RES 1959-36 - 00012999RESOLUTION NO. 36 - 1959
A RESOLUTION DIRECTING THE ISSUANCE OF
TEMPORARY IMPROVEMENT BONDS IN,ACCORDANCE
WITH LAWS OF 1957, CHAPTER 385.
BE IT RESOLVED BY the Council of the City of
Fridley, Anoka County, Minnesota as follows:
SEC 1. The total estimated cost of Sewer &
Water Improvement Project # 16 - 195$
has been estimated at $177,000.00. -
SEC 2. It is now estimated that the sum of
$50,000.00 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 connection with the construction of
said improvement projects.
SEC 3.- There is hereby created Sewer & Water
Improvement # 16 - 1958 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 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.
SEC. 4, There is also hereby created in Sewer
& Water Improvement # 16 - 1952 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 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 bonds issued to finance
said projects.
SEC. 5. It is hereby determined that the sum of
$50,000.00 shall be borrowed to finance
said Sewer & Water Improvement Project No. 16 - 1958 with
respect to costs of construction and expenses necessarily in-
curred relative thereto to this date, by the issuance of tem-
porary improvement bonds of the City of Fridley for said pro-
ject 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:
Sewer & Water Improvement # 16 - 1958
Fund (Temporary)
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 im-
provement bonds, to the extent that the same cannot be paid
out of funds available in the sinking Fund of Sewer & Water
Improvement Fund # 16 - 1959 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 benefited property
by reason of the making of Sewer & Water Improvement Project
# 16 - 1958 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 $50,000.00 shall be denominated
Sewer & Water Improvement Project # 16 - 1958 Bond Series "B"
(temporary) shall be 10 in number and numbered from 1 to 10
inclusive, each in the denomination of $5,000.00, shall bear
interest at the rate of 5 910 per annum, payable semi - annually
on May 15 and November 15 of each year and shall mature on
May 15, 1961, 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 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 City Hall, 5431 University Avenue
Northeast, P.O. Minneapolis 21, Minnesota.
SEC. 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:
F�
1
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
INo. $ 50000.00
KNOW ALL MEN BY THESE PRESENTS THAT the City of Fridley, a duly
organized municipal corporation of Anoka County, Minnesota acknow-
ledges itself to be indebted for value received, promises to pay
to bearer the sum of $5,000.00 on the 15th day of May, 1961s or on
a date prior thereto on which this bond has been duly called for
redemption at the rate of Four Per Cent (4 %) per annum, payable
semi- annually on the 15th day of May and November in each year, in-
terest to maturity being payable in accordance with and upon
presentation and surrender of the interest coupon appurtenant thereto&
Both principal and interest are payable at the Fridley City Hall,,
Fridley, Anoka County, 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 debtss. 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
$50,000.00 all of like date and tenor except as to serial number
all issued by said City for the purpose of defraying expenses in"
curred and to be incurred in making improvements designated as S & W
Improvement Project # 16 - 1958 by the City of Fridley, consisting
of the construction of Water & Sewer Mains authorized by Chapter 429&
Minnesota Statutes, and is issued pursuant to andin 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 Minnesota thereto enabling
including Minnesota Statutes, Section 429.091 , Subdivision 3, as
amended by Laws 1957, Chapter 385. This bond is payable first and
primarily from the S & W Improvement # 16 - 1958 Fund 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 S & W Improvement # 16 - 1958 Fund 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 provide 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 received in said S & W Improvement # 16 - 1958 Fund
may be insufficient for such purpose.
This bond is subject to redemption and prepayment at the option of
the City of Fridley on any interest payment date, at a price of par
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 bond with the City Clerk.
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 be done, to exist, to happen and to be per -
formed 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 City has duly determined
the necessity of and provided for the construction of said S & W
Improvement project # 16 - 1958 that the S & W Improvement # 16 - 1958
Fund 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 not less than five per
cent ( 5 % ) in excess of sums sufficient to pay the principal and
interest on all bonds payable from said fund as such principal and
interest become due, and additional taxes, if need for said purpose,
will be levied upon all taxable property in the City, without
limitation as to rate or amounts; that the holder hereof shall have
and may enforce by appropriate proceedings all duties imposed by
said Chapter 385 upon the City 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 City to exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF THE City of Fridley, Anoka County, Minnesota,
by its City Council, has caused this bond to be executed in its behalf
by the signature of its Mayor and Manager and sealed with tts 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 August 15, 1958.
NO.
S E A L
$ 100.00
(Unless the bond described below is called for earlier redemption)
on the 15 day of May , 1961, the City of Fridley
Anoka County, Minnesota, will pay to bearer at the City Hall, City of
Fridley, County of Anoka, Minnesota, the sum of one hunUed=
dollars ($100.9U) lawful money of the United
States of America for interest then due on its
S & W Improvement Proiect # 16 - 1958 Improvement Bond (Temporary)
CITY MANAGER
MAYOR
( Form of Coupon )
No. $
(Unless the bond described below is called for earlier redemption)
Dated May 15, 1959, Series "B"
CITY MANAGER MAYOR
SEC. 10. Said bonds and coupons attached shall be
prepared under the direction 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
interest coupon shall be mimeographed and authenticated, by the
printed, engraved, lithographed, or facsimile signatures of said
' Mayor and Manager. When said bonds have been executed and authen-
ticated they shall be delived 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, 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 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 1959 Sewer & Water Project No. 16 - 1958
Improvement Fund (temporary) which is hereby created. The treasurer
shall cause all monies received from the proceeds of said bonds, 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 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 the fund
and used to pay the cost of said improvements.
SEC. 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 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
On the day of
Anoka County, Minnesota, will pay
, 19 , theCity of Fridley,
to bearer at the City Hall,
City of
Fridley, County of Anoka,
Minnesota, the sum of One
Hundred
($100.00) Dollars lawful
money of the United State of
America
for interest then due on
its 1958 Sewer & Water Project
No. 16
- 1950 Improvement Fund (temporary).
Dated May 15, 1959, Series "B"
CITY MANAGER MAYOR
SEC. 10. Said bonds and coupons attached shall be
prepared under the direction 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
interest coupon shall be mimeographed and authenticated, by the
printed, engraved, lithographed, or facsimile signatures of said
' Mayor and Manager. When said bonds have been executed and authen-
ticated they shall be delived 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, 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 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 1959 Sewer & Water Project No. 16 - 1958
Improvement Fund (temporary) which is hereby created. The treasurer
shall cause all monies received from the proceeds of said bonds, 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 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 the fund
and used to pay the cost of said improvements.
SEC. 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 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.
SEC. 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 required to pay the principal of and 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 thereof, 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 be deemed representations
of the City as to the correctness of all statements contained
therein.
PASSED BY THE CITY C IS 14TH D Y,
' 1959.
/ MAYOR - Frank C. Gra e, .
AT�STj ^e�
Clerk - Marvin C. Brunsell CITY MANAGER - Clarence . Maddy
SEC. 14, The City Council has determined that not
less than eighty per cent (80 %) 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 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 assessment or in the performance of any condition pre -
cedent 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. 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 required to pay the principal of and 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 thereof, 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 be deemed representations
of the City as to the correctness of all statements contained
therein.
PASSED BY THE CITY C IS 14TH D Y,
' 1959.
/ MAYOR - Frank C. Gra e, .
AT�STj ^e�
Clerk - Marvin C. Brunsell CITY MANAGER - Clarence . Maddy