RES 1960-23 - 00012661 (2)1. That this Council will meet on the 5th day of April
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 hereof by reference,
Exhibit "A ".
2. 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.
3. 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
attached hereto as Exhibit "A ", each of the improve-
ments to be treated separately as the Council shall
otherwise hereinafter designate.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
15TH DAY OF MARCH, 1960.
q.
MAYOR - I. E. Greig
ATTEST:
CITY CLERK - Marvin Co Brunsell
RESOLUTION NO. 23 - 196o
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVE -
;IENT BONDS IPQ ACCORDANCE WITH LA`-,'S OF 1957, 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 Sewer and 4dater
Improvement Project #23 -1959 has been esti-
mated at 1510.000
SECTION 2. It is now estimated that the sum of ?103000.00
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 ?dater Improve-
ment #23 -1959 Fund (temporarjjwhich shall con-
tain a construction account as a part thereof into which shall be
*paid all proceeds of temporary bonds issued pursuant to this reso-
lution and a similar subsequent resolution, 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 improvements.
SECTION 4. There is also hereby created in Sewer and Giater
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 the 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 nrincipal and interest on all temporary improvement
bonds issued to finance said project.
SECTION 5. It is hereby determined that the sum of
4k10,000.00 shall be borrowed to finance said
Sewer and Water Improvement Project 423 -1959 with respect to
costs of construction and 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 #23 -1959 Fund BUT the City further
recognizes its duty under the law, as provided by Sec. 429.091,
and covenants and agrees with the purchaser and all holders from
time to time, of said temporary improvements bonds, at or prior
to the maturity thereof that it will pay and retire such bonds
and the interest thereon out of the proceeds of definitive im-
provement 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 F,znd of Sewer and °'ater Improvements #23 -1959 Fund or
out of other municipal unds which are properly available and are
appropriated by the Council for such purpose.
SECTION 7. It is hereby determined to levy special assess-
ments against benefited property by reason of the
making of Sewer and Water Improvement Project #23 -1959 and to levy
ad valorem taxes, if necessary to produce sums at least 5% in ex-
cess of the punts 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 pro-
jects have been completed or the total cost thereof has been deter-
mined.
SECTION 8. Said temporary improvement bonds in the amount
of 010,000.00 shall be denominated Sewer and
Water Improvement Project #23 -1959 Bond Series "A° (tempora )
shall be ten 10 in number and numbered from 1 to ten (10 )in-
clusive, each in the denomination of 6,1,000.00 shall bear in-
terest at the rate of 51 per annum, payable semi - annually on
March 15th and September 15th of each year and shall mature on
March 15, 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 maintain
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 the Fridley Citv Hall, 6431 University Avenue N.E.,
SECTION 9. Said temporary improvement bonds shall be mimeo-
graphed and when so mimeographed shall have at-
tached thereto an interest coupon which Bond and Coupon shall be
substantially in the following form:
UNITED STATES OF AMERICA
STATE OF TMINRSOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
No.
KNOW ALT MEN BY TRESE PRESENTS that the City of Fridley, a duly
organized municipal corporation of Anoka County, Minnesota, ac-
knowledges itself to be indebted for value received, promises to
pay to bearer the sum of on the day of
, or on a date prior there to on which this bond has
1] 1
been duly called for redemption at the rate of Per cent
( ) per annum, payable semi - annually on the day of
in each ,year, interest to maturity being pay-
able in accordance with and upon presentation and surrender of
the interest coupon appurtenant thereto. both principal and
interest are Payable at ' Minnesota in
any currency or coin of the united States of America which on
the respective dates of payment is legal tender for private and
public debts. For the prompt and full payment of such principal
and interest as the same become due the full faith, credit and
taxing powers of the City are hereby irrevocably pledged.
This bond is one of a series in the aggregate principal amount
of � all of like date and tenor except as to serial
number, 'all issued by said City for the Purpose of defraying
expenses incurred and to be incurred in making improvements
designated as as authorized by Chapter
429, Minnesota Statutes, and is issue3 pursuant to and in full
conformity with resolutions duly adopted by the City Council
after hearings as required by law and pursuant to and in full
conformity with the Constitution and laws of the State of Minne-
sota thereto enabling, including Minnesota Statutes, Section
129.091, Subdivision 3, as amended by Laws 1957, Chapter 385.
This bond is payable first and primarily from the
but the City of Fridley is required to pay the
principal and interest thereon out of any funds in the treasury
in the event that the monies on hand in said
are at any time insufficient to meet the Payment
of maturing principal and interest; and the City of Fridley is
further required at or prior to the maturity of this bond to pro-
vide for the payment and retirement thereof by the issuance of
definitive bonds, to the extent, if any, that the assessments
and taxes or other municipal funds theretofore collected and re-
ceived in said may be insufficient for
such Purpose.
This bond is subject to redemption and pre - payment at the option
of the City of Fridley on any interest payment date, at a price
of pay and accrued interest, upon notice of call for redemption
mailed not less than 30 days Prior to the date specified for such
redemption, to the holder, if known. Bond holders desiring to
receive such notice must register their names and addresses and
the serial numbers of their bonds with
IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all
acts, conditions and things required by the Constitution and laws
of the State of Minnesota to be done, to exist, to happen and to
be performed preliminary to and in the issuance of this bond in
order to make it valid and binding general obligation of said
City of Fridley according to its terms have been done, do exist,
have happened and have been performed as so required; that the
has duly determined the necessity of and provided for the
construction of said that the
has been duly created and provision has been
made for the support thereof by special assessments and ad valorem
taxes to be levied, at or prior to the time of the issuance of
said definitive improvement bonds, for the ,years, and in aggregate
amounts no less than five per cent (5%) in excess of sums suffi-
cient to pay the principal and interest on all bonds payable from
said fund as such principal and interest become due, and addition-
al tares, if need for said purpose, will be levied upon all taxable
property in the , without limitation as to rate or
amounts; that the hoeof shall have and may enforce by ap-
propriate proceedings all duties imposed by said Chapter 385 upon the
and its officers with reference to the levy
and collection of said assessments and taxes and the issuance of
said definitive bonds; and that the issuance of this bond did not
cause the indebtedness of said to exceed any constitu-
tional or statutory limitation.
IN WITNESS WHEREOF the of ,
County, Minnesota, by its Council,
has caused this bond to be executed in its behalf by the signa-
ture of its and and sealed with its
official seal, and the interest coupons appurtenant thereto to
be executed and authenticated by the facsimile signatures of
said officers, and has caused the bond and coupon to be dated
all as of
SF
L
(Form of Coupon)
No.
(Unless the bond described below is called for earlier
redemption)
On the day of , 19 , the
of County, Minnesota, will
pay to bearer at , Minnesota, the
sum of DOLLARS lawful money of the United
States of America for interest then due on its
DATED:
e to, '_ 2 f '2�
CITY 1UNAGER MA OR
SECTION 10. Said bonds and coupons attached shall be pre-
pared under the direction of the City Manager
and shall be executed on behalf of the City by the signatures of
the Mayor and Manager, and the corporate seal of the City shall be
affixed thereto, and the appurtenant interest coupon shall be mimeo-
graphed and authenticated by the nrinted, engraved, lithographed,
or facsimile signature of said Mayor and Manager. '.-,Then said bonds
have been executed and authenticated they shall be delivered by the
Treasurer to the purchaser thereof, upon payment of the purchase
price heretofore agreed upon and accrued interest to date of delivery
and said purchaser shall not be obliged to see to the application
thereof.
SECTION 11. The City Manager is hereby authorized and directed
to file a certified copy of this resolution with
the County Auditor of Anoka County, together with such other infor-
mation as he shall require and to obtain from said County Auditor a
certificate that said bonds have been entered on his bond register.
SECTION 12. The bonds issued hereunder shall be payable from
Fewer and Water Improvement #23 -1959 Fund which
is hereby created. The Treasurer shall cause all monies received
from the proceeds of said bonds, all monies appropriated and trans-
ferred from other funds and all special assessments for the improve-
ments provided that if any payment of principal or interest shall
become 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
such advances out of monies to be credited to said fund when said
monies are collected. All proceeds for said bonds except accrued
interest shall be credited to tho.fund and used to nay the cost
of said improvements.
SECTION 13. It is further provided that should it appear
at any time that the monies credited to said
fund and provided for the payment of principal or interest on the
bonds when the same become due are not sufficient to pay the same,
that then the City shall issue further definitive imorovement
bonds as authorized and nrovided in accordance with Minnesota
Statutes, sec. 129.091, Chapter 051 and that the nroceeds of
said further definitive bonds shall be first used to nay the nrin-
cinal and interest as is then due and to redeem the temporary
bonds issued hereunder.
SECTION 14. The City Council has determined that not less
than eighty ner cent (80'V of the total cost
of said improvements will be paid by special assessments to be
levied against every lot, piece or parcel of land benefited by
the said imnrovements. The City hereby covenants and agrees that
it will do and perform, as soon as they can be done, all acts and
things necessary for the final and valid levy of such special
assessments, and in the event that any such assessments be at any
time held invalid with respect to any lot, piece or parcel of
land, due to any error, defect or irregularity, or in any action
or proceeding taken or to be taken by the Council or any of the
City Officers or employees, either in the making of such assess-
ment or in the performance of any condition precedent thereto,
the City and this Council will forthwith do all such further acts
and take all such further proceedings as may be required by law
to make such assessments valid and binding liens against such
property, and also shall take such further proceedings as may be
required by law to provide monies for the payment of principal
and interest as the same fall due on the bonds issued hereunder
and to provide for the redemption of the same.
SECTION 15. It is hereby determined that the collection of
special assessments and the proceeds of monies
' appropriated and transferred from other funds is and will be in an
amount, of at least five per cent (5 %) in excess of the amount re-
quired to pay the principal of and interest on said bonds when due
and that no ad valorem tax levy is accordingly required.
SECTION 16. The officers of the City and the County Auditor
of Anoka County are hereby authorized and direct-
ed to prepare and furnish to the purchaser of said bonds and to the
attorneys approving the legality of the issuance thereof, certified
copies of all proceedings and records relating to said bonds and to
the financial affairs of said City, and such other affidavits, cer-
tificates and information as may be required, to show the facts re-
lating to the legality and marketability of said bonds as the same
appear from the books and records under their custody and control
or as otherwise known to them, and such certificates, certified
copies and affidavits, including any heretofore furnished, shall be
deemed representations of the City as to the correctness of all
statements contained therein.
PASSED BY 77 CITY COUNCIL OF THE CITY OF FRI=, THIS 15TH
DAY OF MARCH, 1960.
MAYOR CC��
CITY NiANACER
ATTEST:
CITY CLERK -