1972-4793rRESOLUTION NO. 4793
RESOLUTION AWARDING SALE AND FIXING
THE FOFS~I AND SPECIFICATIONS FOR
$2,100,000 IMPROVEMENT BONDS OF 1972,
DIRECTING THEIR EXECUTION AND DELIVERY
AND PROVIDING FOR THEIR PAYb~~ENT.
BE IT RESOLVED by tie City Council of the City of Richfield,
Minnesota, as follows:
1. The bid of Banc Northwest of Minneapolis, and others, to purchase
$2,100,000 Improvement Bonds of 1972 is hereby found and determined
to be the highest and best bid received, pursuant to duly advertised notice
of sale and shall be and is hereby accepted. The city treasurer is directed
to retain. the good faith check of the successful bidder pending completion
of the sale and delivery of the bonds and the city clerk is directed to
return the check of the unsuccessful bidder forthwith.
2. The city shall forthwith issue its negotiable Improvement Bonds
of 1972 in the principal amount of $2,100,000 dated July 1, 1972,
being 420 in number and numbered 1 to 420, both inclusive, in the
denomination of $5,000 each, bearing interest as follows: 4.OOo on bonds
maturing in the years 1974 through 1977, both inclusive; 4.250 on bonds
maturing in the years 1978 through 1980, both inclusive; 4.50% on bonds
maturing in the years 1981 and 1982; 4.750 on bonds maturing in the years
1983 through 1985, both inclusive; 4.90% on bonds maturing in the year
1986; 5.00% on bonds maturing in the year 1987; 5.10% on bonds maturing
in the year 1988; 5.200 on bonds maturing in the year 1989; 5.25% on bonds
maturing in the years 1990 through 1992, both inclusive; 5.40% on bonds
maturing in the years 1993 and 1994. All interest shall be payable
January 1, 1973 and semiannually thereafter on January 1 and July 1 each
year until maturity. Such bonds shall mature serially on January 1 in the
years and amounts as follows: $65,000 in the year 1974; $125{000 in each
of the years 1975 through 1978, both inclusive; $110,000 in each of the
years 1979 through 1981, both inclusive; $100,000 in each of the years
1982 through 1990, both inclusive; $90,000 in each of the years 1991 anc~
1992; $75,000 in the year 1993; and $50,000 in the year 1994. All bonds
maturing on or after January 1, 1985, shall be subject to redemption in
inverse numerical order on January 1, 1984 and any interest payment date
thereafter at par and accrued interest.
3. Both principal and interest shall be payable at the main office
of the Northwestern National Bank of Minneapolis, in Minneapolis,
Minnesota, and .the city shall pay the reasonable charges of said bank for
its services as paying agent.
4. The bonds and interest coupons to be thereto attached shall be
in substantially the following form:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
• COUNTY OF HENNEPIN
_ CITY OF RICHFIELD
IMPROVEMENT BOND OF 1972
KNOW ALL MEN BY THESE PRESENTS That the~City of Richfield, Hennepin
County, Minnesota, acknowledges itself to be indebted. and, for value
~~eceived, hereby promises to pay to bearer out of its 1972 Improvement
Lond Fund the sum of FIVE THOUSAND DOLLARS on the 1st day of January, 19
and to pay interest thereon from the date hereof until the principal sum
is paa_d at the rate of
all interest to maturity payable January 1, 1973, and semiannually there-
after on the 1st day of January and the 1st day of July in each year in
All bonds of this issue maturing on or after January 1, 1985, are
subject to redemption, in inverse numerical order, on January 1, 1984, and
any interest payment date thereafter at par and accrued interest upon
thirty days' prior notice given in the manner provided by law.
This bond is one of an issue of bonds in the total principal amount of
$2,100,000, all of like date and tenor except as to interest rate, maturity
and redemption privilege, all issued by the city for the purpose of
providing money to defray the expenses incurred and to be incurred in
construction of various sanitary sewer, storm sewer, water main, street
and sidewalk improvements, pursuant to and in full conformity with the
Constitution and Laws of the State of Minnesota, including Minnesota
Statutes, Chapter 429, and is payable primarily from special assessments
against property specially benefited thereby, but constitute general
obligations of the city, and to provide moneys for the prompt and full
payment of said principal and interest as the same become due, the full
faith and credit of the city is hereby irrevocably pledged and the city
council will levy additional ad valorem taxes, if required for such
purpose, which may be levied on all of the taxable property in the city
without limitation as to rate or amount.
accordance with and upon presentation and Burr
interest coupons as they severally become due.
on this bond are payable at the main office of
Bank of Minneapolis in Minneapolis, D'iinnesota,
the United States of America which at the time
for public and private debts.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions, and
things required by the Constitution and Laws of the State of Minnesota and
the home rule charter of the city to be done, to happen and to be performed
precedent to and in the issuance of this bond have been done, have happened
and have been performed in regular and due form, time, and manner as
required by law; and that this bond, together with all other indebtedness
of the city outstanding on the date hereof and the date of its actual
issuance and delivery does not exceed any constitutional or statutory
limitation thereon.
IN WITNESS Tn'HEREOF, the City of Richfield,
by its City Council, has caused this bond to be
signature of the P~.ayor and the manual signature
with the printed facsimile corporation seal and
attached to be executed and authenticated by th
said officers, all as of July 1, 1972.
ender of the attached
Both principal and interest
the Northwestern National
in any coin or currency of
of payment is legal tender
Hennepin County, Minnesota,
executed by the facsimile
of the Manager and sealed
the interest coupons hereto
facsimile signatures of
(facsimile signature)
Mayor
Manager
(SEAL)
(Form of Coupon)
No.
On the 1st day of January (July), 19 the City of Richfield,
Hennepin County, Minnesota, will pay to bearer out of its 1972 Improvement
Bored Fund at the main office of the Northwestern National Bank of Minneapolis
Minneapolis, Minnesota, the amount shown hereon in lawful money of the
United States of America, for interest then due on its Improvement Bond
of 1972, dated July 1, 1972, No.
(facsimile signature)
Mayor
Manager
:~
5. The bonds of this issue maturing on or after January 1, 1985,
shall be subject to redemption on January 1, 1984, and any
interest payment date thereafter upon thirty days' prior notice given
in the manner provided by law.
6. The city clerk shall obtain a copy of the proposed approving
legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton
and Pearson, which shall be complete except as to dating thereof and
shall cause said opinion to be printed on each bond, together with a
certificate to be signed by the facsimile signature of the clerk in
substantially the following form:
I hereby certify that the foregoing is a full, true and
correct copy of the legal opinion executed by the above
named attorneys, except as to the dating thereof, which
opinion has been handed to me for filing in my office
prior to the time of bond delivery.
(facsimile signature)
City Clerk
and at the time of delivery the clerk shall prepare a similar separate
certificate and the clerk is hereby authorized and directed to execute
such certificate in the name of the city upon receipt of such opinion
and to file the opinion in his office.
7. The bonds shall be prepared under the direction of the city
clerk and shall be executed on behalf of the city by the
facsimile signature of the Mayor and the manual signature of the City
Manager and the facsimile corporate seal of the city shall be printed
on each thereof, and the interest coupons shall be executed and
authenticated by the printed facsimile signatures of said Mayor and
Manager. The said bonds, when fully executed, shall be delivered by
the treasurer to the purchaser thereof upon receipt of the purchase
price, and the same purchaser shall not be obligated to see to the proper
application thereof.
8. The bonds issued hereunder shall be payable from the 1972
Improvement Bond Fund. 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 same, the treasurer shall pay such principal or
interest from the general fund of the city and such fund shall be
reimbursed for such advances out of proceeds of assessments for said
improvements when collected.
9. It is hereby determined that, over 200 of the principal amount of
this bond issue has been or will be assessed against property
specially benefited by the improvements financed by this bond issue,
and that the city's share of the cost of such improvements shall be the
balance of the cost of such improvements. To pay the city's share of the
cost of such improvements there is hereby levied a direct, irrepealable
ad valorem tax against all taxable property in the city in the years
and amounts as follows:
Year of Collection Amount of Tax Levy
1973 $150,900 `
1974 146, 300
1975 143,300
1976 141,600
1977 138,900
1978 120,000
1979 _118,300
1980 116,700
1981 105,100
1982 102,600
1983 102,500
1984 99,600
1985 96,800
1986 93,700
y.
7
1
1987 90,600
1988 87,400
1989 ~ 84,100
1990 70,100
1991 81, 800
1992 62,300
1993 38,800
The city clerk shall_ deliver a certified copy of this resolution to the
County Auditor of Hennepin County and obtain his certificate as required
by Section 475.63, Minnesota Statutes.
10. It is hereby determined that the improvements to be financed
by the `issuance of bonds hereunder will benefit the entire
city and the city hereby covenants ~~ith the holders from time to time
of said bonds as follows:
(a) The city will cause the assessments for .said
a_mprove:nents to be promptly levied so that the first install-
ment tail l' be collectible no later than 1973, and will take
all steps necessary to assure prompt collection.
(b) That if any assessment is for any reason set aside
by a court of competent jurisdiction or if any part of the
proceedings are invalid for any reason, the city council
will make a reassessment or a new assessment as to such
parcel or parcels. -
' (c} The city will keep complete and accurate books and
records showing all receipts and disbursements in connection
with each improvement, the assessments levied therefor and
other funds appropriated for their payment and all collections
thereof and disbursements therefrom, moneys on hand and balance
of unpaid assessments.
(d) The city will cause its said books and records to
be audited at least annually by qualified public accountants
and will furnish copies of such audit reports to .any
interested person upon request.
1
11. The officers of the city are hereby authorized and directed to
prepare and furnish to the purchaser of the bonds and to the
attorneys approving the same certified copies of proceedings and records
of the city relating to said bonds and to the financial condition and
affairs of the city, and such other certificates, affidavits and transcripts
as may be required to show the facts within their knowledge or as shotrn
by the books and records in their custody and under their control relating
to the validity and marketability of said bonds, and such instruments,
including any heretofore furnished, shall be deemed representations of
the city as to the facts stated therein.
12. It is hereby determined that the proceeds of such bonds shall
be used to provide financing for city projects 644 (1952 sidewalks) and
646 (storm sewers) in addition to the projects listed in the resolution
authorizing issuance and advertising for sale of the bonds. The proceeds
of the bonds shall also be used to provide interim interest on all
projects for the financing of which the bonds are issued.
Passed by the city council of the City
ti
ATTr,r ""
,,.,
of Richfield this ~:th day of J~are, 1972.
~/ i~ '~;
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-~ ~oren L. Law ~ ~~~ Mayor
^z~m~; ,T ;. *:r.,r~,r City Clerk