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RES 1959-86 - 00013112RESOLUTION NO. 86 - 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, Minnesotans follows:, I ' Section 1. The total estimated cost of Sewer and Water Improvement Project # 22 - 1959 has been estimated to be in excess of $50,000.00. Section 2. It is now estimated that the sum of $50,000 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 # 22 - 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 allamounts due and payable as costs or expenses incident to or incurred in connection with the making of said improvement. ' Section 4. There is also hereby created in Sewer & Water Improvement # 22 - 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 projects. Section 5. It is hereby determined that the sum of $50,000.00 shall be borrowed to finance said Sewer & Water Improvement Project # 22 - 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 Statutues, 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 # 22 - 1959 Fund but the City further recognizes its duty under the law as provided by Sec. 429.091, and convenants and agrees I ] RESOLUTION NO. 86 - 1959 Continued with the purchaser and all holders from time to time, of said temporary impmvement 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 pbor 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 Improvement # 22 - 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 assess- ments against benefited property by reason of the making of Sewer & Water Improvement Project # 22 - 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 improve- ment 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 determined. Section 8. Said temporary improvement bonds in the amount of $50,000.00 shall be denominated Sewer & Water Project # 22 - 1959 Bond Series "A "(temporary) shall be Ten (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 % per annum, payable semi- annually on 30th day of September and 28th day of February of each year and shall mature on 30th of September, shall be subject to redemption and prepayment on any interest payment date, at par and accrued interest. No t 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. 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 substantially in the following form: 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 , 1961, 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 annu, payable semi - annually on the 15th day of March and September 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 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 22 -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 incliv_ding Minnesota Statutes, Section 429.0910 Subdivision 3, as amended by Laws 1957, Chapter 385. This bond is payable first and primarily from the S & W Improvement 22 -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 22 -1959 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 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 S & W Improvement22 - 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 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 # 22 - 1959 that the S & W Improvement # 22 - 1959 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 S E A L NO. $ las.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 hundz'ed= twenty five dollars ($100.(79) ($25.00) lawful money of the United ' States of America for interest then due on its S & W Improvement Project # 22 - 39.5:9 Improvement Bond (Temporary) CITY MANAGER MAYOR RESOLUTION NO. 86 - 1959 Continued 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 FrIley 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 facismile 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 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, to gether 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 # 22 - 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 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 acrued 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 same, that then the City shall issue further definitive 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 RESOLUTION No. 86 - 1959 - Continued 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 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 procedings 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 here- under 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 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 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 COUNCIL THIS 24TH DAY OF SEPTEMBER 1959. 1 ATTEST: CITY CLERK - Marvin . Brunsell