Loading...
1970-4446ri3 RESOLUTION N0. 4446 RESOLUTION DIRECTING THE ISSiJANCE AND SALE OF TEMPORARY IMPROVEMENT"BONDS, SERIES 27, TO THE IMPROVEMENT BONDS SINKING FUNDS, IN ACCORDANCE WITH MINNESOTA STATUTES, 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: 586,. 587, .592, -593, -594, 595,.:. 597, 598,-599, 600,,601, 616 &:617, otherwise known::as_si.dewalk,..curb..and.gu~ter, connrete•paving,;grading~~and-bituminous surfacing::and-storm sewers, have.. been.. - -estimated at °$686;737. It is now estimated-.;that -the sum--of $500.,000 is_ currently necessary to•provide financing .for. the ..cost .of said~pro~ects, and it..ia_hereby determined-to=be-necessary.-to borrow eaid_amount for:the payment of.obligations now incurred and for.expenses:necessarily incurred. in. connection..with the con- struction_of_sai.d.pro~ects,...:-There:.is:hereby.created~City_.Pro~ect_Nos..586, 587 592, 593, 594,.595, 597,:598;.599:,.600.,.601.,,616_&...616_Bond:.Funds.into which shall be paid the-proceedss.of temporary: bonds=.issued:upursuant_.to..this-.resolution. and out o-f which shall be gad all affiounts=~:dtxe~-and~_payabi:e -aa- costs or expenses incident~t©-or~•incurred--zrr-connection with°~the ~makng•of said improvements.....There •-is also hereby- created:°Series 27 accounts °-in-:the Temporary Improvement. Bonds.. Common Sinking- Fund inta~ which -fund shall be.~paid:the-proceed:s:_af. a11. special ..asseasment~:r -levied. against •-bex~efited-:property ,by ~•reanon-~of- the making of said improvements and out of which shall be paid principal and interest on all temporary improveinent~~-bonds°issued-^~o-fina~rce~said-pro~ects. 2. It i.s;•hereby determined that the sum of $500,000 sha11 be borrowed to finance said City Pro°~}ects as~fol-lows: - City Project No. 586 $ 2,733.00 City Project No~. 587 500.00 City Project No. 592 29,272.00 City Project No. 593 151,534.00 City Pro~ect~ -No.• 594 27,248.00 City Project No. 595 12,037.00 City Pro~ect- ~No: 597 39,809.00 City Project -No.• 598 41,366.00 City Project No. 599 33,209.00 City Project No:~ 600 20,670.00 City Project No. 601 16,325.00 City Pro3~et NQe~ 616 108,772.00 City ~Pro~eet Rio. 617 16;525.00 $50 000.00 ~~ 2 by issuance of Temporary Improvement Bonds of the-city as authorized in Minnesota Statutes, Section X29.091, Subdivision3. Said bonds shall be payable from the Temporary--Improvement Bonds Common Sinking Fund, Series 27 accounts, but the city further recognizes its statutory duty, as pro vided by Section '~+2Q~091, and covenants and agrees with the. purchaser ar~d all holde.rs.: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 definitive-improvement bonds which the council- sYrali~ issue and sell at or prior to ahe' 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 Sinkin~~.Fund, Series 27 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 3evy special assessments against benefited property by reason of the making-of City Projects 586, 587, 592, 593, 59~+, 595, 597, 598, 599, 600, 601; 616 & 617 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 anydefinitive-bonds to be issued~as herein provided, such special assessments to~be-paced on the tax rolls subsequent to the time when said City.Pro~e~cts have been completed and the total costs thereof have been determined.' 4. Said temporary improvement bonds in the amount of $500,000 shall be dated September-1,'1970; shall he~-one in number inclusive; in the denomination~of $500,000, shall bear interest at the rate of 5q per annum, payable March l; and September 1, semi-annually of .each'ysar and shall mature on September 1, 19.73.,. shall he sub.~e.at~to..redemption and prepayment -of any:'interest payment date, at_ par and accrued ~inte.rest. Not lessthan 30°'.days before the date .specified for. redemption ~ of said::bonds . the ~ City Treasurer°-sha:]:1- mail notice of the.ca;11 thereof t:o the holder, if'known, and said Treasurer shall maintain - 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- thereof, for' the purpose of mailing`said-notice. The principal of and interest on said bond shall. be payable at the Richfield City Hall, 6700 Portland Avenue-, Minneapolis, Minnesota .55+23. 5. Said Temporary improvement bond shall be mimeographed with attached interest coupon in substantially the following form: 1 ~o _~~ UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF RICHFIELD TEMPORARY IMPROVEMENT BOND SERIES TGTENTYmSEVEN No, $500,000 KNOW ALL MEN BY THESE PRESENTS that tYse City of Richfield, a duly organo ized municipal corporation of Hennepin County, A'linnesota acknowledges itself to be indebted and-for. value received, promises to paY to~bearer the sum of FIVE HUNDRED THOUSAND DOLLARS on the first day of September9 ~~.~`C~ or oaa a date .px°ior thereto ~ on which this bond'.has'-been- duly called for redemption; and to pay intsrest-thereon~from the date hEreof until paid or until this bond has been drt3:ycalled-i°or-redeption at the rate ~af five percent (5q) per axaraum•, °payable semi-annually on the first day of March --and -the-first day of September'in e~.ch years interest..to . maturity be~3ng payable in accordance with and upon purchase and surrender of the interest c~oupon~ ~appurt~enant- thereto a Both principal and interest are payable~at the City Ha~.l, City of Richfield, 6700 Portland Ave,, Minn® eapolis , Minnesota, 55+2'3, in any currency ~ or coin of the United States of America on which the respective dates of payment is public tender for private and public debts e- For the .prompt and~frtl.l payment of such principal and interest as .the same._.bec.ame due. .the full faith, cr~:dit and taming powers of. the _cit~ -ars_hereby irrevoc:ab1~ ple.dgede This bond is.one, a series~in the aggregate principal amount of $500,000 issued by said city for the purpose of•defraying expenses incurred and to be incuxred.in~-construction of improvements deBignated as "City Project Nose 586, ~5~-7 592; 593, 59~, X595 § -.597, 598,. 599, 600, 601, 616 & 617, by the City of Richfield, cons~isting..of sidewalk.., curb and gutter, concrete paving, gradixag-~~aaad bitur-riso~as -surfacing and -storm sewers , and is issued pursuant to and in full-conformity with resolutions duly adopted by the city council after hearing as required by law and pursuant to and in full conformity-with the ConstitLitkon and-Laws of the State of Minnesota thereunto enabling, tract>zding-Minnesota•Statutes=, Section~+29o091, Subdivision 3o This .bond is p~able.pximarly from th:e-Teauparary-Improvement Bonds Common Sinking Fund.., Series. 27 ~.ecounts of .the city, but the council is required to pay the principal and interest-thex°eon~out-of any funds in the treasury in the event that tYae: monies- on hand: in ;said:._funds. are at~ any time sufficient to meet the payment of matur°ixig..principal and interest, and is further required at or prior to the matu~°ity o~ this.-bid., 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 farads theretofore collected and received ira said Sinking Fund may be insufficient for such purposed ~~ 1 ~- 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 ~°edemption mailed-not less tkaan 30 days prior to the date specified for such-redemption, to the holder, if isnowna Bond holders desiring to receive such notice may have their names and addresses atad the serial numbers of their "bonds recorded by the City Treasurero IT IS HEREBI' CERTIFIED, RECITEDs COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State 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 erf said city according to-its terms have been done., do e~cist-; have.-happened~analhave been performed as so-required9 that the city has:_-duly determined the neces~ity•of and provided-for-the con struction of: said improvements:; that the Temporary Improvement Bonds Common Sinking .Fund, Series 27, accounts have been duly created and provision has- been made for tine support thereof by•ad valorem taxes and special assess- manta 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 (~%) in excess..of scams sufficient to pair 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:city9 without limitation as-to rate or amount; that~the holder hereof shall have and may enforce by appropr~:ate proceedings all duties imposed by said-.Chapter-•~+~9 upon the. city-axad its officers with' re® Terence .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 indehtedness of. said city to exceed .any .consti.tutional o.r sta® tutory limitationo TN WITNESS WHEREOF tine-City of Richfield, Hennepin County, Minnesota, by its City Council,. has caused this b.an3 to.be~executed-in its `behalf by the signature of its mayox°-and-manager and sealed with-its official seal, and the interest coupons appurtenant thereto to be executed and authenti Gated by the facsimile signatures of said officers, and has caused this bond to be dated as of September 1, 197000 Mayor • Manager 7~ 1 =- Unless the bond described below..is called for earlier redemption Ho, $12,500.00 On the first day of Marchy September~,~19 ,the City of Richfield Hennepin County,. ~.Minnes®~a, will pay .to be~are~° ~at the -City.-Hall of the City of Richfield, 6700 Pdrtland~Avenue, Minneapolis, Minnesota, 5523, the sum of TWELVE THOUSAI~' FTf1E-•IitJHDRED- DOLI,A~2S lawful° money of the United States ®f America for interest then due on its Tem- porary Improvement Bond, Series 27, .Dated Septa 1, 19700 Mayor Manager 6a Said bond shall be prepared'under-the direct3.r~ ~sf the city clerk and shall be executed on behalf-of the city by-the signatures of the Mayor and ~+lan~er~, -and •the-~c~rporate -•se-a3 ~of • the ~ city shall be affixed. thereto, anr~° the -appurtenant-f:rxte~°estT ~uprna- smell ioe-=executed atad authen® ticated, by~the printed engraved-or •l,ithographerl-facsimile signature of said Mayor•-and Managexa i~h~s~'aa3.d.band..Yras ~beea~•~exectzted,.and_authenti® cated, it siaa-11 be • delivered _b~r..~the~~ Tre~.s~zx°exp- to• th~~-pu~°chasez° ~ thereof, upon payment of the purchase price heretofore agreed upon and said pur~ chaser sha3:1•~not be• obliged°to-see°~the-~.pplieation-thereof`o 7e The City Clerk is hereby authorised and directed to f~,le a ~~~~t,s~-a~d copy of this resolution ~3.th the County Auditor-of Hennepin County, together with such~other~3nformation as he shall require and-to obtain from said County Auditor a certificate that said bonds have been entered on his bond registero ~a The ofa~,cers of the city.. and the-County Auditor of Hennepin County are hereby -authorized° and directed to prepare axad• ftz~°raish to the purchaser of said bond-•-arsd~ to the- atto~°neys° appx°ov3:xxg_ the °•I:egn;3;ity of the issuance thereof, ~ex°ti•fi~ed copies~of all proceedings- and x°ec~rds-relating.to said bond and t-o the~#inaxrcial-affars~of-said city9 and•.such°:other affidavitse certificates~and•information°as°may-be°required~~to~show-the .facts relator ing to tka-elegality and marketability.. of°said-bond- as° the: same appear from the books and- records~•under their custody; ands control o~ as other wise known-°to• them, ~and°such certificates;° ce~rti~ied- copies and affidavits, - including any heretofore furnished, shall be deemed representations of the city as to the correctness of x,11 statements contained thereono d p) 1 -6® g. It is---Yaereby~dc~termined that there is at the present time a total amount in excess of $500,000 in the various sinking funds which will not b~e required for other purposes prior to September, 1973. 10. It is hereby determined to purchase the aforementioned $500,000 Temporary Imp~°ovement Bond, Series 27, upon initial issuance, in accordance with the provisions of Minnesota-Statutes,'Section x+71..56 and ~s75.66, out of funds in the following Sinking Funds and in the following ~touaats and on behalf of said funds, at par and accrued interest as of the date of delivery of said bond €~nd completion of such sales Sinking Fund Amount Improvement Bonds of 1960 $ 60,000 Improvement Bonds of 1961 x+0,000 Improvement Bonds of 1962 250,000 Improvement Bonds of 1965 150,000 Total $ 500,000 it being further determined to be reasonable and advantageous to the above sirakirrg .funds to ingest- in said Temporary:-IVmprogement Bond, Series 27, and it ~being° farther°determined to be~ reasonab~:~ ~ arad advantageous to the city to sell said Tempos°a~°y Improvement Bond., Series 27, in accordance'~with the-provisions-. of~~ this•~ z°eso3.ution. 11. The city manager, mayor.', and finance officex°~-areke.reby authorized and directed~to take 'any and all steps necessary-to-af~eet the provisions of the foregoing resoltions and to make such tranfers of fuaads -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 l~-th day of September, 1970. !.~ • c Sta~aley W. Olson, Mayor U~ Attesto~ Thomas ~'. M 9 Clerk®Treas.