RES 1965-202 - 00011530275
RESOLUTION NO. 202 -1965
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 Street Improvement Project No. 1965 -1
has been estimated in excess of $1711,000.00
SEC. Z. It is now estimated that the sum of $150,000 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 project.
SEC. 3. There is hereby created Street Improvement No. 1965 -1 Fund (Temporary)
which shall contain a construction account as a 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 improvements.
SEC. 4. There is also hereby created in Street Improvement No. 1965 -1 Fund
(temporary) a Sinking Fund Account, which account in said fund may and 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 $150,000.00 shall be-
borrowed to finance of Street Improvement Project No. 1965 -1 with respect to
costs 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:
Street Improvement Project No. 1965 -1 Fund but the City further recognize
its duty under the law, as provided by Sec. 429.091, and covenants and agrees
with purchaser and all holders from time to time, of said temporary improve-
ment 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 improve-
ment 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
276
RESOLUTION NO. 202 -1965 (Continued)
paid out of funds available in the Sinking Fund of Street Improvement No.
1965 -1 Fund or out of other municipal funds whidiare properly available
and are appropriated by the Council for such purpose.
SEC. 7. It is hereby determined to levy special assessments against bene-
fited property by reason of the making of Street Improvement Project No."
1965 -1 and to levy ad valorem taxes, if necessary, to produce sums at least
5% in exdess 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 $150,000.00 shall
be denominated Street Improvement Project No. 1965 -1 Bond Series "A" (temporary)
shall be thirty (30) in number and numbered from 1 to 30 inclusive, each
in the denomination of $5,000.0; shall bear interest at the rate of 4;%
per annum, payable semi - annually on May 15th and November 15th of each year
and shall mature on November 15, 1967, shall be subject to redemption and
pre - payment on any interest payment date, at per 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 N.E., Minneapolis 219 Minnesota.
SEC. 9. Said temporary improvement bonds 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 !_
Minhesota, the sum of DOLLARS
lawful money of the United States of America for interest then due on its
Dated
Manager Mayor
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ti
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RESOLUTION NO. 202 -1965 (Continued)
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 signa-
tureso£ the Mayor and Manager, and the corporate seal of the City mall 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 Bond issued hereunder shall be payable from Street Improvement No.
1965 -1 Fund which is hereby created. The Treasurer shall cause all monies
recieved from the proceos of said bonds, all monies appropriated and transferred
from other funds and all special assessments for the improvement 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 colleted. 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 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 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 hereunder.
278
RESOLUTION N0. 202 -1965 (Continued)
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 assess-
ments 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 assess-
ments valid andbinding 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 the interest on said bonds 1-hen 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
sertificates, certified copies and affidavits, including any heretofore furn-
ished, shall be deemed representations of the City as to the correctness of
all statements contained therein.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 6TH DAY OF
DEC!IABER, 1965.
ATTESTS
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