RES 1960-123 - 00012848 (2)iJ
That the firm of Comstock and Davis, Inc., is hereby author-
ized and directed to draw preliminary plans and specifications and
to tabulate the results of his or their estimates of the costs of
said improvements, and to make a preliminary report of his or their
findings to the Council not later than at their earliest convenience.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
4TH DAY OF OCTOBER, 1960.
MAYOR . E. Greig
CITY AG - Earl P. yagner
RESOLUTION NO. 123 - 196o
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF $10603,000 IMPROVEMENT BONDS OF 1960
BE IT RESOLVED, by the Council of the City of Fridley, Minnesota,
as follows:
1. It is hereby determined that contracts have been entered into
by the City for the following improvements for which funds
must be provided by the issuance of general obligation bonds as author-
ized by Section 429.091, Minnesota Statutes, to -wit:
Name of Improvement Amount of Bonds
Storm and Sanitary Sewer No. 24 $1,161,402.46
Sewer and Water No. 26 258,749.20
Sewer and Water No. 15 475265.00
Sewer and Water No. 16 135,583.34
2. In anticipation of the collection of special assessments for
said improvements the City shall forthwith issue and sell
$lp6O3sOOO general obligation improvement bonds. The full faith and
credit of the City shall be pledged to the payment of principal of
and interest on the bonds when the moneys on hand in the special funds
are insufficient for the purpose.
3. The bonds to be issued hereunder shall be 1603 in number and
numbered 1 to 1603, both inclusive, and in the denomination
of $19000 each, shall bear date October 1, 1960, shall bear interest
payable July 1, 1961s and semiannually thereafter on January 1 and
July 1 of each year, and shall mature serially on January 1 in the
years and amounts as follows: $118,000 in 1963; $75,000 in 1964, 19699
19749 1979, and 1982; $809000 in each of the years 1965 to 1968 inclu-
sive, 1970 to 1973 inclusive, 1975 to 1978 inclusive, and in 1980; and
$70,000 in 1981, all bonds maturing after January 1, 19763 being sub-
ject to redemption in inverse numerical order on said date and any
interest payment due thereafter at par and accrued interest. It is
expressly determined that the maturities above stated are such as in
the judgment of the Council are warranted by the anticipated collection
of special assessments.
4. The Council shall meet at the City Hall in the City of Frid-
ley on Tuesday, the 19th of October, 1960, at 7:30 o'clock
P.M. for the purpose of receiving and considering sealed bids for the
purchase of said bonds. The Manager is authorized and directed to cause
notice of sale of said bonds to be given by publication at least once
ten days in advance of sale in the official newspaper and in Commer-
cial West, a financial paper published in Minneapolis. The notice
shall recite that the City will furnish the printed bond and approving
legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler and
Haertzen, Minneapolis, Minnesota, to be printed on the bonds without
expense to purchaser, shall require that all bids be unconditional
and accompanied by a good faith check in the amount of 830,000, and
require that each bid shall state rate or rates of interest not exceed-
ing 4 in multiples of 1/4 or 1 /10 of 1% which may include additional
interest represented by a separate coupon in amount not exceeding
$211,000.
The notice shall further specify that the bonds will be payable at a
suitable bank named by the purchaser within 118 hours after the time
of sale, and that delivery will be made at Minneapolis, St. Paul, or
Chicago without expense to the purchaser, or elsewhere at purehaserfs
expense within 40 days after the date of sale.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THY��,
ITY OF FRIDLEY,
THIS 41H DAY OF OCTOBER, 1960 ``
FTM T. E. Gre g
ATTEST:
rgzv
r.iai:TSiS:�Tiil
RESOLUTION NO. 124 - 1960
A RESOLUTION RECEIVING THE PRELIMINARY REPORT AND CALLING A
PUBLIC HEARING ON THE MATTER OF THE CONSTRUCTION OF CERTAIN
IMPROVEMENTS: (WATER. AND SEWER - JOHNSON'S RIVER LANE ADDITION)
WHEREAS, the construction of certain improvements is deemed
to be in the interest of the City of Fridley and the property
owners affected thereby.
BE IT RESOLVED, by the City Council of the City of Fridley,
as follows:
1. That the preliminary report submitted by Comstock and
Davis, Inc., Consulting Engineers, is hereby received
and accepted.
2. That this Council will meet on the 18th day of October,
1960, at 7:30 o'clock P.M. at the City Hall in the City
of Fridley for the purpose of holding a Public Hearing
on the improvements noted in the Notice attached hereto
and made a part thereof by reference, Exhibit "A ".
(Exhibit "A" - see Publication Notices under dates of
October 6th and October 18th, 1960.)
3. That the area proposed to be assessed for said improve -
ments and each of them as noted in said notice are all
the lands and areas as noted in said notice: All of the
same to be assessed proportionately according to the
benefits received.
11. That the City Manager is authorized and directed to
give notice of such Public Hearing by publishing a
notice thereof in the official newspaper of the City
of Fridley according to law, such notice to be sub-
stantially in the form and substance of the notice at-
tached hereto as Exhibit "A ".
ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
11TH DAY OF OCTOBER, 1960.
MAYOR - T. E. Oreig
ATTEST: