RES 1982-64 - 00006026120
RESOLUTION RIARDING THE SALE OF $1,425j000 GENERAL
OBLIGATIM SPECIAL ASSFSS{4ENT FUM BONDS OF 1982; FffiING
THEIR FCM AND SPECIFICATUM; DIRHCPING 'THEIR E WCUTION
AND DELONERF; AND FRCVIDIM; FOR TM9IR PAS.
BE IT RESOLVED 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 $1, 425,000 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 $1,397,264.63 plus accrued interest to
date of delivery, such bonds to bear interest as follows:
8.508
1983
8.608
1984 -85
8.708
1986
9.008
1987
9.208
1988
9.408
1989
9.608
1990
9.808
1991
10.008
1992
10.208
1993
10.408
1994
10.608
1995
10.708
1996 -99
The sum of $164.63, being the amount bid in excess of $1,397,100, shall be
credited to the bond sinking fund hereinafter created. 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 is
directed to return the checks of the unsuccessful bidders forthwith.
2. The City of Fridley shall forthwith issue and sell it General Obligation
Special Assessment Fund Bonds of 1982 (the "Bonds ") in the principal amount of
$1,425,000, dated August 11 1982, the Bonds being 285 in number and numbered 1
to 285, both inclusive, in the denanination of $5,000 each, bearing interest
as above set forth, all interest payable February 1, 1983, and semiannually
thereafter on August 1 and February 1 in each year, and which Bonds mature
serially on February 1 in the years and amounts as follows:
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Page 2 — Resolution No. 64 - 1982
Year Amount
Year Amount
1983
$175,000
1991
$120,000
1984
$125,000
1992
S
90,000
1985
5 95,000
1993
$
60,000
1986
$120,000
1994
$
45,000
1987
$120,000
1995
5
15,000
1988
$110,000
1996
$
30,000
1989
$135,000
1997
$
15,000
1990
$125,000
1998
$
30,000
1999
$
15,000
All bonds maturing after February 1, 19941 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 of Fridley shall pay
the reasonable charges of said bank for its services as paying agent.
4. The Bonds and the interest coupons to be thereto attached shall be in
substantially the following form:
No.
STATE OF I N S w
COUNTY OF ANOKA,
MLI OF KID
$5,000
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 THOUSAND DOLLARS on the lst day of February, 19 , and to pay interest
thereon from the date hereof until the principal amount is paid at the rate of
percent (—%) per annum, interest to maturity payable February 1,
1983, and semiannually thereafter on the lst day of August and the lst day of
February in each year in accordance with and upon presentation and surrender
of the interest coupons hereto attached as they severeally become due. Both
principal of and interest on this bond are payable at the Northern Trust
Company, in Chicago, Illinois, in any coin or currency of the United States of
America which on the date of payment is legal tender for public and private
debts.
All bonds maturing after February If 1994, are subject to redemption on said
date and any interest payment date thereafter at par plus accrued interest.
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Page 3 — Resolution No. 64 - 1982
This bond is one of an issue of bonds in the total principal amount of
51,4251000, 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 money to defray the expenses incurred and to be incurred
in making local improvements, and in anticipation of the collection of special
assessments, as authorized by Section 7.12 (d) of the Home Rule Charter of the
City and pursuant to and in full conformity with the Constitution and Laws of
the State of Minnesota, and is payable primarily from special assessments
against property specially benefited thereby, 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
amount.
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.
IN WITNESS WHEREDF, the City of Fridley, 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 of the City, and the interest coupons hereto attached to
be executed and authenticated by the facsimile signatures of said officers,
all as of August 1, 1982.
(T fit el ,
City Manager
(SEAL)
(facsimile seal)
(Facsimile)
Mayor
Page 4 — Resolution No. 64 - 1982 123
(Form of Coupon)
No.
on the 1st day of February (August), 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 Chicago,
Illinois the amount shown hereon for interest then due on its General
Obligation Special Assessment Fund Bond of 1982, dated August 1, 1982, No.
(Facsimile)
� Mayor
(Facsimile)
City Manager
5, The City Manager shall obtain a copy of the proposed approving legal
opinion of Messrs. Wurst, Carroll and Pearson, P.A., of Minneapolis,
Minnesota, which shall be cwmple except as to dating thereof and shall cause
said opinion to be printed on each Bond, 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 certificate
in the name of the City upon receipt of such opinion and to file the opinion
in the City offices.
6. The Bonds 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 said officers, and the facsnile of the corporate seal of the
City may, but need not be, printed thereon; provided, however, that the
signatures of both the Mayor and the City Manager may be facsimile signatures,
duly authenticated by the manual signature of an officer of the Bank of
hereby designated authenticating agent pursuant to Minnesota Statutes, Section
475.55, Subdivision 1, and, if the bonds are to be so executed and
authenticated, the bond form set forth in paragraph 4 hereof shall be modified
as follows:
1
124
Page 5 — Resolution No. 64 - 1982
a) Substitute the following paragraph for the final paragraph of the
bond:
'IN WITNESS WDERBOF, the City of Fridley, Anoka County, has caused this
bond to be executed by the facsimile signatures of the Mayor and the City
Manager and with the facsimile of the corporate seal of the City
imprinted thereon and the interest coupons hereto attached to be executed
and authenticated by the facsimile signatures of said officers, and the
manual signature of its duly authorizing Authenticating Agent on the
reverse side of this bond, all as of August 1, 1982.'
b) Add the following on the reverse side of the bond:
'This Bond is one of the Bonds of the series designated herein issued
pursuant to the resolution authorizing its issuance and delivery."
Bank
Of
As Authenticating Agent
M
Its Authorized Offficer
The Bonds when fully executed, shall be delivered by the City to the purchaser
thereof upon receipt of the purchase price, and the said purchaser shall not
be obligated to see to the proper application thereof.
7. The bonds issued hereunder shall be payable from the Special Assessment
Funds, as established by Section 7.12(d) of the City Charter and pursuant to
all the provisions of said section provided that if any payment of principal
or interest shall became 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 any advances
out of proceeds of assessments or special taxes when collected.
8. It is hereby determined that the estimated collections of special
assessments which will be available for the payment of said bonds will produce
at least five percent in excess of the amounts needed to meet when due the
principal and interest payments on the bonds and no ad valorem taxes are
required at this time.
9. The City Clerk shall deliver to the County Auditor of Anoka County a
certified copy of this resolution and obtain his certificate in accordance
with Section 475.63, Minnesota Statutes.
10. It is hereby determined that the Improvements to be financed by the Bonds
will directly or indirectly benefit the abutting property, and the City hereby
covenants with the holders from time to time of the Bond as follows:
1
1
Page 6 — Resoltion No. 64 - 1982
a) The City will cause the assessments for the Improvements to be
pramptly levied so that the first installment will be collectible not
later than 1984 and will take all steps necessary to assure prompt
collection. The City Council shall cause all further actions and
proceedings to be taken with due diligence that are required for the
construction of each Improvement financed wholly or partly from the
proceeds of obligation issued hereunder, and for the final and valid levy
of special assessments and the appropriation of any other funds needed to
Fey the obligations and interest thereon when due.
b) In the event of any current or anticipated deficiency in said grants,
pledged funds, investment income or special assessments, the City Council
will levy ad valorem 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 Improvements, the
grants and pledged funds and any taxes levied and the assessments levied
therefor and other funds appropriated for their payment, and all
collections thereof and disbursements therefrom, moneys on hand and
balance of 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 interested person upon request.
11. 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.
' 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 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.
PASSED AND ADOPTED BY THE CITY OJUNCIL OF THE CITY OF FRIDLEY THS 26TH DAY OF
JULY, 1982
WILLIAM J. MAYOR
ATTEST:
SIDNEY C. CITY CLERK
125