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September 27th
• • • s " • � n'1 • ttract of Minutes of Meeting of• the Village Council of the Village of Fridley, Anoka County, Minnesota s• Pursuant to du. call and notice thereof, a ., Special meeting of the Village Council of the Village of Fridley, Minnesota vas duly held at the Village Hall in • • said village on Tuesday, the 28th day of August, 1956, at 7:06 o'clock P.M. - The following members were present: Oreig, Jahanson, Frederick, Marcucci and the following were absent: 'ye . . . . . . 4 • Trustee Frederick introduced the following resolution end moved its adoption: • • 1. • • • ! • RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $170 000 WATER AND S3WER REVENUE BONDS, PROVIDING THEIR TERMS AND PROVISIONS AND ESTAD. LISHING COVENANTS FOR THEIR PAYMENT. WHEREAS, the Village of Fridley has heretofore prow vided for the construction of a municipal water distribution stem in the village and for the construction of sanitary sever ins and laterals, and WHEREAS the village has heretofore purchased water for distribution to the residents of the village from the City or Minneapolis, and SAS, the village has caused plans and spec/ft. cations to be prepared and contracts to be let for the construc- tion of one or more wells to supply water for the needs of the village and for a concrete reservoir, pump house, pumps controls, chlorinating equipment and sewer cleaning equipment, and WHEREAS, the water and sanitary sewer system of the • village comprise a public convenience from which revenue has been and will be derived, NOW THEREFORE, BE IT RESOLVED by the Village Council of the Village of Fridley, Minnesota, as follows: 1. It is hereby determined to be necessary and expedient for the Village of Fridley to issue its Water and Sewer Revenue Bonds of 1956 in the aggregate principal amount of $170,000 to pay the cost of construction of the well or wells, - concrete reservoir} pump house, controls chlorinating equipment, sever cleaning equipment, and necessary incidentals thereto and to provide an.'emergoncy reserve. It is hereby determined that the cost of construction will be, and the proceeds of said issue of bands shall be allocated, substantially as followss 1,500,000 gallon pre-stressed concrete reservoir 70 feet in diameter and 60 feet high $85,000.00 One 800 foot well or as may hereafter be determined two 400 foot wells, with a minimum flow of 800 gallons per minute with casings of not less than 20" 0D $40,000.00 Pumphouco, pumps, controls and chlorinating equipment $30,000.00 Sewer cleaning equipment 7,000.00W. incidentals and emergency reserve 8,000.00 • 2. Said bends shall be dated September 1, 1956, in the denomination of $1,000 each 170 in number and n . bored 1 to 170 both inclusive, bonds maturing in the years 1959 to 1966 inclusive bearing interest at the rate of 4.00% per annum from date to November 1, 1956, at the rate of 5. 0% per annum from November 1, 1956 to March 1, 1959, represented by sopar sets of coupons at the coupon rates of 4.00% and 1.50% respectively, and at the rate of 4.00% psr annum after March 1, 1959 and bonds maturing in the years 1I67 to 1976 inclusive bearing interest at the rate of 4+.50% per annum from date to • 2. • • Nov bar 1, 1956, et tho rate of 6.00 per cmro frr2 iovo 1 1956 to rAroh 1, 1959, reeentod by separate rats of coupons OS . the coupon rates of 4.50 end 1.50 respectively, and at the rate of 4.50% per annum after March 1, 1959, interest to maturity payable March 1, 1957 and semiannually thereafter on September 1 and March 1 in each year, and shall mature serially on September 1 in the years and amounts as follows: $5,000 in each of the years 1959 to 1965, both inclusive, $10,000 in each of the years 16 ' to 1971, both inclusive and $15,000 in each of the years 19 to 1976, both inclusive, all bonds maturing after September 1, 1966, being subject to redemption on said date in inverse numerical. order at par, accrued interest, and, if redeemed prior to Septeiber 1, 1971, a premium of $45.00. 3. Both principal and interest shall be payable at the main office of Northwestern National Bank of Minneapolis, in the City of Minneapolis, Minnesota, and the village agrees to pay the reasonable charges of said bank for its services as Ming agent. 4. The bonds and the interest coupons attached thereto shall be in substantially the following form: UNITED STATES OF AMERICA STATE Qy MIN SOTA COUNTY OF ANORA VILLAGE OF FR IDLEY No. $1,00® WATER AND SEWER REVE1flJP BOND OF 1956. KNOW ALL MEN BY THESE PRESENTS That the Ville 0 Fridley, Anoka County, Minnesota, acknowledges itself to be obligated and for value received promises to pay to bearer cut of the Principal and Interest Account of its Water and SOWS Revenue Bond Fund on the let day of September, 19 , the sum of ONE THOUSAND DOLLARS and to pay interest thereon out of said fund from the date Woof uptil the principal amount is paid at the rate of four par eat (4.00%) par annum to November 11 1956, at the rate of five amd fifty hundredths per cent (5.50%) per annum from November 1 1956 to March 1, 1959 represented by separate sets of coupons at _the coupon rates of four per cent (4.0 ) and one and fifty hundreaba per cent (1.50%) respectively, and at the rate of four par eczt (4.00%) per annum after March 1, 1959, interest to maturity 1- ye0 ble March 1, 1957 and semiannually thereafter on March 1 anS Sep' tember 1 in each year in accordance with and upon predanteti and surrender of the interest coupons hereto attached as they severally become due. Both principal and interest are payable at the crib office of Northwestern National Bank of Minneapolis, in the City of Minneapolist Minnesota in any coin or currency of the U ii • States of America which at the time of payment is legal tender for public and private debts. All bonds of this issue maturing after September it 1966, are subject to redemption in inverse numerical order C3 said data and any interest payment data thereafter at par act interest and, if redeemed prior to September 1, 1971, a prvntaa of $45.00 for each bond redeemed. Thirty days prier notice vill be given by mail to the bank where the bonds are payable end to' • 3. • a the last known holder. Holders desiring to eceivers wohi is e must register their names, addresses and bond the Village Manager. This bond is one of an issuet nothe�total ota sprincipal aurity, amount of $170,000, all of like date andav interest rate and redemption privilege, WhiChic bon the son to been of issued for the purpose of providing money water and sanitary sewer facilities in the ee principal authoorizedst by Chapter 475 Minnesota Statutesd are payable only out of Water and n Sewer Revenue Bond theacrea ed by a resolution entitled ',Resolution Sale of $170,000 Water and Sewer Revenue Bonds, Providing Their Terms and rrovisions and Establishing Covenants for Their Payment", to which reference is made for a full statement of rights and powers hereby conferred. This bond does not tite t anvillage indebtedness of the village, and the taxing powers will not be used to pay the principal hereof or the interest hereto. • IT IS HEREBY CERTIFIED AND RECITED That in andby the authorizing resolution the v ileagethasaco sewer systemagreeditoo . continue to own and operate competition by other like utilities said fend om all liens thereon; to maintain adequate insurance and adequate books of able fidelity bonds on employees; to keep proper account showing all rocepts and disbursements relating to the water and sewer system and to cause the same to be audited; to continue its Water and Sewer Revenue serve Account thereinhande r°sipal pay end Interest Account and the R into the Drincipal and Interest Account from the net principal hereofthe water and sewer system a sum sufficient to pa yhr hereof end interest hereon ;hendue and vtoupaes ati into oleaand maintain in the Reserve Account from village st before September:1., 12k4 and nct to issue additional obligations or incur additions nde tedness with respect to the Water and Sewer Revenue Bond Fund except as provided in the authorizing resolution. IT TS FURTHER CERTIFIED AND RECITED That all acts, conditions and things required by the Constitution and Laws of the State of Minnesota 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 due form, time as required by law and that the village council has by resolution duly adopted created the Fund and Accounts above referred to and has provided rated and charges, and f so ar as permitted by produceaw will maintain and collect rates andcharges sufficient net revenues to pay the principal hereof and the interest hereon deposit the same into the Principal and Interest • whendue and to p p authorizing thea � Account and the Reserve Account as provided in resolution. IN FITNESS :'H REOF, the Village of Fridley, Anoka County, Minnesota, by its Council has caused this bond to be executed in its behalf by its Mayor and Village Manager and the corporate seal to be hereto affixed and has caused the interest coupons of aieretoiC®rs, attached to be executed by the facsimile signs all as of September 1, 1956. • Mayor • Village Oago1 (Seal) 4. y ` • a . (Form of Coupon) No. $20.00 On the 1st day of March (September) 19 the Village of Fridley Anoka County Minnesota, will pay to bearer solely out of the Principal and Interest Account of the Water and Sewer Revenue Fund of the village at the main office of North. western National Bank of Minneapolis, Minneapolis, Minnesota, the sum of TWENTY DCI ARS for interest then due on its Water and Sewer Revenue Bond dated September 1, 1956, No. • Mayor Village Manager • 5. The bonds shall be prepared under the direction of • the Village Manager and, when so prepared, shall be executed on behalf of the village by the signatures of the Mayor and the Village Manager and the corporate seal of the village shall be affixed thereto, and the interest coupons shall be executed and . authenticated by the printed facsimile signatures of said officers, 6. There are hereby created a separate fund to be )movn as the Water and Sewer Revenue Bond Fund and the following accounts in said fund: (a) the Operation and Maintenance Account*J (b) the Principal and Interest Account, the funds in which are to be deposited in a special bank account properly de- signated, (e) the Reserve Account, an4 (d) the Surplus Account. 7. The principal of and interest on the bonds shall be payable solely out of the net revenues in the Principal and Interest Account, augmented so far as may be necessary from the Reserve Account, in the ater and Sewer Revenue Fund and shell share on a parity in said net revenues and shall constitute a flint and exclusive lien thereon; provided however, that additional voter and sewer revenue bonds may be issued from time to time to pr€viAe for necessary repairs, improvements or extensions to the water and sewer plant and system of the village on a parity with the ids ' hereby authorised if (a) the net revenues of the water and sewer systemfor the twelve calendar months preceding the issuance of such edditicnal bonds was equal to or exceeded 1.40 times the average annual requirements of principal and interest of all bonds of this 10=20 and of all bonds on a parity with the bonds of this issue out. standing or to be outstanding, and (b) the ernual net revenues of thc' water and surer system will be sufficient to produce in the opinion of a cametent independent engineer, at least 1.40 times the average annual principal and interest requirements of the bonds of this isst3 and of all bonds on a parity as to lion with the bonds of this ins+ outstanding and to be outstanding in each or the years in which ,�'� 5. • • such bonds or any of them, will be outstanding, and a written opinion, signed by such competent independent engineer, to-that effect has been delivered to the Villas. Councils and (e) the village is not in default with respect to .any covenant or agreement pertaining to the bands of this !saes or to the bonds of any other !sand of the village then outstanding; and further provided that if any beads of this issue shall become due at any time when there is an insufficient amount ,in the Principal and Interest Account (augmented by deposits thereto from the balance of funds on hand in the Reserve Account) for the payment thereof such bonds may be refunded so as to extend the maturity thereof to a time beyond the last maturity of other bonds issued hereunder and such extended bonds or refunding beads shall share on a parity with the bonds of this issue. 8. The village vill cause proper books of account to be • kept showings (a) the total amount of water which has been.. 0/11 ,. and.meter-ed, the amount sold without having been metered and .• amount delivered to each metered customer, and the date and d.s• • cription of each service rendered to each customer. • (b) the date and amount of each and every charge node to each customer. (o) the date and amount of each statement rendered. (d) the date and amount of each payment thereon. (e) the date and amount of each disbursement from the Operation and Maintenance Account of the Water end Sewer Revenue Bond Fund, including all amounts paid on account of the operation, repairs and maintenance of the water and sanitary sower systems of the village. (f) the etn_gunt set aside each quarter for operation and maintenance. ( ) the total amount of revenue bonds of this isn't and of all bonds on a parity with the bonds of this issue, out. standing and the date and amount of all payments of interest gni principal thereon. 9. The village will continue to charge for water and cove! • services in accordance with the schedule of rates and charges presently to be put into effect. In the event that raid rates and charges shall be or shall be estimated to be insufficient to produce gross revenues adequate to pay the exponces of operation, repair and maintenance and the principal and int©reat on the bonds herein authorized and accumulate and maintain by September 1 1960, the amount required in the Reserve Account herein provided, such rates and char$os shall be adjusted and mad. sufficient for such purposes so far as permitted by law. In the event the villana is not in default with respect to any of the covenants herein contained and all necessary payments to the Reserve Account have been made, the villas may reduce the rates and charges to consumers provided that the council shall, upcm adequate investigation, determine that the net revenues from the water and sewer syt.tar, shall be sufficient to pay principal and interest when due the bonds herein authorised., 411 10. All 320” revenues of the water and CIWO plant and stcn sh311 be credited to the cp i aticn and Main.ACccZ3-60 l fir t4c of _c .ch _cal i er ctuartnr, after the amounts reasonably ootimatcd to pay all proper snd L 00Oary operating end maintonanco a prnses for the succeeding ealcm4hr quarter, the not revenues in said account shall be paid, in the following orders (a) to the Principal and Interest Account en amount ' not less than one-fourth the principal amount of bonds maturing dillies the next twelve month period and one-half of the amount of interest payments required to be made during the next six month_____ period• (b) to the Reserve Account an amount equal to Sls , or Such part thereof as till be sufficient to maintain in the Re- serve Account the sum of $14,000 and , in the event additional bonds are" issued on a parity as to lien vith the bonds of this issue, such additional sum as shall equal tie average annual principal and interest requirements of such additional bonds. (e) to the Surplus Account to be used for the purchase or prepayment of the bonds herein authorized, or for the improve- meat and betterment of the village water and sewer plant and system, f ar for such other proper village purpose as may be authorized by the council. -- 11. The village covenants and agrees with the holders from time to time of any and all the bonds issued hereunder that until provision has been made for payment of all bonds issued hereunder by deposit with the paying agent of sufficient funds for payment of al 1 outstanding bonds and the interest thdrean to maturity; it will keep and enforce the following covenants and agreements: (a) It will credit the bond proceeds to a special •oeount and will cause the water and sewer system to be improved substantially in accordance with the plans and specifications heretofore adopted and approved by the council and in accordance with this resolution and unexpended balance, after completion of construction, shall be deposited in the Reserve Account. \� (b) To the extent that such unexpended balance is less than $14 000, it will pay promptly, and not later than Sep- tember 1 1960 a sum equal to the difference, from available village funds derived from revenues of the water and sewer system the municipal liquor store or other sources (but not funds derived from general taxation) , into the Reserve Account. (c) It will continue to maintain and efficiently operate the village water and sewer plant and system as a public utility and convenience free from competition by other like utilities; it will not issue any other obligations, for any purpose, at any time, which obligations are to be payable out of the revenues of the water and sewer plant and system or which will constitute a lien Cr charge thereon except as herein provided; will maintain the . Pond and Accounts as specified in paragraph 6 hereof; will cause proper books of account to be kept as provided in paragraph 8 hereof; trill make and collect rates and charges as provided in paragraph 9 .hereof; and will credit the revenues from the water and sewer plant and system as provided in paragraph 10 hereof. • 7. (d) It -ill permit inspectio and copyingn ofd the ystel books and records relating to the water andhis sewer agent or end at all reasonable hours by any bondholdersgattorney and will furnish certifiedo aranbaorni�poldertherefrom upon rrq�noeuatpa�nt a reasonable fee there (e) It will cause, as promptly as possible after the close of each fiscal year , the books and records relating to the water and sever plant and system to be audited by the Public Examiner or by an i en�n! tab ac�iaccountant bonaholderand uponill regnest�� copies of the audit state (f) It will cause all pera�sreasonablerevenues amaunts for the water and sewer system to be bonded the protection of the village and the holders of bonds and will cause the funds collected on account of the operation of the water and sewer plant and system to be deposited in a bank or banks whose deposits are guaranteed by the Federal Deposit Insurance Corporation. (g) It will keep the ~eater and sewer plant r►add��st arn insured at all times against loss or damage byfire, loda and other risks customarily insured against with an insurer or insurers in good standing in such amounts as are customary for like plants to protect the village and the holders of the bond/. and will apply thoproceeds or to the payment of the P such ioe bonds. air �®i as may have been sustained The village and each of the officers will pine tually perform hall duties with reference to water of and sewer plant and system as required by the laws of the State 12. In the event that any principal of or interest on any bond issued hereunder shall become due and remain unpaid for more than thirty (10) days, such nonpayment shall cC stitute a default hereunder and the holder or holders of a majority in principal amount of outstanding bonds issued hereunder shall]l, have all rights granted by the laws of the State of Minnesota for the enforcement of payment of principal and interest on behalf of theFor holhep ° all unmatured bonds maynbetldeclaredgdue and andunpaid. payable• For such purpose 11. The offer of Fal©an & Company and Associates tot a price _ pur+ chase ts hi bonds hereby determined to be a favorable offer herd ein par and accrued int rs and is hereby accepted. The Village Manager is authorised to de. liver tp bonds , rice dulyan the purchasers executed and ushallinotebe regquuire®ipt to of the purchase p see to the proper application thereof. 14. The Village Clerk shall furnish to the County. Auditor of Anoka County a certified copy of this resolution and such further information as he may require and shall obtain the certificate required by 'ect ton 475.63 , Minnesota Statutes. i5. The officers cf the village are authorized and directed to furnish to the purchasers of the bonds and to the attorneys approving the sarr.e, certified copies of all ordinances, resolutions and records of the village relating to the bonds and of the right, power And authority of tl'e village to issue the sum®, and such certified o thecopies villagecertificates shall be deemed facts representationstherein stated. 8. 04 . 11► 4 The motion for the adoption of the foregoing re- solution was duly seconded by Trustee Marcucci, and upon vote being taken thereon the following voted in favor thereof s Craig, Johanson, Frederick, Marcucci. and the following voted against the tames Noni, whereupon said resolution was declared duly passed and adopted. • • 9. «. . ` i I i • STATE OF IMINNESOTA COUNTY OF ANOKA SS. VIL'AQE CF FRIDLEY ) . I1 the undersigned, being the duly qualified and acting Clerk of tl-e Village of Fridley, Minnesota, ti-- *bar_, . certify that I have carefully compared the attached a. . 1.. going extract of minutes of a special meeting of the Villas Council of said village held August 28th, 1956, with the original thereof on file in my office, and the same is a full , true and complete transcript therefrom insofar as the same relates to the issuance And sale of $170,000 'pater and Sever Revenue Bonds of the village. VITNESS My hand officially as such Clerk and the seal of the village this . 2'4ct day of H-4 L_ , 1956. i- +c:L 7 r 7-' r t _ ge Village of Fridley, Minnesota (nsenl L-