RES 1964-256 - 0001193070
RESOLUTION NO. 256 -1964
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY CITY HALL IMPROVE-
MENT BONDS
BE IT RESOLVED, by the Council of the City of Fridley, Anoka
County, Minnesota, as follows:
Section 1. The total estimated current cost of City Hall land
acquisition and improvement has been estimated at
Section 2. It is now estimated that the sum of k45,000.00 is
currently necessary to provide financing of the pro-
jects 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 construc-
tion of said improvement projects.
Section 3. There is hereby created a City Hall Fund 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 resolution, 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-
ment.
Section 4. There is also hereby created in City Hall Fund a Sinking
Fund r.ccotmt, irhich account in said F-.rd may and shall
be termed as the Sinking Fund, into which fund shall be paid the pro-
ceeds of a.11 taxes levied against property by reason of the making
of said improvements a.s well as other monies therein to be paid as
provi�ed by law and out of which shall be paid the principal and in-
terest on all temporary improvement bonds issued to finance said
project.
Section 5. It is hereby determined that the sum of $453000.00
shall be borrowed to finance said City Hall land acqui-
sition and improvement -with respect to cost of acquisition and cons-
traction expenses necessarily incurred relative thereto to this date,
by the issuance of temporary improvement bonds of the City of Fridley.
Section 6. Said bonds shall be payable from the Sinking Fund of the
following:
CITY HALT. FUND
but the City further recognizes its duty under the law, end c- venants
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 proceeds 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 the City Hall Fund or out of other municipal
funds which are properly available and are appropriated by the Council
for such purpose.
Section 7. It is hereby determined to levy taxes against real and
personal property by -reason of the making of City Hall
Improvement 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 here-
in provided.
Section 8. Said temporary improvement bonds in the amount of
145,000.00 shall be denominated City Hall Bond Series "A"
(temporary) shall be nine (9) in number and numbered from 1 to 9 in-
clusive, each in the denomination of $5,000.00, shall bear interest
at the rate of 4-�r% per snnum, payable semi - annually of June 1st and
December lst, of each year and shall mature on December 1st. 1966
RESOLUTION NO. 256 -1964 (Continued)
Section 8 (Continued): shall be subject to redemption and pre-
payment on any interest 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 kno,.,m, 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 Fri(lley Citr Hall, 6L31 .University kvenue Northeast, Minnea-
polis, Minnesota 55421.
Section 9. Said tepporary improvement bonds shall be mimeograo
ed and when so mimeographed shall have attached thereto
an interest coupon which Bond and Coupon shall be substantially 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 , County, Minnesota, will pay to
bearer at , Minnesota, the sum of
DOLLiPLS lawful money of the United States of America for interest then
due on its
Dated:
City Manager
Mayor
Section 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 signature of the Mayor and
Manager, and the corporate seal of the City shall be affixed there-
to, and the appurtenant interest coupon shall be mimeographed and
authenticated, by the printed, engraved, lithographed, or facsi-
mile signatures of said Mayor and idanager. When said bonds have
been executed and authenticated they shall be delivered by the
Treasurer to the purchaser thereof, upon pa} .ent of the purchase
price heretofore agreed upon and accrued interest to date of deli-
very and said purchaser shall not be obliged to see to the appli-
cation thereof.
Section 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 informa-
tion as he shall require and to obtain from said County .uditor a
certificate that said bonds have been entered on this bond regis-
ter.
Section 12. The bonds issued hereunder shall be payable from City
Mall Fund which is hereby created. The Treasurer
shall cause all monies received fret. the proceeds of said bonds,
all :ponies appropriated and transferred from other funds and all
taxes levied for the improvements provided that if any payment of
principal or interest shall become due when there is not suffi-
cient 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 pro-
ceeds for said bonds except accrued interest shall be credited to
the fund and used to pay the cost of said improvements.
F
71
72
RESOLUTION NO. 256 -1964 (Continued)
Section 13. It is further provided that should it appear at any
time that the monies credited to said fund and pro-
vided for the payment 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 author-
ized, 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 temporary bonds issued thereunder.
Section 14. The City and this Council will forthwith do all such
further proceedings as may be required by law to make
such taxes valid and binding liens against such property, and also
shall take such further proceedings as may be required by law to
provide monies fir 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.
Section 15. It is hereby determined that the collection of taxes
and the proceeds of monies appropriated and transfer-
red from other funds shall be in an amount at least 5% in excess of
the amount required to pay the principal and interest on said bonds
when due.
Section 16. The officers of the City and the County Auditor of
Anoka County are hereby authorized and directed to
prepare and furnish to the purchaser of said bonds and to the attor-
neys approving the legality of the issuance thereof, certified copies
of all proceedings and records relating to said bonds and to the fi-
nancial 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.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 7TH
DAY OF DECEMBER, 1964.
MAYOR - 31i ' :_. J. Nee
ATTEST:
c
CITY CLERK - Marvin C. Brunsell