RES 1965-148 - 00011450RESOLUTION NO. 148 -1965
A RESOLUTION DIRECTING THE INSSUANCE OF TEMPORARY IMPROVEMENT BONDS IN
ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
HE IT RESOLVED, By the Council of the City of Fridley, Anoka County,
Minnesota, as f ollows:
SEC. 1. The total estimated cost of ,Storm Sewer Improvement Project No. 5A
& 5B has been estimated at $372,100.00.
SEC. 2. It is now estimated that the sum of $75,000.00 is currently neces-
sary to provide financing of the projects above noted, and it is hereby
determined to be necessary to borrow said amount for the payment of obliga-
tions now incurred and for expenses necessarily incurred in connection
with the construction of said improvement project.
SEC. 3. There is hereby created Storm Sewer Improvement Project No. 5 Fund
( temporarv) which shall contain a construction account as Dart 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 maki -ng of said improvement.
' SEC. 4. There is also hereby created Storm Sewer Improvement Project No. 5
Fund (Temporary) 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 $75,000.00 shall be borrowed
to finance said Storm Sewer Improvement Project No. 5 with respect to cost of
construction and expenses necessarily incurred relative thereto to this date,
by the issurance 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:
Storm Sewer Improvement Project No. 5 Fund but the City further recognizes
its duty under the law, as provided by Sec. 129.091, and convenants 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
19�
RESOLUTION NO. 148 -1965 (Continued)
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 Storm Sewer
Improvement Project No. 5 Fund or out of other Municipal funds which are
properly available and are appropiated by the Council for such purpose. '
SEC. 7. It is hereby determined to levy special assessments agaifist
benefited property by reason of the making of Storm Sewer Improvement
Project No. 5 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 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 improvement projects
have been completed or the total cost thereof has been determined.
SEC. 8. Said temporary improvement bonds in the amount of $575,000.00
shall be denominated Storm Sewer Improvement Project No. 5 Bond Series
"B" (temporary) shall be fifteen (15) in number and numbered from one to
15 inclusinve, each in the denomination of $5,000.00 shall bear interest ,
at the rate of 4;% per annum, payable semi - annually on February 1st and
August 1st of each year and shall mature on August 1st, 1967, 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.on 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, 6131 University Avenue N.E.,
Minneapolis 21, Minnesota.
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:
CII
197
RESOLUTION NO. 118 -1965 (Continued).;
(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
ITY 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 i`lanager, and the corporate seal of the City shall be affixed
thereto, and the appurtenant interest coupon shall be mimeographed and auth-
enticated, by the printed, engraved, lithographed, or facsimile signatures of
said Mayor and " lanager. 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 obligated to see the application
thereof.
SEC. 11. The City Manager is hereby authorized and directed to file a cart-
ified copy of this resolution with 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 bond issued hereunder shall be payable for Storm Sewer Improvement
Project No. 5 Fund which is hereby created. The Treasurer shall cause all
monies received from the proceeds of said bonds, all monies appropriated and
trls nsferred 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
RMOLUTION No. 148 -1965 (Continued)
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
then the City shall issue further definitive improvement bonds as authorized
and provided in accordance with Minnesota Statutes, Sec. 1129.091, 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 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 bene-
fited by the said improvements. The City hereby convenants 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 here-
under 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 the interest on
said bonds when due and that no ad valorem tax levy is accordingly
required.
199
RESOLUTION NO. 148 -1965 (Continued
SEC. 16. The officers of the City of 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 marketablility 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 therin.
PASSED BY THE CITY COUNCIL THIS 16TH DAY OF AUGUST, 1965.
MAYOR - Willi J. Nee
ATTESTS
CITY CL& C - Marvin C. Brunsell