RES 1972-106 - 00008478200
RESOLUTION NO. 106 -1972
RESOLUTION AWARDING SALE OF $2,135,000 SPECIAL ASSESSMENT FUND BONDS, FIXING FORM
AND SPECIFICATIONS THEREFORE, DIRECTING THEIR EXECUTION AND DELIVERY AND PROVIDING I
FOR THEIR PAYMENT
BE IT RESOLVED by the Council of the City of Fridley, Minnesota, as follows:
1. The bid of Juran & Moody, Inc., of St. Paul, Minnesota, to purchase $2,135,000
Special Assessment Fund Bonds of 1972 is hereby found and determined to be the
best bid received and shall be and is hereby accepted, said bid being to purchase
said bonds bearing interest as follows:
YEAR RATE Yi4AR YEAR RATE YEAR RATE
1973 3.80% 1980 4.40% 1988 5.30%
1974 3.80% 1981 4.60% 1989 5.20%
1975 3.80% 1982 4.60% 1990 5.25%
1976 3.80% 1983 4.80% 1991 5.25%
1977 4.10% 1984 4.80% 1992 5.30%
1978 4.10% 1985 5.00% 1993 5.30%
1979 4.40% 1986 5.00% 1994 5.30%
1987 5.10%
at a price of $2,105,302.15. The treasurer is directed to retain the good faith
check of the purpchaserpending completion of the sale and delivery of the bonds
and the City Clerk is directed to return the checks of unsuccessful bidders
forthwith.
2. The City of Fridley shall forthwith issue its negotiable coupon Special Assess-
'
ment Fund Bonds of 1972 in the principal amount of $2,135,000, said bonds to be
dated October 1, 1972, to be 427 in number and numbered 1 to 427, both inclusive,
in the denomination of $5.00 each, bearing interest as above set forth, payable
January 1, 1973, and semiannually thereafter on January 1 and July 1 in each year,
and maturing serially on January 1st in the years and amounts as follows: $75,000
in the year 1973; $110,000 in the year 1974; $150,000 in the years 1975 to 1982,
both inclusive; $75,000 in each of the years 1983 to 1988, both inclusive; sad
$50,000 in each of the years 1989 to 1994, both inclusive, all bonds maturing
after January 1, 1983, being subject to redemption on said date and any payment
date thereafter, in inverse numerical order, at par and accrued interest.
3. Both principal of and interest on said bonds shallibe payable<atrthbeFirst Nationall
Bank of St. Paul, 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.
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
SPECIAL ASSESSMENT FUND BOND OF 1972
KNOW ALL MEN BY THESE PRESENTS That the City of Fridley, Anoka County, Minnesota,
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 percent ( %)
per annum, interest to maturity payable January 1, 1973, and semiannually there-
after on the 1st day of January and the 1st day of July in each year, in accordance
with and upon presentation and surrender of the interest coupons hereto attached
na:- -
201
RESOLUTION NO. 106 -1972
PAGE 2
All bonds of this issue maturing after January 1, 1983, are subject to
redemption on said date and any interest payment date thereafter, in inverse
numerical order, at par and accrued interest. Thirty days prior notice of
redemption will be given in the manner provided by law.
This bond is one of an issue of $2,135,000 principal amount, all of like
date and tenor except as to maturity, interest rate and provision for redemption,
all issued for 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 collection of special assessments, as authorized by Section 7.12 (d)
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 the Home -
Rule 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 manner
' as so required; that the full faith and credit of the City is pledged for the _
payment of the principal 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, which taxes may be levied 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 signature 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 signatures of said
officers, all as of October 1, 1972.
' City Manager
(FACSIMILE SIGNATURE)
acsimk gnat re) —
Mayor
as they severally become due. Both principal
and
interest are
payable at the
First National
of the United
Bank of St. Paul, in St. Paul,
States of America which at the
Minnesota,
time
in any
of payment is
coin or currency
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
taxing powers
of the City have been and are hereby
irrevocably
pledged.
All bonds of this issue maturing after January 1, 1983, are subject to
redemption on said date and any interest payment date thereafter, in inverse
numerical order, at par and accrued interest. Thirty days prior notice of
redemption will be given in the manner provided by law.
This bond is one of an issue of $2,135,000 principal amount, all of like
date and tenor except as to maturity, interest rate and provision for redemption,
all issued for 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 collection of special assessments, as authorized by Section 7.12 (d)
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 the Home -
Rule 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 manner
' as so required; that the full faith and credit of the City is pledged for the _
payment of the principal 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, which taxes may be levied 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 signature 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 signatures of said
officers, all as of October 1, 1972.
' City Manager
(FACSIMILE SIGNATURE)
acsimk gnat re) —
Mayor
202
RESOLUTION NO. 106 -1972_
PAGE 3
(Form of Coupon)
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 First
National Bank of St. Paul, in St. Paul, Minnesota, the amount shown hereon for
interest then due on its Special Assessment Fund Bond of 1972, dated October 1,
1972, No.
(facsimile signature)
Mayor
(facsimile signature)
City Manager
5. 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 requested. 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
=u` 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, LeFevere, Lefler,
Hamilton and Pearson 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 date of receipt of such opinion.
6. 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
the 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 and said
officers. When the bonds have been so executed, 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 application
thereof.
7. 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 sufficient money in said fund to pay such principal or interest from
the general fund of the City and such fund shall be reimbursed for any advances
out of proceeds of assesssments or special taxes when collected.
203 -
RESOLUTION NO. 106 -1972
PAGE 4
' 8. 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 excess of the amounts needed to meet when due the principal
and interest payments on the bonds and no ad valorem taxes are required at this
time.
9. 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, Minnesota Statutes.
10. It is hereby determined that the improvements which are financeVby the issuance
of bonds hereunder will benefit the entire City and the City hereby covenants
with the holders from time to time of said bonds as follows:
i
(a) The City will cause the assessments for all improvements to be promptly
levied so that the first installment will become collectible not later than 1973
and will take all steps necessary to assure prompt collection.
(b) The City will keep complete and accurate books and records showing
all receipts and disbursements in connection with said improvements, the
assesssment levied therefor and other funds appropriated 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.
11. 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 herein.
12. This Resolution shall be published in full in the official newspaper but shall
take effect upon passage.
ATTEST:
�Q2< I,
MARVIN C. M SELL - CITY CLERK
P 0
FRANK G. LIEBL MAY