RES 1976-17 - 0000731411
RESOLUTION NO. 17 -1976
RESOLUTION AWARDING THE SALE OF $1,550,000 SPECIAL ASSESSMENT
FUND BONDS, FIXING THE FORM AND SPECIFICATION, DIRECTING THEIR
EXECUTION AND DELIVERY AND PROVIDING FOR THEIR PAYMENT
BE IT RESOLVED By the City Council of the City of Fridley, Minnesota,
as follows:
' 1'. The bid of
to purchase $1,550,000 Special Assessment Fund Bonds of the City described
in the notice of sale thereof is hereby found and determined to be the highest
and best bid received pursuant to duly advertised notice of sale and shall be
and is hereby accepted, said bid being to purchase bonds bearing interest as
follows:
at a price of $ The sum of $ , being the
amount bid in excess of 1,520,000, shall be credited to the bond sinking fund.
The City Treasurer is directed to retain the good faith check of the successful
bidder pending completion of the sale and delivery of the bonds, and the City
Manager is directed to return the checks of the unsuccessful bidders forthwith.
The Mayor and City Manager are directed to execute on behalf of the City the
purchase agreement submitted by the purchasers.
2. The City shall forthwith issue its negotiable coupon Special
Assessment Fund Bonds of 1976 in the principal amount of $1,550,000 dated
February 1, 1976, being 310 in number and numbered 1 to 310, both inclusive,
in the denomination of $5,000 each, all bearing interest payable August 1, 1976,
and semi - annually thereafter on February 1 and August 1 in each year, and
maturing serially on February 1 in the years and amounts as follows: $175,000
in each of the years 1977 through 1983, both inclusive; $125,000 in the year
1984; $75,000 in the year 1985; and $25,000 in each of the years 1986 through
1990, both inclusive.
' Bonds maturing after February 1, 1986, will be subject to redemption in inverse
numerical order on said date and any interest payment date thereafter at par
and accrued interest.
3. The bonds shall be payable at
as designated by the purchaser and the reasonable charge of said bank for services
as paying agent shall be paid by the City.
4. It is hereby determined that the sum of $1,520,000 is the amount
necessary to finance local improvements as set forth in the City Manager's
Statement for Issuance of Special Assessment Fund Bonds d;3ted January 19, 1976,
and as approved in a Council resolution adopted January 19, 1976, and additional
bonds in the amounU of $30,000 represents the higher rate of interest authorized
by MSA Section 475.56 and does not exceed two percent (2 %) of the amount
authorized by the Home Rule Charter of the City.
5. The bonds and interest coupons to be thereto attached shall be
substantially the form attached hereto and made a part hereof and designated
as Exhibit A.
6. The City Clerk shall obtain a copy of the proposed approving legal
opinion of Messrs. LeFevere, Lefler, Pearson, O'Brien and Drawz, which shall -
be complete except as to dating thereof, and shall cause said opinion to be
printed on each bond, together with a certificate to be signed by his facsimile
signature, in substantially the followinq form:
1, hereby certify that the foregoing is a full, true and
correct copy of the legal opinion executed by the above
named attorneys, except as to the dating thereof, which
opinion has been handed to me for filing in my office prior
to the time of bond delivery.
Marvin C. Brunsell, City Clerk
The Clerk shall obtain a copy of the opinion at the time of bond delivery
and execute a separate certificate as to such opinion upon receipt of such
opinion and shall file the opinion in his office.
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RESOLUTION #17 -1976
SALE OF SPECIAL ASSESSMENT BONDS
Page 2
7. The bonds shall be prepared under the direction of the
City Manager 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 City 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 the Mayor and City Manager. The said bonds, when so
executed, shall be delivered by the City Treasurer to the purchaser thereof
upon receipt of the purchase price, and the said purchaser shall not be
obligated to see to the proper application thereof.
8. The bonds issued hereunder shall be payable from the Special
Assessment Funds, as established by Section 7.12 (d) of the City Charter
and pursuant to all the provisions of said section provided that if any
payment of principal or interest shall become due when there is not sufficient
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 proceeds of assessments or special taxes when collected.
9. 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 taxs are re-
quired at this time.
10. 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.
11. 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 of said bonds as follows:
(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 1977
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 assessments 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.
12. 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 trans -
scripts 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 I
heretofore furnished, shall be deemed representations of the City as to the facts
stated herein.
13. The Mayor, City Manager and Assistant City Manager /Finance Director
are hereby authorized and directed to certify that they have examined the
official statement or prospectus prepared and circulated in connection with the
issuance and sale of the bonds and that to the best of their knowledge and belief
said statement is a complete and accurate representation of the facts and
representations made therein as of the date of said official statement or
prospectus.
The motion for the adoption of the foregoing resolution was duly
seconded by Councilman Hamernik, and upon vote being taken thereon the following
voted in favor thereof: Mayor Nee, Councilman Starwalt, Councilwoman Kukowski,
Councilman Fitzpatrick and Councilman Hamernik.
RESOLUTION #17 -1976
SALE OF SPECIAL ASSESSMENT BONDS
PAGE 3
' and the following voted against the same: None
PASSED AND APPROVED BY THE CITY' _COUNCIL OF,THE_tTTY OF FRIDLEY
THIS 9TH DAY OF FEBRUARY 1976
MAYOR - WILLIAM J. EE
ATTEST:
r Yf
CITY CLERK - VIN C. BRUNSELL-
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EXHIBIT A
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF FRIDLEY
SPECIAL ASSESSMENT FUND BOND OF 1976
$5,000
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, out of its Special
Assessment Fund, on the lst day of February 19 , the sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof until the principal sum
is paid at the rate of per annum, interest payable August 1,
1976, and semi - annually thereafter on the 1st day of February and the lst
day of August in each year in accordance with and upon presentation and
surrender of the attached interest coupons as they severally become due.
Both principal and interest on this bond are payable at the
in any coin or currency of the United States of America which on the date
of payment is legal tender for public and private debts and to provide
money for the prompt and full payment of said principal and interest as the
same become due, the full faith, credit and taxing powers of theCity have
been and are hereby irrevocably pledged.
All bonds of this issue maturing after February 1, 1986 are
subject to redemption on said date and any interest date thereafter, in
inverse numerical order, at par and accrued interest upon thirty days prior
notice to be given in the manner provided by law.
This bond is one of an issue of bonds in the total principal amount
of $1,550,000, all of like date and tenor except as to serial numbers,
interest rate, redumption privilege, and maturity, all issued by the City
for the purpose of providing money to defray the expenses incurred or to be
incurred in making local improvements and 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
or to be levied against specially benefited property, but the full faith and
credit of the City is pledged for their 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 City Charter to be done, to happen and to be performed precedent to and
in the issuance of this bond have been done, have happened and have been
performed in regular and due form, time and manner as required by law; and
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 TESTIMONY WHEREOF, the City of Fridley, Anoka County, Minnesota,
by its City Council, has caused this bond to be executed in its behalf by
the facsimile signature of the Mayor and the manual signature of the City
Manager and sealed with a facsimile of the City Seal and the interest coupons
hereto attached to be executed and authenticated by the facsimile signatures
of said officers, all as of February 1, 1976.
I
CITY MANAGER
(SEAL)
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RESOLUTION #,17 -1976
SALE OF SPECIAL ASSESSMENT BONDS
PAGE 3
and the following voted against the same: None
PASSED AND APPROVED BY THE CITY COUNCIL OF.-THE CITY OF FRIDLEY
THIS 9TH DAY OF FEBRUARY 1976
MAYOR - WILLIAM J. EE
ATTEST:
i
CITY CLERK - VIN C. BRUNSELL- ` �7
1
1
(FORM OF COUPON)
NO. $
On the 1st day of (February) (August), 19 the City of
Fridley, Anoka County, Minnesota, will pay to bearer at
the amount shown hereon, for interest then due on its Special Assessment
Fund Bond of 1976, dated February 1, 1976, No.
MAYOR
CITY MANAGER
STATE OF MINNESOTA )
COUNTY OF ANOKA ) SS.
CITY OF FRIDLEY )
I, the undersigned, being the duly qualified and acting City
Manager of the City of Fridley, Minnesota, do hereby certify that I
have carefully compared the attached and foregoing extract of minutes
of a meeting of the City Council of said City held on February 9, 1976
with the original thereof on file in my office, and the same is a full,
true and complete transcript therefrom insofar as the same relates to
the issuance and sale of $1,550,000 Special Assessment Fund bonds of 1976
of the City.
WITNESS My hand officially as such Manager and the seal
of the City this day of February, 1976.
(SEAL)
City Manager
City of Fridley, Minnesota
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