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RES 1968-54 - 00010375N RESOLUTION NO. 54 - 196C A RES07J1iICPi RIRmTIam T11E ISSUANCF, OF T, 11'0. f -T41 O0 � M'T !:GP1)•S ACCOFiDkYME WITH UVIS OF 1957, CHAPITZ 355 BE IT RF,SOLVU) By the Council of tho City of Frid.1.oy, Anoka Covmty, Psi :naaoCa, as falloss: SEC, 1. 1ho total osti ated cost of Sanitary —S-nn Water Emd Stir= S ia;r Lntrorore t Pro oct Sao. ha3 been estiwat=Dd &t 8 2. It is pcw esti itsd thst tho SUM, of 2f0 -,UC ,L� 1�� c��ront I7 �.s noces3ary to provide fiwncing of the projects above noted, and it is he aby doterudned to bn nocassary to borrow said amoxant for the paymsnt of obligations now incurred and for sxpensos nocossarily incurred in connection tdth the construction of eaid inprownwent project. yL,t..L. There is hereby created Sancta T ScwergWntcr and Stc, Se. _ieer I xoverr _Srt Prn4eCt Pio. e8 — - Which Shall contain a constrv^t_ion accouZt� as- rttrar° ^of into Which s -11 be paid all proceeds of t-nporary Cones issued pursuant to this resolution and sinilary subsaquent resolutior_s, and out of which shall be paid all amounts due and payable as costs or oxponses incident to or incurrad•.5n connection with the Acing of said irprovemont. SEC., 4 lbero is also hereby created Sad tar? Sawar., Water and Sc M Sewer Im'rovccarnt Pxa ci P]o. 88 _ a Sin} s Fu Acacunt. vl- .h Accalit, ii S".4 -id fund RaAz Pnd_ shall be tera±sd as the S3.Y:__irg Fund. into which shall be paid the prococdo of all spacial asse3sronte levied againot benofitedd prop^s;ty by rsa €on of making of said improver.3nts as Gall as all othor 1�20ruea ths"Li to be paid ea p,-,)-Ad---1 by law and out'of which shall bo paid the principal 2nd irtar©st on all tern improvcmsnt bonds issued to finance said pioj6Ct. °.�C. , Ir is heresy detarrdnod that the sum of $200.000,00 shall be borrowed to finan co said Sanitary Se-a r. Water and St: -. s SmTc�r Iz_-crovemint Pro act Yo. 63 With reop ^.at to co9t of construction end ox.-ponaoo nccosr,rily incurred relative U Resolution No. 54 -1968 Cont. 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 &Suer Wc.ter and St :-).T, Se : -Yer Improver -3nt Project. No. 88_ but the City further rocongnizod its duty under the lair, as providsd by Sec. 429.091, and covenants and agrees with the purchaser and all holders frors time to tirm, of said temporary improvement bonds, at or prior to the maturity thereof that it will pay and retire such boards and the interest thereon out of the proceeds of d€rfi -Ativo itl;provement bonds zrhich the Council shall issue and sell at or pr-ior to the maturity of the temporary improvement bonds to tho extent that the n&ms cannot be paid oat of fund& available in the Sinking. Fund of ?I tar;L.Sorvor, Water rrd Stun &X 3? 7h2mrKovernePt Froioet No. 86 or out of other Municipal eundo which are properly available and are appropriated by the Council for such purpose. S2- Sj 7. It is heroby detersii.nod to levy special aes€ssmonts against benefited property by roason of tha making of S^n3.tary Sewor, Water and Store Sower Tsoasa;'ynt +roject Ida. 88 and to levy ad valorem taxes, if necessary, to produce sums at least 5% in exca0a of the anourto cufficiont to pay prinfApal and interest when duo on eaid temporary improvement bonds and on my dafi�Ative boards to be issued as herein proveded, such special assessments to ba pinced on the t., rolls at such tiro when said improvement projects have been completed or the total cost thereof has bsen deter - nod. r:4'6 8" Said temporary ioprovenent bonds in the amount of J200_,200&ii shall be doncsAnated SA --dts Scrrar Water and Storm Ssa ®r Impvovemeiit P. o, cot tda, 8b? Bord Se tes_ "A "_ shall be Fourty 40 in hu ^L�r and ==bared from 1 to la incluaivo, each in tho donomL tion of 1-009.00-- ehaU boar interest at the rate of J_ per annum, payable sari_ - annually on AUril 1st and Oetobor let of each year and shall mture on A -rap it shall be subject to redoaption and pre- paymsnt on any interest psyront date, at par r 3 R Resolution No. 54 -1968 Cont. 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 mimeographed and when so mimeographed shall have attached thereto an interest coupon which bond and coupon shall be substantially in the following form: DATED i i CITY MANAGER YOR SEC. 10. said bonds and coupons.attached shall be prepared under the direction of the City piana .-er 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 (Form of Coupon) No. . i $ (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 i i CITY MANAGER YOR SEC. 10. said bonds and coupons.attached shall be prepared under the direction of the City piana .-er 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 . i CI Res6lution No. 54 -1968 87 thereto, and the appurto..ant interest coupon shall be m1h ogr•aphed avid authenticated, by the printed, engraved, lithographed, or facaimi.le signatu:rvs of said Mayor and @%eager. When said bonds have been executed and authenticatod they shall be delivered by the Tieasurar to the purchaser thereof, upon payi=t of the purchaeW pries herGtoforo agre -A upon and accrued interest to data of delivery and €aid yarvaa €tr shall not be obliged to sea to ti,', applJcation therc-of. Ole y 1 . Th: City Nix agur is horety authorized and di gated to file a cor'tifiad copT or this resoleti6n With County Auditor of A.iO1tx County, togothor With such othor intorwetion as ho shall roquiro and to obtain froa said County Auditor a eortiticato that said bonem havo boon entered on thie bond ragister. f%F-L, .121. Trio bonds issued heruuiider shall bo payablo from Sanitary Sev r, Water end S•r ?ra 5..;` -.:r_ Tr, m =ro :r.± Pre 1aYt No. 8f2 - — _ -� which is hereby cz gated. Th® Treasurar shall cause ail aa,niea received from the proccads of said bonds, all ryxnloe apprhprlikted and transforrod from other funds and all special assosrra< -nts for the iraprovc:aante providad that if any prymant of principal or interest Shan beeona duN wh^n there is not sufficiont money in said fund to pay tho earasp the Trq)ao-c,r:ar shall pay such principal or interest from the general fund of the City and eueh fund shall be rei= tbureed for such advanecs out of mniee to be creditee to said fund when said monies are collected. All p" -ceeda for said bends except accruaid intarest shall be credited to the fund and used to pay the coot of said irwrl vem'�Zta. 3l� a la, it is f•zrther prow ±ded that should it appear at any time that the r',Zig3 creditod to sai:s fund and p;ov3ded for the payaeut of principal or intersst or. tta bosado Vl.an the s +.rte become due are not sufficient to pay the ealre, that thou the C3.ty ?.Il ieeuo fm -thsr definitive imprcvoz_,nt bonds as alAhrrized and provided In with Ia ncaota Statutes, Sec. 429.091, Chapt>r 475, and that the pros 5s of said further d.ofinitivo bonds shall bo first u cd to pay the principal and ivAmrorA as is thou duo grid to redeem the temporary bonds issued thorcu. &9r. r' 88 0 Resolution No. 54 -1968 Cont. SEC. 14. The City Council has determined that not less than twenty percent (207.) 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. 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 ' marketability of said bonds as the same appear from the books and records under 89 p Resolution No. 54 -1968 Cont. -- ' their custody and control or as otherwise known to the, and such cercificate�, certifier] copies and affidavits, including any heretofore furnished, shall be decried representations of the City as to the correctness of all statements contained therein. ?AS:SD AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDI.EY THIS _15TH DAY OF APRIL 1968, i i YOR - Jack 0. :iir:aiam G AT TT? .3ii: C Ci?'Y r T'... - J'sra_n C. brunsell i 1