RES 1976-12 - 00007304RESOLUTION NO. 12 - 1976
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$1,550,000 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 Cerfificate
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 $1,550,000 ;
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 $ 1,520,000 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 $ 30,000
Bidders shall be authorized to submit bids for bonds in total amount
of $1,550,000 at a price not less than $ 1,520,000 and any
amount received by the city in excess of $ 1,520,000 shall be credited
to the special assessment fund for payment of interest first accruing
on bonds issued hereunder.
3. The bonds shall bear date, maturity, and such other details
as set out in the attached notice of sale.
4. The Council shall meet at the city hall on MONDAY ,
the 9th day of FEBRUARY , 1976, at 8:00 o'clock 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. LeFevere, Lefler, Pearson, O'Brien and Drawz and shall require a
good faith check in the amount of 2% of the par value.
5. This resolution shall be published in full in the official
newspaper but shall take effect upon passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
19th DAY OF Janu
ATTEST:
, 1976
MAYOR - WILLIAM Ji E
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