RES 1979-113 - 00006827m
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RESOLUTION NO. 113 - 1979
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVE-
MENT BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
WATER, SEWER, STORM SEWER IMPROVEMENT PROJECT NO. 127
BE IT RESOLVED by the Council of the City of Fridley, Anoka County, Minnesota,
as follows:
SECTION 1. The total estimated cost of Water, Sewer, and Storm Sewer
Improvement Project No. 127 has been estimated at $450,000.00.
SECTION 2. It is now estimated that the sum of $450,000.00 is currently
necessary to provide financing of the project 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.
SECTION 3. There is hereby created a Water, Sewer and Storm Sewer
Improvement Project No. 127 Fund 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 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.
SECTION 4. There is also hereby created a Water, Sewer and Storm Sewer
Improvement Project No. 127 principal and interest account,
which account in said fund may and shall be termed as the
principal and interest 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.
SECTION 5. It is hereby determined that the sum of $450,000.00 shall be
With borrowed to finance said Water, Sewer and Storm Sewer
Improvement Project No. 127 with respect to cost of construction
and expenses necessarily incurred relative thereto by this date,
by the issuance of temporary improvement bonds of the City of
Fridley as authorized in Minnesota Statues, Section 429.01,
Subdivision 3, as amended by Laws of 1957, Chapter 385.
SECTION 6. Said bonds shall be payable from the principal and interest fund
of the Water, Sewer and Storm Sewer Improvement Project No. 127,
but the City, further recognizing its duty under the law as
provided by Section 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 from the principal and interest ,
fund of Water, Sewer and Storm Sewer Improvement Project No.
127, or out of other Municipal funds which are properly
available and are appropriated by the Council for such purpose.
SECTION 7. It is hereby determined to levy special assessments against
benefited property by reason of the making of Water, Sewer and
Storm Sewer Improvement Project No. 127 and to levy ad valorem
taxes if necessary to produce sums at least five percent 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 when the total cost
thereof has been determined.
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Page 2 -- RESOLUTION NO. 113 - 1979
SECTION 8. Said temporary improvement bonds in the amount of $450,000.00
shall be denominated $10,000.00 and shall be 45 in number and
numbered from 1 to 45 inclusive, each in the denomination of
$10,000.00 and shall bear interest at the rate of 7 percent per
annum payable semiannually on the 15th day of March and
September of each year, and shall mature on September 15,1982,
and shall be subject to redemption and prepayment on any
1 interest payment date at par and accrued interest. Not less
than thirty days before the date specified for redemption of
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.
SECTION 9. Said temporary improvement bonds shall be duplicated and when so
duplicated shall have attached thereto an interest coupon which
bond coupon shall be substantially in the following form:
No. $350.00
(Unless the bon de—scribed below is called for earlier redemption
On the 15th day of March, 1981, the City of Fridley of Anoka County,
Minnesota, will pay to bearer at Fri, Minnesota the sum of
$350.00 lawful money of the United States of America for interest
then due on its Water, Sewer and Storm Sewer Improvement Project
NO.127.
Dated: 9/15/79
C %GOCEtt�ti
CITY MANAGER MAYOR
SECTION 10. Said bonds and attached coupons shall be prepared under the
direction of the City Clerk and shall be executed on behalf of
the City by the signatures of the Mayor and City Clerk, and the
corporate seal of the City shall be affixed thereto and the
appurtenant interest coupon shall be duplicated and
authenticated by the printed, engraved, lithographed or
facsimile signatures of said Mayor and City Clerk. 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.
SECTION 11. The City Clerk is hereby authorized and directed to file a
certified copy of this resolution with the County Auditor of
Anoka County, together with such other information as she /he
shall require and to obtain from said County Auditor a
certificate that said bonds have been entered on this bond
register.
SECTION 12. The bonds issued hereunder shall be payable from Water, Sewer
and Storm Sewer Improvement Project No. 127 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
improvement, 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.
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Page 3 -- RESOLUTION N0. 113 - 1979
SECTION 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, Section 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.
SECTION 14. The City Council has determined that not less than twenty
percent of the total cost of said improvement will be paid by
special assessments to be levied against every lot, piece or
parcel of land benefited by the said improvement. 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 by 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.
SECTION 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 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.
SECTION 16. The officers of the City and the County Auditor of Anoka Conty
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
fact 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 them, 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, MINNESOTA THIS
1ST DAY OF OCTOBER, 1979.
n A ST:
CITY CLERK - MARVIN C. TnNSELL
WILLIAM J. NEE, VrOR
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