RES 1967-35 - 0001069741
RESOLUTION NO. 35 - 1 %7
A ABSOLUTION 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 Storm Sewer Improvement Project No. 81
has been estimated at $10,000.00.
SEC, 2. It is now estimated that the sum of $10,000.00 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. 81
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 similarly 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. 81
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 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 $10,000.00 shall be
borrowed to finance said Storm Sewer Improvement Project No. 81
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 authorised
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. 81 Fund but the City further
recognized its duty under the law, as provided by Sec. 429.091,
and covenants and agrees with the purchasher 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
Storm Sewer Improvement_ Project No. 81 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 Storm Sewer Improvement Project
No. 81 and to levy ad valorem taxes, iC necessary, to produce sums
at least 5% in excess of the amounts sufficient to pay principal and
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42
RESOLUTION NO. 35 - 1967 (Continued)
- 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 $10,000.00 shall
be denominated Storm Sewer Improvement Project No. 81 Bond Series
^A" Ctemporary) shall be ten (10) in number and numbered from
1 to 10 inclusive, each in the denomination of $1,000.00 shall bear
interest at the rate of 5% per annum, payable semi - annually on
February 1st and August 1st of each year and shall mature on
February 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 thereof
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 memeographed 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 redemption)
on the day of , 19 , the
of . County, Minnesota, will pay to bearer at
, Minnesota, the sum of dollars
lawful money of the United States of.America for interest then due on its
(DATED)
CITY MANAGER MAYOR
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
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RESOLUTION N0. 35 - 1967 (Continued) -
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 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. 81 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
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 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.
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.
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RESOLUTION NO. 35 - 1967 (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 r
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 otho.r 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 as otherwise known to
them, 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
6TH DAY OF MARCH, 1967.
ATTEST:
CITY CLERK- Marvin C. runseI
/nJ "'k 69.
MAYOR - Jack O. Kirkham
CITY MANAGER - Earl P. Wagner