RES 1982-63 - 00006020114
RESOLUTION ANARDING THE SALE OF $625.000 GENERAL
OBLIGATION TAX INCREMENT REDEVELOPMENT BONDS OF 1982=
FIXING THEIR PORK AND SPECIFICATIONS= DIRECTING THEIR
E0VP330N AND EELIVM; AM PROVIDING FOR THEIR PAYMENT.
BE IT RFSCLVED by the City Council of the City of Fridley, Minnesota, as
follows:
1. The bid of the Northern Trust Company, of Chicago, Illinois and
associates, to purchase $625,000 General Obligation Special Assessment Fund
Bonds of 1982, of the City described in the notice of sale thereof is hereby
found and determined to be the highest and best bid received pursuant to duly
advertised notice of sale and shall be and is hereby accepted, such bid being
to purchase such bonds at a price of $612,835.37 plus accrued interest to date
of delivery, such bonds to bear interest as follows:
Year
Amount
Rate
Year
Amount
Rate
1985
$ 5,000
8.608
1992
$35,000
10.008
1986
5,000
8.70
1993
40,000
10.20
1987
5,000
9.00
1994
55,000
10.40
1988
15,000
9.20
1995
60,000
10.60
1989
15,000
9.40
1996
70,000
10.70
1990
25,000
9.60
1997
85,000
10.70
1991
30,000
9.80
1998
95,000
10.70
1999
85,000
10.70
The sum of $0.00, being the amount bid in excess of $613,000, shall be
credited to the bond sinking fund hereinafter created for the Redevelopment
Bonds. The City Manager is directed to retain the good faith check of the
successful bidder pending completion of the sale and delivery of the bonds.
The City Manager and the financial consultants are directed to return the
checks of the unsuccessful bidders forthwith.
2. The City of Fridley shall forthwith issue and sell it General Obligation
Tax Increment Redevelopment Bonds of 1982 (the "Bonds ") in the principal
amount of $625,000, dated August 1, 1982, the Bonds being 125 in number and
numbered 1 to 125, both inclusive, in the denomination of $5,000 each, bearing
interest as above set forth, all interest payable February It 1983, and
semiannually thereafter on August 1 and February 1 in each year, and which
Bonds mature serially on February 1 in the amounts and in each of the years
1984 to 1999, as set forth in paragraph 1. All bonds maturing after February
It 1994, are subject to redemption on said date and any interest payment date
therafter at par plus accrued interest.
3. Both principal of and interest on the Bonds shall be payable at the
Northern Trust Company, in Chicago, Illinois and the City shall pay the
reasonable charges of said bank for its services as paying agent.
1
Page 2 — Resolution No. 63 - 1982
4. The Bonds and the interest coupons to be thereto attached shall be in
substantially the following form:
No.
Y• • ' 1 I Ian`• V•
1/ 1 • ' 1�.
$5,000
GENERAL OBLIGATION TAX INCREIMU REDINT BOND OF 1982
KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka County,
Minnesota, acknowleges itself to be indebted and, for the value received,
hereby promises to pay to bearer out of its Special Assessment Fund, the sum
of FIVE TBOUSAND DOLLARS on the 1st day of February, 19 , and to pay interest
thereon from the date hereof until the principal amount is paid at the rate of
percent (__8) per annum, interest to maturity payable February 1,
1983, and seniannually thereafter on the 1st day of August and the 1st day of
February in each year in accordance with and upon presentation and surrender
of the interest coupons hereto attached as they svereally become due. Both
principal of and interest on this bond are payable at the Northern Trust
Cony, in Chicago, Illinois, in any win or currency of the United States of
America which on the date of payment is legal tender for public and private
debts. All bonds of this issue maturing after February 1, 1990, are subject to
prior redemption on said date and any interest payment date thereafter at par
plus accrued interest.
This bond is one of an issue of bonds in the total principal amount of
$625,000, all of like date and tenor except as to maturity, interest rate,
redemption privilege, and serial number, all issued by the City for the
purpose of providing funds to defray the expenses incurred and to be incurred
in financing public improvement costs within a Tax Increment Financing
District, pursuant to and in full conformity with the Constitution and laws of
the State of Minnesota, including Minnesota Statutes, Sections 462.521 and
273.71 to 273.78, and the Home Rule Charter of the City, and is payable
primarily from tax increments resulting from tax levies upon the increased
value of property within said Project as pledged in a certain Tax Increment
Agreenent executed by the City and the Housing and Redevelopment Authority of
the City of Fridley on September 13, 1979, but constitutes a general
obligation of the City and, to provide moneys for the prompt and full payment
of said principal and interest as the same become due, the full faith and
credit of the City is hereby irrevocably pledged, and the City Council will
levy ad valorem taxes, if required for such purpose, which taxes may be levied
on all of the taxable property in the City without limitation as to rate or
C
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things
required by the Constitution and laws of the State of Minnesota and the Home
Rule Charter of the City to be done, to happen and to be performed precedent
to and in the issuance of this bond have been done, have happened and have
been performed in regular and due form, time and manner as required by law;
and that this bond, together with all other indebtedness of the City
outstanding on the date hereof and on the date of its actual issuance and
delivery does not exceed any constitutional or statutory limitation thereon.
I
115
116 Page 3 — Resolution No. 63 - 1982
IN WrftgMS WMWF, the City of Fridleyr Anoka County, Minnesota, by its City
Council has caused this bond to be executed by the facsimile signature of the
Mayor and the manual signature of the City Manager and sealed with a facsimile
of the corporate seal fo the City, and the interest coupons hereto attached to
be executed and authenticated by the facsimile signatures of said officers,
all as of August 1r 1982.
(facsimile signature)
Mayor
(manual signature)
City Manager
(facsimile seal)
(Form of Coupon)
No. '
On the 1st day of February (August) r 19 , the City of Fridley, Anoka County,
Minnesota, will pay to bearer, out of its General Obligation Special
Assessment Fund Bonds of 1982 Fund at the Northern Trust Company, in Chicagor
Illinois the amount shown hereon for interest then due on its General
Obligation Special Assessment Fund Bond of 1982, dated August lr 1982, No.
(facsimile signature)
Mayor
(facsimile signature)
City Manager
S. The Bonds issued hereunder and the first series of Tax Increment Bonds
issued February 1r 1981, or additional Redevelopment Bonds similarly
authorized and issued shall be payable from the General Obligation Tax
Increment Redevelopment Bonds of 1981 Fund (the "Tax Increment Redevelopment
Bonds Sinking Fund ") previously created, and the City hereby pledges to said
fund the proceeds of any special assessments hereinafter levied and all tax
increments from the Project Area in which the Project fianced by the Tax
Increment Redevelopment Bonds (the "Project ") is located and received by the
City from the Housing and Redevelopment Authority pursuant to the Tax
Increment Agreement (the "Tax Increment Agreement") executed by the City and
the Authority on September 13, 1979. If any payment of principal or interest
on the Tax Increment Redevelopment Bonds shall become due when there is not
sufficient money in said fund to pay the same, the City 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 proceeds of tax increments and
tax levies when received.
Page 4 — Resolution No. 63 - 1982
6. The tax increments, including any excess tax increments as defined in
Minnesota Statutes, Section 273.75, Subdivsion 2, received from the Project
pursuant to the Tax Increment Agreement are hereby irrevocably appropriated
and pledged to the Tax Increment Redevelopment Bonds Sinking Fund previously
authorized and issued.
7. It is hereby determined that the above mentioned tax increments will
produce at least five percent in excess of the amount needed to meet, when
due, the principal and interest payments on the Tax Increment Redevelopment
Bonds. The City Manager is directed to file a certified copy of this
resolution with the County Auditor of Anoka County and obtain the certificate
required by Minnesota Statutes, Section 475.63.
S. It is hereby determined that the Project to be financed by the Tax
Increment Redevelopment Bonds will directly or indirectly benefit the abutting
property, and the City hereby covenants with the holders from time to time of
the Tax Increment Redevelopment Bawds as follows:
a) The City will cause any assessments for the Project to be promptly
levied so that the first installment will be collectible no later than
1984 and will take all steps necessary to assure prompt collection. The
City Council shall cause all further actions and proceedings relative to
the making and financing of the Project financed hereby to be taken with
due diligence that are required for the construction of each Improvement
financed wholly or partly from the proceeds of the Bonds and for the
final and valid levy of special assessments and the appropriation of any
other funds needed to pay the Bands and interest thereon when due.
b) In the event of any current or anticipated deficiency in any grants,
funds, investment income, tax increments or special assessments pledged
or appropriated for payment of the principal of and interest on the
Bonds, the City Council will levy ad valoren taxes in the amount of said
current of anticipated deficiency.
C) The City will keep complete and accurate books and records showing
all receipts and disbursements in connection with the Project, any
special assessments, pledged funds, tax increments or any taxes levied
therefor and other funds appropriated for Bond payment, and all
collections thereof and disbursements therefrom, moneys on hand and
balance of any unpaid assessments.
d) The City will cause its books and records to be audited at least
annually by qualified public accountants and will furnish copies of such
audit reports to any interest person upon request.
9. It is hereby determined that the Project financed by these Tax
Increment Redevelopment Bonds has a relationship to the comprehensive
municipal plan and that the Project has been previously referred to the
Planning Commission under the provisions of Minnesota Statutes, Section
462.356, Subdivision 2 and Minnesota Statutes, Section 462.515, and a
written opinion of the Planning Commission is on file in the office of
the City Clerk.
1
117
its Page 5 — Resolution No. 63 - 1982
10. The City Manager shall obtain a copy of the proposed approving legal
opinion of Messrs. Wurst, Carroll and Pearson, P.A., of Minneapolis,
Minnesota, approving the Tax Increment Redevelopment Bonds, which opinion
shall be complete except as to dating thereof and shall cause said
opinion to be printed on the Bonds together with a certificate to be
signed by the facsimile signature of the City Manager in substantially
the following form:
I hereby certify that the foregoing is a full, true and correct copy
of the legal opinion executed by the above named attorneys, excet as
to the dating thereof, which opinion has been handed to me for
filing in my office prior to the time of bond delivery.
(facsimile signature)
City Manager
City of Fridley, Minnesota
The City Manager is hereby authorized and directed to execute such
certificates in the name of the City upon receipt of such opinions and to file
the opinions in the City offices.
11. The Tax Increment Redevelopment Bonds (Phase II) shall be executed on
behalf of the City by the facsmile signature of the Mayor and the manual
signature of the City Manager, and the interest coupons shall be executed and
authenticated by the printed facsimile signatures of the Mayor and City
Manager, and the facsmile of the corporate seal of the City may, but need not
be, printed thereon.
The Bonds, when fully executed, shall be delivered by the City Manager and the
City Treasurer to the purchaser thereof upon receipt of the purchase price,
and the purchaser shall not be obligated to see to the proper application
thereof.
The City Manager is directed to file a certified copy of this resolution with
the County Auditor of Anoka County and obtain the certificate required by
Minnesota Statutes, Section 475.63.
12. The Mayor and City Manager are hereby authorized and directed to certify
that they have examined the official statement or prospectus prepared and
circulated in connection with the issuance and sale of the Tax Increment
Redevelopment Bonds and that to the best of their knowledge and belief said
statement is a complete and accurate representation of the facts and
representations made therein as of the date of said official statement or
prospectus as it relates to the City.
i
1
I
Page 6 — Resolution No. 63 - 1982 =''
The officers of the City are hereby authorized and directed to prepare and
furnish to the purchaser of the Bonds and to the attorneys approving the same,
certified copies of proceedings and records of the City relating to the Bonds
and to the financial condition and affairs of the City, and such other
certificates, affidavits and transcripts as may be required to show the facts
within their knowledge or as shown by the books and records in their custody
and under their control, relating to the validity and marketability of the
Bonds and such instruments, including any heretofore furnished, shall be
deemed representations the City as to the facts stated therein.
PASSED AND ADOPTED BY THE CITY ODUNCIL OF THE CITY OF FRIDLE'Y THS 26TH DAY OF
JULY, 1982
WILLIAM J. - MAYOR
ATTEST:
<I