RES 1962-19 - 00012319FI
U
RESOLUTION N0. 19 -1962
RESOLUTION AWARDING SALE OF $295,000 GENERAL OBLIGATION IMPROVEMENT
BONDS, FIXING FORM AND SFECIFICr:T10NS THEREOF, DIRECTING THEIH EXE-
CUTION AND DELIVERY AND PROVIDING FOR THEIR FAYMENT.
BE IT RESOLVED By the City Council of the City of Fridley, Minn-
esota, as follows:
(1) The bid of Juran & Moody, Inc. of St. Paul, Minnesota ( and
associates) to purchase #295,000 Improvement Bonds of 1962 is hereby
found and determined to be the highest and best bid received and shall
be and is hereby accepted, and the Mayor and City Manager are here-
by authorized and directed to endorse an acceptance on said bid, said
bid being to purchase said issue for a price of par plus a premium
of $ -C- and accrued interest to date of delivery for bonds bearing
annual interest as follows:
3.10% on bonds maturing in the years 1964 through 1969;
3.50% on bonds maturing in the years 1970 through 1973; and
3.80% on bonds maturing in the years 1974 through 1982, all dates
inclusive; plus additional interest on all bonds at the annual
rate of 2.00% from August 1, 1962 to February 1, 1963.
The Treasurer is directed to retain the good faith check of the pur-
chaser pending completion of the sale and delivery of the bonds, and
the City Manager is directed to return the checks of unsuccessful
bidders forthwith.
F
(2) The City of Fridley shall forthwith issue its negotiable
coupon Improvement Bonds of 1962 in the principal amount
of $295,000, said 'onds to be dated May 1, 1962, to be 295 in number
and nwnbere4l through 295 both inclusive, in the denomination of
$1,000 each, bearing interest as above set forth, payable February 1,
1963 and semiannually thereafter on August 1 and February 1 of each
year and maturing serially on February 1 in the years and amounts as
follows:
$40,000 in each of the years 1964 through 1967, inclusive; $35,000 in
the year 1968; $ 10,000 in each of the years 1969, 1971, 1973, 1975,
1577, and 1979; and $5,000 in each of the years 1970, 1972, 1974, 1976,
1978, 1980, 1981 and 1982;
with bonds maturing in the years 1975 through 1982 subject to tedemp-
tion and prepayment at the City's option on February 1, 1974 or any
interest payment date thereafter at a price of 101 -1/2% of par, plus
accrued interest.
(3) Both principal of and interest on said bonds shall be payable
at the main office of the Fidelity Bank and Trust Company in
Minneapolis, Minnesota, and the City shall pay the reasonable charges
of said bank for its services as paying agent and shall furnish `,he
printed and executed bonds and unqualified approving legal opinion of
Messrs. Howard, Peterson, LeFevere, Lefler and Haertzen of Minneapolis,
Minnesota, without expense to the purchaser, which opinion is hereby
recuested. The Clerk is hereby directed to cause a copy of the opinion,
complete except as to dating thereof, to be printed on each bond to-
gether with a certificate executed by his facsimile signature, in
substantially the following form "I, the undersigned City Clerk of the
City of Fridley, Minnesota, do hereby certify that the above, except
for dating thereof, is a full, true correct copy of the legal
opinion delivered to me prior to the delivery of this bond and on file
in my office. *"
* At the time of bond delivery, the Clerk shall execute a certificate
stating, in fact, that the legal opinion has been delivered to him for
filing in his office and that the fttsimile signature on each of the
bonds has been adopted by him as his valid signature for purposes of
certification.
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19
20 RESOLUTION NO. 19 -1962 (continued)
(4) The bonds and the interest coupons shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
CCUNTY OF ANOKA
CITY OF FRIDLEY
IMPRCVEMF.NT BOND OF 1962
FIRST SERIES
No.
$1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Fridlsy, Anoka
County, Minnesota, acknowledges itself to be indebted and for value
received hereby promises to pay to bearer, or. the lst day of `ebruary,
19_, the sum of ONE THOUSAND DOLLARS, or if this bond is prepayable
as stated below, then on a date prior thereto on which it shall have
been duly called for redemption and prepayment, and to pay interest
thereon from the date hereof until the principal amount is paid at
the rate of per cent( ) per
annum together with additional interest thereon from August 1, 1962
to February 1, 1963 at the rate of two and no hundredths ;er cent
(2.00 %) per annum, represented by a separate "B" coupon attached here-
to, interest to maturi ty payable February 1, 1963 and semiannually
thereafter on the 1st day of August and the 1st day of February in each
year in accordance with and upon presentation and surrender of the
interest coupons hereto attached as they'severally become due. Both
principal and interest are payable at the main office of the Fidelity
Bank and Trust Company in 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. For the prompt and full
payment of such principal and interest as the same respectively become
due, the full faith, credit and taxing powers of the City have been and
are hereby irrevocable pledged.
This bond is one of a series of $295,000 principal amount, all of like
date and tenor except as to serial number, maturity date, interest rate
and redemption privilege, all issued by the City for the purpose of
providing funds to defray costs and expenditures incurred and to be
incurred in the construction of certain street, sanitary sewer, water
and storm sewer improvements and is issued pursuant to and in full
conformity with the Constitution and laws of the State of Minnesota
thereunto enabling including Minnesota Statutes, Chapter 429 and pur-
suant to resolutions duly adopted by the City Council, and is payable
primarily from Improvement Bond Fund of 1962, First Series, but tte
Council is required to pay the principal and interest hereof out of any
funds in the treasury in the event money on hand in said fund is at any
time insufficient to pay maturing principal and interest.
Bonds of this issue bearing serial numbers 1 through 240 are payable
on their respective stated maturity dates without option of prior
payment, but bonds bearing serial numbers 241 through 295 ( having
stated maturity dates in the years 1975 through 1982) are each subject
to redemption and prepayment at the option of the City in inverse order
of serial numbers on February 1, 1974 and any interest payment date
thereafter, at a price of par and accrued interest plus a premium of
$15.00 for each bond so redeemed. All prepayments will be made on
notice of call for redemption mailed by the City Treasurer not less
than thirty days prior to the date specified for redemption, to the
bank at which principal and interest are then payable and to the
holder thereof, if known. Holders of said prepayable bonds who desire
to receive such notice of redemption must register their names, add-
resses and bond serial numbers with the City Treasurer.
T
LL
RESOLUTION NO. 19 -1962 (continued)
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and things
required by the Constitution and laws of the State of Minnesota and
the Charter of said City to be done, to happen, to exist and to be
performed precedent to andin the issuance of this bond, have been done,
have happened, do exist and have been performed in regular and due fora,
time and manner as so required; that Improvement Vond Fund of 1962,
First Series, has been duly created and provision made for the support
thereof by collection of special assessments levied and interest thereon
in the years and in aggregate amounts not less that 5% in excess of
sums sufficient to pay the principal hereof and interest hereon as they
become due; and that additional ad valorem taxes, if needed, will be
levied upon all taxable property in the City without limitation as to
rate or amount, and that the issuance of this bond did not cause the
indebtedness of the ity to exceed any constitutional or statutory or
charter limitation thereon.
IN WITNESS 4vHEREOF, the City of Fridley, Anoka County, Minnesota, by
its City 'ouncil, has caused this bond to be executed in its behalf
by the facsimile signature of the Mayor and the manual signature of its
City Manager, and its corporate seal to be hereto affixed, and has
caused the attached interest coupons to be executed and authenticated
by the facsimile signatures of said officers, all as of May 1, 1962.
-�C� ,Cl ui✓R
CITY MANAYER
NO.
(Fora of Coupon)
L f `
MAYC
On the first day of February (August), 19_, the City of r'ridley,
Anoka County, Minnesota, will pay to bearer at the main office of the
Fidelity Bank and Trust Company in Minneapolis, Minnesota, the sum of
DOLLARS for interest then due
on its Improvements Bond dated May 1, 1962, No.
MAYOR
CITY MAN"
(5) The bonds shall be prepared under the direction of the
City Manager 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 corporate seal of theCity shall be affixed
to each thereof, and the interest coupons shall be executed and auth-
enticated by the printed facsimile signatures of said officers. vrhen
the bonds have been so executed, they shall be delivered by the Treas-
urer to the purchaser thereof upon receipt of the purchase price here-
tofore agreed upon, and the purchaser shall not be obligated to see to
the proper application thereof.
21
G G RESOLUTION NO. 19 -1962 (Continued)
(6) The bonds issued hereunder shall be payable from the Imp-
rovement Bond Fund of 1962, First Series, account hereby
created as part of the Special Assessment Fund of the City, 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 Treas-
urer 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 levied for said improvements and such ad valorem taxes
as may be levied.
(7) For the prompt and full payment of the principal and interest
on said bonds as the same respectively become due, the full
faith, credit and taxing powers of the City are hereby irrevocable
pledged. io provide money for the payment of said principal and int-
erest as the sane become due, it is hereby determined that 100% of the
cost of the improvements incorporated in this bond issue have been or
will be assessed against benefitted property; that said assessments
shall bear 6% annual interest on the unpaid balances from year to year;
that Installments of principal and interest on assessments made against
said benefitted property will provide funds at least 5% in excess of
the amounts needed to pay maturing principal and interest on said
bonds as they respectively become due; and that no ad valorem tax is
required to be levied, provided however, that if money on hand in said
fund is at any time insufficient or will be insufficient to pay such
principal and interest, the �'ouncil shall levy such additional ad valorem
taxes on qll taxable property without limitation as to rate or amount.
(8) The Clerk is hereby authorized and directed to file with the
county Auditor of Anoka County a certified copy of this resolution, to-
gether with such other information as the County Auditor may require,
and to obtain from said County Auditor a certificate that said bonds
have been entered upon this bond register.
(9) The officers of the City and said County Auditor are hereby
authorized and directed to prepare and furnish to the pur-
chaser of said bonds and to the attorneys approving the legality of
the issuance thereof, certified copies of all proceedings and records
of the City relating to said bonds and to the financial condition and
affairs of the City and such other affidavits, certificates, and
information as may be reouired, showing the facts relating to the
legality and marketability of said bonds as they appear from the
books and records under their custody and control or otherwise known
to them, and all such certified copies, certificates, and affidavits,
including any heretofore furnished, shall be deemed representations
of the City as to the facts recited therein.
Attest A�CI�TYCLERK
0
Approved:
MAYO
Ll
1