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1971-4622r.~ RESOLUTION N0. 4.622 1 RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY IMPROVEMENT BONDS, SERIES 28, TO THE IMPROVEMENT BONDS OF 1954, SERIES B, SINKING FUND AND IMPROVEMENT BONDS OF 1959 IN ACCORDANCE WITH MINNESOTA STATUTES, CHAPTER 429 BE IT RESOLVED by the City Council of the City of R3.chfield, Hennepin County, Minnesota, as follows: 1. The total estimated costs of City Pro3ect Nos. 618, 6-19, 620, 621, 643, 628, 640 & 644, otherwise known as storm sewers, bituminous--surfacing-.and concrete sidewalk construction, have been estimated at $450,000.. It is. now estimated that the sum of $450,000 is currently necessary to provide financing for the cost of said projects, and it is hereby determined to be necessary to borrow said amount for the payment of obligations now incurred and. for expenses neces- sarily incurred in connection with-the construction of said projects. There is hereby created City Project Nos. 618, 619, b20, 621,-643, 62$, 640 & 644 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 anal payable as-costs or expenses incident to or incurred in connection with-the making of said improvements. There is also hereby created Series 28 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 $450,000 shall be borrowed to finance said City Projects as follows: City Project No. City Pro,j a et No . City Project No. City Project No. City Project No. City Project No. City Project No. City Project No. 618 $111,654 619 100,770 620 149,822 621 35 ,098 61+3 24,459 628 200 640 24,725 644 3 ,272 $45--~0~ by issuance of Temporary Improvement Bonds of the city as authorized in Minnesota Statutes, Section 429.091, Subdivision 3. Said bonds shall be payable from the Temporary Improvement Bonds Common Sinking Fund, Series 28 accounts, but the city ,_~ ~.: - 2 - 1 further recognizes its statutory duty, as provided by Section ~+2g.091, and covenants and agrees with the purchaser and all. holders 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 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 Cowman Sinking. Fund, Series 28 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 property by reason of the making of City Projects Nos. 618, 619, 620, 621, 6~+3, 628, 6~+0 ~ 6~~+ 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 any definitive-bonds to be issued as herein provided, 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 $x+50,000 shall be dated September 1, 1971; shall be ane in number inclusive; in the denomination of $x+50,000, shall bear interest at the rate of 5% per annum, payable March 1, and September 1, semi-annually of each year-and shall-mature~on September 1, lg7>+, 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 specified for redemption-of said bonds the-City Treasurer shall mail notice of the call thereaf to 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 ~~ ~i ~~ - 3 - UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF HENNEPIIV CITY OF RICHFIELD TEMPORARY IMPROVEMENT BOND SERIES TWENTY-EIGHT No. $450,000 KNOW ALL MEN BY THESE PRESENTS that the City of Richfield, a-duly organized municipal corporation of Hennepin County, Minnesota acknowledges itself to be indebted and for value received, promises to pay to bearer the sum of FOUR HUNDRED FIFTY THOUSAND DOLLARS on the first day of September, 1974 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 being payable in accordance with and upon purchase and surrender of the interest coupon appurtenant thereto: Both principal and interest are payable at the City Hall, City of Richfield, 6800 Portland Ave., Minneapolis, Minnesota, 5542, 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. For the prompt and full payment of such principal and interest as the same became due the full faith, credit and taxing powers of the city are hereby irrevocably pledged. This bond is one, a series in the aggregate principal amount-of $450,000 issued by said city for the purpose of def raying expenses-incurred and to be incurred in the construction of improveme..ts designated as "City Project Nos. 618, 619, 620, 621, 61+3, 628, 640 & 644" by the City of Richfield, consisting of storm sewers, bituminous surfacing and concrete sidewalk, and is issued pursuant to and in full conformity with resolutions-duly adopted by the city council after hearing as required .bylaw and pursuant to and ix~-full conformity with the Constitution and Laws of the State-of Minnesota thereunto enabling, including Minnesota Statutes, Section 429.091, Subdivision 3. This-bond is payble primarily from the Temporary Improvement Bonds Common Sinking Fund, Series 28 accounts of the-city, but the council 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 maturing principal and interest, and is further require~at or prior to the maturity of this bond, to provide far the payment°and~retirement~thereof by the issuance of definitive bonds, to the extent, if-any, that the assessments and taxes or other municipal funds theretofore collected and received in said Sinking Fund may be insufficient for such purpose. 1 - _~ - - J ~, - ~+ - 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 specified 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 HEREBY CERTIFIED, RECITED, 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 beyperformed 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 and provided for the con=- struction of said improvements; that the Temporary Improvement Bonds-Common Sinking-Fund, Series 28, accounts--have been-duly created and provision has been made for the support thereof by ad valorem taxes and special assess- ments 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 (5q) 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 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 may enforce by appropriate proceedings all duties imposed by said-Chapter.?+2q 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 WITNESS 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- cated by the facsimile signatures of said officers, and has caused this bond to be dated as of September 1, 1971. Mayor Manager 1 _'.::~ - 5 - 1 Unless the bond described below is called for earlier redemption No. $11,250.00 On the first day of March, September, la the City of Richfield, Hennepin County, Minnesota, will pay to bearer at the City Hall of the City of Richfield, 6700 Portland Avenue, Minneapolis, Minnesota, 55+23, the sum of ELEVEN THOUSAND TWO-HUNDRED FIFTY DOLLARS lawful money of the United States of America for interest then due on its Temporary'Improve- ment Bond ,Series 28, Dated Sept. 1, 1971. Mayor Manager 1 1 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 .signature of said Mayor and Manager. When said. bond has been executed anc~ 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 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 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 of said bond and to the attorneys approving the legality of the issuance thereof, certified copies of ail-.proceedings.and records relating to.said bond end to the financial affairs of said~.city, 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 them; and. such certificates, certified cop3.es.and.affidavits,. including any heretofore furnished, shall be deemed representations of the city as to the correctness of all statements contained thereon. -6- 1 g. It is hereby determined. that there is at the present time a total amount in excess of $1+50,000 in the various sinking funds which will not be required for other purposes prior to September, 1971}. ~10. It is hereby determined to purchase the aforementioned $1+50,000 Temporary Improvement Bond, Series 28, upon initial issuance, in accordance with the provisions of Minnesota Statutes, Section 171.56 and 1+75.66, out of funds in the following Sinking Funds and in~the foilowin~ amounts and on behalf of said funds, at par and scoured interest as of the date of delivery of said bond and completion of such sale: Sinking Fund Amount Improvement Bonds of 1955- $ 275,000 Improvement Bonds of 1962 75,000 Improvement Bonds of 1965 100,000 Total $ 1+50 ,000 ~l it being further determined to be reasonable-and advantageous to the above sinking funds to invest in said Temporary-Improvement Bond, Series 28, and it being further determined to be reasonable and advantageous to the city to sell said Temporary Improvement Bond, Series 28, in accordance with the provisions of this resolution. 11. The city manager, mayor, and finance officer are hereby authorized and directed to take any and all steps necessary to affect the provisions. of the foregoing resolutions and to make such transfers of funds 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 23rd day of August, 1871. W • ~~ Stanley W. Olson, Mayor 1 ATTEST: ~ ~ ~ ~ Thomas J. ran, Clerk-Treas.