RES 1965-50 - 00011328RESOLUTION NO. 50 -1965
A RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $780,000 WATERWORKS BONDS
WHEREAS, the City of Fridley owns and operates a waterworks plant
and system for the purpose of supplying water to the inhabitants of the
City, and
WHEREAS, the City Council has employed engineers who have submitted
a report dated December 17, 1964, recommending additions to supply
treatment and storage capacity at a total estimated cost of $780,000, and
WHEREAS, under Section 7.15 (b) of the home rule charter of the
City, the Council is empowered by a vote of at least four of its members
to authorize the issuance of bonds to provide funds for any public purpose
not prohibited by law, and
WHEREAS, the Council has determined that the provision of funds
to construct the necessary improvements to the water plant and system is
such a public purpose and that the reasonable life expectancy of the
improvement is 25 years,
NOW, THEREFORE, BE IT RESOLVED By the Council of the City of Fridley
as follows:
1. It is hereby determined that it is necessary and expedient to
authorize the issuance of bonds in the amount of $780,000 for the
purpose of providing money for water improvements, by vote of the Council
without submitting the proposition to the voters. 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 the 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: $10,000 in 1968, 1969 and 1970;
$35,000 in 1971, 1972, 1974 and 1976; $20,000 in 1973, 1975 and 1988; and
$50,000 in 1977 to 1987, 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 water improvements is twenty -five years.
2. The Council shall meet at the City Hall on Monday, 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 1,% of the par value.
3. 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.
ATTEST:
D2
CITY RK - Marvin C. Brunsell
VV
MAYOR - WillLafa J. Nee
73