RES 1970-78 - 00009721RESOLUTION NO. 78 -1970
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,330,000
SPECIAL ASSESSMENT FUND BONDS
WHEREAS, the City of Fridley maintains a Special Assessment Fund to
finance local improvements that are to be paid for, in whole, or in part,
from special assessments against benefited property, pursuant to Section
7.12 (d) of the home rule charter, and
WHEREAS, the Council is empowered by majority vote to issue and sell
bonds pledging the full faith and credit of the city in order to anticipate
the collection of special assessments in such amounts and maturities as it
may determine, regardless of the provisions of Section 7.16, and
WHEREAS, the city manager has presented to the council his certificate
showing the financial requirements for the issuance of bonds and requesting
that the council authorize the issuance of Special Assessment Fund Bonds
in the amount of $1,304,000,
NOW THEREFORE, BE IT RESOLVED By the Council of the City of Fridley,
as follows:
1. It is hereby determined that it is necessary and expedient to
issue and sell $1,304,000 Special Assessment Fund Bonds as
authorized by Section 7.12 (d) of the home rule charter of the City.
2. It is further determined that it is necessary to issue and sell
additional bonds to represent in part the higher interest presently
required to market bonds as authorized by Minnesota Statutes, Section 475.56.
Said bonds shall be in amount of $26,000. Bidders shall be authorized to
submit bids for bonds in total amount of $1,330,000 at a price not less than
$1,304,000 and any amount received by the City in excess of $1,304,000 shall
be credited to the special assessment fund for payment of interest first
accruing on bonds ,issued hereunder.
3. The bonds shall be issued in accordance with the terms of the notice
of sale hereto attached.
4. The Council shall meet at the City Hall on Monday June 1, 1970, at
7:30 o'clock P.M. for the purpose of receiving and considering
bids for said bonds and taking such action as may be required to effect the
sale of said bonds. The City Manager shall cause notice to be given of such
sale as required by law.
5. This resolution shall be published in full in the official newspaper
but shall take effect upon passage.
A KIRKHAM
ATTEST:
CITY CITYCLERK�- f1ARVIN C. BR LL
91