RES 1975-19 - 0000751222
RESOLUTION NO_ 19 - 1975
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 Sanitary Sewer, Storm Sewer
and Water Improvement Project No. 116 has been estimated
at $135,000.00.
SEC. 2. It is now estimated that the sum of $130,000.00 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 improvement
project.
SEC. 3. There is hereby created Sanitary Sewer, Storm Sewer and
Water Improvement Project No. 116 which shall contain
a construction account as part thereof into shich 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 connec-
tion with the making of said improvement.
SEC. 4. There is also hereby created Sanitary Sewer, Storm Sewer
and Water Improvement Project No. 116 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 $130,000.00
shall be borrowed to finance said Sanitary Sewer, Storm
Sewer and Water Improvement Project No. 116 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.
SEC. 6. Said bonds shall be payable from the P 6 I Fund of the
following: Sanitary Sewer, Storm Sewer and Water Improve-
ment Project No. 116 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 out of funds available in the
P & 1 Fund of Snaitary Sewer, Storm Sewer and Water
Improvement Project No. 116 our out of other Municipal
funds which are properly available and are appropriated
by the Council for such purpose.
Z3
SEC. 7. It is hereby determined to levy special assessments against
CITY MANAGER MAYOR
benefited property by reason of the making of Sanitary
Sewer, Storm Sewer and Water Improvement Project NO. 116
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. 8.
Said Temporary improvement bonds in the amount of $130,000.00
shall be denominated Sanitary Sewer, Storm Sewer and
Water Improvement Project No. 116 Bond Series "A" shall
be twenty -six (26) in number and numbered from 1 to 26
inclusive, each in the denomination of $5,000.00 shall
bear interest at the rate of 7% per annum, Deyable semi-
annually on August and February of each year add shall
mature on February 1, 1978, 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 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 sub-
stantially 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 MAYOR
23
SEC. 7.
It is hereby determined to levy special assessments against
benefited property by reason of the making of Sanitary
Sewer, Storm Sewer and Water Improvement Project NO. 116
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. 8.
Said Temporary improvement bonds in the amount of $130,000.00
shall be denominated Sanitary Sewer, Storm Sewer and
Water Improvement Project No. 116 Bond Series "A" shall
be twenty -six (26) in number and numbered from 1 to 26
inclusive, each in the denomination of $5,000.00 shall
bear interest at the rate of 7% per annum, Payable semi-
annually on August and February of each year add shall
mature on February 1, 1978, 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 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 sub-
stantially 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 MAYOR
n
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 percent (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.
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 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 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 3rd DAY OF FEBRUARY, 1975.
ATTEST:
CITY CL K - MARVIN C 4RUNSELL
MAYOR WILLI J. NEE
CITY MANAGER - NASIM QUERSHI