RES 1964-163 - 00011790230
RESOLUTION NO. 163 -1964
A RESOLUTION DIRECTING THE ISSUANCE OF 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 Street Improvement Project
No. 1964 -1 has been estimated in excess of x.65,000.00.
SEC. 2. It is now estimated that the sum of $65,000.00 is cur- ,
rently 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 in-
curred in connection with the construction of said improvement project.
SEC. 3 • There is hereby created Street m
Improveent x;1964 -1 Fund
(temporary) which shall contain a construction account as a part there=
of into which shall be paid all proceeds of temporary bonds issued pur-
suant 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 improve-
ments.
SF.C. 4. There is also hereby created in Street Improvement #1964 -1
Furth (temporary) a Sinking Fund Account which account in said fund may
and shall be termed as the �inklnp Fund into which fund shall be paid
the proceeds of all special assessments levied against benefited proper-
ty 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.
SEC. 5 • It is hereby determined that the sum of $65,000.00 shall
be borrowed to finance said Street Improvement Project #1964-1 with
respect to costs of construction and expenses necessarily incurred re- '
lative thereto to this date, by the issuance of temporary improvement
bonds of the City of Fridley as authorized in Minnesota Statutes,
Sec. 429.01, Subdivision 3, as amended by laws 1957, Chapter 385.
SEC. 6. Said bonds shall be payable from the Sinking Fund of the
following: Street Improvement Project No. 1964 -1 Fund but the City
further recognizes its duty under the law, as provided by Sec. 429.091,
and covenants and agrees with the purchaser and all holders from time
to tune, 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 proceeds of definitive improvement bonds which the
Council shall issue and sell at or prior to the maturity of the tempo-
rary improvement bonds, to the extent that the same cannot be paid out
of funds available in the Sinking Fund of Street Improvement No. 1964 -1
Fund or out of other municipal 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 benefited property by reason of the making of Street Improve-
ment Project No. 1964 -1 and t(. 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 improvementprojects have been completed or the total cost there-
of has been determined.
SEC. 8. Said temporary improvement bonds in the amount of
965,000.00 shall be denominated Street Improvement Project No. 1964 -1
Bond Series "A" (temporary) shall be thirteen (13) in number and num-
bered from 1 to 13 inclusive, each in the denomination of '5,000.00,
shall bear interest at the rate of 42% per annum, payable semi -annu-
ally on February 1st and August 1st of each year and shall mature on
August 1st, 1966, shall be subject to redemption and pre- pa;nnent on
any interest payment date, at par and accrued interest. Not less
RESOLUTION NO. 163 -1964 (Continued)
SEC. 8 (Continued). than 30 days before the date specified
for redemption of said bonds, the City Treasurer shall mail nctice
of the call thereof to the holder, if known, said Treasurer shall
maintain a record of the names and addresses of the holders 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
Fridley City Hall, 6431 Universitv =venue N.E., Minneapolis 21,
Minnesota.
SEC. 9. Said temporary improvement bonds shall have attached
thereto an interest coupon which Bond and Coupon shall be substan-
tially in the following form:
(Form of Coupon)
NO.
(Unless the bond described below is called for earlier redemption)
On the day of , 19 , the of ,
. Minnesota, the sum of
DOLLARS lawful money of the United States of America for interest then
due on its
Dated
Manager Mayor
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, en-
graved, lithographed, or facsimile signatures of said Mayor and Manager.
When said bonds have been executed and authenticated they shall be de-
livered by the Treasurer to the purchaser thereof, upon payment of the
purchase price heretofore agreed upon and accrued interest to date of
delivery and said purchaser shall not be. obliged to see to the applica-
tion thereof.
SEC. 11. The City Manager is hereby authorized and directed to
file a certified copy of this resolution with the 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 his bond register.
SEC. 12. The Bonds issued hereunder shall be payable from
Street Improvement L196 -n2 Fund which is hereby created. The treasur-
er shall cause all monies received from the process of said bonds, all
monies appropriated and transferred from other funds and all special
assessments for the improvements provided that if any payment of prin-
cipal 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 monies to be credited to said
fund when said monies are collected. All proceeds for said bonds ex-
cept accrued interest shall be credited to the fund and used to pay
the cost of said improvements.
SEC. 11. It is further provided that should it appear at any
time that the monies credited to said fund and provided for the pay-
ment of principal 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 improvement bonds as authorized and provided in
accordance with :'Minnesota Statutes, Sec. 429.091, Chapter 471, and
that the proceeds of said further definitive bonds shall be first used
to pay the principal and interest as is then due and to redeem the tem-
porary bonds issued hereunder.
231
232
RESOLUTION Nu._163 -1964 Continued)
SEC. 14. The City Council has determined that not less than
eighty percent (80%) of the total cost of said improvements will be
paid by special assessments to be levied against every lot, piece or
parcel of land 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 assessments, 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 fur-
ther 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 provide 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
assessments and the proceeds of monies appropriated and transferred
from other funds is and will be in an amount of at least five percent
(5p) in excess 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 required.
SEC. 16. The officers of the City and the County Auditor of
Anoka County are hereby authorized and directed to prepare and fur-
nish to the purchaser of said bonds and to the attcrneys approvin? 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 CF FRIDLEY THIS
17TH DAY OF AUGUST, 1964.
ATTEST:
CITY CLE — Marvin C4nsell
MAYOR — WilliV. Nee
CITY MANAGER — Earl P. Wagner