RES 1965-49 - 0001132772
RESOLUTION NO. 49 -1965
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $500,000 CIVIC CENTER BONDS
WHEREAS, the Council, by resolution duly adopted on July 27,
1964, determined to submit to the voters of the City the proposition
for the issuance of bonds in the amount of $500,000 for the construction
of a civic center building, and
WHEREAS, said proposition was submitted to the voters of the
City on September 8, 1964, and more than the requisite majority of
those voting on the proposition voted in favor of the issuance, and
WHEREAS, plans and specifications have been prepared for the
construction of a civic center building and it is necessary to provide
funds for said public purpose by the issuance of bonds of the City,
pursuant to Section 7.15 (b) and Section 7.16 of the home rule charter
of the City,
NOW, THEREFORE, BE IT RESOLVED By the Council of the City of
Fridley as follows:
1. It is hereby determined to issue and sell $500,000 Civic Center
Bonds pursuant to Sections 7.15 (b) and 7.16 of the home rule
charter of the City. The bonds to be issued hereunder shall bear date
May 1, 1965, shall be in the denomination of $1,000 each (or at the
option of the purchaser in denomination of $5,000 each), shall bear
interest at the rate or rates designated by the successful bidder,
payable August 1, 1965, and semiannually thereafter on February 1 and
August 1 in each year and shall mature serially on February 1 in the
years and amounts as follows: $15,000 in 1968; $20,000 in 1966 to 1973,
both inclusive: $25,000 in 1974 to 1978, both inclusive; $30,000 in
1979 to 1982, both inclusive; and $35,000 in 1983 to 1986, both inclusive,
all bonds maturing after February 1, 1977, being subject to redemption
on said date and any interest payment date thereafter, in inverse
numerical order, at par and accrued interest and a premium of 1,%. It
is hereby determined that the reasonable life expectancy of the said
civic center is twenty -five years.
2. The Council shall meet at the City Hall on the 3rd day of May,
1965, at 8:00 o'clock P.M. for the purpose of receiving and
considering bids for said bonds and taking such action as may be required
to effect the sale of said bonds. The City Manager shall cause notice
to be given of such sale as required by law, which shall state that the
City will furnish bonds and approving legal opinion of Messrs. Howard,
Peterson, LeFevere, Lefler and Hamilton, shall require a good faith
check in the amount of 2% of the par value and shall limit the amount of
supplemental interest to 1z% of the par value.
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ATTEST:
This resolution shall be published in full in the official
newspaper but shall take effect upon passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 5TH DAY OF APRIL, 1965.
CITY CLMR a vin C. Brunsell
MAYOR - W lliam J. Nee
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