RES 1982-45 - 000059731
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RESOLUTION N0. 45 - 1982
RESOLUTION DIRECtRW3 PREPARATION OF ASSESSMENT ROLL FOR
STREET IMPROVEMENT PROJECT ST. 1979 -4 (STORM SEWER
PORTIM
BE IT RESOLVED by the City Council of the City of Fridley, Anoka County,
Minnesota, as follows:
1. It is hereby determined that the assessable cost of construction with
respect to the following named improvement, to -wit:
STREET IMPROvEMENT PROJECT ST. 1979 -4 (STORM SEWER PORTION)
including all incidental expenses thereto is estimated at $84,745.86
2. The City Clerk shall forthwith calculate the proper amounts to be
specially assessed for said improvement against every assessable lot, piece,
or parcel of land benefited by said improvement acoording to law.
PASSED AND ADOPTED) BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 17TH DAY OF
MAY, 1982.
SIDNEY C. DOMN - CITY CLERK
WILLIAM J. NEE - MAYOR
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MW, MffdFORE, BE IT RFSMVEfl by the City Council of the City of Fridley,
Minnesota, as follows:
1. Zt►e Council hereby gives preliminary approval to the proposal of Company
that the City undertake the Proiect pursuant to the Minnesota Municipal
Industrial Development Act lc:napter 474, Minnesota Statutes), consisting of
the acquisition, construction and equipping of facilities within the City
pursuant to Company's specifications suitable for the operations described
above and to a revenue agreement between the City and Company upon such terms
and conditions with provisions for revision from time to time as necessary, so
as to produce income and revenues sufficient to pay, when due, the principal
of and interest on the Revenue Bonds in the total principal amount of
approximately $700,000 to be issued pursuant to the Act to finance the
acquisition, construction and equipping of the Project; and said agreement may
also provide for the entire interest of Company therein to be mortgaged to the
purchaser of the Revenue Bads; and the City hereby undertakes preliminarily
to issue its Revenue Bads in accordance with such terms and conditions;
2. On the basis of information available to this Council it appears and the
Council hereby finds, that the Project constitutes properties, real and
personal, used or useful in connection with one or more revenue producing
enterprises engaged in any business within the meaning of Subdivision 1 of
Section 474.02 of the Act; that the Project furthers the purposes stated in
Section 474.01, Minnesota Statutes; that the availability of the financing
under the Act and willingness of the City to furnish such financing will be a
substantial inducement to Company to undertake the Project and that the effect
of the Project, if undertaken, will be to encourage the development of
economically sound industry and commerce, to assist in the prevention of the
emergence of blighted and marginal land, to help prevent chronic unemployment,
to help the City retain and improve the tax base and to provide the range of
service and employment opportunities required by the population, to help
prevent the movement of talented and educated persons out of the state and to
areas within the State where their services may not be as effectively used, to
promote more intensive development and use of land within the City and
eventually to increase the tax base of the cc munity;
3. The Project is hereby given preliminary approval by the City subject to
1 the approval of the Project by the Commissioner of Energy, Planning and
Development (the "Commissioner "), and subject to final approval by this
Council, Company and the purchaser of the Revenue Bonds as to the ultimate
details of the financing of the Project;
4. In accordance with Subdivision 7a of Section 474.01 Minnesota Statutes,
the Mayor of the City is hereby authorized and directed to submit the proposal
for the Project to the Commissioner requesting his approval and other
officers, employees and agents of the City are hereby authorized to provide
the Commissioner with such preliminary information as he may require,
5. Company has agreed and it is hereby determined that any and all costs
incurred by the City in connection with the financing of the Project will be
paid by the Company whether or not the Project is carried to completion and
whether or not approved by the Commissioner;
6. Briggs and Morgan, Professional Association, acting as bond counsel and
First Corporate Services, Inc., investment bankers, are authorized to assist
in the preparation and review of necessary documents relating to the Project,
to consult with the City Attorney, Company and the purchaser of the Revenue
Bards as to the maturities, interest rates and other terms and provisions of
the Revenue Bonds and as to the covenants and other provisions of the
necessary documents and to submit such documents to the Council for final
approval.
' 7. Nothing in this resolution or in the documents prepared pursuant hereto
shall authorize the expenditure of any municipal funds on the Project other
than the revenues derived from the Project or otherwise granted to the City
for this purpose. The Revenue Bands shall not constitute a charge, lien or
encumbrance, legal or equitable, upon any property or funds of the City except
the revenue and proceeds pledged to the payment thereof, nor shall the City be
subject to any liability thereon. The holder of the Revenue Bonds shall never
have the right to compel any exercise of the taxing power of the City to pay
the outstanding principal on the Revenue Bands or the interest thereon, or to
."WL c top iL u=ieor against any property of the City. The Rev�....e uu.nlb
shall recite in substance that the Revenue Bads, including interest thereon,
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is payable solely from the revenue and proceeds pledged to the payment
thereof. The Revenue Bonds shall not constitute a debt of the City within the
meaning of any constitutional or statutory limitation=
8. In anticipation of the approval by the r!wTr- -tci^--7- t`^ issuance of the
Revenue Bonds to finance all or a portion of the Project, and in order that
completion of the Project will not be unduly delayed when approved, Company is
hereby authorized to make such expenditures and advances toward payment of
that portion of the costs of the Project to be financed from the proceeds of
the Revenue Bonds as Company considers necessary, including the use of
interim, short -term financing, subject to reimbursement from the proceeds of
the Revenue Bands if and when delivered but otherise without liability on the
part of the City=
9. The actions of the City Clerk-'Treasurer in causing public notice of the
public hearing and in describing the general nature of the Project and
estimating the principal amount of the Revenue Bonds to be issued to finance
the Project and in preparing a draft of the proposed application to the
Commissioner for approval of the Project, which has been available for
inspection by the public at the City Ball from and after the publication of
notice -of the hearing, are in all respects ratified and confirmed.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 7TH DAY OF
JUNE, 1982.
;IM .NEE -MAYOR -
ATTEST:
SIDNEY'C IRW - CITY CLERK