RES 1971-145 - 00009568.»
RESOLUTION NO. 145 -1971
A RESOLUTION 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 Water, Sanitary Sewer and Storm Sewer
Improvement Project No. 103 has been estimated at 5340,000.00
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 1
construction of said improvement
project.
SEC. 3. There is hereby created
Water,
Sanitary Sewer and Storm Sewer
Improvement Project No. 103
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.
WC. 4. There is also hereby created Water, Sanitary Sewer and Storm Sewer
Improvement Project No. 103 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 Water, Sanitary Sewer and Storm Sewer Improvement Project No. 103
with respect to cost of construction and expenses necessarily incurred relative
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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:
Water Sanitary Sewer and Storm Sewer Improvement Project No. 103 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 6 I' Fund of Water, Sanitary
Sewer and Storm Sewer Improvement Project No. 103 or out of other Municipal
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 Water, Sanitary Sewer and Storm Sewer Improvement
Pro.ject'No. 103 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. B. Said temporary improvement bonds in the amount of $325,000.00 shall
be denominated Water; Sanitary Sewer and Storm Sewer Improvement Project No. 103
Bond Series "A" shall be sixty -five (65) in number and numbered from 1 to 65 inclusive, each in the denomination of $5,000.00
shall bear interest at the rate of 7% per annum, payable semi - annually on
May 1st and November 1st of each year and shall mature on November 1, 1974,
shall be subject to redemption and pre- payjent on any interest payment date, at par
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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:
(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
j
Minnesota, the sizes 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
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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 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 Water, Sanitary Sewer
and Storm Sewer Improvement Project No. 103 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.
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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 b,
levied against every lot, piece or parcel of land benefited by the said improvement
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 (5T) 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
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their custody and control or as otherwise known to the, and such certificates,
Certified copies and affidavits, including any heretofore furnished, shall be
i Teemed representations of the City as to the correctness of all statements
j contained therein.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS STa
DAY OF NOVEMBER 1971.
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JYAOR!!..S- �JO. K khan
CITY MANAGER - GERALD R. DAVIS
ATTEST:
CITY CLERK ---Marvin i runsell {