RES 1964-223 - 00011881u
RESOLUTION NO. 223 -1964
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385 — SEWER,
WATER AND M Fdi SE !ER 1MP.4uVEMENT PPt)JECT NO. 69
BE IT RESOLVED by the Council of the City of Fridley, Anoka
County, Minnesota, as follows:
SEC. 1. The total estimated cost of Sewer, 'eater an Storm Sewer
Ifliprovement Fro_&ct No. 69 has been estimated in excess of $80,000.00.
SEC. 2. It is now estimated that the sum of $80,000.00 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 pay-
ment of obligations now incurred and for expenses necessarily incur-
red in connection with the construction of said improvement project.
SEC. 3 There is hereby created Sewer. ',dater and Storm Sewer Improve-
ment No. 69 Fund (temporary) which shall contain a construction ac-
count as a part thereof into which shall be paid all proceeds of tem-
porary bonds issued pursuant to this resolution and similar subsequent
resolutions and out of which shall be paid all amounts due and :sayable
as costs or expenses incident to or incurred in connection with the
_ making of said improvements.
SEC. 4 There is also herby created in Sewer, Water and Storm Sewer
Improvement No. 69 Fund (temporary) a Sinking Fund Account, which ac-
count in said fund may and shali, be termed as the lnkin and into
which fund shell be paid the proceeds of all special assessments
levied against benefited property by reason of the makinu of said im-
provements as well as all other monies therein to be paid as privided
by law and out of which shall be paid the ;rincipal and interest on
all temporary improvement bonds issued to finance said project.
SEC. 5 It is hereby determined that the sum of $$80,000.00 shall be
borrowed to finance said Sewer. Water and Storm Sewer Improvement Pro-
�t_ao._62 with respect to costs of construction and expenses neces-
sarily incurred relative thereto to this date, by the issuance of tem-
porary improvement bonds of the City of Fridley as authorized in Minne-
sota 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 fol-
lowing: Sewer, ':dater and Storm Sewer Improvement Project No. 69 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 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. 69 Fund or out of other munici-
pal funds which are properly available and are appropriated by the
Council for such purpose.
SEC-7. It is hereby determined to levy special assessments against
benefited 'property by reason of the making of Sewer, 'ater and Storm
Sewer lmuroyement Proiect No. 69 and to levy ad valorem taxes, if
necessary, to produce sur:s a,t least 5% in excess of the amounts suf-
ficient to pay principel and interest when due on said temporary im-
provement 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.
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RESOLUTION NO. 223 -1964 (Continued)
SEC. 8. Said temporary improvement bonds in the amount of T,50,000.00
shall be denominated 5ewer,LWater and Storm Sewer Improvement Project
No. 6a, Bond Series "° (temporary) shall. be sixteen (16) in number
and numbered from 1 to 16 inclusive each in the denomination of
$5,000.00, shall bear interest at the rate of 4zh per annum, payable
semi - annually on Fpril 1, and October lst of each year and shall
mature on October lst, 1966, shal''_ be subject to redemption and pre -
pa;nment 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 *nail notice of the call thereof to the
holder, if kno:•rn, saie`r`reasurer shall maintain a record of the names
and addresses cf 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.
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. $
Cn the day of , 19_, the of ,
, Minnesota, the sum of _
D3LL:'1.S, lawful money of the United States of America for interest 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 mimeo-
graphed and authenticated, by the printed, engraved, lithographed, or fac-
simile signatures of said Mayor and i`anager, 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 cer-
tified 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.
SEC. 12. The Bonds issued hereunder shall be payable from Sewer. Water
and ';torm_Sewer Improv_q_ent P1o. 6o 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 payment of princi-
pal 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 in-
terest from the general fund of the City and such fund shall be reim-
bursed 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 s.-id
improvements.
I
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ri : iJis 22 -' 4 (Oontinued)
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 sane, that then the City shall issue fur-
ther definitive improvement bonds as authorized and provided in ac-
corcance with 14innesota 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 said by
special assessments to be levied against every lot, piece or parcel
of land benefited by the said improvements. The City hereby cove-
nants 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 of the
City Officers or employees either in the making of such assessments
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 provide monies for the payment of princi-
pal 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 cf monies appropriated and transferred
from other funds is and will be in an amount of at least fine 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 approving the lega-
lity 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 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, in-
cluding any heretofore furnished, shall be deemed representations
of the City as to the correctness of all statements conts_`i: =.d there-
in.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF OCTOBER, 1964.
MAYOR - iviili m Nee
ATTEST:
CITY CLM. - arvin C. Brunsell
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