RES 1982-53 - 00005988S2
RM W. 53 - 1982
HIOA
M1EREAS, the City of Fridley maintains a Special Assessment Fund to finance
the local improvements that are to be paid for, in whole or in part, from
special assessments against benefited property, pursuant to Section 7.12(d) of
the Home Rule Charters and
MMMS, the council is empowered by majority vote to issue and sell bonds
pledging the full faith credit of the city in order to anticipate the
collection of special assessments in such amounts and maturities as it may
determine, regardless of the provisions of Section 7.16= and
F&ERFAS, the city manager has presented to the council his certificate showing
the financial requirements for the issuance of bonds and requesting that the
council authorize the issuance of Special Assessment Fund Bands in the amount
Of $1,397,100.
NOW, THEREFORE, BE IT RESOLVED By the Council of the City of Fridley as
follows:
1. It is hereby determined that it is necessary and expedient to issue and
sell $1, 397,100 Special Assessment Fund Bands as authorized by Section 7.12(d)
of the Home Rule Charter of the city.
2. It is further determined that it is necessary to issue and sell additional
bonds to represent in part the higher interest presently required to market
bonds as authorized by Minnesota Statutes, Section 475.56. Said bonds shall
be in amount of $27,900. Bidders shall be authorized to submit bids for bonds
in total amount of $1,425,000 at a price not less than $1,397,100 and any
amount received by the city in excess of $1,397,100 shall be credited to the
special assessment fund for payment of interest first accruing bonds inssued
hereunder.
3. The bonds shall bear date, maturity, and such other details as set out in
the attached notice of sale.
4. The council shall meet at the city hall on Monday, the 26th day of July,
1982, at 7:30 o'clock p.m. for the purpose of receiving and considering bids
for said bonds and taking such action as may be required to effect the sale of
said bonds. The City Manager shall cause notice to be given of such sale as
required by law, which shall state that the city will furnish bonds and
approving legal opinion of Messrs, Wurst, Carroll and Pearson and shall
require a good faith check in the amount of 28 of the par value.
5. These bonds may be combined for sale with $625,000 General Obligation Tax
Increment Redevelopment Bands for 1982 scheduled for sale on the same day.
6. This resolution shall be published in full in the official newspaper but
shall take effect upon passsage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 21ST DAY OF
JUNE, 1982.
ATTEST:
`s 1 _
IL 1 1• M
l/ WILL J. NEE - MAYOR
1