RES 1965-204 - 00011535280
RESOLUTION N0. 204 -1965
A RESOLUTION DIRECTING THE ISSUANCE CF TEMPORARY IMPROVEMENT BONDS IN ACCORD+.
ANCE 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 Improvement Project#73
has been estimated in excess at $2003000.00.
SEC. 2. It is now estimated that the sum of $100,000.00 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 cm strue-
tion of said improvement projects.
SEC. 3. There is hereby created Storm Sewer, Sanitary Sewer and Water Improve-
ment #73 Fund (temporary) which shall contain a construction account as part
thereof into which shall be paid all proceeds of temporary bonds inssued
pursuant to this resolution and similary subsequent resolution, and out of
which shall be paid all amount due and payable as costs or expenses incident
to or incurred in connection with the making of said improvement.
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SEC. 4. There is also hereby created in Storm Sewer, Sanitary Sewer, and
Water Improvement #73 Fund (temporary) a Sinking Fund !:count, which account
in said Fund may and shall be termed as the Sinking Fund, into which fund
shall be paid the proceeds of all special assessments levied against benefited
property by reason of the making of said improvements as well as other monies
therein to be paid as provided by the 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 $100,000,00 shall be borrowed
to finance said Storm Sewer, Sanitary Sewer, and Water Improvement Project #73
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
32 as amended by laws 1957s Chapter 385.
SEC. 6. Said bonds shall be payable from the Sinking Fund of the following:
Storm Sewer, Sanitary Sewer, and Water Improvement #73 Fund but the City furthe
recognize its duty under the law, as provided by Sec. 429.091, and covenants
and agrees wi th the purchaser and all holders from time to time, of said
temporary improvement bonds, at or prior to the maturity thereof that it will
w
RESOLUTION NO. 201 -1965 (Continued)
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 Storm
Sewer, Sanitary Sewer, and Water Improvement #73 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 Storm Sewer, Sanitary Sewer, and Water
Improvement Project #73 andto levy ad valorem taxes, if necessary, to produce
sums at least 5% in excess of the amounts sufficient to pay prindoal 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
an the tax rolls at such tine when said improvemement projects have been
completed or the total cost thereof has been determined.
SEC. 8. Said temporary improvement bonds in the amount of ,$100,000.00 shall
be denominated Storm Sewer, Sanitary Sewer, and Water Improvement Project #73
Bond Series "A° (TEMPORARY) shall be twenty (20) in number and siumbered from
1 to 20 inclusinve, each in the denomination of $5,000.00 shall bear interest
at the rate of 421% per annum, payable semi - annually of 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 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 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:
U'd
No.
RESOLUTION NO. 2o4 -1965 (Continued)
(Form of Coupon)
(Unless the bond described below is called for earlier redemption)
on the .,, , day of , 19 , the
County, Minnesota, will pay to bearer at
of
Minnesota, the sum of DOLLARS
lawful money of the United States of America for interest then due on its
Dated
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 signature
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 authen-
ticated, by the printed, engraved, lithographed, or facsimile signatures of
said Mayor and Manager, When said bonds have been exacuted and authenticated
they shall be delivered by the Treasurer to the purchaser thereof, upon
payment of the purchase prices heretofore agreed upon and accrued interest to
date of delivery and said purchaser shall not be obliged to see to the appli-
cation 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
vi th 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 Storm Sewer, Sanitary
Sewer and Water Improvement #73 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 and all special assessments for the
improvements provided that is 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
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RESOLUTION N0. 204 -1965 (Continued)
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. 429.091,
Chapter 475, and that the process of said further definitive bonds shall b e
first used to pay the principal and interest as is then due and to redeem the
temporary bonds issued thereunder.
SEC. 1l4. _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
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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, 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 andthat 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
RESOLUTION N0:• 2o4 -1965 (Continued)
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
certificated, 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 6TH DAY OF DECEMBER, 1965.
qL
Mayor
City Manager
ATTESTt
City C1er