RES 1964-221 - 0001187717
RESOLUTION NO. 221 -1964
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 — SE:'!ER,
WATER. AND ST6R,1 SEhER IMPROVEMENT PROJECT NO. 67
BE IT RESOLVED by the City Council of the City of Fridley,
Anoka County, `finnesota, as follows:
SEC. 1 The total estimated cost of Sewer, Water. and Storm Sewer
Improvement Project No. 67 has been estimated in excess of
4-�105,000,00,
SEC. 2 It is now estimated that-the sum of $195,000.00 is current-
ly necessary to provide financing of the projects above noted, and
it is hereby determined to be necessary tc borrow said amount for
the payment of obligations now incurred and for expenses necessari-
ly incurred in connection with the construction of said improvement
project.
SEC. 3 There is hereby created Sewer, Water, and Storm Sewer Im-
provement No. 67 Fund (temporary) which shall contain a construe- -
tion 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 con-
nection with the making of said improvements.
SEC. 4 There is also hereby created in Sewer, Water and Storm
Sewer Improvement No. 67 Fund (temporary) a Sinking Fund Account,
which account in said fund ;nay and shall be termed as the Sinking
Fund into which fund shell be paid the proceeds of all special assess-
ments 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 sh =11 be Paid the principal and
interest on all temporary improvement bonds issued to finance said
project.
SEC. 5 It is hereby determined that the sum of $195,000.00 shall
be borrowed to finance said Sewer, Water and Storm Sewer Improvement
Project No. 67 with respect to costs of construction and expenses in-
curred necessarily relative thereto to this date, by the issuance of
temporary improvement bonds of the City of Fridley as authorized in
Minnesota Statutes, Sec. 429.091, Subdivision 3, as amended by laws
1957, Chapter 385.
SEC. 6 Said bonds shall be payable from the Sinking Fund of the fol-
lowing: Sewer ater and Storm Sewer.Improvement_Pi'g_iect No. 67 Fund
but the City further recognizes its duty under the law, as provided
by Sec. 429.091, and covenants and agrees �•,ith the purchasers 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 matu-
rity 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 and Storm Sewer Improvement No. 67 Fund or out of other munici-
pal funds w'_r_ch 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 Sewer, :rater and Storm
Sewer Improvement Project No. 67 and to levy ad valorem taxes, if
necessary, to produce sums at least 5% in excess of the amounts suffi-
cient 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 roils at such time when
said improvement projects have been completed or the total cost thereof
has been determined.
is RESOLUTION N0. 221 -1964 (Continued)
SEC. 8 Said temporary improvement bonds in the amount of $195,000.00
shall be denominated Sewer. 'water and Storm Sewer Improvement Project
No. 67 Bond Series 11,1" Ltemporary) shall be thirty -nine (39) in number
and numbered from 1 to 39 inclusive, each in the denomination of "5000,00
shall bear interest at the rate of 4:2% per annum, payable semi - annually
on I -oril lst and October 1st of each year and shall mature on October 1,
1966, shall be subject to redemption and pre - payment on any interest pay-
ment 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 payable at fridley
City Hall, b 1 University z.venue 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:
(Form of Coupon)
No.
(Unless the bond described below is called for w.lslier redemption)
vn the day of , 19 , the of
Minnesota, the sum of
Dollars lawful money of the United States of '.merica for interest then due
on its
Manager
Mayor
SEC. 10 Said bonds and coupons attached shall be prepared under the direc-
tion of the City Manager 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 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.
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 Sewer, ,.Water
and Storm Sewer Improvement PTO_ 67 Fund 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 pay-
ment of principal or interest shall become due when there is not suffi-
cient 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.: '.11 proceeds for said bonds
except accrued interest shall be credited to the fund and used to pay
the cost of said improvements.
rc_,Sv_uT10N Nu. 221 -196& (Continued)
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF OCTOBER, 1964.
U/(�
MAYOR — Willi m J. Nee
ATTEST:
C1T- CLL — Marvin C. hrunsell
Z
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 fur -
ther 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 re-
deem the temporary bonds issued hereunder.
'
SEC. 14 The City Council has determined that not less than eighty
percent (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 here-
by 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 precedent
thereto, the City and this Council will forthwith do all such fur-
ther proceedings as may be reo1ired 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 transfer-
red' from other funds is and will be in an nmount of at least five
percent (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 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 proceed-
ings and records relating to said bonds and to the financial affairs
of said City, and such other affidavits, certificates, and informa-
tion 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, end such certificates, certified copies and affidavits, in-
cluding any heretofore furnished, shall be deemed representations
of the City as to the corrections of all statements contained there-
in.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF OCTOBER, 1964.
U/(�
MAYOR — Willi m J. Nee
ATTEST:
C1T- CLL — Marvin C. hrunsell
Z