RES 1962-192 - 00012598240
RESOLUTION NO. 192 -1962
A RESOLUTION DETERMINING THE COSTS OF IMPROVEMENT W34 AND STREET
IMPROVEMENT 1962 -19 1962 -2A, 1962 -2B AND 1962-4 AND CALLING FOR THE
SALE OF BONDS.
BE IT RESOLVED By the City Council of the City of Fridley,
Minnesota, as follows:
1. The total cost of Improvement W34 of the City is hereby
found, determined and declared to be as follows:
Total Estimated Cost, Preliminary Report $2,084,000.00
Costs to Date
Subtotal, Contracts let: $ 1,628,090.92
Additional Contracts to be let:
Filtration Plant About Dec. 15
1962 Est. 80,000.00
Booster Station About Feb. 1,
1963 182000.00
Rebuild Existing Well Summer, 1963 102000.00
Highway 694 Crossing Summer, 1963 20.000.00
Total Contract Cost $ 11756,090.92
Add for engineering, legal, fiscal and
incidental costs and interest during construction 20% 351.218.18
Total Project Cost $ 21107009.10
Less Principal amount of bonds previously issued
pursuant to the Council's resolution, 3 -7 -61 1.259.985.00
$ 847024.10
Less: Prepaid Assessments $ 111077.00
Additional Assess. expected 947.10
112.324.10
- Balance to be Financed $ 735,000.00
2. That though this Council's minutes of March 7, 1961 state that
not less than $450,000 of the costs of Ir- rovement W -34
are to be assessed, it is now hereby found, determined and declared that
not less than $775,000 of the improvement cost will be specially assessed;
that '711,000 thereof was assessed in 1961 (of which $84,550 was prepaid
in 1961 and "26,827 was prepaid in 1962 and the balance of which is payable
in 10 equal annual installments, including 1962, together with 6% annual
interest on the unpaid bal -ances from gear to year); that estimated addi-
tional assessments of not less than '64,000 will be adopted in 1963 and
will be collectible in 10 eeual annual installments commencing in 1964 to-
gether with 6`= annual interest on the unpaid balance from year to year to
be a ded to each installment.
3. That it is now necessary and expedient for the City to
borrow mone• and issue its general obligation bonds in the
amount of $735,000 to defray the remainder of said Improvement W34.
L
Date of
Project
Contractor
Contracts
Price
34A
Randall Bros.
9 -6-60
323,612.00
34B
Pittsburg -Des
Moines
8 -1 -60
832500.00
34C
Layne- Minnesota
7 -28 -60
1351300.00
34D
Barbarossa R, Sons
3 -31 -61
149,995.00
34E
Barharossa & Sons
3 -31 -61
168,705.00
34F
Lametti e� Sons Inc.
8 -1 -61
95,479.92
34G
Lametti R, Sons Inc.
8 -1 -61
54,613.00
34H
Schedule
I
Jack Fisher Well
and Pump
10 -27 -61
37,382.00
Schedule
II
Carl H. Peterson Co.10
-4 -61
49,500.00
Schedule
III
Herbst Constr. Co.
4 -21 -61
53,062.00
Schedule
IV
E. IT. Putnam
1C -3 -61
13,847.00
34J
(1)
Perry A. Swenson Co.4
-3 -62
161,355.00
34J
(2)
D.W. Hickey Co.Inc.
9 -9 -62
132,940.00
34K
Sandstrom &
Hefner
122,250.00
34L
D.W. Hickey Co.
46.520.00
Subtotal, Contracts let: $ 1,628,090.92
Additional Contracts to be let:
Filtration Plant About Dec. 15
1962 Est. 80,000.00
Booster Station About Feb. 1,
1963 182000.00
Rebuild Existing Well Summer, 1963 102000.00
Highway 694 Crossing Summer, 1963 20.000.00
Total Contract Cost $ 11756,090.92
Add for engineering, legal, fiscal and
incidental costs and interest during construction 20% 351.218.18
Total Project Cost $ 21107009.10
Less Principal amount of bonds previously issued
pursuant to the Council's resolution, 3 -7 -61 1.259.985.00
$ 847024.10
Less: Prepaid Assessments $ 111077.00
Additional Assess. expected 947.10
112.324.10
- Balance to be Financed $ 735,000.00
2. That though this Council's minutes of March 7, 1961 state that
not less than $450,000 of the costs of Ir- rovement W -34
are to be assessed, it is now hereby found, determined and declared that
not less than $775,000 of the improvement cost will be specially assessed;
that '711,000 thereof was assessed in 1961 (of which $84,550 was prepaid
in 1961 and "26,827 was prepaid in 1962 and the balance of which is payable
in 10 equal annual installments, including 1962, together with 6% annual
interest on the unpaid bal -ances from gear to year); that estimated addi-
tional assessments of not less than '64,000 will be adopted in 1963 and
will be collectible in 10 eeual annual installments commencing in 1964 to-
gether with 6`= annual interest on the unpaid balance from year to year to
be a ded to each installment.
3. That it is now necessary and expedient for the City to
borrow mone• and issue its general obligation bonds in the
amount of $735,000 to defray the remainder of said Improvement W34.
L
L
211
4. Further, that in addition to the above, the costs of
Street Improvements No. 1962 -1, 1962 -2A, 1962 -2B and
1962 -4 are hereby found and deterrined to be as follows:
Street Improvement 1962 -1, Contract $ 12,500.00
Plus 10% fees, incidentals and interest 1,250.00
Total
Street Improvement 1962 -2A,
Change Order #1, Contract $ 14,900.00
Plus 20° fees, incid,1 -ntals and Int. 2.480.00
Total
Street Improvement 1962 -2R
Change Order ril, Contract $ 152905.00
Plus 20% fees, incidentals and Int. 3.181.00
Total
Street Improvement 1962 -4, Contract $ 32,700.00
Plus 20,`' fees, incidentals and Int. 6,540.00
Total
Total Cost of Street Improvements
Less Estimated Prepayments of Assessments of less than...
Balance to be Financed
$ 13,750.00
$ 17,880.00
$ 190086.00
$ 39,240.00
256,523.00
1,523.00
$ 255,000.00
5. That said street improvements shall be assessed 100% to
benefited pronerty, all of which assessments shall. be payable
in 1.0 annual installrents commencing in the year 1964 plus
6% annual interest on the annual balances as follows:
Project
10 Yr. Assessments 5 Yr. Assessments
Street
Improvement
1962 -1
", 13,750
Street
Improvement
1962 -2A
$ 81,391
Street
improvement
1962 -2A
(1). 179880
Street
Improvement
1962 -2B
85,176
Street
Improveront
1062 -2B
(1) 19,086
Street
Improvement
1962 -4
39,240
$ 135,892
$ 120,631
6. That
it is now necessary and expedient
for the City to
borrow money
and issue its bonds in the
amount of x255,000
to'defray the cost
of said
street improvements.
7. That this Council shall meet at the Council Chambers on
December 17, 1962, at 8:00 o'clock P."., to receive and
consider sealed bids for the 1=chase of V190,000 general obligation
improvement bons: and the Clerk is hereby authorized and directed to
cause notice of said meeting to be given by publishing the same in the
official newspeoer and in Comrer ;al ldes., a financial publication
published at Vinr.eapolis, Minnesota, at least once not later than 10
days prior to said meeting.
PASSED AND ADOPTED THIS 19TH DAY OF NOVEMBER, 1962 BY THE CITY COUNCIL
OF THE CITY OF FRIDLEY.
c
Y1AYO Greig
ATTEST:
�4A 1
CITY C ?F?K`- Marvin C. 3runse..1