RES 1970-29 - 0000966535
RESOLUTION NO. 29 -1970
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:
SECTION 1. The total estimated cost of Sanitary Sewer and Water Project No. 91
has been estimated at $15,000.00.
SECTION 2. It is now estimated that the sum of $15,000.00 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 improve-
ment project.
SECTION 3. There is hereby created Sanitary Sewer and Water Project No. 91 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 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.
SECTION 4. There is also hereby created Sanitary Sewer and Water Project No. 91
a P 4 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.
SECTION 5. It is hereby determined that the sum of $15,000.00 shall be borrowed
to finance said Sanitary Sewer and Water Project No. 91 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,
SECTION 6. Said bonds shall be payable from the P $ I Fund of the following:
Sanitary Sewer and Water Project No. 91 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 improvment bonds which the
Council shall issue and sell at or prior to the maturity of the temporary improve-
ment bonds to the extent that the same cannot be paid out of funds available in the
P $ I Fund of Sanitary Sewer and Water Project No. 91 or out of other Municipal
funds which are properly available and are appropriated by the Council for such
purpose.
SECTION 7. It is hereby determined to levy special assessments against benefited
property by reason of the making of Sanitary Sewer and Water Project No. 91 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 improve-
ment projects have been completed or the total cost thereof has been determined.
SECTION 8. Said temporary improvement bonds in the amount of $15,000.00 shall be
denominated Sanitary Sewer and Water Project No. 91 Bond Series "A" shall be
Three (3) in number and numbered from 1 to 3 inclusive, each in the domination of
$5,000.00 shall bear interest at the rate of 7% per annum, payable semi - annually
on January and July of each year and shall mature on January 1, 1973, 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 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 SS421.
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RESOLUTION #29 -1970 CONTINUED
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SECTION 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:
(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
Da
City Manager
Mayor
SECTION 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 agreed upon and accrued interest to date of delivery and said
purchaser shall not be obliged to see to the application thereof.
SECTION 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.
SECTION 12. The bonds issued hereunder shall be payable for Sanitary Sewer and
Water Project No. 91 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 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.
SECTION 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 pro-
vided 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 due and to redeem the temporary bonds issued thereunder.
SECTION 14. The City Council has determined that not less than twenty per cent
(20o) of the total cost of said improvement will be paid by special assessments to
be levied against every lot, piece or parcel of land benefited by the said improve-
ments. 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 assessments 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 redumption of the same.
I I
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RESOLUTION 029 -1970 CONTINUED
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SECTION 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.
SECTION 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 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 16TH DAY OF
FEBRUARY, 1970.
OR - JACK 0. C�RKHAM
ATTEST
CITY CLLI�'i b� 1ARVIN C. BRUNSELL
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