RES 1962-206 - 00012617229
* 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 sip nature on each of the
bonds has been ado_nted by him as his valid si °nature for purposes of
certification.
(3) 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 1963
NO. 5.000
KNOW ALL MIN BY THESE PRESENTS That the City of Fridley, Anoka
County, Minnesota, acknowledges itself to be indebted and for value
received hereby nromises to pay to bearer, on the 1st day of January,
19_, the sum of 7IVE THOUSAND DO?IARS, without option of prior pay-
ment, and to pay interest at the rate of
per cent (_ -4<) per annum together with additional interest thereon
from February 1, 1063 to July 1, 103, at the rate of two and twenty
hundredths ner cent (2.20,) per annum, represente by a separate "d"
coupon attached hereto, interest to maturity payable July 1, 1963
RESOLUTION NO. 206_ 1962
RESOLUTION FIXING FORM AND SPECIFICATIONS OF ;;".150,000 PARK BONDS,
DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING FOR THE PAY-
MENT TFERECF.
BE IT RESOLVED, By the City Council of the City of Fridley,
Minnesota, as follows:
(1) The City of Fridley shall forthwith issue its negotiable
Coupon, general obligation Park Bonds of 1963 in the principal
amount of $$150,000, said bonds to be dated January 1, 163, to be 30
in number and numbered 1 through 30, both inclusive, in the denomination
'
of `45,000 each, bearing interest as follows:
3.20% for bonds maturing in the years 1964 through 1970, Inc.,
3.50% for bonds maturing in the years 1971 through 1974, Inc.,
plus additional interest at the rate of 2.20, per annum on all
bonds from February 1, 1963 to July 1, 1963:
with interest payable July 1, 1963, and semiannually thereafter on
January 1 and July 1 of each year and maturing serially on January 1
in the ,years and amounts as follows:
1965 $ 51000 1971 15,000
1966 10,000 1972 202000
1967 109000 1973 20,000
1968 15,000 1974 25,000
1969 15,000
1970 15,000
all bonds without option of prior payment.
(2) Both principal and interest on said bonds shall be payable
at the Fmnire Trust Co., 20 Broad Street, New York 5, New
York, 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 unnualified approving legal opinion of Messrs. Howar -,
Peterson, LeFevere, Lefler and Hamilton of Minneapolis, Minnesota,
without expense to the purchaser, which opinion is hereby requested.
The Clerk is hereby directed to cause a copy of the opinion, comple-e
except as to dating thereof, to be printed on each bond together with
a certificate executed by his facsimile signature, in substantially
the following Perm: "I, the undersigned, City Clerk of the City of
Fridley, Minnesota, do here;,y 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 sip nature on each of the
bonds has been ado_nted by him as his valid si °nature for purposes of
certification.
(3) 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 1963
NO. 5.000
KNOW ALL MIN BY THESE PRESENTS That the City of Fridley, Anoka
County, Minnesota, acknowledges itself to be indebted and for value
received hereby nromises to pay to bearer, on the 1st day of January,
19_, the sum of 7IVE THOUSAND DO?IARS, without option of prior pay-
ment, and to pay interest at the rate of
per cent (_ -4<) per annum together with additional interest thereon
from February 1, 1063 to July 1, 103, at the rate of two and twenty
hundredths ner cent (2.20,) per annum, represente by a separate "d"
coupon attached hereto, interest to maturity payable July 1, 1963
230
and semiannually thereafter on the lst day of January and the 1st day
of July 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 pa�Table at the Empire
Trust Co., 20 Broad Street, New York 5, New York, in any coin or currency
of the United States of America which at the time of payment is legal
tender "or public and private debts. For the prompt and full pa -noent
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 irrevocably 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 for park
purposes 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 October Q, 1962, and pursuant to and in full
conformity with the Consiitution and laws c° the State of Minnesota
thereunto enabling and is payable _primarily from Park Bond Fund of 1963,
but the Council is required to pay the nrinci_nal 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
happene ^, do exist and have been performed in regular and due form, time
and manner as so required; that Park Bond 'Fund of 1963 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 nay 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 he 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 co pons to be executed and aut-- enticated by the
facsimile signatures of said officers, all as of January 1, 1963.
MP/0R
CITY yANACER _GL�
(Form of Coupon)
No._ $
1
On the ist day of July (January), 19_, the City of Fridley, Anoka
County, Minnesota, will nay to hearer at the Empire Trust Co., 20 Broad
Street, New York 5, New York, the sum of I
DOLLARS fcr interest then due on its Park Bond dated January 1, 1963,
No.
C
CITY 1'3:NAGER
I
y YOR I
(4) 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 sea'. of the City shall be affixed to each
thereof, and the interest coupons shall be ex: -cuted and authenticated
by the printed facsimile signatures of -aid officers. ''hen 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.
' (5) The bonds issued hereunder shall be payable from the Park
Bond Fund of 1963, 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.
(6) For the prompt and full payment of the principal and interest
on said bonds as the same respectively come due, the full. faith,
credit and taxing powers of the City are hereby irrevocably pledged. To
provide money for the rayment of said principal 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:
Year Amount Year Amount
1963 $ 17,300 1969 $ 18,700
1964 15,700 1970 23,400
1965 15,300 1971 22,700
1966 20,300 1972 27,200
1967 19,700 1973 -
1968 19,200 1974 -
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 lone as any of said bonds are outstanding
and unpaid, provided, '^owever, that the C`ty reserves the right to re-
duce said levies in the manner and to the extent permitted by Minnesota
Statutes, Chapter 475.
(7) 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.
(8) 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 proceedin7s and records of
the City relating to said bons and to the financial condition and
affairs of the City and such other affidavits, certificates and inform-
ation as may be required, showing the :acts 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, s'-all be deemed representations of the City
as to the facts recited therein.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
17TH DAY OF DECEMBER 1962.
MAYO_ - T.E. Greig
ATTEST:
LPL
CITY ; L �,r�rvin C. - rursell
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