RES 1962-20 - 0001232323
RESOLUTION NO. 20 -1962
RESOLUTION AWARDING SALE OF $150,000 PARK BONDS, FIXING FORM AND
SPECIFICATIONS THEREOF, DIRECTING THEIR EXECUTION AND DELIVERY AND
PROVIDING FOR THEIR PAYMENT.
BE IT RESOLVED By the City Council of the City of Fridley,
Minnesota, as follows:
' (1) The bid of Allison - Williams Company of Minneapolis, Minnesota
(and associates) to purchase $150,000 Park 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
hereby 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 $ -0— and accrued interest to date of delivery for bonds bearing
annual interest as follows:
3.00% on bonds maturing in the years 1964 through 1969, inclusive
3.40% on bonds maturing in the years 1970 through 1973, inclusive
plus additional interest on all bonds at the annual rate of 2.00%
from June 7, 1962 to February 1, 1963.
The Treasurer is directed to retain the good faith check of the
purchaser pending completion of the sale and delivery of the bonds,
and the City manager is directed to return the checks of unsuccessful
bidders forthwith.
(2) The City of Fridley shall forthwith issue its negotiable
coupon Park B onds of 1962 in the principal amount of
$150,000, said bonds to be dated May 1, 1962, to be 150 in number
and numbered 1 to 150 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:
$5,000 in the year 1964; $10,000 in the year 1965; $15,000 in each of
the years 1966 through 1970, inclusive; and $20,000 in each of the years
1971 through 1973, inclusive:
all bonds without option of prepayment.
(3) Both principal of and interest on said bonds shall be payable
at the main office of the Northwestern National Bank of
Minneapolis in Minneapolis, Minnesota, and the City shall pay the
reasonable charges of said bank for its services as paying agent and
shall furnish the 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 requested. The Clerk is hereb,; directed to
cause a copy of the opinion, complete except as to dating thereof,
to be printed on each bond together 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
and 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 facsimile signature on each of
the bonds has been adopted by him as his valid signature for purposes
of certification.
(4) The bonds and the interest coupons shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
PARK BOND OF 1962
24
Resolution no. 20 -1962 Cont.
No.
;1,000
KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka
County, Minnesota, acknowledges itself to be indebted and for value
received hereby promises to pay to bearer, on the 1st day of February,
19_, the sum of ONE THOUSAND DOLLARS, without option of prior payment,
and to pay interest at the rate of per cent ( %)
per annum together with additional interest thereon from June 7, 1962
to February 1, 1963 at the rate of two and no /hundredths per cent
(2.00%) per annum, represented by a separate "B" coupon attached
hereto, interest to maturity 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 North-
western National Bank of Nummeapolis in Minneapolis, Minnesota, in
any coin or currency of theUnited 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 $150,000 principal amount, all of like
date and tenor except as to serial number, maturity and interest rate,
all issued by the City for the purpose of providing money to acquire
land for public parks in the City pursuant to resolutions of the City
Council and authority of more than the requisite majority vote of the
voters voting at an election duly held in the City on November 3, 1959,
and pursuant to and in full conformity with the constitution and laws
of the State of Minnesota thereunto enabling and is payable primarily
from Park Bond Fund of 1962, but the 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.
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 and in the issuance of this bond, have been done
have happened, do exist and have been performed in regular and due form,
time and manner as so required; that Park Bond Fund of 1962 has been
duly created and provision has been made for the support thereof by ad
valorem taxes heretofore levied for the years and in aggregate amounts
not 'Less than 5% in excess of sums sufficient to pay the principal
hereof and interest hereon as they become due; and that additional 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 City to exceed any constitutional or
statutory or charter limitation thereon.
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 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 authenti-
cated b y the facsimile signatures of said officers, all as of May 1,
1962.
TOR
CITY MAN
Resolution No. 20 -1962 (Cont.)
( Form of Coupon)
No. _ $
On the 1st day of February (August), 19---0 the City of Fridley,
Anoka County, Minnesota, will pay to bearer at the main office of the
Northwestern National Bank of Minneapolis in Minneapolis, Minnesota,
the sum of DOLLARS for interest then due
on its Park Bond dated May 1, 1962, No.
MAYO
CITY M GER
(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 the City shall be affixed to each
thereof, and the interest coupons shall be executed and authenticated
by the printed facsimile signatures of said officers. When the bonds
have been so executed, they shall be delivered by the Treasurer to the
purchaser thereof upon receipt of the purchase price heretofore agreed
upon, and the purchaser shall not be obligated to see to the proper
application thereof.
(6) The bonds issued hereunder shall be payable from the Park
Bond Fund of 1962, 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 proceeds of taxes herein levied.
(7) For the prompt and full payment of the principal of and
interest on said bonds as the same respectively come due,
the full faith, credit and taxing powers of the City are hereby
irrevocable pledged. To provide money for the payment of said prin-
cipal and interest as the same become due there is hereby levied upon
all taxable property in the City a direct, annual, ad valorem tax
which shall be spread upon the tax rolls for the years and in amounts
as follows and shall be collected with and as a part of other general
taxes of the City in the respective ensuing years:
(8) The Clerk is hereby authorized and directed to file with the
County Auditor of Anoka County a certified copy of this
resolution, together with such other information as the County Auditor
may require, and to obtain from said County Auditor a certificate that
the tax required by law for the payment of said bonds has been levied
and that said bonds have been entered upon his bond register.
25
Year
Amount
Year
Amount
1962
$16,200
1968
$18,500
1963
15,400
1969
23,200
1964
20,400
1970
22,500
1965
19,900
1971
21,700
1966
19,400
1972
-0-
1967
18,900
1973
-0-
It is
hereby found,
determined and
declared that said taxes
will provide
funds
at least
5% in excess of the
amounts needed to pay
maturing prin-
cipal
and interest
on said bonds as
they respectively become due. Said
taxes
shall be
irrepealable as long
as any of said bonds
are outstand-
ing and unpaid,
provided however, that
the City reserves
the right to
reduce
said levies
in the manner and
to the extent permitted
by Minn-
esota
Statutes,
Chapter 475.
(8) The Clerk is hereby authorized and directed to file with the
County Auditor of Anoka County a certified copy of this
resolution, together with such other information as the County Auditor
may require, and to obtain from said County Auditor a certificate that
the tax required by law for the payment of said bonds has been levied
and that said bonds have been entered upon his bond register.
25
6 Resolution Ho. 20 -1962 (Cont.)
(9) The officers of the City and said County Auditor are hereby
authorized and directed to prepare and furnish to the purchaser
of said bonds and to the attorneys approving the legality of the issu-
ance 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 required, showing the facts relating to the legality and mar-
ketability 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.
Approved:
T.E. Greig J MAYOR
Attest: aogr -� -
Marviti C. Brunsell CITY CLERK
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