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RES 1964-33 - 0001159939 RESOLUTION NO. 33 -1964 RESOLUTION AWARDING THE SALE OF $2,025,000 GENERAL OBLIGATION REFUNDING BONDS, FIXING THE FORM AND SPECIFICATIONS THEREOF, DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING TAXES FOR THEIR PAYMENT BE IT RESOLVED, By the City Council of the City of Fridley, Minnesota, as follows: 1. The bid of John Nuveen and Company, Chicago, Illinois, to purchase (and associates) $2,025,000 General Obligation Refunding Bonds as advertised for sale pursuant to resolution of the city council adopted December 16, 1963, which bid is to pay $2,025,000 for bonds bearing interest as follows: 3.10% on bonds maturing in the years 1965 through 1971; 3:30°/ on bonds maturing in the years 1972 tbrough 1975; 3.40% on bonds maturing in the years 1976 through 1980; plus additional interest at the rate of 1.20% per annum on all bonds from April 1, 1964 to February 1, 1965; is hereby found to be, the most favorable bid received and shall be and is hereby accepted. The manager shall return the good faith checks of the unsuccessful bidders and retain the check of said bidder until delivery of the bonds. 2. The City of Fridley shall forthwith issue and deliver its negotiable coupon General Obligation Refunding Bonds in the total principal amount of $2,025,000, dated February 1, 1964, said bonds to be 405 in number and numbered 1 to 405, both inclusive, in the denomination of $5,000. each, to bear interest as above set forth, payable August 1, 1964, and semiannually thereafter on February 1 and August 1 in each year, and to mature serially on February 1 in the years and amounts as follows: $145,000 in 1965, $165,000 in each of the -years 1966 and 1967; $155,000 in each of the years 1968 through 1972, both inclusive; $105,000 in each of the years 1973 through 1979, both inclusive, and $40,000 in 1980, all bonds of this issue maturing after February 1, 1975, being subject to redemption and prior payment on said date and any interest payment date thereafter at par and accrued interest and a premium of 1k%. 3. Both principal and interest shall be payable at The American National --- Bank of Saint Paul, in St. Paul, Minnesota, and the city shall pay the reasonable charges of said bank for its services as paying agent. No. 4. The bonds and the interest coupons to be thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF FRIDLEY $5,000 .GENERAL OBLIGATION REFUNDING BOND OF 1964 KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, a municipal corporation of Anoka County, Minnesota, hereby acknowledges itself to be indebted and, for value received, promises to pay to bearer on the 1st day of February, 19 , the sum of FIVE THOUSAND DOLLARS and to pay interest thereon from the date hereof until the principal sum is paid at the rate of per cent ( %) per annum together with additional interest thereon from April 1, 1964 to February 1, 1965, at the rate of one and twenty hundredths (1.20%) per annum, represented by a separate set of "B" coupons attached hereto, interest to maturity payable August 1, 1964, and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as theyseverally become due. Both principal and interest are payable at The American National Bank of Saint Paul, in Saint Paul, Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and for 40 Resolution No. 33 -1964 (Continued) the prompt payment of said 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. All bonds of this issue maturing after February 1, 1975, are subject to redemption and prior payment, in inverse numerical order, on said date and any interest payment date thereafter at par and accrued interest and a premium of 1� %. Thirty days prior notice of redemption will be given by mail to the last known holder and to the bank where the bonds are payable. All holders who desire such mailed notice must register their names, bond 'numbers and addresses with the City Manager. All others will be deemed to have waived notice. This bond is one of an issue in the total principal amount of $2,025,000, all of _like date and tenor except as to maturity, call provision and in erest rate, all of which are issued to provide money for refunding outstanding obligations which the council has determined to be necessary or desirable for the reduction of interest cost to the municipality, pursuant to and in full conformity with the Home Rule Charter of said city and'with the Constitution and laws of the State of Minnesota, including Laws of 1963, Chapter 825. 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 Home Rule Charter of the city to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner; that prior to the issuance hereof a direct annual, irrepealable ad valorem tax has been levied sufficient to pay and for the purpose of paying this bond and interest hereon when due, and additional taxes may be levied, if required for such purpose, without limitation as to rate or amount, and that this bond, together with all other indebtedness of the city outstanding on the date of its issuance, does not exceed any constitutional, 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 the name of the City by its Mayor and City Manager and its corporate seal to be hereunto affixed, and the attached interest coupons to be executed by the facsimile signatures of said officers, all as of February 1, 1964. Earl P. Wagner CITY MANAGER - Earl P. Wagner (SEAL) (Form of Coupon) No. William J. Nee' MAYOR - William J. Nee On the 1st day of February (August), 19 , the City of Fridley, Anoka County, Minnesota, will pay to bearer at The American National Bank of Saint Paul, in Saint Paul, Minnesota, the sum shown hereon, in lawful money of the United States of America, for interest then due on its General Obligation Refunding Bond of 1964, dated February 1, 1964, No. William J. Nee MAYOR - William J. Nee Earl P. Wagner CITY MANAGER - Earl P. Wagner '5. The city has agreed to furnish to the purchaser the approving legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler and Hamilton and such opinion is hereby requested. The clerk shall obtain a copy of said 41 Resolution No. 33 -1964 (Continued) approving legal opinion, which shall be complete except as to dating thereof, _. -- and shall cause said opinion to be printed on each bond, together with a certificate to be signed by the facsimile signature of the clerk in substantially the following form:. and at the time of delivery, the clerk shall prepare a- similar separate certificate and the clerk is hereby authorized and directed to execute such certificate in the name of the city upon receipt of such opinion and to file the opinion in his office. 6. The city manager shall cause the bonds to be printed and said bonds shall be executed on behalf of the city by the facsimile signature of the mayor and the manual signature of the city manager.and shall be sealed with the official seal of the city, and said 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 to the purchaser upon receipt of the purchase price and the purchaser shall not be obligated to see to the proper application of such.purchase price beyond its payment to the city. 7. The full faith and credit of the city are hereby irrevocably pledged to the prompt and full payment of the principal of and interest on said bonds as such principal and interest become due. In compliance with Minnesota Statutes, Section 475.61, and in order to provide moneys for the payment of .the principal of and interest on said bonds, there shall be and is hereby levied upon all of the taxable property in the city a direct, annual ad valorem tax to be spread upon the tax rolls and collected with and as a part of other general city taxes, in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1964 : $236,900 1972 $134,000 1965 231,600 1973 130,400 1966 215,700 1974 126,700 1967 _ 210,600 1975 123,000 1968 205,600 1976 119,200 1969 200,600 1977 115,500 1970 195,500 1978 43,500 1971 137,600 Said levies shall be irrepealable provided that when and if other moneys are available in the special sinking fund to pay said principal and interest, the city clerk shall certify such amount to she county auditor of Anoka County on or before the 10th of October of any year and direct him to reduce or cancel such levy. 8. There is hereby created.a separate account within the bond fund of the city for the payment of the principal and interest on said bonds, into which account shall be paid the proceeds of the foregoing tax levies and such other sums as may be directed to be used for the payment of said bonds and out of which account there shall be paid the principal of and interest on said bonds as such principal and interest become due, and said account shall be used for no other purpose until all of said bonds have been paid. 9. The city manager is hereby directed to cause a copy of this resolution, certified by the city clerk, to be filed in the office of the county auditor of Anoka County, Minnesota, and to obtain from him the certificate re- quired by Minnesota Statutes, Section 475.63. I hereby certify that the foregoing is a 'full, true and correct copy of the legal opinion executed by the above -named attorneys, except as to the dating thereof, which opinion has been handed ' to me for filing in my office prior to the time of bond delivery. (facsimile signature) City Clerk City of Fridley, Minnesota and at the time of delivery, the clerk shall prepare a- similar separate certificate and the clerk is hereby authorized and directed to execute such certificate in the name of the city upon receipt of such opinion and to file the opinion in his office. 6. The city manager shall cause the bonds to be printed and said bonds shall be executed on behalf of the city by the facsimile signature of the mayor and the manual signature of the city manager.and shall be sealed with the official seal of the city, and said 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 to the purchaser upon receipt of the purchase price and the purchaser shall not be obligated to see to the proper application of such.purchase price beyond its payment to the city. 7. The full faith and credit of the city are hereby irrevocably pledged to the prompt and full payment of the principal of and interest on said bonds as such principal and interest become due. In compliance with Minnesota Statutes, Section 475.61, and in order to provide moneys for the payment of .the principal of and interest on said bonds, there shall be and is hereby levied upon all of the taxable property in the city a direct, annual ad valorem tax to be spread upon the tax rolls and collected with and as a part of other general city taxes, in the years and amounts as follows: YEAR AMOUNT YEAR AMOUNT 1964 : $236,900 1972 $134,000 1965 231,600 1973 130,400 1966 215,700 1974 126,700 1967 _ 210,600 1975 123,000 1968 205,600 1976 119,200 1969 200,600 1977 115,500 1970 195,500 1978 43,500 1971 137,600 Said levies shall be irrepealable provided that when and if other moneys are available in the special sinking fund to pay said principal and interest, the city clerk shall certify such amount to she county auditor of Anoka County on or before the 10th of October of any year and direct him to reduce or cancel such levy. 8. There is hereby created.a separate account within the bond fund of the city for the payment of the principal and interest on said bonds, into which account shall be paid the proceeds of the foregoing tax levies and such other sums as may be directed to be used for the payment of said bonds and out of which account there shall be paid the principal of and interest on said bonds as such principal and interest become due, and said account shall be used for no other purpose until all of said bonds have been paid. 9. The city manager is hereby directed to cause a copy of this resolution, certified by the city clerk, to be filed in the office of the county auditor of Anoka County, Minnesota, and to obtain from him the certificate re- quired by Minnesota Statutes, Section 475.63. 42 Resolution No. 33 -1964 (Continued) 10. The city manager is hereby authorized and directed to cause to be prepared and furnished to the purchasers of the bonds and the attorneys approving the issue, certified copies of all proceedings and records of the city relating to the issuance of said bonds or to the right, power and authority of the city to issue said bonds, and such certified copies and certificates shall be deemed representations of the city as to all facts therein stated. 11. The proceeds of such Refunding Bonds shall be :deposited, together with other funds hereinafter appropriated for the purpose, in escrow with the First National Bank of Minneapolis, in Minneapolis, Minnesota, a bank whose deposits are insured by the Federal Deposit Insurance Corporation and whose combined capital and surplus is in excess of $1,000,000. Such bank is hereby designated as the escrow agent for such funds, as required by Minnesota Statutes, Section 475.54, Subd. 5, and the city shall pay the reasonable charges of such bank for its services as such escrow agent. 12. In addition to the proceeds from the sale of such Refunding Bonds, there shall be deposited in escrow with said bank the following amounts to be transferred from the following funds: S & W #13 Sinking Fund (1/1/59 Bond Issue) $45,335.66 G.O. Bond Sinking Fund (SW 21 and 22) (12/15/59 Bond Issue) 2,353.07 Improvement Bonds of 1961: (Sinking Fund) 2,500.00 $50,188.73 13. At the time that such Refunding Bonds are delivered to the purchaser and the proceeds from the sale ,thereof, together with the other sums hereinbefore specified in the preceding paragraph 12 hereof, are deposited in such escrow account, the moneys in such escrow account shall be immediately invested in the following securities: Amount Type Coupon Maturity $153,000 _N FNMA 3 -7/8% 12/11/64 30,000 USTB 3 -1/2% 11/15/65 130,000 FLBB 4% 12/20/65 159,000 FNMA 4 -1 /8% 12/12/66 144,000 USTB 3 -5/8% 11/15/67 344,000 USTB 3 -7/8% 11/15/68 369,000 USTB 4% 10/1/69 95,000 USTB 2 -1/2% 12/15/69 96,000 FLBB 4 -1/2% 10/1/70 549,000 USTB 3 -7/8% 11/15/71 13.1 The offer of the First National Bank of Minneapolis, Minneapolis, Minnesota, to sell the City the U. S. Government obligations listed above at a price of $2,051,195.63 for payment on receipt of the purchase price of said refunding bonds is hereby accepted. 14. It is hereby found and determined that such securities mature or are callable at the option of the holder on such dates and bearing interest at such rates as required to provide funds sufficient, with any cash retained in such escrow account, to pay when due the interest to accrue on each obligation refunded to the date on which it is to be called for redemption, together with the principal amount of each such obligation and the amount of the premium required for redemption of each such oblication, the obligations being refunded and the dates of redemption of such bonds having been previously determined by this council. n Resolution No. 33- 1964 (Continued) 15. Such escrow account and all payments of principal and interest on on the securities held therin are hereby irrevocably appropriated to pay when due the interest to accrue on each obligation being refunded by such Refunding Bonds to the date of redemption, and the principal thereof and the call premium thereof. _ 43 16. The officers and agents of the city, including such escrow agent, are hereby authorized and directed to call obligations of this city being refunded by such Refunding Bonds, as provided in the "Resolution Providing for Sale of $2,025,000 Refunding Bonds" adopted by this council on the 16th day of December, 1963, and to redeem such bonds in the manner herein provided, from the proceeds of such escrow account. _ 17. Tax levies made. to pay principal of and interest on. obligations being refunded by such Refunding Bonds shall be cancelled or reduced to the extent permitted by law, from time to time by subsequent resolutions of the city council. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 17TH DAY OF FEBRUARY, :196`u.._:: MAYOR - William Nee A 1mn .