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RES 1976-12 - 00007304RESOLUTION NO. 12 - 1976 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,550,000 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 provisions of Section 7.16, and WHEREAS, the City Manager has presented to the Council his Cerfificate 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 $1,550,000 ; 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 expedient to issue and sell $ 1,520,000 Special Assessment Fund Bonds as authorized by Section 7.12 (d) of the Home Rule Charter of the city. 2. It is further determined that it is necessary to issue and sell additional bonds to represent in part the higher interest presently required to market bonds as authorized by Minnesota Statutes, Section 475.56. Said bonds shall be in amount of $ 30,000 Bidders shall be authorized to submit bids for bonds in total amount of $1,550,000 at a price not less than $ 1,520,000 and any amount received by the city in excess of $ 1,520,000 shall be credited to the special assessment fund for payment of interest first accruing on bonds issued hereunder. 3. The bonds shall bear date, maturity, and such other details as set out in the attached notice of sale. 4. The Council shall meet at the city hall on MONDAY , the 9th day of FEBRUARY , 1976, 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. LeFevere, Lefler, Pearson, O'Brien and Drawz and shall require a good faith check in the amount of 2% of the par value. 5. This resolution shall be published in full in the official newspaper but shall take effect upon passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 19th DAY OF Janu ATTEST: , 1976 MAYOR - WILLIAM Ji E 3; 3 j