1966-3568r~~~
RESOLUTION NO. 3568
1
RESOLUTION PROVIDING FOR SALE OF $380'000 ADVANCE REFUNDING
BONDS AND $270,000 REFUNDING BONDS
WHEREAS,-the City of Richf field has outstanding General Obligation Improve-
ment Bonds which mature or are subject to redemption within ten years as f oliows:
1. $380,000 dated March 1,_1953, and which mature serially on
March 1 in the amount of $60,000 in each of the years 1967
through 1969 and $50,000 in each of the years 1970 through 1963;
2. $305,000 dated November 1, 1953, and which mature serially
on November 1 in the amount of $55,000 in 1967 and $50,000 in
each of the years 1968 through 197;
3e $95000 dated November 1, 1953, and which mature serially on
November 1 in the amount of $10,000 in each of the years 1967
and 1968 and $15,000 in each of the years 1969 through 1973; and
4, $385,000 dated February 1, 1954, and which mature serially on
F^bruary 1 in the amount of $50,000 in each of the years 1968
through-1971, and the years 1973 and 1975; $40,000 in 1972; and $45,000
in 1974; and
1
1
WHERPA5, there are balances on hand in the sinking funds for such bond issue
which may be applied toward the refunding or advance refunding of such bonds; and
WHEREAS, the City is au thorized under the provisions of Minnesota Statutes,
Section 4?5,54 to.issue bonds to refund outstanding bonds when determined by the
Council to be necessary or desirable for the reduction of interest costs; and
WHEREAS, this Council has determined that if such interest reduc Lion can be
accomplished, it would be in the public interest to r efund said bonds by the issu-
ance of advance refunding bonds in the amount of $380,000 and refunding bonds in
the amount of $270,000;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows
1. For the purpose of providing money to do refunding and advance re-
funding of the bonds o£ the City hereinbeforP mentioned the City
shall issue its Advance Refunding Bonds in the amount of $380,000 and its Refund-
ing Bonds in the amount of $270,000®
2. Advertisement for the sale of such bonds in the manner required by
law shall be made by the City Clerk. Such notice of sale shall be
substantially as follows:
?' i'
C,~;:. -.ls~d
. -2-
NOTICE OF SALH
$380,000 ADVANCE REFUNDING BONDS OF 1966
AND
$270,000 REFUNDING BOND$ OF 1966
CITY OF RICHFIBLD
HENNEPIN COUNTY, MINNESOTPi
NOTICE IS HEREBY GIVEN That the City Council of the Citq of Richfield,
Minnesota, will meet at the City Hall in said city on Thursday, March 3, 1966,
at 5:00 o°clock PaM, for the purpose of receiving and considering separate
sealed bids for the purchase of
$380,000 Advance Refunding Bonds;
and
$270,000 Refunding Bonds,
ail dated Pebruary 1, 19b6, All bonds will be general obligation bonds of the
city bearing interest at the rate or rates designated by the successful bidder,
payable February I, 196? and semiannually thereaf ter on February 1 and August 1
in each years Such bonds will mature serially on February 1 in the years and
amounts as follows;
Advance Refunding Bonds; $60,000 in each of the years 1967 to
1969 inclusive, and $50,000 in each of the years 1970 to 1973 in-
ciusives
Refunding Bonds; $20°000 in 1967; $35,000 in 1968; $40,000 in each of
the years 1969 to 19?2 inclusive; $25,000 in 1973; and $15,000 in
each of the years 1974 and 1975,
Ali bonds are without option of prior payment, Both principal and inter-
est will be made payable at any bank designated by the purchaser within 48 hours
of ter award, subject to approval by the city council.
The city will furnish printed bonds in the denomination of $1,000 each, or
at purchaser's request within 48 hours after award in the denomination of $5,000
each, and the approving legal opinion of Messrs. Howard, Peterson, LeFevere,
Lefler and Hamilton, Minneapolis, Minnesota, and will deliver the bonds anywhere
within the continental United States within 40 days of ter date of sale, accom-
panied by customary final delivery papers including a certificate showing ab-
~ sense of litigation, all without expense to the purchasero
The text of the legal opinion will be printed on the back of each bond
and certified by the city clerk®
Ali bids shall be for both issues. but shall be stated separately for each
issue; must be enclosed in a sealed envelope marked "Bids on Refunding and Ad-
vance Refunding Bonds" and may be mailed or delivered to ttie undersigned, must be
received prior to the time of said meeting, and must be unconditional, Oral
auction bids will ~~rt be consideredm Each bid must be accompanied by a cashier°s
check, certified check or bank draft payable to the order of the city treasurer
in the amount of at least $13,000, to be forfeited as liquidated damages in
event the-bid is accepted and the bidder fails to comply therewith,
~.
r
-3-
1
1
$ids on each issue shall state one basic rate of interest from date of
issue to maturity for ail bonds having a common maturity date, Not more than
four such rates shall be specified for each issue and the maturities may not be
split more than four ways. Bids may provide that all or some of the bonds may
bear additional interest evi3enced by separate coupons in an amount not exceed-
ing 1% of the principal amount. Ail rates must be stated in integral multiples
of one-quarter or one-tenth of one percent. The bid offering the lowest net
interest cost (total interest from date of issue to stated maturities, less any
premium offered) will be deemed the most favorable. No bid of less than par
plus accrued interest to date of delivery or providing for a to tai interest rate
exceeding 6% ;>r .~.ny bonds for any period will be considered. The right is re-
served to waive any informality, to reject any and all bids, or to adjourn the
sale if necessary.
Dated: February 12, 1966.
$Y ORDBR QP THE CITY COUNCIL
Edward J. Moline
City Clerk
City of Richfield
6700 Portland Avenue
Richfield, Minnesotan
3. The terms of such sale shall be as set out in the foregoing notice,
and the City Council will meet at the time and place specified in
such notice to consider and act upon bids received on such bonds.
Passed by the city council of the City of Richfield this 14th day of February,
1966,
{,~
Mayor
~.TTF~T:~
Clerk.~T assurer