RES 1960-129 - 00012853 (2)SECTION 1. The City Manager and Treasurer are hereby
authorized and directed to take any and all
steps necessary to effect the provisions of the aforegoing
resolution and to make such transfer of funds as may be neces-
sary from time to time to give effect to the provisions hereof.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY,
THIS 4TH DAY OF OCTOBER, 196o.
MAYOR -'To E. GGreig,,/l
CITY MANAGER - Earl P. er
ATTEST:
RESOLUTION N0. 129 - 1960
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT
BONDS IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 385
BE IT RESOLVED by the Council of the City of Fridley, Anoka
County, Minnesota, as follows:
SECTION 1. The total estimated cost of Sewer and Water Im-
provement Project #22 -1959 has been estimated to
be in excess of $60,000.00.
SECTION 2. It is now estimated that the sum of $60,000.00
is currently necessary to provide financing of
the projects above noted, and it is hereby determined to be neces-
sary to borrow said amount for the payment of obligations now in-
curred and for expenses necessarily incurred in connection with
the construction of said improvement projects.
SECTION 3. There is hereby created Sewer and Water Improve-
ment #22 -1959 Fund (temporary) which shall contain
a construction account as a part thereof into which shall be paid
all proceeds of temporary bonds issued pursuant to this resolution
and similar subsequent resolutions, and out of which shall be paid
all amounts due and payable as costs or expenses incident to or in-
curred in connection with the making of said improvement.
SECTION 4. There is also hereby created in Sewer and Water
Improvement #22 -1959 Fund (temporary) a Sinking
Fund Account, which account in said Fund may and shall be termed
as the Sinking Fund, into which fund shall be paid the proceeds
of all special assessments levied against benefited property by
reason of the making of said improvements as well as all other
' monies therein to be paid as provided by law and out of which shall
be paid the principal and interest on all temporary improvement
bonds issued to finance said project.
SECTION 5. It is hereby determined that the sum of $60,000.00
shall be borrowed to finance said Sewer and Water
Improvement Project #22-1959 with respect to costs of construction
and expenses necessarily incurred relative thereto to this date, by
the issuance of temporary improvement bonds of the City of Fridley
as authorized in Minnesota Statutes, Sec. 429.01, Subdivision 3, as
amended by laws 1957, Chapter 385.
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SECTION 6. Said bonds shall be payable from the Sinking
Fund of the following: Sewer and Water Improve-
ment #22 -1959 Fund, but the City further recognizes its duty un-
der the law, as provided by Sec. 429.091, and covenants and agrees
with the purchaser and all holders from time to time, of said tem-
porary improvements bonds, at or prior to the maturity thereof that
it will pay and retire such bonds and the interest thereon out of
the proceeds of definitive improvement bonds which the Council
shall issue and sell at or prior to the maturity of the temporary
improvement bonds, to the extent that the same cannot be paid out
of funds available in the Sinking Fund of Sewer and Water Im-
provement #22 -1959 Fund or out of other municipal funds which
are properly available and are appropriated by the Council for
such purpose.
SECTION 7. It is hereby determined to levy special assess-
ments against benefited property by reason of
the making of Sewer and Water Improvement Project #22 -1959 and
to levy ad valorem taxes, if necessary, to produce sums at least
5% in excess of the amounts sufficient to pay principal and
interest when due on said temporary improvement bonds and on any
definitive bonds to be issued as herein provided, such special
assessments to be placed on the tax rolls at such time when said
improvement projects have been completed or the total cost there-
of has been determined.
SECTION 8. Said temporary improvement bonds in the amount
of $60,000.00 shall be denominated Sewer and
Water Improvement Project #22 -1959 Bond Series "C" (temporary)
shall be twelve (12) in number and numbered from 1 to 12 inclu-
sive, each in the denomination of $5,000.00, shall bear interest
at the rate of 5% per annum, payable semi - annually on September
30th and -March 30th of each year and shall mature on September
30th, 1962, shall be subject to redemption and pre - payment on any
interest payment date, at par and accrued interest. Not less
than 30 days before the date specified for redemption of said
bonds, the City Treasurer shall mail notice of the call thereof
to the holder, if known, said Treasurer shall maintain a record
of the names and addresses of the holders of said bonds insofar
as such information is made available to him by the holders
thereof, for the purpose of mailing said notices. The princi-
pal and all interest on said bonds shall be payable at Fridley
City Hall, 6431 University Avenue N.E., Minneapolis 21, Minne-
sota.
SECTION 9. Said temporary improvement bonds shall be mimeo-
graphed and when so mimeographed shall have at-
tached thereto an interest coupon which Bond and Coupon shall be
substantially in the following form: (See pages 20, 21 and 22
for sample bond and coupon.)
ADOPTED AND PASSED BY THE CITY COUNCIL OF THE CITY CF
FRIDLEY, THIS 11TH DAY OF OCTOBER, 1960.
_Y0R - T. E. Greig
Y NAGER - Earl . agner
ATTEST:
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