RES 1966-179 - 00011233P M
RESOLUTION NO. 179 - 1966
A RESOLUTION DIRECTIN!? THE ISSUANCE OF TEMPORARY IMPROVEMENT
ACCORDANCE I /TITH LAWS OF 1957, CHAFTER 385
BE IT RESOLVED, by the Council of the City of Fridley, Anoka County, Minnesota,
as follows:
SEC. 1. The total estimated cost of Street Tmprovement Project No. 1966 -5
and 1966 -6 has been estimated at $270,800.00
SEC. 2. It is now estimated that the sum of $265,000.00 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 project.
SEC. 3. There is hereby created Street Improvement Project No. 1966 Fund
temnorary) which shall contain a construction account as a Part thereof into
which shall be paid all proceeds of temnorary bonds issued pursuant to this
resolution and similary 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, Street Improvement Project No. 1966 Fund
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 a €ainst benefited property by reason of making 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 $265,000.00 shall be borrowed
to finance said Street Improvement Project No. 1966 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 author-
ized 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 followings
Street Improvement Project No. 1966 Fund but the City further recognized its
duty under the law, as provided by Sec. 429.091, and covenants and aErees 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
improvement bonds to the extent that the same cannot be paid out of funds
available in the Sinking Fund of Street Improvement Project No. 1966 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 Street Improvement Project No. 1966
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 $265,000.00 shall
be denominated Street Improvement Project No. 1966 Bond Series "C" (temporary)
shall be fifty -three (53) in number and numbered from 1 to 53 inclusive, each
in the denomination of $5,000.00, shall bear interest at the rate of 5% per
annum, payable semi - annually on June 1st and December 1st of each year and
shall mature on. December 1, 1969, 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 on said bonds, the Citv
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 inter-
est on said bonds shall be payable at Fridley City Hall, 6431 University Avenue
N.E., Minneapolis, Minnesota, 55421.
249
RESOLUTION NO. 179 - 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 substantially in the following form:
(Form of Coupon)
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 anpurtenant 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 purchaser thereof, upon payment of the purchase
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 Count-✓ 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 for Street Improvement
Project No. 1966 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 suff-
icient 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 Hind when said monies are
collected. All proceeds for said bonds except accrued interest shall be credited
to the fluid 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 Hand 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 nrovided
in accordance with Minnesota Statutes, Sec,. !:29.091, Chapter L7K, and that the
proces: 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 every lot, piece, or parcel of lard benefited h.r 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 .iny 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 provide monies for the payment of nrincinal and interest as the same fall. due
on the bonds issued hereunder and to provide for the redemption of the same.
250
RESOLUTION NO. 179 - 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 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 accordinvly required.
SEC. 16. The officers of the City and the County Auditor of Anoka County are
hereby authorized and directed to nrepare and furnish to the purchaser of said
bonds and to the attorneys annroving the legality of the issuance thereof,
certified copies of all proceedings and records relating to said bonds and to '
the financi.n.l affairs of =ad 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 Av THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF DECEMBER, 1966.
ATTEST:
'��C
CITY CLER. - Marvin C. Arunsell