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1973-4990rRESOLUTION Noo 4990 RESOLUTION A47ARDING SALE AND FIXING THE FORM AND SPECIFICATIONS FOR $6,300,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1973, DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT. BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as followse 1. The bid of BANCNORTHWEST, DAINb KALMAN & QUAIL, INC.; SMITH, BARNBY & COMPANY, INC., to purchase $6,300,000 General Obligation Improvement Bonds of 1973 is hereby found and determined to be the highest and best bid received9 pursuant to duly advertised notice of sale and shall be and is hereby acceptedo fibs city treasurer is directed to retain the good faith check of the successful b?_dder 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 coupon General Obligation Improve- ment Bonds of 1973 in the principal amount of $6,300,0009 dated May 1, 1973, beings 1,260 in number and numbered 1 to 1260, both inclusive, in the denomination of $5,000 each bearing interest as specified in the above mentioned bid. A11 interest shall be payable February 1, 1974 and each February 1 and August 1 thereafter until maturity. Such bonds shall mature serially on February 1 in the years and amounts as follows: $400,.000 in 1976, $350,000 in each of the years 1977 through 1980, both inclusive9 and $300,000 in each of the years 1981 through 1995, both inclusive. A11 bonds maturing in 1986 and thereafter shall be subject to redemption in inverse numberical order on February 1, 1985 and any interest payment date thereafter at par and accrued interests 3. Both principal and interest shall be payable at the Northwestern National Bank of Minneapolis, Minnesotae 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. UNITED STATES OF AMERICA. -STATE OF MINNESOTA COUNTY OF HENNEPIN CITY OF RICHFIELD GENERAL OBLIGATION IMPROVEMENT BOND OF 1973 $5,000 Know all men by these presents That the City of Richfield9 Hennepin County, Minnesota, acknowledges itself to be indebted and9 for value received9 hereby promises to pay to bearer out of its 1973 General Obligation Improvement Bond Fund the sum of FIVE THOUSAND DOLLARS on the 1st day of February, 19 9 and to pay interest thereon from the date hereof until the principal sum is paid at the rate of all interest to maturity payable February 1, 1974, and semiannually thereafter oza the 1st day of February and the 1st da.y of August in each year in accordance with and upon presen- tation and surrender of the attached interest coupons as they severally become due, Both principal and interest on this bond are payable at in any coin or currency of the United States of America which at the time of payment is m 2 - legal tender for public and private debtso All bonds of this issue maturing in 1986 and thereafter shall be subject to redemption in inverse numerical order on February 1, 1985 and any interest payment date thereafter at par and accrued interest® 'T'his bond is one of an issue of 'bonds in the total principal amount of $6,3©0,000, all of like date and tenor except as to interest ratea 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 improvements, pursuant to and in ~.=. _1 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 amounto I2 IS HEREBY CFR'III'IEH ANB RFCI'1'ED I`hat 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 out- standing on the date hereof and the date of its actual issuance and delivery does not exceed any constitutional or statutory limitation thereon, IN WITNESS WHEREOF, the City of Richfield, Hennepin County, Minnesota, by its City Council, has caused this bond to be executed by the facsimile signature of the Mayor and the manual signature of the Manager and sealed with the printed facsimile corporation seal and the interest coupons hereto attached to be executed a,nd authenticated by the facsimile signatures of said officers, all as of May 1, 19730 (facsimile signature) Mayor Manager (SEAL) (form of Coupon) No, On the lit day of February (August), 19 , the City of Richfield, Hennepin County, Minnesota, will pay to bearer out of its 1973 General Obligation Improvement Bond Fund at the amount shown hereon in lawful money of the United States of America, for interest then due on its General Obligation Improvement Bonds of 19739 dated May 1, 1973, Noa (.facsimile signature) Mayor Manager .aim 5. Z'he city clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Lef"evere, Lefler9 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 forma I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above named attorneys9 except as to the dating thereof9 which opinion has been handed to me for filing in my office prior to the time of bond delivery, (facsimile signature) City Clerk 1 and at the time of delivery the clerk sha11 prepare a similar separate certificate and the clerk is hereby authorised 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. 6, Z'he bonds sha11 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 fu11y executed, sha11 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 there®f. 7, `1"he bonds issued hereunder sha11 be payable from the 1973 Gener~.1 Obligation Improvement Bond Pund, 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 improve- "'~ ments when collected, 8, It is hereby determined that over 20% of the principal amount of this bond issue has been or will be assessed against property specially benefited by the improve- ments financed by this bond issue9 and that the city°s share of the cost of such im- provements shall be the balance of the cost of such improvements, 'fo pay the city°s share of the cost of such improvements there is hereby levied a direct, irrepealable ad valorem ta.x against all taxable property in the city in the years and amounts as followse Levy Fear/year of Collection 1973/1974 1974/1975 1975/1976 1975/1977 1977/1978 1978/1979 1979/1980 1980/1981 1981/1982 1982/1983 1983/1984 1984/1985 (continued) AYmount of `fax Levy $ 98.9091 1409933 889534 909894 939252 959611 459103 499404 539391 579377 619049 649720 4 .w 1985/1985 67,918 1986/1987 70,960 1987/1988 74,001 198$/1989 76,728 1989/3.990 79,454 1990/1991 81,866 1991/1992 84,277 1992/1993 86,.689 1993/1994 133,218 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 475.3, Minnesota Statutes, 9. It is hereby determin.j._!. that the improvements to be financed by the issuance of bonds hereunder will benefit the entire city and the city hereby covenants with the holders from time to time of said bonds as follows: (a) The city will cause the assessments for said improvements to be promptly levied so that the first installment will be collectible no Iater than 1a74, 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. 1 (c) The city will keep complete and accurate books and records showing all receipts and disbursements in connection with each i*nprovement, th,e assessments levied therefor and other funds appropriated for their payment and all collections thereof and disbursements therefrom, moneys on hand and balance of unpaid assess- ments. (d) The city will cause its said books and records to be audited at Ieast annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. 10. 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 sucks other certificates, affidavits and transcripts as may be required to show the facts within their knowledge or as shown by the books and records in their custody and under their control relating to the validity and marlcetm ability of said `bonds, and such instruments, including any heretofore furnished, shall be deemed representations of the city as to the facts stated therein. Passed by the City Council of the City of Richfield~h~s 16th day ~~ Ma~~, 1973. 1 Attest: °~ Thomas J. More. City Clerk •,, ren Lo"Law Mayor