RES 1966-173 - 00011221236
RESOLUTION NO. 173 - 1966
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH LAWS OF 19573 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 Storm Sewer Improvement Project No. 82
has been estimated at $1110,000.00.
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 r
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 Storm Sewer Improvement Project No. 82 Fund
7Temp6riry) 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 subseo_uent 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. 11. There is also hereby created Storm Sewer Improvement Project No. 82
Rind 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 $35,000.00 shall be borrowed
to finance said Storm Sewer Improvement Project No. 82 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, See. 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. 82 Fund but the City further reco.ni -zed its
duty under the law, as provided by Sec. 429.091, and covenants 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 defi- nitive improvement
bonds, which the Council shall issue and sell at or prior to the maturity of the
temporary bonds to the extent that the same cannot be paid out of
funds available in the Sinking Fund of Storm Sewer Improvement Project No. 82
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 Improvement Project No. 82
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 -t 35,000.00 shall
be denominated Storm Sewer Improvement Project No. 82 Bond Seried "A"
(temporary) shall be seven (7) in number and numbered from 1 to 7 inclusive,
each in the denomination of 55,000.00 shall bear interest at the rate of 515 per
annum, payable semi - annually on May lst and November 1st of each year and
shall mature on November 1, 1969, shall be subject to redemption and
pre- payment on any interest, pay-ment date, at ran 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
6431 University Avenue N.E., Minneapolis, Minnesota, 551121.
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RESOLUTION NO. 173 - 1966 Continued 237
See, 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) 1
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
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 shell he 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 pa -ment of the ^urchase
price heretofore agreed upon and accrued interest to date of delivery and said
purchaser shall not be obligated 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 phis bond register.
Sec. 12. The bonds issued hereunder shall be payable for Storm Sewer Improvement
Projec t No. 82 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 fund and all special assessments for the improvements
provided that if any payment of principal or interest shall become due -khen there
is not sufficient money in said fund to pay the same, the Treasurer shall pay such
principal or interest from the 7eneral 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 nay 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 chall issue further definitive improvement ^onds 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 percent (20%)
of the total cost of said improvements will be paid by special assessments to be
levied against ever, 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 1
held invalid with respect to any lot, piece, or parcel of land, due to any error, 1
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 hereunder and to provide for the redemption of the same.
238
RESOLUTION NO. 173 - 1966 Continued
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 rent (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,
cer +.ified copies of all proceedings and records relatinF 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 anc' records under
their custody and control or as otherwise known to the, 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 5TH
DAY OF DECEMBER, 1966.
/ MAYOR -Jack Kirkham
ATTEST: -
CITY _CLEF ?�arein C, run sell
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