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RES 1965-69 - 0001135499 RESOLUTION NO. 69 -1965 RESOLUTION AWARDING THE SALE OF $780,000 WATERWORKS BONDS, FIXING THE FORM A:;D 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 assoc- ' fates, to purchase $780,000 Waterworks Bonds as advertised for sale pursuant to resolution of the council adopted April 5, 1965, which bide is to pay par for bonds bearing interest as follows: 3.20% on bonds maturing in the years 3.3% on bonds matur` -- 'n the years 3.407, on bonds maturing in the years 3.5r, on bonds maturing in the years plus additional interest at the rate on all bonds from July 1, 1965, to F 1968 through 1975; 1976 through 1978; 1979 through 1981; 1982 through 1988; of 2.40% per annum :bruary 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 checks 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 coupon Waterworks Bonds in the principal amount of $780,000, dated May 1, 1965, said bonds to be 156 in number and numbered 1 to 156, 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 ser- ially 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 at the option of the city, in fnverse numerical order, on said date or any interest payment date thereafter at par and accrued interest and a premium of 1 27.. 3. The principal and interest shall be payable at the Fidelity Bank and Trust Company, in Minneapc'_is, Minnesota, as requested by the purchaser and the city shall pay the reasonable charges of said bank for its services as paying agent. NO. 4. The bonds and the interest coupons to be thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA . STATE OF MINNESOTA COUNTY OF ANOKA CITY OF FRIDLEY WATERWORKS BOND OF 1965 $5,000 KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka County, Minnesota, hereby acknowledges itself to be indebted and, for value received, promises to pay to bearer, on the 1st day of February, 19 , the sum of FIVE THOUSAND DOLLARS and to pay interest thereon from the date here- of until the principal sum is paid at the rate of per cen *. (_o) per annum, and the City promises to pay additional interest on said prin- cipal sum from July 1, 1965, to February 1, 1966, at the rate of two and forty hundredths per cent (2.40%,) per annum, interest to maturity payable August 1, 1965, and semiannually thereafter on February 1 and August 1 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 Fidelitv Bank and Trust Company, in Minneapolis, Minn- esota, 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, and for the prompt payment of said principal and interest as the same respective- ly become due, the full faith, credit and taxing powers of the city have been and are hereby irrevocable pledged. Con'tt 100 RESOLUTION NO. 69-1965 CON'T. All bonds of this issue maturing after February 1, 1977, are subject to redemption on said date and any interest payment date therafter, in in- verse numerical order, at par and accrued interest and a premium of 116. 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 an issue of $780,000 principal amount, all of like date and tenor except as to maturity, interest rate and provision for redemption, all issued by the city for the purpose of providing money for the construction of a waterworks improvement as authorized by Section 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. 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 of 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, stat- uatory 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 caused 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, the amount set forth hereon for interest then due on its Waterworks 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, LdFevere, Lefler and Hamilton to the purchasers, and such opinion is hereby requested. The clerk is author- ized and directed to cause a copy of such opinion to be printed on each bond, together with a clerk's certificate in substantially tha 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, LeFevere, Lefler and Hamilton of Minneapolis, Minn- esota, 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 date of receipt of such opinion. Cont. RESOLUTION NO. 69 -1965 CON'T. 101_ 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 facsimile 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. r Of the bond proceeds, $30,700 is hereby appropriated into the sinking fund for this issue for payment of interest. 8. There is hereby created a separate account within the Debt Service Fund, to be called Waterworks Bonds of 1965 Account, for the pay - ment,of the principal of and interest on said bonds. To said account shall be credited the proceeds of the fore going levies and such other sums as may 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 representations 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. MAYOR - William J Nee ATTEST: ZITT C F - Marvin C. Brunsell The motion for the adoption of the foregoing resolution was duly seconded by councilman Sheridan, and upon vote being taken thereon, the following voted AYE: Nee, Kirkham, Sheridan, Wright and Thompson and the following voted NO: none whereupon said resolution was declared duly passed and adopted. 7. The full faith and credit of the city are hereby irrevocably 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 collected with and as a part of other general tares of the city, in the years and amounts as follows: (year shown is levy year, for collection in following year) .YEAR AMOUNT YEAR AMOUNT 1965 $ 27,700 1976 $ 71,400 1966 38,200 1977 69,700 1967 37,900 1978 67,900 1968 37,500 1979 66,100 1969 63,500 1980 64,300 1970 62,300 1981 62,500 1971 .45,400 1982 60,600 1972 60,400 1983 58,800 1973 43,500 1984 56,900 1974 58,600 1985 55,100 1975 73,100 1986 21,800 r Of the bond proceeds, $30,700 is hereby appropriated into the sinking fund for this issue for payment of interest. 8. There is hereby created a separate account within the Debt Service Fund, to be called Waterworks Bonds of 1965 Account, for the pay - ment,of the principal of and interest on said bonds. To said account shall be credited the proceeds of the fore going levies and such other sums as may 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 representations 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. MAYOR - William J Nee ATTEST: ZITT C F - Marvin C. Brunsell The motion for the adoption of the foregoing resolution was duly seconded by councilman Sheridan, and upon vote being taken thereon, the following voted AYE: Nee, Kirkham, Sheridan, Wright and Thompson and the following voted NO: none whereupon said resolution was declared duly passed and adopted.