RES 1962-205 - 000126119 j
!.e 2 5
The Treasurer is directed to retain the good faith check of the purchaser
pending completion of the sale and delivery of the bonds, and the City
Manager is directed to return the checks of unsuccessful bidders forthwith.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 17TH
DAY OF DECEMBER, 1962.
MAYOR T.E. Greig
ATTEST:
CITY -� a�n C. C unsel�
RESOLUTION NO. 205-1962
RESOLUTION FIXING FORM AND SPECI?ICATIONS OF $990,000 IMPROVEMENT BONDS,
DIRECTING THEIR EXECUTION AND DELI`,rERY AND PRO'"IDING FOR TiIE PAYI� -ENT
THEREOF.
BE IT RESOLVED, By the City Council of the City of Fridley, Minnesota,
as follows:
(1) The City of Fridley, Minnesota, shall forthwith issue its
negotiable coupon, general obligation Improvement Bonds of
1963 in the principal amount of wC90,000, said bonds to be dated January
12 1963, to be 198 in number and numbered 1 through 198, both inclusive,
in the denomination of $5,000 each, bearing interest as follows:
3.20% for bonds maturing in
3.50% For bonds maturing in
3.70", for bonds maturing in
3.80' for bonds maturing in
plus additional interest at
bonds from February 1, 1963
the years 1964 through 1970, Inc.;
the years 1971 through 1974, Inc.;
the y ars 1975 through 1977, Inc.;
the years 1978 through 1983, Inc.;
the rate of 2.20% per annum on all
to July 11 1963;
with interest payable July 1, 1963, and semiannually thereafter on
January 1, and July 1 of each year, and maturing serially on January 1,
in the years and amounts as follows:
1964 15,000 1974 509000
1965 30,000 1975 45,000
1966 80,000 1976 30,000
1967 80,000 1977 3(,000
1968 80,000 1978 30,000
1969 85,000 1979 30,000
1970 852000 1980 35,000
1971 60,000 1981 35,000
1972 601000 1982 35,000
1973 60,000 1983 35,000
with bonds maturing in the years 1975 through 1983 subject to redemption
and prepayment at the City's option, in inverse numerical order, on
January 1, 1974, or any interest payment date thereafter at a price of
102% of par, plus accrued interest.
(2) Both principal of and interest on said bonds shall be payable
at the Empire Trust Co., 20 Broad St -eet, New York 5, New York,
and the City shall pay the reasonable charges of said bank for its services
as paying agent and shall furnish the printed and executed bonds and un-
qualified approving legal opinion of 14essrs. }Toward, Peterson, LeFevere,
Iefler an4 Hamilton of Minnea -olis, Minnesota, without expense to the
purchaser, w`ich opinion is hereby requested. The Clerk is hereby directed
to cause a copy of the opinion, complete except as to dating thereof,
to be printed on each bond together with a certificate executed by his
Facsimile signature, in substantially the following form: "I, the
undersigned, City Clerk of the City of Fridley, Minnesota, do hereby
certify that the above, extent for dating thereof, is a full., true and
correct copy of the legal opinion delivered to me prior to the deli -very
of this bond and on file in my office. "'
v At the time of bond delivery, the Clerk shall execute a certificate stating,
in fact, that the legal opinion has been delivered to "Tim for filing in
his office and that the facsimile signature on each of the bonds has been
226
adopted by him as his valid signature for purposes of certification.
(3) The bonds and the interest coupons shall be in substan-
tially the following form:
UNITED STATES OF AMERICA
STATE OF MINNLSOTA
COMITY OF ANOKA
CITY OF FRIDLf
IMPROVENIENT BOND OF 1963
FIRST SERIES
NO.
6. 5,000
KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka
County, Minnesota, acknowledges itself to be indebted and for value
received hereby promises to pay to bearer, on the 1st day of January,
the sum of FIVE 7'OUSAND DOLLARS, or if this bond is prepayable
as stated below, then on a date prior thereto on which it shall have
been duly called for redemption and prepayment, and to pay interest
thereon from the date hereof until the principal amount is paid at the
rate of per cent { 0) per annum to-
gether with additional interest thereon from February 1, 1063, to July
1, 163, at the rate of two and twenty hundreths percent (2.20;) per
annum, represented by a separate "L" coupon attached hereto, interest
to maturity payable July 1, 1963, and semi- anruall.y thereafter on the
1st day of January and the 1st day of July in each year in accordance
with and upon presentation and surrender of the interest coupons hereto
attached as they severally become due. Both principal and interest are
payable at the Empire Trust Co., 20 Broad Street, tow York 5, New York,
in any coin or currency of the United States of America which at the
time of payment is legal tender for public and private dabts. For
the prompt and full payment of such principal and interest as the same
respectively become due, the full faith, credit and taxing powers of
the City have been and are hereby irrevocably pledged.
This bond is one of a series of 4990,000 principal amount, all of like
date and tenor except as to serial number, maturity date, interest rate
and redemption privilege, all issued by the City for the purpose of
providin, funds to defray costs and expenditures incurred and to be
incurred in the construction of various muni_cip_al improvements and is
issued pursuant to and in full conformity w=th the Constitution and laws
of the State of Minnesota thereunto enabling including Minnesota Statutes,
Chapter 429 and pursuant to resolutions duly adopted by the City Council,
and is payable primarily from Improvement Pond Fund of 1962, First Series,
but the Council is required to nay the principal and interest hereof
out of any funds in the treasury in the event money on hand in said fund
is at any time insufficient to pay maturing principal and interest.
Bonds of this issue bearing serial numbers 1 through 137 are payable on
their respective maturity dates without option of prior payment, but
bonds bearing serial numbers 138 through 198 (having stated maturity
dates in the years 1975 through 1983) are each subject to redemption
and prepayment at the option of the City, in inverse order of serial
numbers, on January 1, 19i'4 , or any interest _payment date thereafter,
at a price of par and accrued interest plus a premium of 5100.00 for
each bond so redeemed. A-Ll _prepayments will be made on notice of call
for redemption mailed by the City Treasurer not less than thirty days
prior to the date specified for redemption to the bank at which principal
and interest are then narable and to the holder thereof, if known.
Holders of said prepayable bonds who desire to receive such notice of
redemption must register their names, addresses and bond serial numbers
with the City Treasurer.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and things
required by the Constitution and laws of the State of Minnesota and the
Charter of said Citv to be done, to happen, to exist and to be performed
precedent to and in the issuance of this bond, 'ave been done, have
happened, do exist and have been performed in regular and due form, time
and manner as so required; th:t Improvement Bond Fund of 1963, First
Series, has been duly created and provision made for the support thereof
by ad valorem taxes and special assess -ents h= retofore levied and to be
levied for the ye=ars and in aggregate amounts not less than 5% in excess
of sums su£ficlent to pay the principal hereof and interest hereon as
they become due; and that additional ad valorem taxes, if needed, will
L
227
be levied upon all taxable property in the City without limitation as to
rate or amount, and that the issuance of this bond did not cause the
indebtedness of the City, to exceed any constitutional or statutory or
charter l- imitation thereon.
IN WITNESS WRMEOF, the City of Fridley, Anoka County, Minnesota, by its
City Council, has caused this band to be executed in its behalf by the
facsimile signature of the Mayor and the manual signature of its City
hAnaGer, and its cor ^orate seal to be hereto affixed, and has caused
the attached interest coupons to be executed and authenticated by the
facsimile signatures of said officers, all as of January 1, 1963.
— � MAYOR T.E. Greig
CITY bjANAG7. - Earl P. agner
(Form of Coupon)
N0.
On the first day of July, (January), 19__._, the City of Fridley, Anoka
County, Minnesota, ,,ill nay to bearer at the Empire Trust Co., 20 Broad
Street, New York 5, New York, the sum of
D0' A?S for interest then due on its Improvement Bond crated January 1,
1963, No. /,�
MA 0MA OY R
CITY 11NAGER
' (Coupons numbered 23 and upward, attached to bonds numbered
138 to 198, being those bonds maturing in the years IP75
through 1W3, also include the phrase: "Unless the bond
described below is called for earlier redemption ".)
(Q) The bonds shall be prepared under the direction of the City
Manager and shall be executed on behalf of the City by the
facsimile signature of the Mayor and the manual signature of the City
Manager, and the corporate seal of the City shall be affixed to each
thereof, and the interest coupons shall be executed and authenticated
by the printed facsimile signatures of said officers. ',,hen the bonds
have been executes, they shall be delivered by the Treasurer to the
purchaser thereof upon receipt of the purchase price heretofore agreed
upon, and the purchaser shall not be obligated to see to the proper
applicat on thereof.
(5) The bonds issued hereunder shall be payable from the Improve -
ment bond Fund of 19630 First Series, account hereby created
as part of the Special Assessment Fund of the City, 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 uroceeds of
assessments levied for said improvements and such ad valorem taxes as
may be levied.
' (6) For the prompt and full payment of the principal and interest
on said bonds as the same become due, the Hill faith, credit
and taxing powers of the City are hereby irrevocably niedged. To provide
money for the payment of such nrincipal and interest as the same become
due, it is hereby determined that project costs have been or will be
specially assessed against benefited properties as follows:
1. Eor. W34: Total to be assessed $775,000
Amount previously stated to
be assessed A50,000
Balance 025,000
Less prepaid assessments 111,377 .
Balance to be applied to this
issue 7.1 23
228
Assessments collectible in
1964, 10 years $ 64,000
Assessments collectible in
1962, 10 ,years 149,623
2. For Street Improvements
10 year assessment starting
1964 $135,892
5 year assessment starting
1964 120,631 ,
Total assessments to be applied to
payment of the issue $470,146
Said assessments shall bear 6% annual interest on the unpaid principal
from year to year. The City hereby levies taxes in the y -gars and
amounts as follows:
Year
Amount
Year
Amount
1963
w
1973
$ 59,400
1964
36,400
1974
41,900
1965
372200
1975
40,7'0
1966
38,100
1976
39,500
1967
44,200
1977
38,300
1968
69,000
1978
42,400
1969
42,000
1979
41,000
1970
41,900
1980
39,600
1971
56,800
1981
38,200
1972
452300
1982
-
1983
The collection of said taxes, together with the above described assess-
ments will provide funds at least 5% in excess of amounts necessary to ,
pay maturing nrincioLl and interest on the bonds; provided, however,
ti-at if money on hand in said fund is insufficient or will be insuffi-
cient to pay such principal and interest, the Council shall levy such
additional ad valorem taxes as may be r quired on all taxable property
in the City without liritation as to rate or amount: provided further
that the Council reserves the right to reduce said taxes in the manner
and to the extent permitted by T ^innesota Statutes 1961, Section 05.61.
(7) The Clerk is hereby authorized and directed to file with
the County Auditor of Anoka County a certified copy of this
resolut -on, together with such other information as the County Auditor
may require, and toobtain From said County Auditor a certificate that
said bonds have been entered upon his bond register.
(8) The officers of the City and said County Auditor 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 conies of all proceedings and records of the City re-
lating to said bonds and to the financial condit on and affairs of the
City and such other affidavits, certificates and information as may be
required, sh.owin9 the facts relating to the legality and marketability
of said bonds as they appear from the books and r:cords under their
cistodv and control or otherwise known to them, and all such certified
copies, certificates, and affidavits, including any heretofore furnished,
shall be deemed representat ons of the City as to the facts recited '
therein.
PASSED AND ADOPTED THIS 17TH DAY OF DECENBFR, 1962, BY THE CITY COUNCIL
OF THE CITY OF FRIDLEY.
ATTEST:
qAA
C K - '.Marvin C. ?Irunsell
MAYO - T.E. Orei