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RES 1969-128 - 0001012917 RESOL °J_,ION NO. 28 -1969 A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS IN 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 Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 has been estimated at $325,000.00 SEC. 2. It is now estimated that the sum of $325,000.00 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 Street Improvement Project No. ST. 10,69-1 & ST. 1969 -2 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 similary 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 Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 a P & I Account, which account in said fund may and shall be termed as the P & I 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 $325,000.00 shall be borrowed to finance said Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 with respect to cost of construction and expenses necessarily incurred relative ISO n 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 'P & I Fund of the following: Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 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 our of funds available in the P & I• Fund of Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 or out of other Municipal I funds which are properly 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 Street Improvement Project No. ST. 1%9 -1 & ST. 1969 -2 and to levy ad valorem taxes, if necessary, to produce sums at least 5% in excess of the amounts sufficient 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. SEC. 8. Said temporary improvement bonds in the amount of $325,000.00 shall be dwminated Street Improvement Project No. ST. 1969 -1 & ST. 1969 -2 Bond Series "A" shall be Sixty -five (65) in number ' SSW numbered from 1 to 65 inclusive, each in the denomination of $5.000.00 shall bear interest at the rate of 71 per annum, payable semi - annually on July and January of each year and shall mature on July 1, 1972 shall be subject to redemption and pri- paysaent on any interest payment dets, at par -- -- - r ' and accrued interest. Not less than 30 days before the ddte specified fox redemption on said bonds, the City Treasurer shall mail notice of P_he cpl! 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 b: piyeble at k'ridlev City Ha 14 6x31 Uni ersity Avenue �?.E, IIix.n Lt- Ca` 55621. SEC. 9. Said temporary improvement bonds shall be mimeographed and irhe? ®o mimeographed shall have attached thereto an interest coupon which bond and coupon shall be substantially in the following form; (Form of Coupon) ' No. _ (Unleaa the bond described below is called for earlier r�d�aptiors) on the �- day of n 19 the of o, COW"ty, P rn aactss, z6il1 Pay to bwr ger €,t f t off �a Aa?ers Nir��_c3ot�o he s ° °� money Of the U-itel States oa 6§---Z:ricd fors In- t --sFet cis G',c.(!-' o L�: G . CITY KAMNOR ' SEC. 10. Said bonds and coup, of the City Mne er aT;1 abstl of the r"esyor and, ,w =, sold ins attached al'All be team ddcmv3lsM be eaceCLAt ' on b2lTA f if G ;tr, City by zt"�M n; f , ,f, 3�st the SeAl off that G z y bb. P0Sto-R -_t' 182 thereto, and the appurtenant interest coupon st:all 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 agreed upon and accrued interestto 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 Street Improvement Prdect No. ST. 1969 -1 & ST. 1969 -2_ 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 than 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 fir at used to pay the principal ' and interest as is then due and to redeem the temporary bonds issued thereunder. 0 v' v sEC14. The City Council has determined that not less than twenty percaat f20%; of the total cost of said improvements will be paid by special assesasGato 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 asses nwvaca be at any time held invalid with respect to any lot, piece or parcel of land, due to &U error, defect or irregularity, or in any action or proceeding Wmn or to be takes 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 procecdiA82 as may be required by law to make such assess=enta valid and bindimb Umno AtZng at as-6ch property, and also shall take such further procecdiz.aa as gmy be rw�Mir J by law to provide monies for the payment of principal and interest as the azme 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 opocial aaozzemQats and the proceeds of monies appropriated and fsk€5a ©t;�,sr fW43 is and will bo in an amount of at least five per test (5 %) in "cco® of the t required to pay the principal of and the interest on raid bordo when dins and that no ad valorem tax levy is accordingly required. SEC.. 16. The officers of the City and the County Auditor of Anoha booty are hereby authorized aid directed is prs„c7,� an-,S finish to t�tn c crx of said bonda and to the attorneys afaprcain the le3plft 02 tih3 certified copies of all procecdis,a and rscoMg ae'Wnt1ms 7R cnid b'—. =d to the financial affairs of said City, and ouch other agsivit ®, ceatiaicats® and information as may be required, to show the facts rmlatla,3 to the lbaaali y gad cast etRbility of said borZo as thq same aasmaar fr s corch undar a• 184 `�i f ' their custody and control or as otherwise known to the, and such certificates, .certified copies and affidavits, including any heretofore furnishs4, aboll be deemed representations of the City as to the correctness of all statements contained therein. PASSED AIM ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 21ST DAY OF JULY 1969 i l fJ OR - ,Sack Kirkham i i i ATTEST: CI Y CLtM�-- iMarvin C. Brunsell' `�i f