RES 1959-34 - 00012989RESOLUTION NO. 34 - 1959
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY
IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957
CHAPTER 385,.
BE IT RESOLVED by the City Council of the City of Fridley,
Anoka, Minnesota as follows:
SEC. 1. The total estimated cost of Sewer & Water Improve-
ment Project No. 15 - 1959 presently has been
estimated at $125,000.00.
SEC. 2. It is now estimated that the sum of $50,000.00
is currently necessary to provide financing of
the projects above noted, 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 improvement projects. _ ,
SEC. 3. There is hereby,created 1959 Sewer & Water Project
No. 15 - 1959 Improvement Fund (Temporary) which
fund shall contain a construction Account as a part thereof into which
shall be paid all proceeds of temporary bonds issued pursuant to this
resolution and similar subsequent resolutions, and out of which shall
be paid all amount due and payable as costs or expenses incident to
or incurred in connection with the making of said improvement.
SEC. 4. There is also hereby created in 1959 Sewer & Water
Project No. 15 - 1959 Improvement Fund (Temporary)
a Sinking Fund Account, which account in said fund may and shall be
termed as the 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 as well as all other monies
therein to be provided by law and out of which shall be paid the
principal and interest on all temporary improvement bonds issued to
finance said project.
SEC. 5. It is hereby determined that the sum of $50,000.00
shall be borrowed to finance said Sewer & Water
Improvement Project No. 15 - 1959 with respect to costs of construction
and expenses necessarily incurred relative thereto to this date, by
the issuance of temporary improvement bonds of the City of Fridley
for said project as authorized in Minnesota Statutes, Sec. 429.01,
Subdivision 3, as amended by laws 1957, Chapter 385.
SEC. 6. Said bonds shall be payable from the Sinking Fund
of the following:
1959 Sewer & Water Project No. 15 - 1959 Improve-
ment Fund (Temporary)
but the City further recognizes its duty under the law, as provided by
Sec. 429.091, and covenants and agrees with the purchaser and all
holders from time to time, of said temporary improvements bonds, at
or prior to the maturity thereof that it will pay and retire such bonds
and the interest thereon out of the proceeds of definitive improve -
ment 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 Sinking Fund of
1959 Sewer & Water Project 15 - 1959 Improvement Fund (Temporary)
or out of other municipal funds which are properly available and are
appr9riated by the council for such purpose-.
SEC. 7. It is hereby determined to levy special assess -
ments against benefited property by reason '
of making of Sewer & Water Improvement Project No. 15 - 1959 and
to levy 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 at such time when said
improvement projects have been completed or thetotal cost thereof
has been determined.
SEC. 8. Said temporary improvement bonds in the amount
of $50,000.00 shall be denominated Sewer &
Water Project No. 15 - 1959 Improvement Bonds (Temporary) Series
"B" shall be 10 in number and numbered from 1 to 10 inclusive,
each in the denomination of $5,000.00, shall bear interest at the
rate of 5 % per annum, payable semi- annually on May 15th, and
November 15th, of each year and shall mature on May 15, 1961, shall
be subject to redemption and pre - payment on 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,
said Treasurer shall maintain a record of the names and addresses
of the holders of said bonds insofar as such information is made '
available to him by the holders thereof, for the purpose of
mailing said notices. The principal and all interest on said
bonds shall be payable at the Fridley City Hall, 6431 University
Avenue NE, P.O. Minneapolis 21, Minnesota.
SEC. 9. Said temporary improvement bonds shall be
mimeographed and when so mimeographed shall
have attached thereto an interest coupon which Bond and coupon
shall be substantially in the following form:
L1
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
No.
$5,000.00
KNOW ALL MEN BY THESE PRESENTS that the City of Fridley, a duly
organized municipal corporation of Anoka County,Minnesota acknowledges
itself to be indebted for value received, promises to pay to bearer
the sum of $5,000.00 on the 15th day of May, 1961, or on a date prior
thereto on which this bond has been duly called for redemption at the
rate of Four Per Cent ( 4 %) per annum, payable semi - annually on the
15th day of May and November in each year, interest to maturity being
payable in accordance with and upon presentation and surrender of the
interest coupon appurtenant thereto, Both principal and interest are
payable at the Fridly City Hall, Fridley, Anoka County, Minnesota
in any currency or coin of the United States of America which on the
respective dates of payment is legal tender for private and public
debts. For the prompt and full payment of such principal and interest
as the same become due the full faith, credit and taxing powers of the
City are hereby irrevocably pledged.
This bond is one of a series in the aggregate principal amount of
$50,000.00 all of like date and tenor except as to serial number, all
issued by said City for the purpose of defraying expenses incurred
and to be incurred in making improvements designated as S & W Improve-
ment Project # 15 - 1958 by the City of Fridley, consisting of the
construction of Water & Sewer Mains authorized by Chapter 429,
Minnesota Statutes, and is issued pursuant to and in full conformity
with resolutions duly adopted by the City Council after hearings as
required by law and pursuant to and in full conformity with the
Constitution and laws of the State of Minnesota thereto, enabling,
including Minnesota Statutes, Section 429,091, Subdivision 3, as
amended by Laws 1957, Chapter 385. This bond is payable first and
primarily from the S & W Improvement # 15 - 1958 Fund but the City
of Fridley 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 S & W Improvement # 15 - 1958 Fund are at any time
insufficient to meet the payment of maturing principal and interest;
and the City of Fridley 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 theretofore
collected and received in said S & W Improvement # 15 - 1958 Fund may
be insufficient for such purpose.
This bond is subject to redemption and pre - payment at the option of
' the City of Fridley 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 must register their names and addresses and the serial numbers
of their bond with the City Clerk.
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
valid and binding general obligation of said City of Fridley according
to its terms have been done, do 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 S & W Improve-
ment Project # 15 - 1958 that the S & W Improvement # 15 - 1958
Fund has been duly created and provision has been made for the support
thereof by special assessments and ad valorem taxes to be levied, at
or prior to the time of the issuance of said definitive improvement
bonds, for the years and in aggregate amounts not less than five per
cent (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 need for said purpose,
will be levied upon all taxable property in the City, without
limitation as to rate or amounts; that the holder hereof shall have
and may enforce by appropriate proceedings all duties imposed by
said Chapter 385 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 indebtness of said City to exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF THE City of Fridley, Anoka 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 the bond and coupon to be dated all as of August 15th, 1958.
n
NO.
S E A L
(Unless the bond described below is called for earlier redemption)
On the day of 19 , the City of Fridley, Anoka
County, Minnesota, will pay to bearer at the City Hall, City of Fridley,
County of Anoka, Minnesota, the sum of
lawful money of ;the United States
of America for interest then due on its
Improvement Bond (Temporary),
CITY MANAGER MAYOR
(Form of Coupon)
No.
( Unless the bond described below is called for earlier
redemption )
ON the day of , 195_, the City of Fridley,
Anoka County, Minnesota, will pay to bearer at the City Hall, City
of Fridley, County of Anoka, Minnesota, the sum of One Hundred
($100.00) Dollars lawful money of the United States of America for
interest then due on its 1959 Sewer and Water Project No. 15 - 1959
Improvement Fund (Temporary).
Dated : May 15, 1959, Series B.
CITY MANAGER - MAYOR
SEC. 10. Said bonds and coupons attached shall be prepared under
the direction of the City Manager 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 mimeographed and authenticated,
by the printed, engraved, lithographed, or facsimile signatures of
said Mayor and Manager. When said bonds have been executed and
' authenticated-they shall be delivered by the Treasurer to the pur-
chaser thereof, upon payment of the purchase price heretofore
agreed upon and accrued interest to date of delivery, and said
purchaser shall not be obliged to see to the applicant thereof.
SEC. 11. The City Manager is hereby authorized and directed to
file a certified copy of this resolution with the County Auditor
of Anoka 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.
SEC. 12. The bonds issued hereunder.shall be payable from 1959
Sewer and Water Project No. 15 - 1959 Improvement Fund (Temporary)
which is hereby created. The treasurer,shall cause all monies re-
ceived_from the proceeds of said bonds, all monies appropriated
and transferred from other funds and all special assessments for
the improvements provided that if any payment of principal or
interest 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 monies to be created to
said fund when said money are collected. All proceeds for said
bonds except accrued - interest shall be credited to the fund and used
to pay the cost of said improvements.
SEC. 13. It is further provided that should it appear at any time
that the monies credited to said fund and provided for the payment
of principal or interest on the bonds when the sums become due are
not sufficient to pay the same, that then the City shall issue
further definitive improvement bonds as authorized and provided in
accordance with Minnesota Statutues, Sec. 429.091, Chapter 475, and
that the proceeds of said further definitive bonds shall be
first used to pay the principal and interest as is then due and
to redeem the temporary bonds issued hereunder.
SEC. 14. The City Council has determined that not less than
eighty percent (80 %) of the total cost of said improvements
will be paid by special assessments to be levied against every
lot, piece or parcel of land benefited by the said improvements. '
The City hereby covenants and agrees that it will do and perform
,as soon as they can be done, all acts and things necessary for
the final and valid levy of such,special assessments, and in
the event that any such assessments be at any time held invalid
with respectto any lot, piece or parcel of land, due to any error,
defect or irregularity, or in aoy action or proceeding taken or
to be taken by the Council or any of the City officers or employees,
either in the making of such assessment,or in,the performance of
any condition precedent thereto, the City and this Council will
forthwith do all such further proceedings as may be required by
law to make such assessments valid and binding liens against such
property, and also shall take such further proceedings as may
be required by law to provide monies for the payment of principal
and interest as the same fall due on the bonds issued hereunder
and to provide for the redemption of the same.
SEC. 15. It is hereby determined that the collection of.special
assessments and the proceeds of monies appropriated and trans-
ferred from other funds is and will be in an amount of at least
five per cent (5 %) in excess of the amount required to pay
the principal of and interest on said bonds when due and that
no ad valorem tax levy is accordingly required.
SEC. 16. The officers of t e City and the County Auditor of
Anoka County are hereby authorized and directed to prepare and
furnish to the purchaser of said bonds and to the attorneys
approving the legality of the issuance thereof, certified copies
of all proceedings and records relating to said bonds 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 bonds
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 therein.
PASSED BY THE CITY COUNCIL THIS 14TH DAY OF MAY,
1959.
Cw
'C.. y4/0^4'6
�l
arence E. Raddy, DYWRUI
ATTEST:
Marvin Brunsell - Clerk
Treasurer
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