RES 1966-27 - 0001097232
RESOLUTION NO. 27 -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 Street Improvement Project No. 1965 -2
has been estimated in excess of $200,000.00 '
SEC. 2. It is now estimated that the sum of $75,000.00 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 No. 1965 -2 Fund (temporary)
which shall contain a construction account as a part thereof into which shall
be paid all proceeds of temporary bonds issued pursuant to this resolution and
similar subsequent resolution, 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 improvements.
SEC. 4. There is also hereby created in Street Improvement No. 1965 -2 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 $75,000.00 shall be borrowed
to finance said Street Improvement Project No. 1965 -2 with respect to costs
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:
Street Improvement Project No. 1965 -2 Fund but the City further recognize
its duty under the law, as provided by Sec. 429.091, and convenants and agrees
with 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 No. 1965 -2
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. 1965 -2 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 $75,000.00 shall
be denominated Street Improvement Project No. 1965 -2 Bond Series "B" (temporary)
shall be fifteen (15) in number and numbered from 1 to 15 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 1, 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 of 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 addressed of 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 21, Minnesota.
Sec. 9. Said temporary improvement bonds shall have attached thereto an
interest coupon which Bond and Coupon shall be substantially in the following
f orm:
33
RESOLUTION NO. 27 -1966 (CONTINUED):
(Form of Coupon)
No.
(Unless the bond described below is called for earlier redemption)
On the day of , 19 the of ,
, 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 attdched 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
interestto 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 the County Auditor of Anoka County, together with
such other information as he shall require and to obtain from said County
Auditor of Anoka County a certificate that said bonds have been entered on this
bond register.
SEC. 12. The Bond issued hereunder shall be payable.from Street Improvement
No. 1965 -2 Fund which is hereby created. The Treasurer shall cause all monies
received from the process 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
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 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 proceeds of said further definitive improvement bonds shall be first
used to pay the principal and interest as is then due and to redeem the
temporary bonds issued hereunder.
SEC. 14. The City Council has determined that not less than eighty per cent
(807) 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.
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.
34
RESOLUTION NO. 27 -1966 (CONTINUED
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, andinformation 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, 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.7TH
DAY OF MARCH, 1966.
�M OR - Jack TKirkham
- L%I
ATTEST:
CITY RK - Marvin C. Brunsell
CITY MANAGER - Earl P. Wagner
III