RES 1967-133 - 00010799179
RESOLUTION NO. 133 -1967
A RESOLUTION PROVIDING FOR RESETTING SALE OF $1,830,000
SPECIAL ASSESSMENT FUND BONDS
WHEREAS, by resolution adopted June 5, 1967, this Council
determined to issue and sell $1,830,000 Special Assessment Fund
Bonds of the City on July 17, 1967, and
WHEREAS, upon advice of Robert Ehlers, financial consultant,
the City Mnanager has notified all prospective purchasers that said
sale would be postponed and rescheduled for Monday, September 11th
at 8 :00 o'clock P.M., and
WHEREAS, this Council desires to confirm said action of the
City Manager and reset the bond sale, and
WHEREAS, it is desirable to adjust the.bpnd date and maturities
because of the delayed sale,_
NOW, THEREFORE, BE IT RESOLVED, By.the Council of the City of
Fridley as follows:
1. The bonds to be issued pursuant to the resolution adopted
June 5, 1967, shall bear date October 1, 1967, shall be in denom-
ination of $1,000 each (or at the option of the purchaser in de-
nomination of $5,000 each), shall bear interest at the rate or
rates designated by the successful bidder, payable July 1, 1968,
and semiannually thereafter on January 1 and July 1 in each year,
and shall mature serially on January 1 in the years and amounts as
follows: $40,000 in the year 1968; $150,000 in each of the years
1969 to 1975, both inclusive; $140,000 in each of the years 1976
and 1977; $130,000 in the year 1978; $40,000 in each of the years
1979 to 1982, both inclusive; $30,000 in each of the years 1983
to 1987, both inclusive; and $20,000 in the year 1988, all bonds
maturing after January 1, 1977, being subject to redemption on
said date and any interest payment date thereafter, in inverse
numerical order, at par and accrued interest and a premium of 13f%.
2. The Council shall meet at the City Hall on Monday,the 11th
day of September, 1967 at 8:00 o'clock P.M. for the purpose of
receiving and considering bids for said bonds and taking such
action as may be required to effect the sale of said bonds. The
City Manager shall cause notice to be given of such sale as re-
quired by law, which shall state that the City will furnish bonds
and approving legal opinion of Messrs. Howard, LeFevere, Lefler,
Hamilton and Pearson, shall require a good faith check in the amount
of 20% of the par value and shall limit the amount of supplemental
interest to 1';% of the par value.
3. This resolution may be published in the official newspaper
but shall take effect upon passage.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilman Harris, and upon vote being taken thereon,
the following voted AYE: Kirkham, Lieb1, Harris, Samuelson,
Sheridan.
and the following voted NO: None
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
17TH DAY OF JULY, 1967.
AYOR - JACK O. KIRKHAM
AT T . (/1
IZ'Y CLERK - MARVIN C. BRUNS L