1969-4249r
~~
RESOLUTION N0, 4249
RESOLUTION DIRECTING THE ISSUANCE AND SALE OF,~.'EMPORARY
IMPROVEMENT BONDS, SERIES 26, TO THE IMPROVEN~ENT BONDS
OF 1955 SINKING FUND IN ACCORDANCE WITH MINNESOTA STAT-
UTES, CHAPTER 429
BE IT RESOLVED by the city council of the City of Richfield, Hennepin
County, Minnesota, as follows:
1. The total estimated costs of City Project Nos. 565, 568, 569, 578, 586,
587, 611, 612 & 613, otherwise known as sidewalk, curb and gutter, con-
crete paving, grading and bituminous surfacing and storm sewers, have been
estimated at $797,453. It is now estimated that the sum of $355,000 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 projects. There is hereby
created City Project Nos. 565, 568, 569, 578, 586, 587, 611, 612 & 613 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 Series 26 accounts in the
Temporary Improvement Bonds Common Sinking Fund into which fund shall be paid
the proceeds of all special assessments levied against benefited property by
reason of the making of said improvements and out of which shall be paid
principal and interest on all temporary improvement bonds issued to finance
said projects.
2. It is hereby determined that the sum of $355,000 shall be borrowed to
finance said City Projects as follows:
City Project No.
City Project No.
City Project No.
City Project No.
City Project No,
City Project No.
pity Project No.
pity Project No.
City Project No.
City Project No.
' City Project No.
City Prq~.~ct No.
City Project No.
City Project No.
City Pxoject No..
Gity Project No.
565 $ 50,000,00
568 220,2Q0.00
569A 8,200.00
569B 4,400.00
569C 4,400.00
578 4, 750', 00
586 14,150,00
587A 17,500.00
587B 3,400.00
587D 3,000.00
587E 4,900,00
587F 2,000.00
587G 1,400,00
611 .14,000,00
612 ,..2,OUO~OU
613. 7D.U-, U0
$355.000,00
~2~
by issuance of Temporary Imparovement Bonds of the city as authorized in
Minnesota Statutes9 Section 429sJ919 Subdivision 3, Said bonds shall be
payable from the Temporary Impro~rement Bonds Common Sinking Fund, Series
26 accounts; but the city further recognizes its statutory duty9 as pro-
vided by Section 42900919 and covenants and agrees-with the purchaser and
all holders from time to time of said temporary improvement bonds9 at or
prior to the maturity thereof 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
I~.p,r~~c~ement Bonds 9 to the ext~n ~ that the -same canra~t be ps rd out of funds
avai~ab~le in the Tem~;~:~~!ry Im~p~~vement Bonds Commo.~~ Saiu~Riin~ sund9 Series ~~
accounts, or out of other nmunic~ipal funds whic?n are properly available and
are appropriated by the council for such purpose.
3, It is hEreby determined to levy special assessments against benefited
property by reason of the making of City Projects 5659 5689 5699 5789 5869
587, 611, 612 & 613 and ad valorem taxes9 if necessary9 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 issued as herein provided9 such special assessments to be placed on the
tax-rolls subsequent to the time when said City Projects have-been completed
and the total costs thereof have been determined,
4. Said temporary improvement bonds in the amount of $3559000 shill be dated
September 19 1969; shall be one in number inclusive9 in the denomination of
$35590009 shall bear interest at the rate of 5% per annum9 payable March 1
and September 1 semi_annually of each year-and ,shall mature on September 19
19728 shall be subject to redemption and prepayment of any interest payment
date9 at par and accrued interest, Not less than 30 days before the date
specified for redemption of said bonds the City Treasurer shall mail notice
of the call thereof to the holder9 if known9 and said Treasurer shall t~.aintain
a record of the names and addresses of the holders of said bond insofar as
such information is made available to him by the holders thereof9 for the
purpose of mailing said notice> The principal of and interest on said bond
shall b~ payable at the Richfield City Ha119 6700 Portland Avenue9 Minneapolis,
Minnesota, 554230
5o Said Temporary improvement bond shall be mimeographed with attached
interest coupon in .substantially the following forme
i
~o~.J
~3m
1
UNITED STA`Z~S 0~' AMERICA .
Sl'A3'E Of' MIN~ESO'~.'_A
+GOUNTY OF' HENA3EPIN
CITY Of' RICHFIELD
TEMPORARY Il"IPROVEN~N'1' BOND SERIES Z'~tTEN`I'Y®5IX
1
1
r_~~-r
$355,000
I~TOF~ ALL MEfiT BY THESE P~~;~SE'N1'~, ghat the City o?= Ri,~_h.i~.,~ld~ ~ duly organm
ized municipal corporation of Hennepin County, Minnesota acknowledges
itself to be indebted sand for ~ralue received, promises to pay to bearer
the-sum of THREE HUNDRED F'If'TY®FIVE THOUSAND DOLLARS on the first day of
September, 1972 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 has been duly called for redemption at the
rate of five percent (5%~ per annum, payable semi_annually on the first day
of March and the first day of September in each year, interest to maturity
tieing-payable in accordance with and upon purchase and surrender of the
interest-coupon appurtenant thereto, Both principal and interest are pay-
able at the City Hall, City of Richfield, 6700 Portland Aveo9 Minneapolis,
Minnesota, 55423, in any currency or coin of the United States of America
which on the respective dates of payment is public tender for~priva.te and
public debtse For-the prompt and full payment of such principal and inm
serest ~s the same become due-the full faith, credit and ta~€ing powers
of the city are hereby-irrevocably pledged,
This bond is one, a series in the aggregate principal amount of X3559000,
issued by -said city for the purpose of defraying ~e~epenses incurred and
to be incurred in construction of improvements designated as "City Project
Nose 565, 568, 569, 5789 586, 5879 6119 612 & 6139 by-the City of Richfield,
consisting of sidewalk9 curb and gutter, concrete paving9 grading and bitum-
inous surfacing and storm sewer~9 and is issued pursuant to and in full CDn-
formity with resolutions duly adopted by the city council after hearing as
required by-law and pursuant to and in full conformity with the Constitution
and Laws of the State of Minnesota thereunto ~enabling9 including Minnesota
Statutes9 Section 429,0919 Subdivision 3o This bond is payable primarily
from the Temporary Improvement Bonds Common Sinking Fund9 Series 26 accounts
of the city9 but the cnuncil is required to pay .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 sufficient to meet the payment of maturm
ing principal and int-erest.g and is furtkaer required at or prior to the matur-
ity of this bond, to provide for the payment and retirement thereof by the
issuance of definitive bonds9 to the e~€tent9 if-any., that the assessments
and taaces or other municipal funds theretofore coll.~cted and received in
said Sinking Fund may be insufficient for such purposed
-~~:~-
~. --~
m~,
1
1
This bond is subject to redes~peion and prempaymen.t 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 ~zave their names and addresses
and the serial numbers of their bonds recorded by the City Treasurer.
IT IS ~BY CERTI~'Li~'.1r, ;~C?`~:~'l9, COVENANTED ~~ 1~~BBS.~ tk~z:~~, all acts,
conditions and things required by 'the Gonstitutiv~rb and laws of the State
of Minnesota to be done, to exist, tv happen and ro 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 performed as so required; that
the•city has duly determined the necessity of ana provided for .the con
struction of said improvements; that the Temporary Improvement Bonds Common
Sinking Fund, Series 2.6, accounts have-been duly created and provision has
been made for-the support thereof by ad valorem taxes and special asses.s-
ments to he 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 all
bonds payable from-said fund as such principal and interest become due, .and
additional taxes., if needed far 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 proceedings all
duties imposed by said Chapter~429 upon the •city and its officers with re~
ference 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 constitutional or sta-
tutory limitation.
IN WITNES'S WHEREOF the City of Richfield, 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®
sated by the facsimile signatures of said officers., and has caused this
bond to be aatea as of September 1, 1969.
Mayor
Manager
1
t`~ ® ~r
~Sm
1
Unless the bond described below 3.s called for earlier redemption
No.
On the first day of March, Septembers 19 s the City of Richfield9
Hennepin County9 Minnesota9 will pay to bearer at the City Ha11 of the
City of Richfielde 6700 Portland Avenues Minneapolis9 Minnesota, 55423,
the sum of RIGHT THOUSAND EIGHT' HUNUI~E:O S~~N`lY~~f'I~ ~LL,ARS lawful
mou~}• of the United States of ~nerica for interest then due on its Temm
~oz~iry Improvement _~~~di Serz-~ 269 :Gated Sept. a ay,~9.
$8875.00
Mayor
Manager
r
i
1
6, Said bond sha11 be prepared under the direction of the city clerk
and sha11 be executed on behalf of the city by the signatures of the
Mayor and Managers and the corporate seal of the city shall be affixed
thereto, and the appurtenant interest coupon shall be executed and authenm
ticated9 by the printede engraved or lithographed facsimile signature of
said Mayor and Manager. When said bond has been executed and authentim
cated9 it shall be delivered by the Treasurer to the purchaser th~ereofg
upon payment of the purchase price heretofore agreed upon and said perm
chaser shall not be obliged to see to the application thereof.
7. The City Clerk is hereby authorized and directed to file a certified
copy of this resolution with the County Auditor of Hexmepin 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. T`he 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 bond and t~ the attorneys approving the legality of the issuance
thereof9 certified copies of all proceedings and records relating to said
bond and to the financial affairs of said city9 and such. other affidavits
certificates and information as may be required to show the facts relat~
ing 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 them9 and such certificates, certified copies and affidavits
including any heretofore furnisheda shall be deemed representations of the
city as to the correctness of all statements contained thereon.
dim
9, It is hereby determined that there is et the present time en amount
in excess of $3558000 in the Improvement Bonds of 1955 Sinking Fund •u~hich
uri11 not be required for other purposes prior to September 19 19a2o
10e It is hereby determined to purchs:se the aforementioned $3559000 I'emm
porgy Improvement Bond9 Series 269 upon i.nitiel issuance in accordance
t~ith the provisions of Minnesota Stetutes~ Section 41056 end 4~So669 out
of funds in the Improvement Bonds of 19549 Sinking Fund end on behalf of
said fund9 at par ar~d eccru~~i. interest as of the :~~at:e of r ~ livery of said
bond and completion of such sa1e9 it being further determined to be reasonm
able and advantageous to the Improvement Bonds of 1955 to invest in said
temporary improvement bond9 Series 269 and it being further determined to
be reasonable and advantageous to the city to sell said temporary impro~r~e~
ment bond9 Series 26 in accordancw with th_e provisions of this resoluti®n,
11, 'Tk~e~city manager9 mayor9 and finance officer are hereby author~.zed
and directed to take any and all steps necessary to affect the provisions
of the foregoing resolutions and to make such tre.nsfers of funds as may
be necessary from time to time9 to give effect to the provisions thereofo
Passed by the city council of the City of Richfield this 8th day of
September9 1969°
1
Attest a ~~ ~~ _~~~~~.rz~?~...
Zhomas Je Mo ~ n9 ClerkmTreaso
1
Stanley Wo 0 song Mayor
I
cam, ~
- -_=~