RES 1975-197 - 00007735252
RESOLUTION NO. 197 , 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 Water and Sanitary Sewer Improvement
No. 117 has been estimated at $87,000.00
SEC. 2. It is now estimated that the sum of $85,000,00 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 Water and Sanitary Sewer Improvem
Project No. 117 which shall contain a construction account as part thereo
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.
Sec. 4. There is also hereby created Water and Sanitary Sewer
Improvement Project No. 117 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 $ 85,000,00 shall be borrov
to finance said Water and Sanitary Sewer Improvement Porject No. 117 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 & I Fund of the following:
Water an Sanitary Sewer Improvement Project No. 117 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 & I Fund of Water and Sanitary
Sewer Improvement Project No. 117, 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 and Sanitary Sewer Improvement
Project No. 117 and to levy ad valorem taxes, if necessary, to produce sums
at least 5011 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 $ 85,000.00 shall
be denominated Water and Sanitary Sewer Im rovement Project No. 117 Bond Series "A"
shall be seventeen 17 in number and numbered from 1 to 17 inclusive,
each in the denomination of $5,000.00 shall bear interest at the rate of 7% per
annum, payable semi - annually on April and October of each year and shall mature on
April 15, 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
2 5:
Page 2 Resolution No, 197, 1975
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:
I No.
(Form of Coupon)
(Unless the bond described below is called for earlier redemption)
on the day of , 19�, the T of
County, Minnesota, will pay to bearer ate
Minnesota, the sum of dollars
lawful money of the United States of America for interest then due on its
DATED
CITY MANAGER - NA IM M. QURESHI OR - WILLIAM J NEE
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 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 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 and Sanitary
Sewer Improvement Project No. 117 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.
254
Page 3 Resolution No. 197 -1975
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 improve-
ments. 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 whall 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 (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 lenality 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 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 20TH
DAY OF October , 1975.
A� q ?yt
MAYOR - WILLIAM J. EE 1
�LLC
CITY MANAGER - NASIM M. QURESHI �'
ATTEST:
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CITY CL K - Marvin C. Brunsel