1974-5198rRESOLUTION N0. 5198
RESOLUTION AWARDING SALE AND FIXING THE FORM AND SPECIFICATIONS
FOR $3,300,000 GENERAL OBLIGATION IMPROVEMENT BONDS OF 1974,
DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THEIR
PAYMENT
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as follows:
1. The bid of BANCNORTHWEST and others, to purchase $3,300,000 General Obligation
Improvement Bonds of 1974 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 coupon General Obligation Im-
provement Bonds of 1974 in the principal amount of $3,300,000, dated May 1, 1974, being
660 in number and numbered 1 to 660, both inclusive, in. the denomination of $5,000 each
bearing interest as specified in the above mentioned. bid. All interest shall be payable
February 1, 1975 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; $175,000 in
each of the years 1977 through 1988 and $150,000 in each of the years 1989 through 1996.
A11 bonds maturing in 1987 and thereafter shall be subject to redemption in inverse
numerical order on February 1, 1986 and any interest payment date thereafter at par and
accrued interest,
3, Both principal and interest shall be payable at the Northwestern National Bank
of 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.
UNITCD STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION IMPROVEMENT BOND OF 19`14
$ 5,000
KNOW ALL MEN BY THESE PRESENTS That the City of Ric~?field, Hennepin County, Minnesota,
acknowledges itself to be indebted and, for value received, hereby promises to pay to
bearer out of its 1974 General Obligation Improvement Bend Fund the sum of FIVE THOUSAND
DOLLARS on the 1st day of February 19 , 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, 1975, and ~~m:~.annua~.ly thereafter on the 1st
day of February and tb.e 1st day 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 the main office of Northwestern
National Bank of Minneapolis, in the City of Minneapolis, Minnesota, in any coin. or
currency of the United States of America which at the time of payment is legal tender for
public and private debts,
m ~ e
A11 bonds of this issue maturing in 1987 a.nd thereafter sha11 be subject to
redemption in inverse numerical order on February 1, 1986 and any interest payment
date thereafter at par and accrued interests
°~Y~is bond is one of an issue of bonds in the 'to'tal principal amount of $3,300,000,
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 cno'ney to defray the expenses
incurred and to be incurred in construction of various assessable street and street
lighting improvements, pux'suant to and in full conformity caith the Constitution and
Taws of the State of Minnesota, including Minnesota Statutes, Chapter 429, and is
payable primarily from special assessments against property specially benefited there-
by, 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
fu11 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, o~n all of the taxable property i~n the city without limitation as to rate or
amount„
1T ZS ~REB~' CER'TZFIE:D AN:O RECI'1'E~ 't'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 Dave 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 indebted-
ness 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,
1Tt WISE WHRR~O~', the City of Richfield, Rennepin County, Minnesota, by its
City Council., has caused this bond to be executed by t?~e 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 and authent3.cated by the
facsimile signatures of said officers, all as of May 1, 19740
(facsimile signature)
Mayor
Manager
(SHAT)
(dorm of Coupon)
~'o a
On the lst day of liebruary (August, 19 9 the City of Richfield, 1£ennepin
County, Minnesota, wi11 ps!.y to bearer out of its 1974 General Obligatl_o~n °Lmprovement
Bond fund at the main office of I~Torthwestern Mat~.ondl Bax~.k df Minneapolis, in the City
of Minneapolis, Minnesota, the amount shown hereon :gin l.awfa~l money of the lxnited States
of America, for interest then due oe. its General ®bliga.tion lmpro'vement Bonds of 1974,
dated May 1, 1974, Moa
(facsimile signature)
Mayor
facsimile signature) -
Marager
- 3 -
5. The city clerk shall obtain. a copy of the proposed approving legal opinion of
Messrs. 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 forms:
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
1
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.
6. 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.
7. '.the bonds issued hereunder shall be payable from the 1974 General Obligation
Impro'eTement 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 improve-
ments when collected.
8. It is hereby determih.ed that over 20% of the principal amount of this bond
issue has been or will be assessed against property specially benefited by the improve- .
menu financed by this bond issue, and that the cityPs share of the cost of such improve-
ments shall be the balance of the cost of such improvements. `1'o 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 followse
Le year/~~ear of Collection
J
1974/1975
1975/1976
1976/1977
1.977/1978
1978/1979
1979/1980
1980/1981
1981/1982
182/1983
1983/1984
1984/1.985
Amount of `fax Levy
$31,715
35,301
369514
37,726
389939
409151
4193~i3
429393
439145
439899
449560
(continued)
e[~-
1985/1986 X45,038
1986/1987 45,331
1987/1988 19,191
1988/1989 20,585
1989/1990 21,643
1990/1991 22,750
1991/1992 28,700
1992/1993 24,650
1993/1994 25,600
1994/1995 26,550
'The city clerk sha11 deliver a certified copy of this resolution to the County
Auditor of Hennepin County and obtain his certificate as required by Section
475063, Minnesota Statutese
9o 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
with the holders from time to time of said bonds as followse
(a.) The city wi11 cause the assessments for said improvements to be
promptly levied so that the first installment wi11 be collectible no later
than 1975, and wi11 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 wi11 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 therefore and" other funds appropriated for their payment and all col-
lections thereof and disbursements therefrom, moneys on hand and balance of
unpaid assessments.
(d) The city wi11 cause its said books and records to be audited at
least annually by qualified public accountants and wi11 furnish copies of such
audit reports to any interested person upon request,
l00 'Ihe officers, of the city are hereby authorized and directed to prepare and
furnish to the purchaser o~ 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
shown 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 a.s to the facts
stated thereino
Passed by the City Council of the City of Richfield this 29th day of May, 1974a
.~ ,
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,,- ,~~'
`~~~ ~ Toren ho l,aw ~ Mayor
Atte~t ° ,,.
`Thomas 3e Mora,- City Clerk