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1967-3901r1,~.® RESOLUTION NOa 3901 RESOLUTION ATnIARDING SALE OF $375x000 ]ML'ROVEMENT BONDS OF 1967s FIXING THE FORM AND TERMS OF SUCH BONDS9 LEVYING TAXES FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON9 AND QTHER= `WTSE PROVIDING FOR THEIR ISSUANCE BE IT RESOLVED by the City Council of the City of Richfi~ld9 Hennepin County9 Minneso.9 as f ollo~rs a to Tt is hereby determined that the bids an .the $3759000 Improvement Bonds of the city are as followas e . TOTAL INTEREST COST from date of issue to maturity9 less prem7.um9 and NET INTEREST BIDDERS ADDRESS~• RATE PREMIUM RATE Dain9 ILalman & Quail~IncO Minneapolis Nat1 Banlt The 1st Natl Banle 1969/1972~4DaO~ PAR. 1973/1975®4a1o~ 1976/19$3~4020~ 1984/1985®4a25~ 1986/1988®463©~ Plus additional interest of 1000 per annum from 2]./68 to 2/1/69 Minneapolis 1969/1982®4020 PAR Stm Paul 1986%1988®4030 Plus addition~.1 interes°~ of 105010 per annum from 1/19/68 to 8/]./68 American Nat1 BlCO & Trust Coo St0 Paul Richfield Bank & Trust Co, Richfield Juran 8e Moody9, Inc@ Paine9 TnTebber9 Jra,cltson & Curtis Ea J0 Presc®tt & Coo 1969/1973®4010 1974/1982~4020~ 1983/1984®403a~~y 1985/1988®4040/a Plus additional interest of 1060 per annum from 12/26/67 to 8/x/68 St0 Paul 1969/198p®4020 1981/5.984~4~30~ Boston 1985/1988®4,40 Minneapolis. Plus additional interest of 1a60~ pe7~ annum from l/21/6$ to 8/~./~t~ -PAR PAR $17091810$8 4s3O43~ $1709 J~66.88 4a3115~ ~172a448Q75 4m3616~ ~~729865000 40372~.~ 1 _2® Rese 3901. DIDDERS ADDRESS RATE PREMIUM RATE ~ohc. ~luveen & Co, Chicago 1969/19$2wl~,25~ PAR ~171~a5b8.75 1983/1988m1~.~.0~ 4e1~7.53~ Plus additional- interest of 1.00 per annum from 2/1/68 to 2/1,/69 Ebin9 Robertson & Co. Minneapolis 1969/1979~4.25~ PAR $1768819®38 1980/1983®1~a~.0~ ~ y, s 2~1`~ Remolds ~ Co. New York 1.98861988®L..So~ Plus additional interest of 1000 per annum from 2/1/67. to 2/1/68 2. It is hereby determined that the bid of Dair~e Kalman & Quails Inca9 as hereinbefore set forthe is the most favorable :bid and the .same is hereby accepted0 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. I~ - ~~~~ ~~_ 38 The city sha11 forthwith issue its Improvement Bonds of 196? in the principal amount of $37580008 dated November le 19679 being 75 in number and numbered 1 to 758 both inclusive8 in the denomination of $58000 each9 bearing interest at the interest rates set forth in the foregoing bid of Dain9 Kalman & Quai18 Tnc. Such bonds sha11 mature .serially on February 1 in the years and amounts as followsa Year Amount Year- Amount 1969 $ 58000 1979 $208000 19?® 209000 1980 159000 197]. 208.000 1981 2 8000 1972 259000 1982. ~ 158000 1973 258000 1983 208000 1974 zo9o0o 1981 159000 1975 259000 1985 .209000 1976 208000 1986 159000 19?? 259000 1987 20&000 1978 158000 1988 159000 ~. Donds~ mat~°ing in 1982 and thereafter w3.11 be sub3ect to redemption in inverse numerical order on February le 19$1 and any interest pay mew date thereafter at par and accrued interests 5® B®th principal and interest on this issue shall be payable at The First National $ank of Saint Pau.],' Saint ~'aul,- Nl~.nnesotae and the city sha11 pay the reasonable char~ee ~£ said bask for ate serve~e a~ paying agent. 6. The Improvement Bonds of 1967 and ~.x~terest coupons. t+p be thereto at- tached shall be in substanti~.lly the fg7.lowing ~arm~ m3~ Rase 3901 UNITED STATES OF AMERIGA:. STATE OF MINNESOTA. COUNTY OF H~NNEPIN CITY OF RICHFIELD Nos $8000 Improvement Bond of 1967 KNOW ALL MEN BY THESE PRESENTS that the City of Richfielde Hennep~.~~ Countye Minnesotae acknowledges itself to be indebte,~ and for value received here® by promises to pay to bearer out of its Improvement Bonds of 1967' Fund the sum of FIVE THOUSAND IX3LLARS on the lst day of February 19 sand to pay interest thereon from the date hereof until the principal sum is paid at the rate of per annume together with additional, in terest at the rate of one and no hundredths percent (1600) per annum for the period February 18 1968 to February 18 19&98 represented by separate couponse all interest payable August 18 19688 alxl semiannually thereafter on February ]. and August 1 of each year in accordancd with and upon presentation and surrender of the attached interest coupons as they severally become due. Both principal of and interest on this bond are payable at The First National Bank of Saint Paine Saint l au18 Minnesotae in ax~y coin or currency of the United States of America which at the time of payment is legal tender for public and private de'btsb A11 bonds of this issue maturing after February 18 1981 are subject to redemption in inverse numerical order on February le 19818 and ar~y interest payment date thereafter Redemption sha11 be upon payment at par and accrued interests Thirty days prior notice of redempti~r~ will be given in the manner required by lewd, This bond is ®ne of an issue of bonds a.n the total principal amount of $37°80008 all of like date and tenor except as to aerial numbers interest ratese maturity and redempt3oz~ privi2~tge8 all issued pursuant to and in fu11 conformity with the Constitution and laws of the State of Minnesotae including Minnesota Statutes Chapter x.298 as amendede for the purpose of defraying the expenses ire cu~°red and to be incurred in making special. improvements of the city8 such improve® manta being street lightinge curbs and gutters, storm sewers and sidewalks and is payable primarily from special assessments to be levied against property specially benefited thenebye but co nstitutes a general obligation of the citye and to provide moneys for the prompt and full payment of said principal aril interest as the same become dose the full faith ark credit of the city is hereby irrevocably pledged and the city w3.11 levy ad valorem taxes if required for such purpose without lz.mitation as to rate or smountb TT IS HEREBY CERTIFIED AND RECITED that a11. actse conditions and things required by the Constitution ark laws of the State of Minnesota and the home rule charter of the city to be donee to happen and to be performed precedent to and in the issuance of this bond have been donee have happened and have been performed in ~°egular and due forme time and mangier as required by laws and that th~.s bond together with al]. other indebtedness of the city outstanding on the date hereof end the date of its actual issuance and delivQry does not exceed sny conet~.tt~t~.pnal csr statutory 1~.xnitation thereon® ~• v ~J~® Res. 3901 IN WITI~TF-'SS WHEREOFn the City of Richfields Hennepin Countya Minnesotan by its City Councils has authorized this bond to be signed by the facsimile signature of the manager and by the manual signature of the mayor and sealed t~S.th the facsimile corporate seal of the citys. and the interest coupons hereto attached to be executed and authenticated by the facsamile signatures of said officersn all as of November is 1967. (facsimile ) Manager Mayor ' (SEAL) (Form of Coupon) Noo On the 1st day of February (August)s 19 s the City of Richf fields Hennepin Countyn Minnesotan wi11 pay to bearer out of its Improvement Bonds of 197 Fund at 7.'h.e First National Bank of .Saint Pauls Saint Paula Minnesotan the amount shown hereonn being the installment of interest then due on its Imprgve® went Bond of 19b7s dated November is 1967a Manager ayor 7. 1'he 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 samen and the city clerk is authorized to affix the city seal theretos in accordance with the prov3.sions of this resolution and the recitals contained in the bond form as set out in the foregoing Paragraph 6. ~® I°he city has agreed to furnish the approving legal opinion of Messrs. Howardn LeFeveres Lef].ers Hamilton and Pears an to the purchasers and such opinion is hereby ree~„uested.. I'he clerk shall cause a copy of said opinions com plate except as to dating thereofs to be printed on each of the ~ ndss together with a certificate executed by his facsimile signatures in substantially the fol- lowing forma I9 the undersignedn Clerk of the City of Richfields Minnesotan hereby certify that the above is a true and correct Dopy of the 1ega1 opinion on bonds of this issue except for datir~ thereofn which opinion was delivered to me prior to t3.me of bond, delivex°y and is on file in my office, ity C ark . City of Richfield At the time of bond deliverer the clerk shall execute a cert3.fi~ate stat~.ng thatn in facts the legal opinion has been delivered to h~.m ~'or f3.l.ing ~.xa b3.~ off~.c~ and adopting the facsimile signature on each of the bonds. as b.is va~.id signature for purpose of certification. ®~® Rese 3901 9, T'he principa~. of and interest on such Improvement Bonds of 1967 shall be pa~t:i from a special f,x~~d which is hereby created and designated as the Improvement Borg-ds of 1967 Fu~~ue The proceeds of all speoial assessments for the malting of the improvements financed from the proceeds of such bonds shall be paid into such fu~id togethe~° with th~~ p~°oceeds of any tames herein levied on account of such fund provided however9 that if any payment of principal or interest on said bonds shall become due when there is not sufficient money in said fund to pay the samee the trea.sur~er shall pay such principal or interest from the general fund of the city and such fund shall be reimbursed for such advances out of special assessments tsr taxes herein levied when collecteda It is hereby determined ta~.~,f, the p~~o:ce~s :~~° takes herein levied together ~ri.th the proceeds o:i sg~ec;ial assessmer~~,s ~~o t,F :~ ~i~~o for the .improvements being financed b~ such bonds shall be sufficient to produce at ,east five percent (a~) in excess of the amount needed to meet9 when duee the princi® pal and interest~paymerits 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 post of such improve® ments® The city covenants and agrees that it will levy special assessments in an amount which will be sufficient to produce at least five percent ~59~) in excess of the amount needed to meete when duee: the principal and interest payments on the bonds9 when taken together with. ad valorem taxes levied hereino lOm The projects being financed in whole or in past by this bond issuee the total estimated cost of each of such projects and the share of the cost of each such .project constituting the city°s share are hereby determined and dew dared to be as followsa ' I~ro j ect No 0 519 526 539 542 527 531 534 557 536 544 l~,® For the purpose of paling the city°s shale of th est on the said Improvement Bonds of 19678 there ®f the taxable property in the city a direct ad valorem t upon the tax rolls and collected with. and as part of other and shall be paid into the Improvement Bonds of 1967 gund t~o be collected in the yea~°s and am®u~rts as foll,gwsa Total Estimated Cost 108l~28 ~-9 783 118397 58329 2468230 . 58905 28048 48077 3826 28188 419 759 279529 29 501 City°s Share of the Cost $ 88.88 ~e068 e 29978 1$283 23$95® 19338 e principal of and inter® is hereby levied upon all ax which shall be spread genera, taxes of the city a,s prov~.ded9 which tax is ` `~~; ~~~,j ~; ~6~ Year Lei 1 ~- 1969= $3500 1970 3500 1971 3;00 197 3500 1973 3500 1971 0 1975 3 0 1976 3500 1977 3500 1978 3500 1979 35~ 1980 3500 1981 3500 198 3500 1983 3500 198. ~ 3500 1985 3500 1986 35on 1987 3500 Rese 3901 l~Q the clerk is hereby authorised and directed to deliver a certified copy of this resolution to the County Auditor of Henp,epin Countya together vra.th such other information as he may requ3.~°e9 and to obtain his certificate as re~a. iraed by Minnesota Statutese Section ~.75s d3 0 13~ ~h.e tape levies herein provided shall be irrepealable until all of said bonds are paidfl provided that the clerk shall annuallye Prior to October l08 certify to said Gounty Auditor any amount appropriated to the Smprovement Bonds of 197 Fund to ~,ay principal and interest due during the ensuing years ar~1 the Gounty Auditor shall thereuponreduce the levy collectible during such year by the amount so certified, ll~o the said bondse when fully eacecuteds shall be delivered by the treasurer to the purchaser thereof upon receipt of the purchase priee~ and the said purchaser shall not be obligated to see. to the proper application thereof. 15,• 2°he clerk9 treasurer and other officers of the city are authorized at~l directed to prepare ate furnish to the purchasers and to the attorneys approving said bond issue9 certified copies of all proceedings and records relat~ ing to the issuance of said bonds and to the right9 power and authority of the city and its officers to issue the same9 and said certified copies and certificates shall be deemed representations of the city as to all matters stated therein. Passed by the City Council of the City of R chfield this 13th. day. of Novs 19b7e ts~J _ ~~~.-.--, tanley W. Ol$ona Mayor 1 Attest o ~~,~!~~~ ~~~ ~~~ [~,a., ~ ,,..~ ~°homas J. an~~ ClerkA~reas.