RES 1965-67 - 0001134792
RESOLUTION NO. 67 -1965
RESOLUTION AWARDING SALE OF $715,000 SPECIAL ASSESSMENT FUND BONDS
FIXING FORM AND SFECIFICATIONS THEREFOR, DIRECTING THEIR EXECUTION
AND DELIVERY AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the Council of the City of Fridley, Minnesota,
as follows:
1. The bid of John Nuveen and Company, of Chicago, Illinois, and ,
associates, to purchase $715,000 Special Assessment Fund Bonds
of 1965 is hereby found and determined to be the best bid rec-
eived and shall be and is hereby accepted, said bid being to
purchase said bonds bearing interest as follows:
3.20% on bonds maturing in the years 1966 through 1975;
3.30% on bonds maturing in the years 1976 through 1978;
3.40% on bonds maturing in the years 1979 through 1981;
3.50% on bonds maturing in the years 1982 through 1986;
plus additional interest at the rate of 1.30% per annum
on all bonds from August 1, 1965, to February 1, 1966.
at a price of par. 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 Clerk is directed to return
the checks of unseccessful bidders forthwith.
2. The City of Fridley shall forthwith issue its negotiable coupon
Special Assessment Fund Bonds of 1965 in the principal amount of
$715,000, said bonds to be dated May 1, 1965, to he 143 in num-
ber and numbered 1 to 143, both inclusive, in the denomination of
$5,000 each, bearing interest as above set forth, payable August
1, 1965, and semiannually thereafter on February 1 and August 1 '
in each year, and maturing serially on February 1st in the years
and amounts as follo*..rs: $50,000 in 1966 to 1971, both inclusive;
$30,000 in 1972 to 1980, both inclusive; $25,000 in 1961 to 19d5,
both inclusive; and $20,000 in 1966, all bonds maturing after
February 1, 1977, being subject to redemption at the option of the
City, in inverse numerical order, on said date or any interest
payment date thereafter at par and accrued interest and a premium
of V*.
3. Both principal of and interest on said bonds shall be payable at
the Fidelity Bank a d Trust Company, in Minneapolis, Minnesota, as
designated by the successful bidder and the City shall pay the
reasonable charges of said bank for its services as paying agent.
4. The bonds and the interest coupons to be thereto attached shall
be in substantially the following form:
No. $5,000
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
SPECIAL ASSESSMENT FUND BOND OF 1965
KNOW ALL MEN BY THESE PR!�,SENTS That the City of Fridley, Anoka
'
County, Minnesota, acknowledges itself to be indebted aid, for value
received, hereby promises to pay to bearer, from its Special Assessm-
ent Fund, on the ist day of February, 19 , the swn of FIVE THOUSAND
DOLLARS and to pay interest th;r eon from the date hereof until the
principal amount is paid at the rate of per cent ( %)
per annum, and the City promises to pay additional interest on said
principal sum from August 1, 1965, to February 1, 1966, at the rate
of ore and thirty hundredths per cent (1.30k) per ann;:m, interest to
maturity payable August 1, 1965, end semiannually thereafter on the
1st day of February and the 1st day of August in each year, in accord-
ance with and upon presentation and surrender of the interest coupons
con't.
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RESOLUTION N0. 67 -1965 CON'T.
hereto attached as they severally become due. Both principal and
interest are payable at the Fidelity Bank and Trust Company, in
Minneapolis, Minnesota, in any coin or currency of the United States
of America which at the time of payment is legal tender for public
and private debts. 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 irrev-
ocably pledged.
All bonds of this issue maturing after February 1, 1977, are
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 114. Thirty days prior notice of redemption will
be given by mail to the bank where the bonds are payable and to the
last known holder. Holders desiring to receive such notice must
register their names, addresses and bond numbers with the City Clerk.
This bond is one of ar issue of $715,000 principal amount, all
of like dare and tenor except as to maturity, irterest rate and pro-
vision for redemption, all issued by the city for the purpose of pro-
viding money to defray the expense incurred or to be incurred in
making local improvements in anticipation of the collection of Speci-
al Assessments as aathorized by Section 7.12 (d) of the Nome Rule
Charter of the city, and is payable primarily from special assessments
levied against specially berefited property, but the full faith and
credit of the city is pledged for its payment.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and
things required by the Constitution and laws of the State of Minnesota
and Charter of said city, to be done, to happen, to exist and to be
performed precedent to and in the issuance of this bond have beer done,
have happened, to exist and have been performed in regular an d due
form, time and manner as so required; that the full faith and credit
of the city is pledged for the payment of the principal of and inte-
rest on the bonds of this issue when the moneys on hand in the appro-
priate fund are insufficient for the purpose and taxes shall be
levied upon all taxable property, if needed, to take care of any def-
iciency, without limitation as to rate or amount and thet the issuance
of this bond did not cause the indebtedness of the city to exceed any
constitutional, statutory or charter limitation thereon.
IN WITNESS WHEREOF, the City of Fridley, Anoka County, Minnesota,
by its Council, has caused this bond to be executed in its behalf by
the facsimile signature of the Mayor and manual signature of its City
Manager, and a facsimile of its corporate seal to be printed hereon, and
has caused the attached interest coupons to be executed and authen-
tically by the facsimile signatures of said officers, all as of May 12
1965.
(facsimile signature)
MAYOR
City Manager
(facsimile seal)
(Form of Coupon)
NO.
On the first day of February (August), 19 , the City of Fridley,
Anoka County, Minnesota, will pay to bearer, out of its Special Assessm-
ent Fund, at the Fidelity Bank a d Trust Company, in Minneapolis, Minn-
esota., the amount shown hereon for interest then due on its Special
Assessment Fund Bond of 1965, dated N1ay i, 1975, No.
(facsimile signature)
ity Manager
(facsimile signature)
MAYOR.
Cont.
931r
RESOLUTION NO. 67 -1965 Cont.
5. The city has agreed to furnish the approving legal opinion of
Messrs. Howard, Petersen, LeFevere, Lefler and Hamilton to the
purchasers, and such opinion is hereby requested. The clerk is
authorized and directed to cause a copy of such opinion to be
printed on each bond, toE;ether with the clerk's certificate in
substantially the following form:
I, the undersigned, Clerk of the City of Fridley, Minnesota,
hereby certify that except for the dating thereon, the above is
a. full, true and correct copy of the legal opinion of Messrs.
Howard, Peterson, LeFever, Lefler and Hamilton of Minneapolis,
Minnesota, which was delivered to me prior to the delivery of
this bond and is on file in my office.
(facsimile signature)
City Clerk
City of Fridley, Minnesota
The clerk shall al so execute a separate certificate at time of
delivery showing fact and date of receipt of such oni.rion.
6. The bonds shall be prepared under the direction of the city clerk
and shall be executed on behalf of the city by the facsimile
signature of the mayor and manual signature of the city manager,
and a facsimile of the corporate seal of the city shall be aff-
ixed to each thereof, and the interest coupons shall be executed
and authenticated by the printed facsimile signatures of said
officers. When the bonds have been so executed, 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 application thereof.
7. The bonds issued hereunder shall be payable from the Special
Assessment Fund, provided that if any payment of principal or
interest shall become due when there is not sufficient money
in said fund to nay the same, the treasurer shall pay such prin-
cipal or interest from the general fund of the city and such
fund shall be reimbursed for ark, advances out of proceeds of
assessments or special taxes when collected.
6. It is.hereby determined that the estimated collections of spec-
ial assessments which will be available for the payment of said
bonds will produce at least five percent in excess of the amounts
needed to meet when due the principal and interest paymerts on
the bonds and no ad valorem taes are required at this time.
9. The City Clerk shall deliver to the county auditor of Anoka
County a certified copy of this resolution and obtain his cer-
tificate in accordance with Section 475.63, Minnesota Statutes.
10. It is hereby determined that the improvements which are financed
by the issuance of bonds hereunder will benefit the entire city
and the city hereby covenants with the holders from time to time
of said bonds as follows:
(a) The city will cause the assessments for all improvements
to be promptly levied so that the first installment
will become collectible not later than 1966 and will take
all steps necessary to assure prompt collection.
(b) The city will keep complete and accurate books and
records showing all receipts and disbursements in
connection with said improvements, the assessments levied
therefor and other funds appropriated for their payment,
aid all collections thereof and disbursements therefrom,
moneys on hard and balance of unpaid assessments.
(c) The city will cause its said books and records to be
audited at least annually by qualified public acc-
ourtants and will furnish copies of such audit reports
to any interested person upon request.
Cont.
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RESOLUTION N0. 67 -1965 Conit.
11. The clerk and treasurer of the city are hereby aithorized and
directed to prepare and furnish to the purchaser of the bonds
and to the attorneys approving the same, certified copies of
all proceedings and records of the city relating to said bonds
and to the financial condition and affairs of the Special
Assessment Fund and such certificates, affidavits and trans-
cripts as may be required to snow the facts within their know-
ledge or as shown by the books and records in their custody or
under their control relating to the validity and marketability of
bonds and sucn instruments, including any heretofore furrisaedy
shall be deemed representations of the city as to the facts
stated therein.
12. This resolution shall be published by title 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
3RD DAY OF MAY, 1965.
ATTEST:
CITY CLERK - Yarvin C. i3runseil
V V
MAYCB - Ydilliam J Nee
M
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