RES 1964-90 - 00011683121
RESOLUTION NO. 90 -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 Water Imprr�vement Project No. 34
has been estimated at $2,110,000.00.
SEC. 2. It is now estimated that the sum of $115,000.00 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 Water Improvement No. 34 Fund (temporary)
which shall contain a ccros'txud'tion 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 Improvement Bonds of 1963 Fund
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 $115,000.00 shall be
borrowed to finance said Water Improvement Project No. 34 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: Improvement Bond of 1963 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 Improvement Bond of 1963 Fund or oit 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 Water Improvement
Project No. 34 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.
SEC. 8e Said temporary improvement bonds in the amount of $115,000.00
shall be denominated Water Improvement Project No. 34 Bond
Series "A "(temporal) shall be twenty -three (23) in number and numbered from
one 23 inclusive, each in the denomination of $5,000.00 shall bear interest
1 2 RESOLUTION NO. 90 -1964 (Continued)
h
at the rate of 4k% per annum, payable semi- annually on May 1st and November 1st
of each year and shall mature on May 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 knowl) 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 substantially in the following form: .
(Form of Coupon)
NO. $ o
(Unless:the bond..described below is called for earlier-redemption)
on the day of , 19_, the of
Anoka 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 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, 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 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 this bond register.
SEC. 12. The.bonds issued hereunder shall be.payable from Improvement
Bonds of 1963 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 funds 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.
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 ?hen 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
4
RESOLUTION NO. 90 -1964 (Continued) 123
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 twenty
per cent (20 %) 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 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
1 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 THIS 4TH DAY OF MAY, 1964.
MAYOR - William; Nee
ATTEST:
CITY CL`RK - Marvin C. Brunsell