RES 1985-105 - 0000527722P,
RESOLUTION NO. 105 - 1985
RESCLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF
BONDS PURSUANT TO MINNESOTA SESSION LAWS, CHAPTER 11
SPECIAL SESSION 14, ARTICLE 8, SECTION 49, SALE OF BONDS
FOR THE POLICE PENSION ASSOCIATION
WHEREAS, the City of Fridley (the "City ") has a pension association for its
Police Department employees (the "Association ") pursuant to Minnesota
Statutes, Chapter 356, as amended; and
WHEREAS, the City has current and future unfunded liability for deposits to
the Association; and
WHEREAS, the Legislature of the State of Minnesota has determined that the
City may issue bonds for the purpose of funding all or part of the City's
current and future unfunded liability for the Association by purchasing one or
more insurance policies or annuity contracts to pay all or a specified part of
the liability within the period required by Law; and
WHEREAS, the Legislature has codified the determination in Minnesota Session
Laws, Chapter 1. Special Session 14, Article 8, Section 49 (the "Statute ");
and
WHEREAS, Miller and Schroeder Financial, Inc. ( "M &S ") has indicated its
willingness to assist the City in the issuance of the referenced bonds; and
WHEREAS, the City has determined that it is within its best interest to issue
bonds pursuant to the Statute and to use the proceeds to purchase one or more
insurance policies or annuity contracts to pay all or a portion of its
unfunded liability for the Association.
NCWt THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THAT;
1. The City gives preliminary approval to the issuance of bonds pursuant to
the Statute for the purpose of purchasing one or more insurance policies
of annuity contracts to pay all or a portion of its unfunded liability for
the Association.
2. The bonds shall be issued in accordance with all the terms and conditions
of Minnesota Statutes, Chapter 475, as amended.
3. The brokerage firm of Miller & Schroeder Financial, Inc. is hereby
employed to act as underwriter to the City in connection with the issuance
of the referenced bonds.
Page 2 — Resolution No. 105 — 1985
PASSED AND ADOPTED BY THE QTY 00uNCIL OF THE QTY OF FRIDLEY THIS 2ND DAY OF
DECEMBER, 1985.
ATTEST: WILLIAM J. NEE — R
I '
RICHARD D. PRIBYLr ACTING CITY CLERK