RES 1966-175 - 00011225240
RESOLUTION NO. 175 - 1966
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.l. The total estimated cost of the 1965 Street Improvement Projects
has been estimated in excess of $410,000.00.
- SEC. 2. It is now estimated that the sum of $60,000.00 is currently '
necessary to proviie 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 1965 Street Improvement Fund (temporary)
which shall contain a const.nzction account as a part thereof
into which shall be raid 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 i_n connection with the making of said improvement.
SEC. 4. There is also hereby created in 1965 Street Improvement Fund
(temporary) a Sinking Fund Account, which account is 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 $60,000.00 shall be
borrowed to finance said 1965 Street Improvement Project, 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. 429.011 Subdivision 3, as "
amended by laws 1957, Chapter 385.
SEC. 6. Said bonds shall be payable from the Sinking Raid of the
following: 1965 Street, Improvement Fund, but the City further
recognized its duty under the law, as provided by Sec. 429.091, and
covenants an,' a-rees 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 definitive improvement bonds which the Council
shall issue and sell at or prior to the maturity of the temporary imp-
rovement bonds to the extent that the same cannot be raid out of funds
available in the Sinking Fund of 1965 Street Tmprovement Find,
or out of other minicipal 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 prorerty by reason of the making of 1965 Improvement Project
and to levy ad valorem taxes, If necessary, to produce sums
at least 5% in excess of the amounts sufficient to pay principal and int-
erest when due on said temporary improvement bonds and on anv 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 $60,000.00 '
shall be denominated 1965 Street, Improvement Project Bond Series "C"
( temporarv) shall be twelve (12) in number and numi-ered from ]_ to 12
inclusive, each in the denomination of $5,000.00, shall bear interest at
the rate of 5% per annum, payable semi - annually on June 15th and December 15th
of each year and shall mature on December 15, 1969, shall be subject to redemption c,
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 thereof tb 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 rayable at Fridley City
Hall - 601 Uni- vereity Avenue N.E., Minneapolis 21, Minnesota.
I
241
RESOLUTION NO. 175 - 1966 Continued
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 substantiallv in the following form:
No.
(Form of Coupon)
2
(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
MANAGER
MAYOR
SEC. 10. Said bonds and coupons attache', shall be prepared under the dir-
ection of 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 he 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 the.,, shall he delivered by the Treasurer
to the purchaser thereof, upon payment of the purchase price h.eretnlr)re
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 id 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 his bond register.
SEC. 12. The bonds issued hereunder shall be payable from 1965 Street
Improvement 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 rrincipal 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 find and used to pay the cost of
said improvements.
SEC. 13. It is further proved 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 L75, and that the proceeds of said further definitive bonds shall be
first used to nay the principal and interest, as is then due and to redeem
the temporary bonds issued hereunder.
242
RESOLUTION NO. 175 - 1966 Continued
SEC. 14, The City Council has determined that not less than eighty per cent
TS-oTT 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 assessments valid and binding liens against such property, and
also shall take such further proceedings as may be required by law to pro-
vide 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 Der cent (S%) 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 dzrected 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
5TH DAY OF DECEMBER, 1966.
ATTEST:
CITY CLr.. Marvin �, runsell
MAYOR - Jack 0. Kirkham
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