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RES 1960-127 - 00012853 (2)WHEREAS, All of the property owners whose property is liable to be assessed with the making of these improvements (as noted in said notice) were given ten (10) days published notice of the Council Hearing through two (2) weekly publica- tions of the required notice, and the hearing was held and the property owners heard thereon at the hearing, as noted in said notice. NCW, THEREFORE, BE IT RESOLVED, By the Council of the City of Fridley, Anoka County, Minnesota, as follows: 1. That the following improvements proposed by Council Resolution #51 -1960 and Resolution #114 -1960 are hereby ordered to be effected and completed as soon as reasonably possible to -wit: a. All of the improvements as noted in the notice of hearing on the same as are noted (in Exhibit "A") in said notice. That the work above may be consolidated with other areas as one improvement. 2. The work to be performed under this project may be per- formed under one or more contracts as may be deemed ad- visable upon receipt of bids. 3. Comstock and Davis, Consulting Engineers, are hereby designated as the Engineer for this improvement. They shall prepare final plans and specifications for the making of such improvements. ADOPTED BY THE COUNCIL OF THE CITY OF FRIDLEY THIS 4TH DAY OF OCTOBER, 1960. T r J-�t� - T. E. Gre g ATTEST: RESOLUTION NO. 127 - 1960 A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVE - MENT BONDS IN ACCORDAivCE WITH LAWS OF 19572 CHAPTER 385. BE IT RESOLVED By the Council of the City of Fridley, Anoka County, Minnesota, as follows: Section 1. The total estimated cost of Seiner and Water Improve - ment Project #29 -1960 has been estimated at $90,000.00. Section 2. It is now estimated that the sum of $90,000.00 is currently necessary to provide financing of the projects above noted, and it is hereby determined to be neces- sary to borrow said amount for the payment of obligations now in- curred and for expenses necessarily incurred in connection with the construction of said improvement projects. Section 3. There is hereby created Sewer and Water Improve- ment #29 -1960 Fund (temporary) which shall con- tain a construction account as a part thereof into which shall be 1 paid all proceeds of temporary bonds issued pursuant to this resolution and similar subsequent resolutions, and out of which shall be paid all amounts due and payable as costs or expenses incident to or incurred in connection with the making of said improvement. Section 4. There is also hereby created in Sewer and Water Improvement #29 -1960 Fund (temporary) a Sinking. Fund Account, which account in said Fund may and shall be termed as the Sinking Fund, into which fund shall be paid the proceeds of all special assessments levied against benefited property by reason of making of said improvements as well as all other monies therein to be paid as provided by law and out of which shall be paid the principal and interest on all temporary improvement bonds issued to finance said project. Section 5. It is hereby determined that the sum of $90,000.00 shall be borrowed to finance said Sewer & Water Improvement Project #29 -1960 with respect to costs o coonst— r��on an expenses necessarily incurred relative thereto to this date, by the issuance of temporary improvement bonds of the City of Fridley as authorized in Minnesota Statutes, Sec. 429.01, Subdivision 3, as amended by laws 1957, Chapter 385. Section 6. Said bonds shall be payable from the Sinking Fund of the following: Sewer and Water Improvement #29 -1960 Fund but the Cityy further recognizes its duty under the law, as provided by Sec. lt29.091, and covenants and agrees with the purchaser and all holders from time to time, of said temporary im- provements bonds, at or prior to the maturity thereof that it will pay and retire such bonds and the interest thereon out of the pro- ceeds of definitive improvement bonds which the Council shall issue and sell at or prior to the maturity of the temporary improvement bonds, to the extent that the same cannot be paid out of funds ' available in the Sinking Fund of Sewer and Water Improvement #29- 1960 Fund or out of other municipal funds which are properly avail- able and are appropriated by the Council for such purpose. Section 7. It is hereby determined to levy special assessments against benefited property by reason of the making of Sewer and Water Improvement Project #29 -1960 and to levy ad valorem taxes, if necessary, to produce sums at least 5% in excess of the amounts sufficient to pay principal and interest when due on said temporary improvement bonds and on any definitive bonds to be issued as herein provided, such special assessments to be placed on the tax rolls at such time when said improvement projects have been completed or the total cost thereof has been determined. Section 8. Said temporary improvement bonds in the amount of $90,000.00 shall be denominated Sewer and Water Im- provement Project #29 -1960 Bond Series "A" (temporary) shall be eight- een (18) in number and numbered from 1 to 18 inclusive, each in the denomination of $5,000.00, shall bear interest at the rate of 5% per annum, payable semi- annually on September 30th and March 30th of each year and shall mature on September 30, 1962, shall be subject to redemption and pre - payment on any interest payment date, at par and accrued interest. Not less than 30 days before the date specified for redemption of said bonds, the City Treasurer shall mail notice of the call thereof to the holder, if known, said Treasurer shall main- ' tain a record of the names and addresses of the holders of said bonds insofar as such information is made available to him by the holders thereof, for the purpose of mailing said notices. The principal and all interest on said bonds shall be payable at Fridley City Hall, 6431 University Avenue N.E., Minneapolis 21, Minnesota. Section 9. Said temporary improvement bonds shall be mimeographed and when so mimeographed shall have attached thereto an interest coupon which Bond and Coupon shall be substantially in the following form: (See pages 20, 21 and 22 for sample bond and coupon) ADOPTED AND PASSED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY, THIS 4TH DAY OF OCTOBER, 1960. MAYOR - T. E. Greig G MANAGER - Ear Wagner ATTEST: RESOLUTION NO. 128 - 1960 A RESOLUTION DIRECTING THE SALE OF TEMPORARY IMPROVEMENT BONDS IN ACCORDANCE WITH LAWS OF 1957; CHAPTER 385 BE IT RESOLVED, By the City Council of the City of Fridley, Anoka County, Minnesota, as follows: THAT WHEREAS, It has heretofore been determined by this Council to issue temporary improvement bonds in order to pro- vide the necessary funds for the construction and payment of expenses relative to the following improvement projects: to wit: Sewer and Water Improvement Project #29 -1960 as per plans and specifications approved by the City Council; and WHEREAS, It has been determined that there is at the present time an amount in excess of $90,000.00 in the following fund, to -wit: SPECIAL ASSESS14ENT FUND (Sinking Account) which sum will not be required for other purposes prior to September 30, 1962) IT IS THEREFORE determined to be in the interest of the City of Fridley that the sum of $90,000.00 of Special Assessment Fund (Sinking Account) BE INVESTED as authorized by law and in accor- dance therewith it is hereby determined to purchase the sum of $90,000.00 of the aforementioned Sewer and Water Improvement Pro- ject #29 -1960 Bonds, Series "A" temporary issued under date of Sep- tember 30, 1960 UPON their initial issuance in accordance with the provisions of Minnesota Statutes, Sec. 429.091, 471.56 and 475.66) out of the funds in Special Assessment Fund (Sinking Account) and on behalf of said fund at par and accrued interest as of the date of delivery of said bonds and completion of such sale; it being further determined to be reasonable and advantageous to Sinking Account of the Special Assessment Fund to invest in said tempo- rary improvement bonds and to be reasonable and advantageous to the City to sell said temporary improvement bonds to the Sinking Account of the Special Assessment Fund, in accordance with the provisions of this resolution.