RES 1974-79 - 00007911156
RESOLUTION NO. 79 -1974
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 Projects No's.
ST. 1974 -1, ST. 1974 -2 and ST. 1974 -4 has been estimated at $420,000.00 .
SEC. 2. It is now estimated that the sum of $420,000.00 is currently necessary
To determined
provide financing of the projects above noted, and it is hereby
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 Im rovement Projects No's. ST. 1974 -1
ST. -2 and ST. 1974 -4 which s a 1 contain a construction accout a s 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 improvements.
SEC: 4. There is also herby created Street Improvement .Project No's. ST. 1974 -1,
ST. 74 -2 and ST: 1974 -4 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 $420,000.00 shall be borrowed
'
To f nance said Street Im rovement Projects No's. ST. 1974 -1, ST. 1974 -2 and
ST. 1974 -4 with respect to cost of construction and expenses necessarily incurred
re ative t ereto 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 Pro.iects No's. ST. 1974 -1. ST. 1974 -2 and ST. 1974 -4 but the
City further recognized its duty ulider 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 out of funds available in the P & I Fund of Street Im rovement
Projects No's. ST. 1974 -1 ST. 1974 -2 and ST. 1974 -4 or out o of er Municipal
fun s 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 Im rovement Projects No's. ST. 1974 -1,
ST. 1974 -2 and ST. 1974 -4 and to levy ad va orem 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 $420,000.00 shall be
enno nated Street Improvement Projects No's. ST. 1974 -1, ST. 1974 -2 and ST.
1974 -4 shall —be eig tour 8 in number an numbered from 1 to 84 inclusive,
each in the denomination of 5,000.00 shall bear interest at the ra_ of 7% per
annum, payable semi - annually on Feruruary and August of each year and shall mature
on August 1, 1977, shall be subject to redemption and pre - payment on any interest
i
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RESOLUTION NO. 79 -1974
Page 2
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 Treas— urer 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 55432.
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
Minnesota, the sum of dollars lawful
money of the United States of America for interest then due on its
DATED_
CITY MANAGER - Nasim Qureshi MAYOR - Frank G. Liebl
SEC. 10. Said bonds and coupons attached shall be prepared under the direction
of g amity Manager and shall be executed on bahalf 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 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
r; ects No's ST. 1974 -1, ST. 1974 -2 and ST. 1974 -4 which is sere y create
e Treasurer shall cause a monies received from the proceeds of said bonds,
all monies appropriated and transferred from other funds and all special assess-
ments 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
when 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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RESOLUTION NO. 79 -1974
Page 3
SEC. 14. The City Council has determined that not less than twenty percent
20° of the total cost of said improvements will be paid by special assessments
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 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 at the collection of special assessments and
tie proceeds of monies appropriated and tranferred 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 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 their custody and
control or as otherwise known to the, and such certificates, certified copies
and affidavits, including any hertofore 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 5TH DAY OF
AUGUST, 1974.
ATTEST:
MY CLERK- MAR IN C. BRUNSELL
a
LIEB
MAYOR - FRANK G
CITY M7{- GPIA - NASIM K. QURESHI