1975-5365r392
RESOLUTION N0. -536.5
RESOLUTION AWARDING SALE AND FIXING THE FORM AND
SPECIFICATIONS FOR $4,600,000 GENERAL OBLIGATION
IMPROVEMENT BON~?S OF 1975, DIRECTING THEIR EXECU-
TION 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 $4.,600,000 General
Obligation Improvement Bonds of 1975 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 checks of
the unsuccessful bidders forthwith.
2. The city shall forthwith issue its negotiable coupon General Obligation
Improvement Bonds of 1975 in the principal amount of $4,600,000, dated May 1,
1975, being 920 in number and numbered 1 to 920, both inclusive, in the denomi-
nation of $5,000 each bearing interest as specified in the above mentioned bid.
A11 interest shall be payable February 1, 1976 and each February 1 and August 1
thereafter until maturity. Such bonds shall mature serially on February 1 in
the amount of $230,000 in each of the years 1978 through 1997. A11 bonds
maturing in 1988 and thereafter shall be subject to redemption in inverse numerical
order on February 1, 1987 and any interest payment date thereafter at par and
accrued interest.
3. Both principal and interest shall be payable at First National Banlc of
Minneapolis in the City 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. $ 5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF RICHFIELD
GENERAL OBLIGATION IMPROVEMENT BOND OF 1975
KNOW ALL MEN BY THESE PRESENTS That the City of Richfield, Hennepin County,
Minnesota, acknowledges itself to be indebted and, for value received, hereby
promises to pay to bearer out of its 1975 General Obligation Improvement Bond
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
. al'1 interest to maturity payable February 1, 1976, and semiannually thereafter
on the 1st day of February and the 1st day of August in each year in accordance
-2-
with and upon presentation and surrender of the attached interest coupons as they
severally become due. Both principal and interest on this bond are payable at
First National Bank of Minneapolis in the City of Minneapolis, Minnesota, in any
coin or currency of the United States of Auaerica which at the time of payment is
legal tender for public and private debts.
A11 bonds of this issue maturing in 1988 and thereafter shall be subject to
redemption in inverse numerical order on February 1, 1987 and any interest payment
date thereafter at par and accrued interest.
This bond is one of an issue of bonds in the total principal amount of
$4,600,000, 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 assessable street and street lighting improvements, pursuant to and in
full conformity with the Constitution and Laws of the State of Minnesota, in-
cluding 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.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions, and things re-
quired 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 WHEREOF, the Gity of Richfield, Hennepin County, Minnesota, by
its City Council, has caused this bond to be executed by the facsimile signa-
ture of the Mayor and the manual signature of the Manager and sealed with the
printed facsimile corporate seal~and the interest coupons hereto attached to be
executed and authenticated by the facsimile signatures of said officers, all as
of May 1, 1975.
(facsimile si ature)
Mayor
Manager
(SEAL)
(Form of Coupon
NO . $ ~-
-3-
On the 1st day of February (August), 19 , the City of Richfield, Hennepin
County, Minnesota, will pay to bearer out of its 1975 General Obligation Improve-
ment Bond Fund at First National Bank of Minneapolis in the City of Minneapolis,
Minnesota, the amount shown hereon in lawful money of the United States of America,
for interest then due on its General Obligation Improvement Bond of 1975, dated
May 1, 1975, No.
(facsimile signature)
Mayor
(facsimile signature)
Manager
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, to-
gether 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 fiime of bond delivery.
(facsimile signature)
City Clerk '
and at the time of delivery the clerk shall prepare a similar separate certifi-
cate 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 purchased by the treasurer
to the purchaser thereof upon receipt of the purchase price, and the purchaser
shall not be obligated to see to the proper application thereof.
7. The bonds issued hereunder shall be payable from the 1975 General
Obligation 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 pro-
ceeds of assessments for said improvements 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 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.
-4-
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:
Levy Year/Year of Collection
1975/1976
1976/1977
1977/1978
1978/1979
1979/1980
1980/1981
1981/1982
1982/1983
1983/1984
1984/1985
1985/1986
1986/1987
1987/1988
1988/1989
1989/1990
1990/1991
1991/1992
1992/1993
1993/1994
1994/1995
1995/1996
Amount of Tax Levy
$328,500
283,500
278,000
272,500
266,000
261,400
255,900
250,400
244,400
238,000
231,500
224,400
217,300
209,600
201,900
193,700
185,500
176,900
168,200
159,300
150,400
'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.
9. 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 follows:
(a) The city will cause the assessments for said improvements to
be promptly levied so that the first installment will be collectible
no later than 1976, and will take all steps necessary to assure prompt
collection.
(b) 7.'hat 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 im-
provement, the assessments levied therefor and other funds appropriated
for their payment and all collections thereof and disbursements there-
from, moneys on hand and balance of unpaid assessments.
1
(d) Z'he 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.
Resolution No. 5365
-5-
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 such other certifi-
cates, 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 represen-
tations of the city as to the facts stated therein,
Passed by the City Council of the City of Richfield this 14th day of May, 1975.
~^
L ren L. La Mayor
ATTEST:
G-
s
Thomas J. Mo City Clerk
~~