RES 1967-94 - 00010744126
RESOLUTION NO. 94 -1967
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,830,000
SPECIAL ASSESSMENT FUND BONDS
WHEREAS, the City of Fridley maintains a Special Assessment
Fund to finance local improvements that are to be paid for, in whole
or in part, from special assessments against benefited property,
pursuant to Section 7.12 (d) of the home rule charter, and
WHEREAS, the Council is empowered by majority vote to issue
and sell bonds pledging the full faith and credit of the City in
order to anticipate the collection of special assessments in such
amounts and maturities as it may determine, regardless of the pro-
visions of Section 7.16, and
WHEREAS, the City Manager has presented to the Council his
certificate showing the financial requirements for the issuance
of bonds and requesting that the Council authorize the issuance of
Special Assessment Fund Bonds in the amount of $1,830,000,
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 ex-
pedient to issue and sell $1,830,000 Special Assessment
Fund Bonds as authorized by Section 7.12 (d) of the home
rule charter of the City. The bonds to be issued hereunder
shall bear date August 1, 1967, shall be in denomination of
$1,000 each (or at the option of the purchaser in denominations
of $5,000 each), shall bear interest at the rate or rates
designated by the successful bidder, payable February 1, 1968,
and semiannually thereafter on August 1, and February 1 in
each year, and shall mature serially on February 1 in the years
and amounts as follows: $40,000 in the year 1968; $150,000
in each of the -years 1969 to 1975, both inclusive; $140,000
in each of the years 1976 and 1977; $130,000 in the year
1978; $40,000 in each of the years 1979 to 1982, both in-
clusive; $30,000 in each of the years 1983 to 1987, both in-
clusive; and $20,000 in the year 1988, 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
2. The Council shall meet at the City Hall on Monday, the
17th day of July, 1967, 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, LeFevere, Lefler, Hamilton and Pearson, 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 �j% of
the par value.
3. This resolution shall be published in full in the official
newspaper but shall take effect upon passage.
PASSED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THE 5TH DAY OF
JUNE, 1967.
)94R
- JACK O. KIRKHAM
ATTEST:
CI CLERK - MARVIN C. BRUNSELL