RES 1965-68 - 0001135196
RESOLUTION N0. 68 -1965
RESOLUTION AWARDING THE SALE OF $500,000 CIVIC C777TER BONDS, FIXING
THE FOF.r. AND SPECIFICATIONS THEREOF, DIRECTING THEIR EXECUTION AND
DELIVERY AND LEVYING TAXES 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, Chicago, Illinois, and
associates, to purchase $500,000 Civic Center Bonds as
advertised for sale pursuant to resolution of the council adopted
April 5, 1965, which bid is to pay par for bonds bearing interest
as follows:
3.20% on bonds maturing in the years 1968 through 1975;
3.30% on bonds maturing in the years 1976 through 1978;
3.4cy on bonds maturing in the years 1979 through 1961;
3.50% on bonds maturing in the years 19152 through 1966;
plus additional interest at the rate of 2.0u% per annum
on all bonds from August 1, 1965, to February 1, 1966;
is hereby found to be the most favorable bid received and shall be
and is hereby accepted. The clerk shall return the good faith of
all unsuccessful bidders and retain the check of purchaser until
delivery of the bonds.
2. The City of Fridley shall forthwith issue and deliver its
negotiable couper. Civic Center uonds in the principal amount
of $500,000, dated May 1, 1965, said bonds to be 100 in number and
numbered 1 to 100, both inclusive, in the denomination of $5,000 each
to bear interest as above set forth, payable August 1, 1965, and
semiannually thereafter on February 1 and August 1 in each year, and
to mature serially on F2Sruary 1 '.n the years and amounts as follows:
$15,000 in 1968; $20,000 in 1969 to 1973, both inclusive;
$25,000 in 1974 to 1978, both inclusive; $30,000 in 1979 to
1982, both inclusive; and 835,000 it 1983 to 1986, both in-
clusive, all bonds maturing after February 1, 1977, being
subject to redemption at the option of the city, in inverse
numerical order, on said date and any interest payment date
thereafter at par and accrued interest and a premium of 1.
3. The principal and interest shall be payable at the Fidelity
Bank and Trust Company, in I- linneapolis, Minnesota, as repaired
by the purchaser, 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.
UNITED STATES OF AMERICA
STATE OF MINNESOTA
C'-UNTY OF AA OKA
CITY OF FRIDLEY
CIVIC CENTER, BOND OF 1965
$5,000
KNW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka ,
County, Minresota, hereby acknowledges itself to be indebted and,
for value received, promises to pav to hearer, on the lst day of
February, 19 , the sum of FIVE THOUSIVID DCLLA?S and to pay interest
thereon from the date hereof until the principal sum is ?aid at
the rate of per cent ( % ) per annum, and the
City promises to pay additional interest or said principal siren from
August 1, 1965, to February 1, 1966, at the rate of two per cent
(2.00%) per annum, interest to maturity payable August 1, 1965, and
semiannually thereafter on the 1st day of February and the 1st day
of August in each year, in accordance with and upon presentation and
surrender of the interest coupons 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 pay-
con't.
RESOLUTION NO. 68 -1965 CON'T.
97.
ment is legal tender for public and private debts, and for the prompt
payment of said principal and interest as the same respectively become
due, the full faith, credit and taxing powers of the city have been and
are hereby irrevocable pledged.
This bond is one of an issue in the total principal amount of
$500,000, all of like date and tenor except as to maturity, interest rate
and provision for redemption, all of which are issued to provide money for
the construction of a Civic Center building as authorized by Sections
7.15 (b) and 7.16 of the Home Rule Charter of the City and pursuant to
and in full conformity with the Constitution and laws of the State of
Minnesota.
All bonds of this issue maturing after February 1, 1977, are subj-
ect to redemption on said date and any interest payment date thereafter,
in inverse numerical order, at par and accrued interest and a premium
of lzh. Thirty days prior notice of redemption will be given by mail to
the bank where the h!)nds 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.
IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and
things required by the Constitution and laws of the State of Minnesota
and the Home Rule Charter or the city to be done, to happen and to be
performed precedent to and in the issuance of this bond have been done,
have happened and have been performed in regular and due form, time and
manner; that prior to the issuance hereof a direct, annual, irrepealable
ad valorem tax has been levied in the amount required by law to pay
principal of and interest on this bond, and additional taxes will be
levied if required, without limitation as to rate or amount, and that
this bond, together with all other indebtedness of the city outstanding
on the date of its issuance, does not exceed any constitutional, statu-
tory 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 the name of the
city by the facsimile signature of its Mayor and the manual signature of
its City Manager and has cuased a facsimile of the corporate seal to be
printed hereon and the attached interest coupons to be executed by the
facsimile signatures of said officers, all as of May 1, 1965.
(facsimile signature)
MAYOR
CITY MANAGER
(facsimile seal)
(form of coupon)
No.
On the 1st day of February (August),. 19 , the City of Fridley,
Anoka County, Minnesota, will pay to bearer at the Fidelity Bank and Trust
Company, in Minneapolis, Minnesota, thz amount set forth hereon for interest
then due on its Civic Center Bond of 1965 dated May 1, 1965, No.
' (facsimile signature)
MAYOR
(facsimile signature)
CITY MANAGER
5. The City has agreed to furnish the approving legal opinion of
Messrs. Howard, Peterson, 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,
together with a clerk's certificate in substantially the following form
con:t.
RESOLUTION NO. 68 -1965 CON'T.
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, LeFevere, 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 also execute a separate certificate at time of delivery
showing fact and data of receipt of such opinion.
6. The city clerk shall cause the bonds to be printed, and said
bonds shall be executed on behalf of the city by the facsimile
signature of the mayor and the manual signature of the city manager and
shall be sealed by a printed facsimile of the corporate seal of the city
and said coupons shall be executed and authenticated by the printed fac-
simile signatures of said officers. When the bonds have been so executed,
they shall be delivered to the purchaser upon receipt of the purchase
price and the purchaser shall not be obligated to see to the proper
application of such purchase price beyond its payment to the city.
7. The full faith and credit of the city are hereby irrevocable pledged
to the prompt and full payment of the principal of and interest
on said bonds as such principal and interest become due. In compliance
with Minnesota Statutes, Section 475.61, and in order to provide moneys
for the payment of principal of and interest_ on said bonds, there shall
be and is hereby levied upon all of the taxable property in the city a
direct, annual ad valorem tax, to be spread upon the tax rolls and coll-
ected with and as a part of other general taxes of the city, in the
years ano amounts as follows:
YEAR*
AMOUNT
YEAR*
AMOUNT
1965
$ 36,100
1975
$ 37,500
1966
33,400
1976
36,600
1967
38,100
1977
41,000
1968"
37,500
1978
39,900
1969
36,800
1979
38,900
1970
36,100
1980
37,800
1971
35,500
1981
41,900
1972
40,000
1982
40,700
1973
39,200
1993
39,400
1974
38,400
1984
38,100
*Year shown is levy year, for collection in the following year.
8. There is hereby created a separate account within the Debt Service
Fund, to be called Civic Center Bonds of 1965 Account, for the
payment of the principal of and interest on said bonds. To said account
shall be credited the proceeds of the foregoing levies and such other
sums as may be directed to be used for the payment of said bonds, and out
of which account shall be paid the interest on and principal of said bonds
as such principal and interest become due. Said account shall be used
for no other purpose until all of said bonds have been paid.
9. The city clerk is hereby directed to cause a copy of this resolution,
certified by the city clerk, to be filed in the office of the county
auditor of Anoka County, Minnesota, and to obtain from him the certificate
required by Minnesota Statutes, Section 475.63.
10. The city clerk and treasurer are hereby authorized and directed to
prepare and furnish to the purchasers of the bonds and the attorneys
approving the issue, certified copies of all proceedings and records of
the city relating to the issuance of said bonds or to the right, power
and authority of the city to issue said bonds, and such certified copies
and certificates shall be deemed representation of the city as to all
facts stated therein.
11.. This resolution shall be published by title in full in the official
newspaper but shall take effect upon passage.QD
ST:
MAYOR - Will a J. Nee
CITY dLERK - Marvi C. Brunsell