RES 1980-15 - 0000643922
RESOLUTION NO. 15 - 1980
A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $1,755,000
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 I
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 amount 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 $1,720,600;
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 $1,720,600 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 $34,400. Bidders shall be
authorized to submit bids for bonds in total amount of $1,755,000 at a
price not less than $1,720,600 and any amount received by the city in '
excess of $1,720,600 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 14th day of April,
1980, 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 ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 3RD DAY
OF MARCH, 1980.
ATTEST:
CITY LERK - MARVIN RUNSELL
C
LLIIAM J. NEE -,1M9NUR '
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