RES 1967-170 - 00010858238 RESOLUTION NO. 170 -1967
RESOLUTION AWARDING SALE OF $1,830,000 SPECIAL ASSESSMENT FUND
BONDS, FIXING FORM AND SPECIFICATIONS THEREFOR, DIRECTING THEIR
EXECUTION AND DELIVERY AND PROVIDING FOR PAYMENT
BE IT RESOLVED By the Council of the City of Fridley, Minnesota,
as follows:
1. The bid of Juran & Moody, Inc. of St. Paul, Minnesota
to purchase $1,830,000 Special Assessment Fund Bonds of 1967 is
hereby found and determined to be the best bid received and shall
be and is hereby accepted, said bid being to purchase said bonds
bearing interest as follows:
4.20% on bonds maturing in the
4.40% on bonds maturing in the
4.50% on bonds maturing in the
plus additional interest at th,
on bonds maturing in the years
January 1, 1968, to January 1,
years
years
years
rate
1969
1969;
1968 through 1977;
1978 through 1982;
1983 through 1988;
of 1.50% per annum
through 1988 from
at a price of $1,830.00. The treasurer is directed to retain the
good faith check of the purchaser pending completion of the sale
and delivery of the bonds and the City Clerk is directed to return
the checks of unsuccessful bidders forthwith.
2. The City of Fridley shall forthwith issue its negotiable
coupon Special Assessment Fund Bonds of 1967 in the principal amount
of $1,830,000, said bonds to be dated October 1, 1967, to be 366 in
number and numbered 1 to 366, both inclusive, in the denomination of
$5,000 each, bearing interest as above set forth, payable January 1,
1968, and semiannually thereafter on January 1, and July 1 in each
year, and maturing serially on January 1st 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 lz%.
3. Both principal of and interest on said bonds shall be
payable at The First National Bank of Saint Paul, in St. Paul,
Minnesota,
as designated by the successful bidder and the City shall pay the
reasonable charges of said bank for its services as paying agent.
4. The bonds and the interest coupons to be thereto attached
shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
$ 5 2000
239` __
SPECIAL ASSESSMENT FUND BOND OF 1967
KNOSY ALL LIEN BY THESE PRESENTS That the City of Fridley,
Anoka County, Minnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer, from its
Special Assessment Fund, on the 1st day of January, 19 , the
sum of FIVE THOUSAND DOLLARS and to pay interest thereon from
the date hereof until the principal amount is paid at the rate
of per cent ( %) per annum, and to
pay additional interest on said principal sum from January 1, 1968,
to January 1, 1969, at the rate of one and fifty hundredths per cent
(1.50 %) per annum,
all interest to maturity payable January 1, 1968, and semiannually
thereafter on the 1st day of January and the 1st day of July in
each year, in accordance with and upon presentation and surrender
of the interest coupons hereto .attached as they severally become
due. Both principal and interest are payable at The First National
Bank of Saint Paul, in St. Paul, Minnesota,
in any coin or currency of the United States of America which at
the time of payment is legal tender for public and private debts.
For the prompt and full pa ment of such principal and interest' as
the same respectively become due, the full faith, credit and tax-
ing powers of the city have been and are hereby irrevocably
pledged.
All bonds of this issue maturing after January 1, 1977,
are 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 110. Thirty days prior nonce of re-
deiaption will be given in the manner provided by law,
This bond is one of an issue of $1,830,000 principal
amount, all of like date and tenor except as to maturity, inter-
est rate and provision for redemption, all issued by the city
for the purpose of providing money to defray the expense incurred
or to be incurred in making local improvements, in anticipation
of the collection of special assessments, as authorized by Sec-
tion 7.12 (d) of the Home Rule Charter of the city, and is pay-
able primcrily from special assessments levied against specially
benefited property, but the full faith and credit of the city is
pledged for its payment.
IT IS HEREBY CERTIFIED AND RECITED That all acts, con-
ditions and things required by the Constitution and lav:s of the
State of Minnesota and the Home Rule Charter of said city, to
be done, to happen, to exist and to be performed precedent to and
' in the issuance of this bond have been done, have happened, do
exist and have been performed in rcgular and due form, time and
manner as so required: that the full faith and credit of the
city is pledged for the payment of the principal of and interest
on the bonds of this issue when the moneys on hand in the appro-
priate fund are insufficient for the purpose and taxes shall be
levied upon all to :;able proporty, if needed to take care of any
deficiency, .,ihich Lases may be lev ; -ed without limitation as to
rate or amount, and that the issuance of this bond did not cause
the indebtedness of the city to e :;teed any constitutional,
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240
statutory or charter limitation thereon.
IN WITNESS WHEREOF, the City of Fridley, Anoka County,
Minnesota, by its Council, has caused this bond to be executed
in its behalf by the facsimile signature of the Mayor and manual ,
signature of its City Manager, and a facsimile of its corporate
seal to be printed hereon, and has caused the attached interest
coupons to be executed and authenticated by the facsimile signa-
tures of said officers, all as of October 1, 1967.
(facsimile signature)
Mayor
City Manager _
(facsimile seal)
(Form of Coupon)
No. $
On the first day of January (July), 19 the City of
Fridley, Anoka County, Minnesota, will pay to bearer, out of '
its Special Assessment Fund, at The First National Bank of
Saint Paul, in St. Paul, Minnesota,
the amount shown hereon for interest then due on its Special
Assessment Fund Bond of 1967, dated October 1, 1957, No.
(facsimile signature)
&iayor
(facsimile signature)
City Manages-
5. The city has agreed to furnish the approving legal
opinion of ',Iessrs. Hov�ard, LeFevere, Lefler, Hzwil-
ton and Pearson to the purchasers, and such opinion is he eby
requested. The clerk is authorized and directed to cause a
copy of such opinion to be printed on each bond, together with
the clerk's certificate in substantially the follo;ing form;
I, the undersigned, Clerk of the City of Fridley,
Minnesota, hereby certify that except for the dating
thereon, the above is a full, true and correct copy ,
of the legal opinion of Messrs. Howard, Lerevere,
Lefler, IIamilton and Pearson of Minneapolis, Minnesota,
which •ara.s delivered to me prior to the delivery of
this bond and is on file in my office.
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(facsimile signature)
City Clerk
City of Fridley, Minnesota
241
Resolution No. 170 -1967 Continued
The clerk shall also execute a separate certificate at time of
delivery showing fact and date of receipt of such opinion.
6. The bonds shall be prepared under the direction of the
' city clerk and shall be executed on behalf of the city
by the facsimile signature of the mayor and manual signature of
the city manager, and a facsimile of the corporate seal of the
city shall be affixed to each thereof, and the interest coupons
shall be executed and authenticated by the printed facsimile
signatures of said officers. When the bonds have been so exe-
cuted, they shall be delivered by the treasurer to the purchaser
thereof upon receipt of the purchase price heretofore agreed up-
on and the purchaser shall not be obligated to see to the proper
application thereof.
7. The bonds issued hereunder shall be payable from the
Special Assessment Fund, provided that if any payment
of principal or interest shall become due when there is not suf-
ficient 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 any advances out of pro-
ceeds of assessments or special taxes when collected.
8. It is hereby determined that the estimated collections
of special assessments which will be available for the
payment of said bonds will produce at least five per cent in ex-
cess of the amounts needed to meet when due the principal and
interest payments on the bonds and no ad valorem taxes are re -,
quired at this time.
9. The city clerk shall deliver to the county auditor of
Anoka County a certified copy of this resolution and
obtain his certificate in accordance with Section 175.53, Minne-
sota Statutes.
10. It is hereby determined that the improvements which
are financed by the issuance of bonds hereunde_ will
benefit the entire city and the city hereby covenants with the
holders from time to time of said bonds as follows:
(a) The city will cause the assessments for all im-
provements to be promptly levied so that the first in-
stallment will become collectible not later than 195E and
will take all steps necessary to assure prompt collection.
(b) The city will keep complete and accurate books
and records show'.ng all receipts and disbursements in con-
nection with said improvements, the assessments levied
therefor and oche. funds appropriated for their p,-.yment,
and all collections thereof and disbursements therefrom,
moneys on hand and balance of unpaid assessments.
(c) The city will cause its said books and recc:rds
to be audited at least - nnually by qualified public ac-
countants and will furnish copies of such audit reports
to any interested person upon request.
11. The clerk and treasurer of the city are hereby au-
thorized and directed to prepare and furnish to the
purchaser of the bonds and to the attorneys approving the
same, certified copies of all proceedings and records of the
city relating to said bonds and to the financial condition
and affairs of the Special Assessment Fund r.nd such certifi-
cates, affidavits and trrr.scripts as may be required to show
the facts within their kroYledoe or as shown by the books and
records in their cust'od' or under their control relating to
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242 a....
Resolution No. 170 -1967 Continued.
the validity and marketabliity of bonds and such instruments, in-
cluding any heretofore furnished, shall be deemed representations
of the City as to the facts stated therein.
12. This resolution shall be published in full 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, Samuelson, Sheridan, Liebl, and
Harris.
and the following voted NO: None -
WHEREUPON SAID RESOLUTION WAS DECLARED DULY PASSED AND ADOPTED BY
THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 11TH DAY OF SEPTEMBER,
1967.
JACK O. KIP.i;AM
ATTEST:
r CITY LERK - MARVIN C. BRUNSELL