RES 1970-130 - 00009799RESOLUTION NO. 130 -1970
RESOLUTION RELATING TO $460,000 WATERWORKS
BONDS, FIXING THE FORM 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 City of Fridley shall forthwith issue and deliver
its negotiable coupon 111aterviorks Bonds in the princi-
pal amount of V GO1000, dated July 1, 1970, said bonds to be 92
in number and nnrbered 1 to 92, both incisive, in the denomin-
ation of $5,000 each, to bear interest as follows:
6.50% 1973 through 1980
6.75% 1981 through 1982
payable January 1, 1971, and semiannually thereafter on January 1
and July.l in each year, and to mature serially on January 1
in the years and amounts as follows: $35,000 in 1973; $40,000
in 1974 and 1975; $45,000 in 1976 and 1977; $50,000 in 1978 and
1979; $55,000 in 1980 and 1981; and $45,000 in 1952.
2. The principal and interest shall be payable at the American
National Bank and Trust Company, in St. Paul, Minnesota,
as requested by the purchaser and the city
able charges of said bank for its services
3. The bonds and the interest coupo
tached shall be in substantially
No.
UNITED STATES OF ATMERICA
STATE OF D1INNES0TA
COUi TY O? ANOTA
CITY OF FRIDLEY
WATERWORKS BOND OF 1970
shall pay the reason -
a_; paying agent.
is to be thereto at-
the following form:
$5,000
KNOW ALL MEN BY THESE PRESENTS That the City of Fridley,
Anoka County, 11i.nnesota, hereby acknowledges itself to be indebted
and, for value received, promises to pay to bearer, on the Ist day
of February, 19 , without option of prior: payment, the sum of
FIVE THOUSAND DOLL ^RS and to pay interest: thereon from the date
hereof until the principal sum is paid at the rate of
per cent ( o) per annum, interest to maturity payable January 1,
19711 and semiannually thereafter on January 1 and July 1, in each
year, in accordaice 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 American National Bank
and Trust Company, in St. Paul, 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, 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 irrevocably
pledged.
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This bond is one of an issue of $460,000 principal
amount, all of like date and tenor except as to maturity, interest
rate all issued by the city for the
purpose of providing money for the construction of a waterworks im-
provement as authorized by Sections 7.15(b) and 7.16 of the )Nome
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 CERTIrIED AND RECITED That all acts, con-
ditions and things required by the Constitution and laws of the
State of Minnesota and the Horne Rule Charter of the cityto be
done, to happen and to be performed precedent to and in the is-
suance 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 act valorem
tax has been levied in the amount required by law to pay princi-
pal 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
outstandin.& on the date of its issuance, does not 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 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 at-
tached interest coupons to be executed by the facsimile signatures
of said officers, all as of July 1, 1970.
(facsimile signature) ,
Ala'yor
_TH y Manvger�
(facsimile seal.)
(Form of Coupon)
No. $
On the Ist day of January (July), 19 , the City of
Fridley, Anoka County, Minnesota, will pay to bearer at the
American National Bank and Trust Company, in St. Paul, Minnesota,
the amount set forth hereon for interest then due on its Water-
works Bond of 1970) dated July 1, 1970) No.
(facsimile signature)
Mayor
(facsimile signature)
_ ' —�Cify manager
4. The city has agreed to furnish the approving legal
opinion of Messrs. Howard, 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 a
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, IeFevcre, Lefler,
Hamilton and Pearson, of Minncapol.i.s, Minnesota, which
was delivered to me prior to the deli_VOry of this bond
and is on file in my office.
(facsimile signature)
(,rltY;�eT t
City of Fridley, Minnesota
The clerk shall also execute a separate certificate at tine of
delivery shoring fact and date of receipt of such opinion.
5. The city clerk shall cause the bonds to be printed,
and said bonds shall be executed on behalf of tiie
city by the facsi'iile signature of the ma•or 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 exe-
cuted, they shall be delivered to the purchaser upon receipt
of the purchase price and the purchaser shall not b° obligated
to see to the proper application of such purchase price beyond
its payment to the city.
6. It is hereby determined that the estimated revenues
from the water department available for payment of
bonds will be sufficient to pay principal and interest when due
-and no ad valorem tax levy is required at this time.
7. There is hereby created a separate account within the
Debt Service Fund, to be called 11'aterivorks Bonds of
1970 Account, for the payment of the principal of and interest
on said bonds. To said account shall be credited net revenues
of its water system, proceeds of ad valorem levies and other
sums which may 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.
8. 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, Min—
nesota, and to obtain from him the certificate required by Alin- -
nesota Statutes, Section 475.63.
9. 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, poker 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.
10. This resolution shall be published in full in the of-
ficial newspaper but shall take effect upon passage.
ADOPTED BY THE COUNCIL OF THE CITY OF FRIDLE/�a // /�1HIS 29TH DAY F J E, 1970.
01
ACT G MAYOR - RArM ND E. SIIERIDAN
ATTEST:
LERKN C. 73 '-
CITY C R `���— '"'��fARVIid C. 'SELL
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