RES 1979-93 - 0000679416®
RESOLUTION NO. 93 -1979
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY
IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957,
CHAPTER 385.
1979 -1 AND 1979 -2 STREET IMPROVEMENT PROJECT
BE IT RESOLVED by the City Council of the City of Fridley, Anoka '
County, Minnesota, as follows:
SECTION 1. The total estimated cost of the 1979 -1 and 1979 -2 Street
Improvement Project has been estimated at $400,000.00.
SECTION 2. It is now estimated that the sum of $400,000.00 is currently
necessary to provide financing of the project above noted,
and 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 construction of said
improvement project.
SECTION 3. There is hereby created a 1979 Street Improvement 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 1979 Street Improvement
principal and interest account, which account in said fund
may and shall be termed as the principal and interest fund,
into whichshall 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 $400,000.00 shall be
borrowed to finance said 1979 Street Improvement Project with
respect to cost of construction and expenses necessarily
incurred relative thereto by this date, by the issuance of
temporary 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 1979 Street Improvement Project, 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 1979 Street
Improvement Project, 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
benefited property by reason of
Improvement Project and to levy
to produce sums at least five p
sufficient to pay principal and
temporary improvement bonds and
special assessments against
the making of the 1979 Street
ad valorem taxes if necessary
=_rcent in excess of the amounts
interest when due on said
on any definitive bonds to be
161
RESOLUTION NO. 93 -1979 (CONTINUED)
placed on the tax rolls at such time when said improvement projects
have been completed, or when the 'total cost therof has been
determined.
SECTION 8. Said temporary improvement bonds in the amount of $400,000.00 shall
be denominated 1979 Street Improvement Project and shall be
forty in number and numbered from 1 to 40 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 1st
day of February and August of each year, and shall mature on
February 1, 1982, and shall be subject of redemption and
prepayment on any interest payment date at par and accrued interest.
Not less than thirty days before the date specified for redemption
and prepayment on any 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. $
(Unte6s the bond deschi.bed be,Cow .%a caned bon eatti.eA nedempti.on)
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
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 hte Mayor and City Clerk, and
the corporate seal of the City shall be affixed thereto and
the appurtenant interest coupon shall be duplicated and authen-
ticated 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 s /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 the 1979 Street
Improvement Project which is hereby created. The Treasurer shall
cause all monies received from the proceeds of said bonds, all
monies appropriated and transferred 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
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RESOLUTION NO. 93 -1979 (CONTINUED)
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.
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 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.
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 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
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 6TH DAY OF AUGUST.
—
WILLIAM J. NE Y- MAYOR
ATTEST:
MARVIN C. BBRUNSELL - CITY CLERK