RES 1965-46 - 0001132267
RESOLUTION NO. 46 -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 Sanitary Sewer and Water Improvement
Project #70 has been estimated at $35,000.00.
'
SEC. 2. It is now
estimated that
the sum of $35,000.00 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 Sanitary Sewer and Water Improvement #70
Fund ( temporarv) Which shall contain a construction 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 in Sanitary Sewer & Water Improvement
#70 Fund (temporary) a Sinking Fund Account, 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 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 $35,000.00 shall be borrowed
to finance said Sanitary Sewer and Water Improvement Project #70
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:
Sanitary Sewer and Water Improvement #70 Fund
but the City further recognize its duty under the law, as provided by Sec.
429.091, and covenants and agrees with the purchases and all holders from
time to time, of said temporary improvements bond, 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 Sanitary Sewer and Water Improvement 770 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 Sanitary Sewer and Water Improvement Project
770 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. 8. Said temporary improvement bonds in the amount of $35,000.00 shall
be denominated Sanitary Sewer and Water Improvement Project if70 Bond Series
"A" (temporary) shall be seven (7) in number and numbered from
1 to 7 inclusive, each in the denomination of $5,000.00, shall bear
interest at the rate of 42% per annum, payable semi - annually on January 31st
and July 31st of each year and shall mature on January 31st, 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 of said bonds, the City Treasurer shall mail notice of the call
••
RESOLUTION NO. 46 -1965 (Continued)
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; '
(Form of Coupon)
(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 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 purchases 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 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 Sanitary Sewer
and Water Improvement #70 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 I
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. 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.
fig
RESOLUTION NO. 46 -1965 (Continued)
SEC. 14. The City Council has determined that not less then eighty per
cent (80 %) of the total cost of said improvements will be paid by special
assessments to be levied against every lot, piece of 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 do, 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 performace
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.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 15TH DAY OF MARCH, 1965.
ATTEST:
CIT4f CLERK - Marvin C. Brunsell
a)
MAYOR - Wil iam J. Nee