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RES 1959-51 - 000130391 RESOLUTION NO, 51 - 1959 A RESOLUTION-DIRECTING•THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957s CHAPTER 385, IN THE AMOUNT OF $55,000 TO FINANCE S & W # 16. BE IT RESOLVED, By the Council of the City of Fridley, Anoka'County, Minnesota, as follows: SEC; 1. The total estimated cost of Sewer & Water Improvement Project # 16- 1958 has been estimated at $177,000.00. SEC, 2, It is now estimated that the sum of - $55,000.00 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 Sewer & Water Improvement # 16- 1958 Fund (temporary) which shall contain a construction account as a part thereof into which shall be paid all proceeds of temporary bonds issued pursuant to this reso- lution and similar subsequent resolutions, 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 improvement. SEC 4. There is also hereby created in Sewer & Water Improvement # 16 - 1958 Fund (temporary) a sinking Fund Account, which account is- 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 there- in to be paid as provided by law and out of which shall be paid the principal and interest on all temporary improvement bonds issued to finance aaid projects. SEC: 5. it is hereby determined that the sum of $55,000.00 shall be borrowed to finance -- said Sewer & Water Improvement Project # 16 -1958 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 as authorized in Minnesota Statutues, Sec, 429.01, Subdivision 3, as amended by laws 1957, Chapter, 3850 _: _ I RESOLUTION NO. 51 - 1959 - Continued. SEC. 6. Said bonds shall be payable from the Sinking Fund of the following: Sewer & Water Improvement # 16 - 1958 Fund. 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 improvement 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 improvement 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 Sewer & water Improvement # 16- 1958 Fund or out of other municipal funds which are properly available and are appropriated by the Council for such purpose. SEC. 7. It is hereby determined to levy speci'aP assessments against benefited property byreason of the making of Sewer & Water Improve- ment Project # 16 -1958 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 the total cost thereof has been determined. SEC. S. Said temporary improvement bonds in the amount of $55,000.00 shall be denominated Sewer & Water Improvement Project # 16 -1958 Bond Series "C" (temporary) shall be eleven (11) in number and numbered from 1-to eleven (11), inclusive, each in the denomination of $5,000.00, shall bear interest at the rate of 5 % per annum, payable semi- annually on 15th day of July, and 15th dayof December, of each year and shall mature on 15th of July 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 Fridley City Hall, 6431 University Avenue,NE, Minneapolis 21, Minnesota. RESOLUTION NO. 51 - 1959 Continued 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: Ll 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 acknow- ledges itself to be indebted for value received, promises to pay to bearer the sum of $5,000.00 on the 15th day of July , 1961 or on a date prior thereto on which this bond has been duly called for redemption at the rate of five per cent (5 %) per annu, payable semi - annually on the 15th day of July and January in each year, interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupon appurtenant there - to,. Both principal. and interest are payable at the Fridley 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 sambe 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 $ 55,000.00 all of like date and tenor except as to serial number all issued by said City for the purpose of defraying expenses in- curred and to be incurred in making improvements designated as S & W Improvement Project # 16 - 1958 by the City of Fridley, con- sisting of the construction of Water & Sewer Mains authorized by Chapter 429, Minnesota Statutes, and is issued pursuant to and in full conformity with resolution duly adopted by the City Council after hearings as required by law and pursuant to and in full con- formity with the Constitution and la*.•!s 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 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 #16 -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 retire- ment 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 S & W Improvement # 16 - 1958 Fund may be insufficient for such purpose. This bond is subject to redemption and prepayment 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 Cit *r Clerk. r 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 be done, to exist, to happen and to be per - formed 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 Improvement Project # 16 - 1958 that the S & W Improvement # 16 - 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 apd interest become due, and additional taxes, if need for said purpose, c 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 indebtedness 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 July 15,'1959. S E A L NO. $ 100.00 (Unless the bond described below is called for earlier redemption) On the _ day of , . ., 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 huntied= dollars ($100.90) lawful money of the United States of America for interest then due on its S & W Improvement Proiect # 16 - 1958 Improvement Bond (Temporary) CITY MANAGER MAYOR 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 hereto- fore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. PASSED BY THE CITY COUNCIL THIS 9TH DAY OF JULY, 1959. ATTEST: YOR - Frank C. LaG n CITY MANAGER - Clarence E.Maddy Marvin C. Brunsell - CITY CLERK