 529, 531, 534 and 536, otherwise known as 1965 concrete curb and gutter, storm sewer .and street lighting, have been estimated at $67,000, It is now esti- mated that the sum of $67,000 is currently necessary to provide financing for the cost of said projects, 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 projectse Them is hereby created City Project Nos® 519, 526,-529; 531, 534 and 536 Bond Funds into which shall be paid the proceeds of temporary bonds issued pursuant ` to this resolution and out of which shall 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 hereby created City Project Nos, 519, 526, 527, 529,,531, 534 and 536 accounts in the Temporary Improvement Bonds Common Sinking Fund into which fund sha1S be paid the proceeds of ail special assessments levied against benefited propertq by reason of the making of said improvements and out of which shall be paid principal and interest on ail temporary improvement bonds issued to finance said projectse 2e It is hereby determined that the sum of $67,000 shall be borrowed~to finance said City Projects as foilows~s City Project Nom 519 & 526 $20,000,00 ,~t~~ ~ ~ City Project Noe 527 2 000,_00 ~ e~ a City Project Noe 529 10,000,00 ~ ~'~ ~.~^`~~~ City Project Noe 531 4,000,00 •,~Jd City Project Noe 534 3,000,00 City Project Noe 536 28,000,00 I, 1 by the issuance of Temporary Improvement Bonds of the city as authorised in Minnesota Statutes, Section 429,091, Sut~division 3e Said boncls'sha11 be payable from the Temporary Improvement Bonds Common Sinking Fund, City Projects Nose 519, 526, 527, 529, 531, 534 and 536 accountse but the city further recognizes its statutory duty, as provided. by Section 429e091, and covenants and agrees"with the purchaser and all holders from flans to time, -2- of said temporary improvement bonds, at or prior to the maturity there- of it will pay and retire such bonds and the interest thereon out of, the proceeds of definitive improvement bonds which the council shall. 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 Pund, City Project Nos, 519, 527, 526, 529, 531, 534 and 536 accounts, or-out of other municipal 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 propertq by reason. of the making of City Projects 519, 526, 52?, 529, 531, 534 and 536 and ad valorem taxes, if -necessa.i'y, 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 iss~xed as herein provided, such special assessments to be placed on the tax roils subsequent to the time when. said City 'Projects have been com- pleted and the total costs thereof have been determined. 4._ Said temporary improvement bonds in the amount of $67,000_shall be dated~December 1, 1965; shall be~one in number inclusive, in the denomi- nation of $67,000, shall bear.inter.est at the rate of 4% per annum, pay- able semiannuail~*~oi~ June l and December l of each year and shall mature oin December 1, 1967; shall be subject to redemption and prepayment of any interest payment date, at par and accrued interest. Not less than 30 days before the date spec if led for redemption of said bonds the City Treasurer shaii mail notice of the call thereof to the holder, if known, and said.. Treasurer shai.l maintain a record of the names and addresses cif 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 bond shaii be payable at the Richf field City Hali, 6700 Portland Avenue, Minneapolis, Minnesota, 55423. 5. Said Temporary improve~ient bold shai]be mimeographed with attached. interest coupon~in substantially the following form: ®3® UNITED. STATES OF AMBRIC~ STATE OF MINNESCY!'A COUNTY OP'HENNEPIN CITY OP RICHFIELD' TEMPORARY IMPROVEMHNT BOND SERIES TWENTY-FOUR No. $67,000 KNOW ALL MBN BY THESE PRESENTS that the City of Richfield, a duly organ- ized municipal ec~tporation of Hennepin County, Minnesota acknowledges itself to be indebted and for value received, promises to pay to bearer the sum of SIXTi' SEVEN THOUSAND DOLLARS on the first day of June, 1967, 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 until paid or until this bond he,s been-duly called for redemption at the rate of four percent (4%) per annum, payable semi®annually on the first dap 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 th.eretoo Both principal and interest are pay- able at the City Hail, City of Richf ieid, 6700 Portland Ave,, Minneapolis, Minnesota, 55423, i~n any"currency or coin of the United States of America which an the respective dates of payment is public tender for private and public debts. For the prompt and full payment of such principal and in- terest as the same become due the full faith, credit and, taxing powers of the city are hereby irrevocably pledgede This bond. is one, a series in the aggregate principal amount.~f $67,0009 issued by said city for the purpose of d.~f~ay3.rig expenses incurred and. to be incurred in construction of improvements designated as °4City Project Nos o 519, 52'6, ..5278 529 8 531 ° 534 and 536°8. by the City eyf Richf ie id 8 Con- sisting of concrete curb and gutters storm sewer and sheet lighting9 and is issued pursuant to and in f u11 conformity with resolutions duly adopted by the city council of ter hearing as required by law and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota thereunto enablinge including Minnesota Sts.tutess Section 429„091e Subdi- vision 3, This bond is payable primarily from the Temporary Improvement Bonds Common Sinking Punds City Project Nos® 5198 5268 5278 5298 5318.534 ar~d 536 accounts of the city, but the council is required to pay the prin- cipai 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 sufficient to meet the payment of maturing principal and interests and is further required at or pr3.or to the maturity. of this bonds, to provide for the payment and re- tirement thereof by the issuance of definitive bonds, to the extents if any' that the assessments and takes or other municipal funds theretofore collected and received in said Sinking Pund may be insufficient for such purpose® -4~. 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 specif led 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. IT IS HSRBBY CBRTIFTBD, RBCITBD, COVBNANTBD AND AGRBBD that all acts, conditions and things required by the Constitution and laws of the Mate 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 city according to its terms have been done, do exist, have happened and have been perf ormed as so required; that the city has duly determined the necessity of and. provided for the con- struction of said imprAVements; that the Temporary Improvement Bonds Common Sinking Fund, City Project Nos, 519, 526, 527, 529; 531, 534 and~536 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 aggre- gate amounts not lei's than five percent (5%) in excess of sums sufficient t© pay.the principal and interest on all bonds payable from said fund as such principal and interest become due, 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 maq enforce by appropriate proceedings ail duties imposed by said Chapter 429 upon the city and its officers with reference to the levy and collection of said assewsments and taxes and the issuance of said def initive bonds; and that the issuance of this bond. did not cause the indebtedness- of said citq ' to exceed any constitutional or statutory l.imitationo • IN INITN$SS WHBRBOF the City of Richffield, Hennepin County, Minnesota, by its City 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 signatures of said officers; and has caused this bond to be dated as of December 1, 1965, • ~ ~ ~~ Mayor , Manager 1 1 _'_ (Form of Coupon) Unless the bond described below is called for earlier redemption No. $1340.00 On the first day of June, December, 19 , the City of Richfield, Hennepin County, Minnesota, will pay to bearer at the-City Hall of the Citp of Richf ie1d, 6700 Portland Avenue, Minneapolis, Minnesota, 55423, the sum of ONE THOUSAND THRBB HUNDRBD POItTY DOLLARS lawful money of the United States of America for interest then due on its Temporary Improvement Bonds, Series 24,~Dated December 1, 1965, ~~ No. ~dV !~ 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 and Manager, and the corporate seal of the city shall be affixed thereto, and the appurtenant interest coupon shall be executed and authen- ticated, by the printed, engraved or lithographed facsimile signatures of said Mayor and Manager. When said bond has been executed and authenti- 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 shall not. be obliged to see to the application thereof, 7. The City Clerk is hereby authorized and directed to file a certi- fied 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, 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 9f said bond and to the attorneys approving the. legality of the issuance thereof, certified copies of all proceedings and records relating to-said bond and to the financial affairs of said city, and' such other affidavits, certificates and inf'`ormation as may be required to show the facts relat- frig- 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 certificates, certified copies and affidavits, including anq heretofore.f`urnished, shall be deemed representations of the city as to the correctness of all statements contained thereon, 1 -`_ 9. It is hereby determined that there is at the pxesent. time an amount in excess of $67,000 in the Improvement Bonds of 1954B Sinking Fund wk~ich will not be required for other purposes prig to December 1, 1967. 10. It is hereby determined to .:purchase t1~~-afore}nention~d $67,000 temporary ~improvemerir~~~bond~,`~Series..24, upo~~ initial issuance in accordance wit~.'the grovisions:..of Mintaesotay,,Statc~te ,:.:Section; 471,56 and 475.6b, out of funds- in the Improvemen~t•.Fonds of 1954, .Series B Sinking Fund and on behalf of said-fund; at 1bar 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, Series; B to unrest in said temporary improvement bond, Series 24, and it being further determined to be.reasonabie and advantageous to the city to sell said tempos-ary improvement bond, Series: 22 in accordance with the provisions of this resolution. 11. TYie city manager, magor, -and finance officer are hereby authorized and directed to take any and ail steps necessary to affect the provisions of the foregoing resollttions and to .make such transfers of funds as may be necessary from time to- time, to -give effect to the provisions thereof. Passed bq the city council ~~of the City of Richf ie ld this 13th day of December, 1965 . t,.J . ~. Stanley •W. `Qlson, Mayor AT']BST; Edward J. Mol ne, C.lerk-Treasurer 1