RES 1965-48 - 00011326RESOLUTION NO. 48 -1965
A RESOLUTION PROVIDING FOR THE ISSUANCE AND
SALE OF $715,000 SPECIAL ASSESSMENT FUND BONDS
WHEREAS, the City of Fridley maintains a Special Assessment Fund
to finance local improvements that are to be paid for, in whole or in part,
from special assessments against benefited property, pursuant to Section
7.12 (d) of the home rule charter, and
' WHEREAS, the Council is empowered by majority vote to issue and
sell bonds pledging the full faith and credit of the City in order to
anticipate the collection of special assessments in such amounts and
maturities as it may determine, regardless of the provisions of Section
7.16, and
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WHEREAS, the City Manager has presented to the Council his certificate
showing the financial requirements for the issuance of bonds and requesting
that the Council authorize the issuance of Special Assessment Fund Bonds in
the amount of $715,000,
NOW, THEREFORE, BE IT RESOLVED By the Council of the City of Fridley
as follows:
1. It is hereby determined that it is necessary and expedient to issue
and sell $715,000 Special Assessment Fund Bonds as authorized by
Section 7.12 (d) of the home rule charter of the City. The bonds to be
issued hereunder shall bear date May 1, 1965, shall be in denomination of
$1,000 each (or at the option of the purchaser in denomination of $5,000
each), shall bear interest at the rate or rates designated by the successful
bidder, payable August 1, 1965, and semiannually thereafter on February 1
and August 1 in each year, and shall mature serially on February 1 in the
years and amounts as follows: $50,000 in 1966 to 1971, both inclusive;
$30,000 in 1972 to 1980, both inclusive; $25,000 in 1981 to 1985, both
inclusive; and $20,000 in 1986, all bonds maturing 'after February 1, 1977,
being subject to redemption on said date and any interest payment date
thereafter, in inverse numerical order, at par and accrued interest and
a premium of 1, %.
2. The Council shall meet at the City Hall on Monday, the 3rd day of
May, 1965, at 8:00 o'clock P.M. for the purpose of receiving and consid-
ering bids for said bonds and taking such action as may be required to effect
the sale of said bonds. The City Manager shall cause notice to be given of
such sale as required by law, which shall state that the City will furnish
bonds and approving legal opinion of Messrs. Howard, Peterson, LeFevere,
Lefler and Hamilton, shall require a good faith check in the amount of 2%
of the par value and shall limit the amount of supplemental interest to 1'%
of the par value.
3. This resolution shall be published in full in the official newspaper
but shall take effect upon passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF APRIL, 1965
ATTEST:
L 4-A �r�t � ��u
CITY CLERK
- Marvin C. Brunsell
MAYOR - Willi J. Nee