RES 1964-49 - 0001162967
RESOLUTION NO. 49 -1964
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY 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 Sewer and Water ImprovementProject
No. 61 has been estimated at $41,000.00.
SEC. 2. It is now estimated that the sum of $41,000.00 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 projects.
SEC. 3. There is hereby - created Sewer and Water Improvement 961 Fund
(temporary) which shall contain a construction account as par
thereof into which shall be paid all proceeds of temporary bonds issue
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 Sewer and Water Improvement Proj
#61 Fund ( temporarv) 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.
SEC. 5. It'is "hereby determined that the sum of $41,000.00 shall be
borrowed to finance said Sewer and Water Improvement Project No.
61 with respect to cost of construction and expenses necessarily incurred
relative 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: Sewer and Water Improvement Project #61 Fund, but
the City further recognize its duty under the law, as provided by Sec.
429.091, and covenants 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 Sewer and Water
Improvement Project 9x`61 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 Sewer and Water
Improvement Project #61 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 or 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.
68
RESOLUTION NO. 49 -1964 (Continued)
SEC. 8. Said temporary improvement bonds in the amount of $41,000.00
shall be denominated Sewer and Water Improvement Project 961
Bond Series "A" (temporary) shall be forty -one (41) in number and
numbered from one to 41 inclusive, each in the denomination of $1,000.00
shall bear interest at the rate of 4y% per annum, payable semi - annually
on March 1st and September 1st of each year and shall mature on March 1,
1966, shall be subject to redemtion 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 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
University Avenue Northeast, Minneapolis, Minnesota 55421.
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 substatially 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 dollars lawful money
of the United States of America for interest then due on its
DATED
CITY MANAGER
1
MAYOR- 1
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,
lithographed, or facsimile signatures of said Mayor and Manager. When
said bonds have been executed and authenticated they shall be delivered
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 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 a +end to
obtain from said County Auditor a certificate that said bonds have been
entered on this bond register.
SEC. 12. The bonds issued hereunder shall be payable from Sewer and Water
Improvement Project #61 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
assessments for the improvements 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 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.
RESOLUTION NO. 49 -1964 (Continued)
mall
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
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 475, and that the process
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.
SEC. 14. The City Council has determined that not less than eighty per cent
(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 Offieers 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 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 per cent (5 %) 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 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.
ADCPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
16TH DAY OF MARCH, 1964.
MAYOR - William T. Nee
ATTEST:
-
CITY CLEIM - Marvin C. Brunsell