RES 1966-22 - 0001096323
RESOLUTION NO. 22 -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. 1. The total estimated cost of Storm Sewer Improvement Project No. 12
has been estimated at $262,400.00 (City's share).
SEC 2. It is now estimated that the sum of $225,000.00 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 Storm Sewer Improvement Project No. 12 Fund
(temporary) 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 Storm Sewer Improvement Project No. 12
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 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 $225,000.00 shall be borrowed
' to finance said Storm Sewer Improvement Project No. 12 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;
Storm Sewer Improvement Project No. 12 Fund but the City further recognize 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 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
fund available in the Sinking Fund of Storm Sewer Improvement Project No. 12
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. 12
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 $225,000.00 shall
be denominated Storm Sewer Improvement Project No. 12 Bond Series "A" (temporary)
shall be forty five (45) in number and numbered from one to 45 inclusive, each
in the denomination of $5,000.00 shall bear interest at the rate of 5 %per annum,
payable semi - annually on March 1st and September 1st of each year and shall
mature on March 1st, 1968, 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 City Treasurer
shall mail notice of the call thereof to the holder, if known, said Treasurer
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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 55421.
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
on the day of ,19
County, Minnesota, will pay to bearer
, Minnesota, the sum of
money of the United States of American for interest th
Dated
CITY MANAGER
MAYOR
$ 1
redemption)
the of
at
dollars lawful
:n due on its
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 purchaser
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 I
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 Storm Sewer Improvement
Project No. 12 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 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 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.
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 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 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.
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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 an 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 21ST DAY OF
FEBRUARY, 1966.
MAYOR - Jack 0. Kirkham
CITY MANAGER - Earl P. Wagner
ATTEST:
CITY ClE = Marvin C. Brunsell _