1972-4836rRESODUTION No. 4836
R1;SOEUTION DIRECTING THE ISSUANCE AND SAFE OF TEMPORARY
IMPROVEMENT BONDS, SERIES 29, TO THE IMPROVEMENT BONDS OF
1955 1956, 1959, 1960, 1962 and 1965 SINKING FUNDS IN
ACCORDANCE WITH MINNESOTA STATUTES, CRAFTER 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 Projects Nos. 635, 642, 647A-H, and 649,
otl~ierwise known as storm sewers, permanent street surfacing and street lighting
construction, have been estimated at $1,125,000. It is now estimated that the
sum of $1,125,000 is currently necessary to provide financing for the cost of
said projects, acid it is hereby determined to be necessary to borrow laid 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, 635, 642, 647AmH, and 649 Bond Funds into which sha11 be paid
the proceeds of temporary bonds issued pursuant to this resolution and out of
which sha11 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 29 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 $1,125,000 sha11 be borrowed to finance
said City Projects as follows:
City Project No. 635 $ 20,000
City Project No. 642 906,600
City Project No. 647A-H 1$6,400
City Project No. 649 12,000
$1,.125,000
by issuance of Temporary Improvement Bonds of the city as authorized in Minnesota
Statutes, Section 429.091, Subdivision 3. Said bonds sha11 be payable from the
Temporary Improvement Bonds Common Sinking Fund, Series 29 accounts, but the city
further recognizes its statutory duty, as provided by Section 429,091, 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 sha11 issue and sell at or prier ro the maturity of the Temporar}=
Improvement Bonds, to the extent that the same cannot be paid out of funds available
in the Temporary Improvement Bonds Common Sinking Fund, Series 29 accounts, or out
of other municipal funds which are properly available and are appropriated by the
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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, 635, 642, 647A-H and
649 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 $1,125,000 shall be dated
September, 1, 1972, shall be one in number inclusive, in the denomination of
$I,125,OOO,sha11 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,
1975, 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
thereof to the holder, if known, and said Treasurer shall maintain a record of
the names ar~d 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 55423.
5. Said Temporary Tmprovement Bond
coupon in substantially the followin
be mimeographed with attached interest
shall
g form:
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trzR7xT~~~ STATES ~~~ A,~~~~RI~;.~
STATE U~ MTNN~ SU`~A
CUI7N`fi~ UI' ~IEN~~EP
CI`~~ OF RIC~i~IET~~~
TL`L~'~3I~'~.k~~~ ~~~P~~U~p~;tNT BUNS SPa?~~~,~ rx~T~NTy~Nii°~E
NU a $~ 3 l2 5 G~t~r~,
:KIVUW ALL I~N~~1 '~' '~:~f.S~ ~?€~BS~N'TS that the U:~ty ~~f ~:iwhfield a duly r;~:-ga.~r.? ~e~s
mun:i~:ip~.~. ti~~l`~,~.;~~K~~.~~ t~f He€inepin County, M~.xinesc~ta ac~e:~cawledges tsel}~ ~4~
be :~.radebted and £or -~=slue received, prom~.ses to pay to bearer thy: sum •~f
UNE Mi_L'l:IU~S U~~IE H~T~U~D Ti~'E'N'i'Y~FI~ TFiUL~SANU DULLARS on the first da;r ~,*i
:~eptember, x.975 or can a date prior thereta~ on wh~.ch th.:LS bond has been. d~~-Y
called f;~r redempticyrr., anal to pay Interest thereon £rom the date hereof 4~n:~,„d
paid or until th:%s bond "has been duly called for redemption at the rate ac
five percent (5%~ per annum, payable semiannually on the first day of 'Ciar•~
and the first day of September in each year, interest to maturity being pa.yah~~.~.°:
in accords.nce with and upon purchase and surrender of the interest cs~up~ar;.
appurtenant. thereto Both principal and interest are payable at the Civy-5~.;~.:u..;
City of Richfield, 600 Portland Avee, Minneapolis, Minnesot:s., 5542:3, :gin ~.ny
currency or coin of the United States of America on which the respective date~~~
of payment is pub~.ic tender for private and public debts f~'or the prompt ~.r~~
full payment of such principal and interest as the same became due the f~.:al~.
faith, creda.t and taxing powers of the city are h~:reby irrevocably pledged
This bond is one, a series in the aggregate principal amount of $1,125,000
issued by ss.id city for the purpose of defraying ea~penses incurred and to b
incurred :Ln th.e construction of improvements designated as "City Project ~~~~_~..
635, 642, 647A~H, and 649" by the City of Richfield, consisting of storm se~s~-'.
permanent street surfacing and street lighting construction, 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 conforml.t~i
with the Constitution and Laws of the State of Minnesota thereunto enabl.~.ng,
including Minnesota Statutes, Section 429®091, Subdivision 3a 'ibis bond is
payable primari~.y from th.e Temporary Improvement Bonds Common Sinking fund,
Series 29 accounts of th,e city, bait the council is required to pay the princ~,p~,~_
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 required at or prior to the
maturity of this bond, to provide for the payment and retirement thereof b•y the
issuance of definitive bonds, to the extent, if any, that th.e assessments and
taxes or other municipal funds theretofore collected anal received in sa.~..d Sin:~~~n
Fund may be insufficient for such purpose,
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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 be performed preliminary 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, to exist, have happened and have been
performed as so required; that the city has duly determined the necessity of and pro-
vided for the construction of said improvements; that the Temporary Improvement
Bonds Common Sinking Fund, Series 29, accounts have been duly created and provision
has been made for the support thereof by ad valorem taxes and special assessments
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 (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 for
said purpose, may be levied upon all taxable property in the city, without limi~
tation 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 reference 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 statutory
limitation.
IN WITNESS WHEREOF the City of Richfield, Hennpin 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 authenticated by the facsimile signatures
of said officers, and has caused this bond to be dated as of September 1, 1972.
Mayor
Manager
'~
~/~
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Unless the bond described below is called for earlier redemption
No. $28,125.00
On the first day of March, September, 19 the City of Richfield
Hennepin County, Minnesota, will pay to bearer at the City Ha11 of the
City of Richfield, 6700 Portland Avenue, Minneapolis, Minnesota, 55423,
the sum of TWENTY EIGHT THOUSAND ONE HUNDRED TWENTY FIVE DOLLARS lawful
money of the United States of America for interest then due on its
't'emporary Improvement Bonds, Series 29, Dated Sept, 1, 1972,
Mayor
Manager
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 authenticated, by
the printed, engraved or lithographed facsimile signature of said Mayor and
Manager. W1zen said bond has been executed and authenticated, it shall be
delivered by the Treasurer to the purchaser thereof, upon payment of the
purchase price heretofore agreed upon and said purchaser shall not be obliged
to see the application thereof,
~. 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 alI proceedings and records relating to said bond and to
the financial affairs of said city, and such other affidavits, certificates and
information as may be required to show the facts relating to the legality and
marketability of said bond as the same appear from the books and records under
their custody and control or as otherwise known to them,. and such certificates.,
certified copies and affidavits, including any heretofore-furnished, shall be
deemed representations of the city as to the correctness of all statements
contained thereon.
9. It is hereby determined that there is at the present time a tote]. :?mount
in excess of $1,125,000 in the various sinking funds which. will not be required
for other purposes prior to September, 1975,
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!.~~.; s, i~ z-, ; .~~y a~e~°~;:~mi.n.e~i to purchs.se the afs~~.:ementirsned $x.,125,000 e~cior.~,~'y
~~ ~~,~r~ _ ~ ~er~e~ 29~ upon initial issua~~c~~~ in accordance with thy. ~~-~vq..a~ ~:.
__ ~~~..,~utesY Se~~tion ~~71.56 and X75.66, oat of funds in the ft~x.~~~.~~.~3„
:~~:~ ~.~; ~`~~~~~ .~~«~ ~n the following amounts and on betial f cif said funds, s.t ps.
~~~~' ~ ~~c:r~ed snterest as of the date of delivery of said bona and completion ~,f ~u~~
'3°„ ~ G a
~i1'lkin~ ~"und ~~11YOl.3nt
Drip ~ o~.~emen t .Bonds ca f 19.5 5 ,~ 300 , 000
Inxp ~o~~e~~~en ~: Bonds o f 19 60 100 , 000
~~.p~:o~~ern~;nt Bonds of 1962 275,000
Irt~~~r'o~vement Bonds of 1965 200,000
Ix~~presvemenr. Bonds of 1956 100,000
Improvement Bonds of 1959 150,000
$1,125,000
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~~~; tAein.g f~z:~t'her determined to be reasonable- and advantageous to the above sinking;
f~~_~:~s to invest in said '.~'emporary Improvement Bond, Series 29, and it being
further determined to be reasonable and advantageous to the city to sell said
"temporary Improvement Bond, Series 29, in accordance with the provisions of this
a~esolution.
"~,~.~ "fk~ie city manager, mayor, and finance officer are hereby authorized and directed
t6 take any and all steps necessary to affect the provisions of the foregoing res~,.3.,u~
ti4~~.s and to make such transfers of funds as may be necessary from time to tame,
to g:%ve effect to the provisions thereof.
~a.ssed by the city council of the City of Richfield this 11th day of Septemb~r~
19:120
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ren L. Law
t1.L.17e:,-Le
~.~ L-
~~omas J. Mor'y~n, Clerk-`frees.
Mayor