RES 1964-145 - 00011768208
RESOLUTION NO. 145-1964
A RESOLUTION DIRECTING THE ISSUANCE DF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED by the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
SEC. 1 • The total estimated cost of Storm Sewer Improvement Project No.
5A has been estimated at $$267,416.00.
SEC. 2. It is now estimated that the sum of $185,000.00 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 project.
SEC. 3. There is hereby created Storm Sewer Improvement Project No. 5
Fund (temporary) which shall contain a construction account as part
thereof into which shall be paid all proceeds of temporary bonds issued
pursuant to this resolution 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 Storm_Sewer Improvement Project
No. 5 Fund-Ltemorary)a Sinking Fund Account, which account in said
Fund may and shall be termed as the Sinking Fund, into which 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 therein 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 said project.
SECS. It is hereby determined that the sum of $185,000.00 shall be bor-
rowed to finance said Storm Sewer improvement Project No. s. with respect
to cost of construction and expenses necessarily incurred relative there-
to to this date, by the issuance of temporary improvement bonds of the
City of Fridley as authorized in Minnesota Statutes, Sec. 429.01, Sub-
division 3, as amended by laws 1957, Chapter 385.
SEC. 6. Said bonds shall be payable from the Sinking Fund of the follow-
ing: Storm Sewer Improvement Project No. 5 Fund, but the City further
recognize its duty under the law, as provided by Sec. 429.091, and cove-
nants 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 pro-
ceeds 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 Storm Sewer Improvement Project No. 5 Fund or out of other Munici-
pal funds which are properly available and are appropriated by the Council
for such purpose.
SEC. 7. It is hereby determined to levy special assessments against bene-
fited property by reason of the making of Storm Sewer Improvement_Pro ect
No. 5 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. 8. Said temporary improvement bonds in the amount of $185,000.00
shell be denominated Storm Sewer lmprovement Project No. 5 Bond Series
(temporary) shall be thirty -seven (37) in number and numbered from
one to 37 inclusive, each in the denomination of 45,000.00 shall bear
interest at the rate of 4�2% per annum, payable semi - annually on January
1st and July 1st of each year and shall mature on July 1st, 1966 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 ,
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RESOLUTION 10. 145 -1,06i. (Continued) _
SEC. 8 (Continued). record of the names and addresses of the hold-
ers 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
Minnesota.
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:
I(Form of Coupon)
No.
(Unless the bond described below is called for earlier redemption)
on the day of , 19_, the of-
County, Minnesota, will pay to bearer at
209
Minnesota, the sum of dollars lawful money
of the United States of America for interest then due on its
DATED
CITY MANAGER MAYOR
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SEC. 10. Said bonds and coupons attached shall be prepared under the
direction of the City Manager and shall be executed on behalf of the
City by the signatures of the Mayor and Manager, and the corporate seal
of the City shall be affixed thereto, and the appurtenant interest coupon
shall be mimeographed and authenticated, by the printed, engraved, litho -
graphed, or facsimile signatures of said Mayor and i,.anager. b'hen said
bonds have been executed and authenticated thug shall be delivered by
the Treasurer to the purchaser thereof, upon payment of the purchase a
price heretofore agreed upon and accrued interest to date of delivery and
said purchaser shall not be obliged to see to the application thereof.
SEC. 11. The City Manager is hereby authorized and directed to file a
certified copy of this resolution with County Auditor of Anoka County,
together with such other information as he shall require and to obtain
from said County Auditor a certificate that said bonds have been entered
on this bond register.
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SEC. 12. The bonds issued hereunder shall be payable from Storm Sewer
Improvement Project No. 5 Fund which is hereby created. The Treasurer
shall cause all monies received from the proceeds of said bonds, all
monies appropriated and transferred from other fund and all special A
assessments for the improvements provided that if any payment of princi-
pal 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 in-
terest from the general fund of the City and such fund shall be reim-
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bursed for such advances out of monies to be credited to said fund when
said monies are collected. All proceeds for said bonds except accrued
interest shall be credited to the fund and used to pay the cost of said
improvements.
SEC. 13. It is further provided that should it appear at any time that
the monies credited to said fund and provided for the payment of princi-
pal or interest on the bonds when the sums become due are not sufficient
to pay the same, that then the City shall issue further definitive improve-
ment bonds as authorized and provided in accordance with Minnesota Sta-
tutes, Sec. 129.091, Chapter 475, and that the process of said further de-
finitive bonds shall be first used to pay the principal and interest as is
then due and to redeem the temporary bonds issued thereunder.
21-0 RESOLUTION NO. 145-1964 (Continued)
SEC. 14. The City Council has determined that not less than twenty per-
cent 20%) of the total cost of said improvements will be paid by spe-
cial assessments to be levied against every lot, piece or parcel of ' --and
benefited by the said improvements. The City hereby covenants and agrees
that it will do and perform, as soon as they can be done, all acts and
things necessary for the final and valid levy of such special assess-
ments, and in the event that any such assessments be at any time held
invalid with respect to any lot, piece or parcel of land, due to any
error, defect or irregularity, or in any action or proceeding taken
or to be taken by the Council or any of the City Officers or employees,
either in the making of such assessment or in the performance of any
condition precedent thereto, the City and this Council will forthwith
do all such further proceedings as may be required by law to make such
assessments valid and binding liens against such property, and also
shall take such further proceedings as may be required by law to pro-
vide monies for the payment of principal and interest as the same fall
due on the bonds issued hereunder and to provide for the redemption of
the same.
SEC. 15. It is hereby determined that the collection of special assess-
ments and the proceeds of monies appropriated and transferred from other
funds is and will be in an amount of at least five percent (5 %) in ex-
cess of the amount required to pay the principal of and the interest on
said bonds when due and that no ad valorem tax levy is accordingly re-
quired.
SEC. 16. The officers of the City and the County Auditor of Anoka
County are hereby authorized and directed to prepare an? furnish to the
purchaser of said bonds and to the attorneys approving the legality of
the issuance thereof, certified copies of all proceedings and records
relating to said bonds and to the financial affairs of said City, and
such other affidavits, certificates and information as may be required,
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 heretofore furnished,
shall be deemed representations of the City as to the correctness of
all statements contained therein.
PASSED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 20TH
DAY OF JULY, 1964.
MAYOR - Will J. Nee
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ATTEST:
CITY CLE t - Marvin C. Brunsell
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