RES 1959-84 - 00013102RESOLUTION NO. 84 - 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:
Section 1. The total estimated -cost of
sewer & Water Improvement
Project # 21 - 1959 has been estimated
at $
Section 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.
Section 3. There is hereby created Sewer
& Water Improvement # 21 - 1959
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 withihe making of
said improvement.
Section 4. There is also hereby createdin
-Sewer & Water Improvement # 21 -
1959 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 improvement bonds issued to finance
said project.
Section 5. It is hereby determined that the
sum of $50,000.00 shall be borrowed
to finance said Sewer & Water Improvement Pro-
ject # 21 - 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.
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RESOLUTION NO. 84 - 1959
Section 6. Said bonds shall be payable from the Sinking
Fund of the following:
Sewer & Water Improvement # 21 - 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 flan 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 improve-
ment bonds which the council shall issue and sellat 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 & Water Improve-
ment # 21 - 1959 Fund or out of other municipal funds
which are properly available and are appropriated by the
council for such purpose.
Section 7. It is hereby determined to levy special
assessment against benefited property by
reason of the making of Sewer & Water Improvement Project
# 21 - 1959 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
$50,000.00 shall be denominated Sewer & Water
Improvement Project # 21 - 1959 Bond Series "A" temporary
shall be ten (10) in number and numbered from 1 to 10,
inclusive, eachin the denomination of $5,000.00, shall
bear interest at the rate of 5 %, per annum, payable
semi- annually on 30th day of September and 28th of
February of each year and shall mature on 30th of September
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 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 payalbe
at Fridley City Hall, 6431 University Avenue Northeast,
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 sub - stantially in the following form:
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UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
NO.
$ 5,000.00
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 30th day of September , 19 61
or on a date prior thereto on which this bond has been duly called
for redemption at the rate of five per cent (5 %) per annul payable
semi - annually on the 30th day of Sept, and Feb. in each
year, interest to maturity being payable in accordance with and upon
presentation and surrender of the interest coupon appurtenant there-
to,, 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 debts. For the prompt and
full payment of such principal and interest as the sambe become
due the full faiths 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 # 21 -1959 _ - _ by the City of Fridley, con-
sisting of the construction of Water & Sewer Mains authorized by
Chapter 429, Minnesota Statutes, and is issued pursuant to and
in full conformity with resolution duly adopted by the City Council
after hearings as required by law and pursuant to and in full con-
formity with the Constitution and laws of the State of Minnesota
thereto enabling incIvding 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 # 21 -1959
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 # 21- 1950und 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 retire-
ment thereof by the issuance of definitive bonds, to the extent, if
any, that the assessments and taxes or other municipal funds there -
tofore,collected and received in said Sewer & Water Improvement 21 -1959
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 redemlli,on
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 # 21 - 1959 that the S & W Improvement # 21 - 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 September'30, 1959.
NO.
S E A L
$ 1$5.00
(Unless the bond described below is called for earlier redemption)
On the day of _ , . ., 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 huneed=
dollars ($100.9Q) and twenty five ($125.)lawful money of the United
States of America for interest then due on its
S & W Improvement Proiect # 21 - 1959 Improvement Bond (Temporary)
CITY MANAGER MAYOR
RESOLUTION NO. 84 - 1959
Section 10. Said bonds and coupons attached shall be
prepared under the direction of the City
Manager and shall be executed on behalf of the City of
Fridley 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 mimeographed
and authenticated, by the printed, engraved, lithographed,
or facsimile signatures of 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.
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 information 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
- Sewer & Water Improvement Project # 21 - 1959
Fund 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 find 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.
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 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.
Section 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 assessments
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
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RESOLUTION No. 84 - 1959 - Continued
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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.
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 required 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 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 pro-
ceedings 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 COUNCIL THIS 24TH OF SEPTEMBER
1959.
MAYOR - Frank C. aGran e r.
ATTEST:
i v
Marvin C. Brunsell - CITY CLERK
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MANAGER - elarencV E.Maddy