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1976-5528r575 t i RESOLUTION N0. 5528 RESOLUTION DIRECTING THE ISSUANCE AND SALE OF TEMPORARY IMPROVEMENT BONDS, SERIES 30, TO THE IMPROVEMENT BONDS OF 1965, 1973 AND 1974 SIl~TKING FUNDS AND THE PERMANENT IlKPROVEMENT REVOLVING FUND IN ACCORDANCE WITH MINNESOTA STATUTRSy CHAPTER 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 Project No. 674, otherwise known as permanent stre~t'surfacing and. street lighting construction, has been estimated at $3,800,000. It is now estimated that the sum of $3,800,000 is currently necessary to provide 'financing for the cost of said projects, and it is hereby determined to be necessary ` to borrow said amount for the payment of obligations now incurred and for expenses necessarily incurred in connection with the construction of said project. There is ' .hereby. created City Project No. 674 Bond Funds into which shall be paid the proceeds of temporary bonds issued pursuant to this resolution and out of which shall 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 30 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 $3,800,000 shall iie borrowed to finance said City Project: City Project No. 674 $3,800,000 by issuance of Temporary Improvement Bonds of the city as authorized in Minnesota Statutes, Section 429.091, Subdivision 3. Said bonds shall be payable from the Temporary Improvement Bonds Common Sinking Fund, Series 30 accounts, but'the city further recognizes its statutory duty, as provided by Section 429.091, and cove- nants-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 i.m- ~provement bonds which the council shall issue and sell at or prior to the maturity of the Temporary Improvement Bonds, to the extent that the same cannot be paid out of funds available in the Temporary Improvement Bonds Common Sinking Fund, Series 30 accounts, or out. of other municipal funds which are properly available and are appropriated by the council for such purpose. ~~. :~ _ ~. -2- 3. It is hereby. determined to levy special assessments against benefited property by reason of the making of City Project No. 674 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 $3,800,000 shall be-dated Maq 1, 1976,~sha11 be one in number inclusive, in the denomination of $3,800,000 shall. bear interest at the rate of 5°/o per annum, payable November 1, and May 1, semi-annually of each year and shall mature on May 1, 1979, 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 and addresses of the holders of said bond insofar as such information is made. available to h3.m by the holders thereof,.-for the purpose of mailing said notice. The principal of and interest on laid bond shall be payable at. the Richfield City Hall, b700 Portland Avenue, rLinneapolis, Minnesota, 55423. . 5. Said Temporary Improvement Bond shall be offset printed with attached interest coupon in substantially the following form: 576 -3- ° UNITED STATES OF AMERICA ' STATE OF MINNESOTA ° COUNTY OF HENNEP.IN CITY OF RICHFIELD TEMPORARY Il~ROVEME'NT BOND SERIES THIRTY N0. ~ ~ ~ $3,800,000 KNOW ALL MEN BY THESE PRESENTS that the City of Richfield, a duly organized municipal-corporation of Hennepin County,- Minnesota, acknowledges itself to be indebted and for value received, promises to pay to bearer the sum of THREE MILLION EIGHT HUNDRED THOUSAND DOLLARS on the first day of May, 1979 • or on a date prior thereto on which this bond has been duly called for re- demption, and to pay interest thereon from the date hereof until paid or until this bond has been duly called for redemption at tha rate of five percent~(5%) per annum, payable semi-annually on the first day of May and the first day of November in each year, interest to maturity being payable in accordance with and upon purchase and surrender of the interest coupon appurtenant thereto. Both principal and interest are payable at the City Hall, City of Richfield, 6700 Portland Avenue, Minneapolis, Minnesota, 55423, in any currency or coin of the United States of America on which the respective dates of payment is public tender for private and public. debts. For the prompt and full payment of such principal and interest as the same became due the full faith,'credit and taxing powers o~f-the city are hereby irrevocably pledged. This bond is one, a series in the aggregate principal amount of $3,800,000 issued by said city for the purpose of defraying expenses incurred and to be incurred in the construction of improvements designated as"City Project No. 674" by the City of Richfield, consisting of 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 conformity with the Constitution and Laws of the_ State of Minnesota thereunto enabling, including Minnesota Statutes, Section 429.091, Subdivision 3. This bond is payable primarily from the Temporary Improvement Bonds Common Sinking Fund, Series 30 accounts of the city, but the council is required to 'pay the principal 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 by the issuance of definitive bonds, to the extent, if any, that the assessments and taxes or other municipal funds there- tofore collected and received in said Sinking Fund may be insuffic~.ent-for such purpose. -4- This bond is subject to redemption and pre-payment at the option of the city on any 3.nterest 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 provided for the construction of said improvements; that the Temporary Improvement Bonds Common Sinking Fund, Series 30, 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 . ~limitation•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.• 7N WITNESS WHEREOF the City of Richfield, Hennepin 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 May 1, 1976. Mayor Manager 577 -5- Unless the bond described below is called. for earlier redemption N0. ~ ~ $95,000.00 On the .first day of May, November, 19~ ~, the City of Richfield, Hennepin County, Minnesota, will pay to bearer at the City Hall of~the City of Richfield, • 6700 Portland Avenue, Minneapolis, Minnesota, _55423, the sum~of NINETY FIVE • THOUSAND DOLLARS lawful money of the United States of America for interest then due on its Temporary Improvement Bonds, Series 30, Dated May 1, 1976. 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. When 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. 7. 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. ~e 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 o.f the issuance thereof, certified copies of all 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. ,: -6- 9. It is hereby determined that there is at the present time a total amount --_ in excess of $3,800,000 in the various sinking funds and-other funds~of the city which will not be required for other purposes prior_fo May,-1979._-- 10. It is. hereby-determined tb purchase the aforementioned $3;800,000 Temporary - Improvement Bond, Series 30 upon initial issuance, in accordance with the pro- visions of Minnesota Statutes, Section 471.56_ and 475.66, out of funds in the following Funds and in the_following.amounts and on behalf of said funds, at par - and accrued interest as o~ the date of delivery of said bond and completion of such -sale: _- _ __ - _ _ " Fuxid -_ -_--=- _- -"__~_- - -=~-Amount - == _- --- Permanent Improvement Revolving Fund ---=_$-500,000 ---- -- _ _ _ _ Improvement Bonds of 1965 - _ - -_ _- - - 200,000 Improvement Bonds of _1973 __ -2,200,000 - Improvement Bonds of 1974 - =_- 900,000 - $3,800.000 it being further determined to be reasonable and advantageous to the above-funds to invest in said Temporary Improvement Bond, Series 30; and it-being-further _~- determined to be reasonable and advantageous to the city to se11-said Temporary Improvement Bond, Series 30, in accordance with the provisions of -this resolution. - ~ll. The-city manager, mayor; and finance officer are hereby-authorized and directed to take any and all steps necessary to affect the provisions of the foregoing resolutions and to make transfers of funds as may be necessary from time to t3.me, to give-effect to the provisions thereof.. `-..Fassed by the Gity Council_of the Cit~_of-Richfield this 26th day-of April, 1976. -- ---e - ----- _ ---_--- _ _-- __- __-__~-- -- :_ -~~- - --_ - - L. Law ATTEST: U ~ __._ Thomas J. Mo n City Clerk