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RES 1982-98 - 00006104l A RESOLUTION AWARDING THE SALE OF $600,000 GENERAL OBLIGATION TAX INCREMENT REDENELOPIMENTT BONDS OF 1982, SERIFS II; FDaW THEIR FORM AMID SPECIFICATIONS; DIRDCTMG THEIR EXEWTION AMID DELIVERY; AND PROVIDING FOR THEIR PAYMEXr. BE IT RESOLVED By the City Council of the City of Fridley, Minnesota, as follows: ' 1. The bid of Dain Bosworth, Inc. of Minneapolis, Minnesota to purchase $600,000 General Obligation Tax Increment Redevelopment Bods of 1982, Series II, 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 $589,800 plus accrued interest to date of delivery, such bonds to bear interest as follows: Year Amount Rate Year Amount Rate 1985 $ 5,000 1993 5 50,000 1986 5,000 1994 50,000 1987 10,000 1995 50,000 1988 10,000 1996 70,000 1989 25,000 1997 75,000 1990 25,000 1998 75,000 1991 25,000 1999 100,000 1992 25,000 The sum of $1,500, being the amount bid in excess of $588,250, 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 check of the unsuccessful bidders forthwith. 2. The City shall forthwith issue and sell its General Obligation Tax Increment Redevelopment Bonds of 1982, Series II, (the "Bonds ") in the principal amount of $600,000, dated November 1, 1982, the Bonds being 120 in number and numbered 1 to 120, both inclusive, in the denomination of $5,000 each, bearing interest as above set forth, all interest payable August 1, 1983, and semiannually thereafter on February 1 and August 1 in each year, and which Bonds mature serially on February 1 in the amounts and in each of the years 1985 to 1999, as set forth in paragraph 1. All bonds maturing after February 1, 1984, are subject to prior redemption on said date and any interest payment date thereafter at par plus accrued interest. 3. Both principal of and interest on the Bonds shall be payable at Main Office of the let Trust Campany of St. Paul in St. Paul, Minnesota and the City shall pay the reasonable charges of said bank for its services as paying agent. NE Page 2 - Resolution No. 98 - 1982 4. The Bonds and the interest coupons to be thereto attached shall be in substantially the following form: No. $5,000 UNITED STATES OF AMERICA STATE OF MIINESOTA OJUNPY OF ANOKA CITY OF FRIIE,EY GENMAL OBLIGATION TAX IN REWNT REDMW MkM BOND OF 1982 ' SERIES II KNOW ALL MEN BY THESE PRESENTS that the City of Fridley, Anoka County, Minnesota, acknowledges itself to be indebted and, for value received, hereby promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the lst day of February, 19—f 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 August 1, 1983, and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally became due. Both principal of and interest on this bond are payable at the in any coin or currency of the United States of Amercia which on the date of payment is legal tender for public and private debts. All bonds of this issue maturing after February 1, 1994, 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 $600,000, 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 273.78, 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 Agreement executed by 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 limitations 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 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, statutory or charter limitation thereon. Page 3 — Resolution No. 98 — 1982 201 IN WITNESS WHEREOF, 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 November 1, 1982. (facsimile signature) Mayor ' (manual signature) City Manager (facsimile seal) (Form of Coupon) No. 8 On the 1st day of February (August), 19—, the City of Fridley, Anoka County, Minnesota, will pay to bearer, at the the amount shown hereon for interest then due on its General Obligation Tax Increment Redevelopment Bond of 1982, Series II, dated November 11 1982, No. (facsimile signature) Mayor (facsimile signature) City Manager 5. The Bonds issued hereunder and the other series of Tax Increment Bonds ' issued February 1, 1981, and August 1, 1982, 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 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 may be reimbursed for such advances out of proceeds of tax increments and tax levies when levied. 202 Page 4 — Resolution No. 98 - 1982 6. The tax increments, including any excess increments as defined in Minnesota Statutes, Section 273.75, Subdivision 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 affirmed by this resolution and for the payment of the principal of and interest on any additional bonds similarly authorized and issued. 7. It is hereby determined that the abovementioned 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 th resolution with the County Auditor of Anoka County and obtain the certifi required by Minnesota Statutes, Section 475.63. 8. It is hereby determined that the Project to be financed by the Tax Increment Redevelopment Bonds will directly and indirectly benefit the abutting property, and the City hereby covenants with the holders from time to time of the Tax Increment Redevelopment Bonds as follows: (a) The City will cause any assessments for the Project to be promptly 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 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 any special assessments and the appropriation of any other funds needed to pay the Bonds 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 valorem taxes in the amount of said current or anticipated deficiency. (c) The City will keep complete and accurate books and records show all receipts and disbursements in connection with the Project, special assessments, pledged funds, tax increments, or any taxes lev 9 therefor and other funds appropriated for Bond payment, and all collections thereof and disbursements therefrom, monies 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 interested 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 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. Page 5 — Resolution No. 98 - 1982 10. The City Manager shall obtain a copy of the proposed legal opinion of Messrs. Wurst, Pearson, Hamilton, Larson and Underwood, 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, except 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, Minnegota 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, Series II, (Phase III) shall be executed on behalf of the City by the facsimile 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 facsimile signatures of the Mayor and City Manager, and the facsimile 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 purchase thereof upon receipt of the purchase price, and the purchaser shall not be obligated to see to the proper application thereof. 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. 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 said Bonds and to the financial condition and affairs of 4e 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 of the City as to the facts stated therein. 204, Page 6 — Resolution No. 98 - 1982 PASSED AND ADOPTED BY THE CITY COUNCIL OF WE CITY OF FRIDLEY THIS 8TH DAY OF NUMMER, 1982. i WILLIAM PIME - MAYOR ATPEST: SIDNEY C. ROM - CITY CLERK it