RES 1962-197 - 00012604216
RESOLUTION NO. 197 -1 %2
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 fol'ows:
SEC. 1. The total estimated cost of Storm Sewer, Sanitary Sewer & Mater
Improvement Project No. 58 has been estimated in excess of 085.000.00.
S',C. 2. It is now estimated that the sum of :'385.000.00 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.
There is hereby created
construction as a part. +' - -- nF
into which shall be paid all proceeds of temporar bonds issued pur-
suant to t`.lis resolution and similar subsequent resolutions, and out
of w ich shall be paid all amounts due and payable as costs or expenses
incident to or incurred in connection with the making of said improve-
ment.
There is also hereby created in
into which fund shall be paid the proceeds of ail special assessments
levied against benefired property by reason of the making of said improve-
ments as well as ail other monies therein to be paid as provided by law
and out of w'ich shall be paid the principal and interest on all temp-
orary improvement bonds issued to finance said project.
SEC. 5. It is hereby determined that the sum of $85,000.00 shall be ,
borrowed to finance said Storm Sewer, Sanitary Sewer t "ater Improvement
P roject Po. 58 with respect to costs of construction and expenses necess-
arily incurred relative thereto to this date, by the issuance of temp-
orary 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:
but the City further recognizes its duty under the law, as provided
by Sec. 4-0.091, and covenants and agr as with the purchaser and all
holders from time to time, of said temporary improvement i,onds, at or
prior to the maturity thereof that it will pay and retire s,ach bonds
and the interest thereon out of the prop <eds 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 Storm Sewer, Sani-
tary Sewer & Water Improvement Project Po. 5^ or out of other minicipal
funds which are properly available and are appropriated by the Council
for such purposes.
SEC. 7. It is hereby determined to levy special assessments against
benefited property by reason of the making of Storm Serer, Sanitary Sewer
e- Water Improvement Project No. 58 and to levy ad valorem taxes, if nec-
essary 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 imp
rove -
rent projects have been completed or the total cost thereof has been
determined.
SEC. 8. Said temporary improvement bonds in the amount of :,85.000.00
shall be denominated Storm Sewer Sanitary Sewer 9- Water Improvement
Project No. 58 Bond Series "A" temporary, shall he Seventeen_ 17 in num-
ber and numbered from I to 17 inclusive, each in the 3enominaton of
"5,000.00, shall bear, interest at the rate of �L, per annum, payable semi-
annually on June Ist and December lst of each year and shall_ mature on
December 1st of 1964, 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_LjJ __
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 pri-
ncipal and all interest on said bonds shall be payable at Fridley City Fall
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
following form:
UNITED STATES OF A4 ERICA
RICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDIEY
NO.
KNOW ALI. 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 on the day of , or on
a date prior thereto on which this bond has been duly called for
redemption at the rate of _per cent (_) per annum, payable
semi - annually on the day of in each ,year,
interest to maturity being payable in accordance with and upon pre-
sentation and surrender of the interest coupon a?:- )urtenant thereto.
Both principal and interest are payable at
, hinnesota in any currency or coin of the United
States of America which on the respective dates of payment is legal
tender for rrivate and public debts. For the prompt and full payment
of such principal and interest as the same '.ecome 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
all, of like date and tenor except as to serial number,
all. issued by said City for the purpose of defraying expenses incurred
and to be incurred in making improvements designated as
as authorized by Chapter 429, Ninnesota Statutes,
and is issued pursuant to and in 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 157, Chapter 355.
This bond is payable first and primarily from the
but the City of Fridley is required to pay the princi-
pal and interest thereon out of any funds in the treasury in the event
that the monies on hand in said
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 siad may be
insufficient for such purpose.
This bond is subject to redemption and pre - payment at the option of
the City of Fridley on any interest payment date, at a price of pass
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 bonds with
IT IS HF-'?EBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts,
conditions and things required by the Constitution and laws of the
State of Minnesota to be done, to exist, to happen and to be performed
preliminary to and in the issuance of this bond in order to make it
valid and binding neneral. obligation of said City of Fridley according
to its terms have been done, do exist, have happened and have been per-
formed as so required; that the has duly determined the nece-
ssity of and provided for the construction of said
that the 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 aegre[ -ate amounts no 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 pro-
perty in the , without limitation as to rate or amounts; that
the holder hereof shall have and may enforce by apnronriate proceedings
all duties imposed by said Chapter 385 upon the and
its officers with reference to the levy and collection of said assess-
ments and taxes and the issuance of said definitive bonds; and that
the issuance of this bond did not cause the indebtedness of said
to exceed any constitutional or statutory limitation.
IN WITNESS '07REOF the of ,
County, Minnesota, by its Council, has coused this bond to
be executed in its };ehalf by the signature of its and
and sealed with its official seal, and the interest
coupons appurtenant thereto to be executed and authenticated by the
facsimile signatures of said officers, and has cause'_ the bond and
coupon to be dated all as of
(SEAL)
(Form of Coupon)
No. fi
(Unless the bond described below is called for earlier
redemption)
On the day of 1 , 19 , the of ,
County, Minnesota, will pay to bearer at
, Yinnesota, the sum of
DOil ARS lawful money of the United States of America for interest then
due on its
Dated
City an er
Mayor
Sec. 10. Said bonds andcoupons attached shall be prepared under the dir-
ection of the City '- anaper 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 be affixed thereto, and the appurtenant interest coupon shall be
mimeographed and authenticated, by the printed, engraved, lithographed, or
facsimile signatures of said IbIayor and Tanager, When said bonds have been
executed and authenticated they shall be delivered by the Treasurer to the
purchaser thereof, upon payment of the nurcl'ase price hereto ore agreed
upon and accrued interest to date of deliv ry 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 reouire and to obtain from
said County Auditor a certificate that said bonds have been entered on his
bond register.
The bonds issued hereunder shall be payable from Storm Sewer,
which is hereby created. The Treasurer shall cause all monies received
from the process of said bonds, all monies appropriated and transferred
from other funds and all special assessments for the improvements provided
that if any na =Tment 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.
v
219
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 beco- -e 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 Yinnesota 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. 11. The City Council has cetermined 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, niece 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 ti-inps necessary for
the final and valid levy of such special assessments, and in the event that
any such assessments be at any time held irvali_d 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 C -uncil 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 proceedings as may be required by law to pro-
vide 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 snecial 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 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 approvin7 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 3rd DAY OF December It 1962.
< 7i
MAY - T.7. Greig
. L•a /c�c (/�Cy.6
ATTEST: CITY MANAGER - Earl 1,`agner
CITY „arvin C. 'runsell