RES 1970-129 - 00009795RESOLUTION RELATII`TG TO $1,330,000 SPECIAL
ASSESSMENT FUND BONDS, FIXING FORM AND
SPECIFICATIONS TNEa<FOR, DIRECTING THEIR
EXECUTION AND DELIVERY AND PROVIDING
FOR THEIR PAYlilENT
'BE IT RESOLVED By the Council of the City of Fridley,
Minnesota, as follows:
1. The City of Fridley shall forthwith issue its negotiable
coupon Special Assessment Fund Bonds of 1970 in the prin-
cipal amount of $1,330,000. Said bonds s__all be dated July 1, 1970,
shall be 266 in number and numbered 1 to 266, both inclusive, in
the denomination of $5,000 each and bear interest as follows:
6.500 1971 through 1980
6.75% 1981 through 1982 "
6.90% 1983 through 1984
7.00% 1985 through 1991
payable January 1, 1971, and semiannually thereafter on January 1
and July 1, in each year, and mature serially on January 1st in
the years and amounts as follows: $75,000 in 1971; $95,000 in 1972
to 1979, both inclusive; $55,000 in 1900; $45,000 in 1981 to 1954,
both inclusive; $40,000 in 1985 to 1989, both inclusive; $15,000
in 1990 and 1991; all bonds maturing after January 1, 1982, 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 4c.
2. Both principal of and interest on said bonds shall be
payable at the American National Bank and Trust Company, in St.
Paul,'Minnesota,
as designated by the successful bidder and the city shall pay the
reasonable charges of said bank for its services as paying agent.
3. The bonds and the interest coupons to be thereto at-
tached shall be in substantially the following form:
No.
$5,000
UNITED STATES OF Ab1RICA.
STATE OF MINNESOTA
COUNTY OF ANOi{A
CITY OF FRIDLEY
SPECIAL ASSESSMENT FUND BOND OF 1970
E2gaW ALL MEN BY THESE PRESENTS That the City of Fridley,
Anoka County, I<linnesota, acknowledges itself to be indebted and,
for value received, hereby promises to pay to bearer, from its
' Special Assessment Fund, on the 1st day of January, 19 , the
sum of FIVE THOUSAND DOLLARS and. to pay interest thereon from
the date hereof until the principal amount is paid at the rate
of per cent ( w) per annum, interest to ma-
turity payable January 1, 1971, and semiannually thereafter on the
1st day of January and the 1st day of July in each year, in accord -
ance with and upon presentation and surrender of the interest cou-
pons hereto attached as they severally become due. Both principal
and interest are payable at the American National Bank and Trust Company,
in St. Paul, Minnesota,
164
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 tax-
ing powers of the city have been and are hereby irrevocably pledged.
All bonds of this issue maturing after 'January 1, 1982, '
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'lo. Thirty days prior notice of re-
demption will be given in the manner provided by law.
This bond is one of an issue of $1,330,000 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 to defray the expense incurred or to be
incurred in making local improvements in anticipation of the col-
lection of special assessments as authorized by Section 7.12(4) of
the Home Rule Charter of the city, and is payable primarily from
special assessments levied against specially benefited 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 been done, have happened, do exist and have been performed in
regular and due form, time and rianner as so required; that the full
faith and credit of the city is pledged for the payment of the pri.n -•
cipal of and interest on the bonds of this issue when the moneys on
hand in the appropriate fund are insufficient for the purpose and
taxes shall be levied upon all taxable property, if needed, to take
care of any deficiency, without limitation as to rate or amount and
that 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 sig-
nature 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 authenticated by the facsimile signature of said
officers, all as of July 1, 1970.
i y Manager
(f acsi_mile signature)
-Mayor - - -�
(facsimile seal)
(Form of Coupon)
No. $
On the first day of January (July), 19 , the City
of Fridley, Anoka County, Minnesota, will pay to bearer, out of
its Special Assessment Fund, at the American National Bank and Trust
Company, in St. Paul, Minnesota
the amount shown hereon for interest then due on its Special
Assessment Fund Bond of 1070, dated July 1, 1970, No.
( facsimile signature)
Aiyor (facsimile signature) signature)
165
4. The city has agreed to furnish the approving legal
opinion of Messrs. IIoward, LeFevere, Lefler, Hamilton
and Pearson, to the purchasers, and such opinion is hereby re-
quested. The clerk, is authorized and directed to cause a copy
of such opinion to. be printed on each bond, together with the
clerk's certificate in substantially the following form;
I, the undersigned, Clerk of the City of Fridley,
Tlinnesota, hereby certify that except for the dating
thereon, the above is a full, true and correct copy
of the legal opinion of Messrs. Howard, LeFevere, Lefler,
Hamilton and Pearson, of IMi.nneapolis, Minnesota, which
was delivered to me prior to the del'.vcry of this bond
and is on file in my office.
(facsimile signature)
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.
5. 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 affixed 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 exe --
cuted, 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 ap-
plication thereof.
6. 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 suf-
ficient money in said fund to pay the same, the treasurer shall
pay such principal or interest from the general fund of the city
and such fund shall be reimbursed for any advances out of pro-
coeds of assessments or special taxes when collected.
7. It is hereby determined that the estimated collections
of special assessments which will be available for the
payment of said bonds will produce at least five per cent in ex-
cess of the amounts needed to meet when due the principal and
interest payments on the bonds and no ad valorem taxes are re-
quired at this time.
8. The city clerk shall deliver to the county auditor of
Anoka County a certified copy of this resolution and
obtain his certificate in accordance with Section 475.63, Minne-
sota Statutes.
9. 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 or said bonds as follows:
(a) The city will cause the assessments for all im-
provements to be promptly levied so that the first install-
ment will become col.lecti_ble not later than 1977. and will
take all steps necessary to assure prompt collection.
r7__ _
166
RESOLUTION NO. 129 -1970 CONTINUED.
(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 appropriate for their payment,
and all collections thereof and disbursements therefrom, moneys on hand and
balance of unpaid assessments.
(c) The City will cause its said books and records to be audited
at least annually by qualified public accountants and will furnish copies of
such audit reports to any interested person upon request.
10. The clerk and treasurer of the City are hereby authorized 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 transcripts as may be required
to show the facts within their knowledge or as shown by the books and records in
their custody or under their control relating to the validity and marketability of
bonds and such instruments, including any heretofore furnished, shall be deemed
representations of the City as to the facts stated therein.
11. This resolution shall be published in full in the official newspaper
but shall take effect upon passage.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 29TH DAY OF JUNE, 1970.
ACTI MAYOR - RAYMOND E. . S HERIDAN
ATTEST:
r t Qil�.
CITY C - MARVIN C. BRUNSELL