RES 1972-90 - 00008438RESOLUTION NO. 90 -1972
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $2,135,000
' 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 $2,095,000,
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-
$2,095,000 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 $40,000. Bidders shall be authorized to submit bids for bonds in total
amount of $2,135,000 at a price not less than $2,095,000 and any amount received by
- the City in excess of $2,095,000 shall be credited to the Special Assessment Fund for
payment of interest first accruing on bonds issued hereunder.
3. The bonds shall bear date, mature and with such other details as set out
in the attached notice of sale.
4. The Council shall meet at the City Hall on Monday the 11th day of September
1972, at 7:30 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,
which shall state that the City will furnish bonds and approving legal opinion of
Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, shall require a good faith
check in the amount of 2% of the par value.
5. This Resolution shall be published in f ®11 in the official newspaper but
shall take effect upon passage.
ADOPTED EY.TBE CITY COUNCIL OF THE CITY FRIDLEY THIS 24TH DAY OF JULY, 1972.
Lo P;a�.
Frank G. Lieb ayo
ATTEST:
Marvin C. B unsell - City rk