RES 1981-146 - 00006410x:12
RBSOLUTIION ND. 146 - 1981
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY
IIKpFVVEMENT BONDS IH ACCORDANCE WITH LAWS OF 1957,
CHAPTER 385 FOR ST. 1979 -5 STREET IMPROVEMENT
PRO,7HCI�SIGML
BE IT RESOLVED by the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
SDLTION 1.
The total estimated cost of ST. 1979 -5 Street Improvement Project - Signal
has been estimated at $22,000.00.
SECTION 2.
It is now estimated that the sum of $22,000.00 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 ST. 1979 -5 Street Improvement Project - Signal
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 ST. 1979 -5 Street Improvement
Project- Signal 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 $22,000.00 shall be borrowed to
finance said Sr. 1979 -5 Street Improvement Project - Signal 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 the Minnesota Statutes, 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
ST. 1979 -5 Street Improvement Project- Signal 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 ST. 1979 -5 Street Improvement
Project - Signal 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 ST. 1979 -5 Street Improvement
Project - Signal 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. 146 - 1981
SECTION 8.
Said temporary improvement bonds in the amount of $22,000.00 shall be
denominated ST. 1979 -5 Street Improvement Project - Signal and shall be 11
in number and numbered from 1 to 11 inclusive, each in the denomination of
$2,000.00 and shall bear interest at the rate of 8 percent per annum
payable semiannually on the 15th day of June and December of each year,
and shall mature on December 15, 1984, and shall be subject to 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. $ 350.00
(Unless the bond described below is called for earlier redemption)
On the day of , , the
Minnesota, will pay to bearer at
the sum of lawful money of the United
interest then due on its
Dated:
of
Minnesota
States of America for
CITY MANAGER MAYOR
SECTION 10.
Said bowls 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 the City Manager, and the corporate seal of
the City shall be affixed thereto and the appurtenant interest coupon
shall be duplicated and authenicated by the printed, engraved,
lithographed or facsimile signatures of said Mayor and City 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.
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 ST. 1975 -4 Street
Improvement Project - Signal 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 No. 146 - 1981
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 suns 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 tanporary bonds issued thereunder.
SECTION 14.
The City Council has determined that not less than tweny 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 lard, 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 valoran 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 then, 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 14TH
DAY OF DECEMBER, 1981.
WII,LIAM J.,,-
. E - MAYOR
ATTEST:
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