RES 1977-35 - 00007103i
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RESOLUTION NO. 35 -1977
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,115,000 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 certificate 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 $1,115,000,
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 $1,094,000 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 $21,000. Bidders shall be authorized to submit
bids for bonds in total amount of $1,115,000 at a price not less than
$1,094,000 and any amount received by the City in excess of $1,094,000 shall
be credited to the special assessment fund for payment of interest first
' accruing on the 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 the 16th day of May, 1977,
at 7:30 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.
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M YOR - WILLIAM J. NEE
ATTEST:
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CITY CLERK - MARVIN C. BRUNSEL