Res 1963-162 11.44
RESOLUTION NO. 161-190
A R'SOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT
BOND 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 ih order to provide the necessary funds
for the construction and payment of expenses relative to the following
improvement projects to-wit:
Sanitary Sewer and Water Improvement2tolectatham_mplans and
ssecifications ai•roved b the Cit Council: and
WHEREAS it has been determined that there is at the present time an
amount in excess of $25,000.00 in the following fund, to-wit:,
S "ja3PB‘lild
which sum will not be required
for other purposes prior to ostober.
IT IS THEREFORE determined to be in the interest of the City of Fridley
that the sum of ,t,t2 ,000.00 21_22012Enggial Assessment Fund (Sinking ,
A22.9010_
BE INVESTED as authorized by law and in accordance therewith it is
hereby determined to purchase the sum of $25,000.00 of the aforementioned
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Eltepormy110212.ner date of OctoberaLLL261_,
UPON their initial issuance in accordance with the provisions of
Minnesota Statutes, Sec. 429.0q1, 471.56 and 475.66, out of the funds
in Regular_ pecial Fund (Siriking 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 ginhing_Agmant of the Regular Special
Assessment Fund to invest in said temporary improvement bonds and to be
reasonable and advantageous to the City :to sell said temporary improve-
ment bond to the Sinkin- Account of :gL2taLailaaftEampatEllmil in
accordance with the provisions of this resolution.
SEC. 1. The City Manager and Treasurer are hereby authorized and directed
to take any and all steps necessary to effect the provision of the
aforegoing resolutions and to make such transfer of funds as may be
necessary from time to time to give effect to the provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 21ST
DAY OF OCTOBER, 1963.
YOR - Willi J. 2e
/4
A 411E.Lit
ATTEST: CITY MA.1\iAGN•
iAtD
CITY CT 'K - Marvin C. Brunsell
RESOLUTION NO. 162-12,61_
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH 1174S OF 1957, CHAPTER 385
BE IT R 'SOLVED By the Council of the City of Fridley, Anoka County,
Minnesota, as follows:
SEC. 1. The total estimated cost of Str .aeetImr .o'ect _
E24_19. 74 has been estimated in excess of $52,000.00.
SEC. 2. It is now estimated that the sum of $52_.000.00 is currently
necessary to provide financing of the projects above noted, and it is
hereby determined to be necessary to borrow said amount for the payment
of obligations now incurred and for expenses necessarily incurred in conn-
ection with the construction of said improvement project.
1.45
SEC. 3. There is hereby created Street Improvement #1963-1 Fund (temporary)
which shall contain a construction account as a part thereof into which
shall be paid all proceeds of temporary bonds issued pursuant to this resol-
.
ution 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.
SEC. 4. There is also hereby created in Street Improvement #1963-1 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 tif, 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 principal and interest
on all temporary improvement bonds issued to finance said project..
SEC. 5. It is hereby determined that the sum of $52,000.00 shall be
borrowed to finance said Street Improvement Project #1963-1 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.
SEC. 6. Said bonds shall be payable from the Sinking Fund of the following:
Street Imirovement P roject #1963-1 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
improvement 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
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 Street Improvement
#1_963-1 Fund or out of other municipal funds which are properly available
and are appropriated by the Council for such purpose.
SEC. 7. It is hereby determined to levy special assessments against beni-
fited property by reason of the raking of Street Improvement Project #1963-1
Ill 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.
SEC. 8. Said temporary improvement bonds in the amount of $52,000.00 shall
be denominated Street Improvement Project #1963-1 Bond Series "A" (temporary)
shall be fifty-two (52) in number and numbered from 1 to 52 inclusive, each
in the denominaVon of $1,000.00, shall bear interest at the rate of 5%
per annum, payable semi-annually on April 15th and October 15th of each year
and shall mature on October 15th of 1965, 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 Fridley City Hall 6431
University Avenue N.E., Minneapolis 21, Minnesota.
SEC. 9, Said temporary improvement bonds shall have attached thereto an
. interest coupon which Bond and Coupon shall be substantially in the follow-
" ing form:
(Farm of Coupon)
NO.
(Unless the bond described below is called for earlier redemption) on the
day of 1 19 1 the of
_ _
Minnesota, the sum of _DOLLARS
lawful money of the United States of America for interest then due 'on Its
Dated
•
MANAGER • MAYOR
-.
146
SEC. 10. Said bonds and coupons attached shall he prepared under the dir-
ection 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 he affixed thereto, and the appurtenant interest coupon shall be
mimeographed and authenticated, by the printed, engraved, lithographed, or
facsimile signatures of the said Mayor and Manager. When 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.
-
SEC. 11. he City Manager is hereby authorized and directed to file a
certified copy of t}7is resolution with the County Auditor of Anoka County,
together with such other information as he shall require and to obtain from
said County Auditor a certificate that said bonds have been entered on his
bond register.
SEC. 12. The bonds issued hereunder shall be payable from Street Improvement
#1963-1 Fund which is hereby created. The Treasurer shall cause all monies
appropriated and transferred from other funds and all special assessments
for the improvements 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 payslJch 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.
ceeds for said bonds except accrued interest shall be credited to the fund and
used to pay the cost of said improvements.
EaLL2, 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 sums become due are not sufficient to pay the
same, that then the City shall issue further definitive improvement bonds,
as authorized and provided in accordance with Minnesota Statutes, Sec. 429.
091, Chapter 475, and that the proceeds of said further definitive bonds
shall be first used to pay the principal and interest as is then due and
to redeem the temporary bonds issued hereunder.
s(Lc:tIll, The City Council has determined that not less than eighty per cent
805 of the total cost of said improvements will be paid by special assess-
ments to be levied against every lot, piece or parcel of land benefited by the
said improvements. 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 ihe final and valid levy of such special assessments, and in the event
that any such assessment 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 Orficers or employees, either in the _making of such assessment or in
the perforMance of any condition precedent thereto, the City and this Council
will forthwith do 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.
SEC. 1,2. 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 amountof at least five per cent (5%) in excess of the amount
required to pay the principal of 9nd the interest on said bonds when due and
that no ad valorem tax levy is accordingly required.
SEC. 16. The officers of the City and the County Auditor of Anoka County
are hereby authorized and directed to prepare and furnish to the purchaser
of said bonds and to the attorneys approving the legality of the issuance
th?reof, certified copies of all proceedings and records relating to said
bonds and to the financial affairs of said City, and such other affidavits,
certificates and information as may be required, to show the facts relating
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 he deemed representations of the City as to the
correctness of all statements contained therein.
PASSED AND ADOPTED BY THE CITY COUNCIL THIS 21ST DAY OF OCTOBER, 1963.
1/0411.40A, jk)?-4L--
ATTEST: MAYOR
1::4 )-F1 A _Dr--