RES 1976-67 - 00007400112
as follows:
RESOLUTION NO. 67 -1976
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,
SEC. 1. The total estimated cost of Street Improvement Projects ST. 1976 -1, 2 and 4
has been estimated at $325,000.00.
SEC. 2. It is now estimated that the sum of $325,000.00 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 Street Improvement Peojects ST. 1976 -1, 2 and 4
which shall contain a construction account as 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 improvement.
SEC. 4. There is also hereby created Street Improvement Projects ST. 1976 -1, 2 and
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 whall 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 $325,000.00 shall be borrowed to
finance said Street Improvement Projects ST. 1976 -1, 2 and 4 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: Street '
Improvement Projects ST. 1976 -1, 2 and 4 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 whall 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 Improvement Projects
ST. 1976 -1, 2 and 4 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 Street Improvement Projects ST. 1976 -1, 2 and 4 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 teremined.
SEC. 8. Said temporary improvement bonds in the amount of $325,000.00 shall be
denominated Street Improvement Projects ST. 1976 -1, 2 and 4 Bond Series "A" shall be
sixty -five (65) in number and numbered from 1 to 65 inclusive, each in the denomination
of $5,000.00 shall bear interest at the rate of 7% per annum, payable semi - annually on
January and July of each year and shall mature on July 15, 1979, 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., Fridley, Minnesota 55432.
SEC. 9. Said temporary improvement bonds shall be mimegraphed and when so mimeographed
shall have attached thereto an interest coupon which bond and coupon shall be substantially
in the following form:
Resolution No 67 -1976 (Cont.)
(Form of Coupon)
No. $
(Unless the bond described below is called for earlier redemption)
on the- ,,_...._., day of ...,. =a 1_ . - 19, the.: of
County, Minnesota, will pay to bearer at
Minnesota, the sum of
money of the United States of America for interest then due on
DATED
CITY MANAGER MAYOR
dollars lawful
its
Page 2 113
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 Street Improvement Projects
ST. 1976 -1, 2 and 4 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.
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.
114 Resolution No. 67 -1976
Page 3
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 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 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 26TH DAY OF
JULY, 1976.
ATTEST:
MAYOR - WILLIA . NEE
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CITY MANAGER - NASIM W. QURESHI
CITY CLERK - MARVIN C. BRUNSELL
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