RES 1967-143 - 00010813193
RESOLUTION NO. 143 -1967
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT
BONDS: 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 Sanitary Sewer, Water and Storm
Sewer Project No. 84 has been estimated at $155,000.00.
' SEC. 2 It is now estimated that the sum of $150,000.00 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 Sanitary Sewer, Water and Storm Sewer
Project No. 84 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 sub-
sequent 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 Sanitary Sewer, Water and Storm
Sewer Project No. 84 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 making of said im-
provements as well as all other monies therein to be paid as pro-
, vided by law and out of which shall be paid the principal and in-
terest on all temporary improvement bonds issued to finance said
project.
SEC. 5 It is hereby determined that the sum of $150,000.00 shall be
borrowed to finance said Sanitary Sewer, Water and Storm Sewer Project
No. 84 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: Sanitary Sewer, Water and Storm Sewer Project No. 84
Fund but the City further recognized 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 funds available in the
Sinking Fund of Sanitary Sewer, Water and Storm Sewer Project No. 84
Fund or out of other Municipal funds which are property 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 Sanitary Sewer, Water
and Storm Sewer Project NO. 84 and to levy ad valorem taxes, if ne-
cessary, to produce sums at least 5% in excess of the amounts suf-
ficient 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.
194
Resolution No. 143 -1967 Continued.
SEC. 8 Said temporary improvement bonds in the amount of $150,000.00
shall be denominated Sanitary Sewer, Water and Storm Sewer Project
No. 84 Bond Series "A" (temporary) shall be thirty (30) in number
and numbered from 1 to 30 inclusive, each in the denomination of
$5,000.00 shall bear interest at the rate of 5% per annum, payable
semi - annually on August lst and February 1st of each year and shall
mature on August 1, 1970, 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 there-
of 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 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 steal l be G stant.ially in the __following form.
(Form of Coupon)
w No. $
aoi (Unless the bond described below is called for earlier redemption)
aa) on the day of 19_, the of
County, Minnesota, will pay to bearer at
a) Minnesota
s� v , the sum of
N "rl dollars lawful money of the United States of America for interest
�
R then due on its
U a)
Dated:
al l4
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R, CITY MANAGER- MAYOR
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aJ A
N " SEC. 10 Said bonds and coupons attached shall be prepared under the
k o direction of the City Manager and shall be executed on behalf of the
m p City by the signatures of the Mayor and Manager, and the corporate
ro 0 seal of the City shall be affixed thereto, and the appurtenant interest
F 5 coupon shall be mimeographed and authenticated, by the printed,
0 a engraved, lithographed, or facsimile signatures of said Mayor and
c Manager. When said bonds have been executed and authenticated they
>, 00 shall be delivered heretofore agreed upon and accrued interest to date
Rte? 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 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 Sanitary ,
Sewer, Water and Storm Sewer Project No. 84 Fund which is hereby
created. The Treasurer shall cause all monies received from the pro-
ceeds of said bonds, all monies appropriated and transferred from
other funds and all special assessments for the improvements pro-
vided 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.
RESOLUTION NO. 143 -1967 Continued.
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-An
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 prin-
cipal and interest as the same fall due on the bonds issued here-
under and to provide for the redemption of the same.
SEC. 15 It is hereby determined that the collection of special
t 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 market-
ability 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 here-
tofore 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 AUGUST, 1967.
Le4 0 4;��
(,AAYOR - JACK . RIRKHAM
ATTEST:
CITY CLERK MARVIN C. BRUNSELL