RES 1960-131 - 00012861 (2)C
RESOLUTION NO. 130 - 1960
A RESOLUTION DIRECTING THE SALE 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:
THAT WHEREAS, It has heretofore been determined by this
Council to issue temporary improvement bonds in order to provide
the necessary funds for the construction and payment of
expenses relative to the following improvement projects: to wit:
Sewer and Water Improvement Project #22 -1960 as per plans and
specifications approved by the City Council; and
WHEREAS, It has been determined that there is at the present
time an amount in excess of $60,000.00 in the following fund,
to-wit: SPECIAL ASSESSMENT FUND (Sinking Account) which sum
will not be required for other purposes prior to September 30, 1962,
IT IS THEREFORE determined to be in the interest of the
City of Fridley that the sum of $60,000.00 of Special Assessment
Fund (Sinking Account) BE INVESTED as authorized by law and in
accordance therewith it is hereby determined to purchase the
sum of $60,000.00 of the aforementioned Sewer and Water Improvement
Project #22 -1960 Bonds, Series °A" temporary issued under date of
September 30, 1960 UPON their initial issuance in accordance
with the provisions of Minnesota Statutes, Sec. 429.091, 471.56
and 475.66, out of the funds in Special Assessment Fund (Sinking
Account) and on behalf of said fund at par and accrued interest
as of the date of delivery of said bonds and completion of such
sale; it being further determined to be reasonable and advantageous
to the City to sell said temporary improvement bonds to the
Sinking Account of the Special Assessment Fund, in accordance
with the provisions of this resolution.
SECTION 1. The City Manager and Treasurer are hereby auth-
orized 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 necessary 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, 1960.
MAYOR - T. E. Greig
CITY MANAGER - Earl P. agner
ATTEST:
�
` as'4
CITY C - Marvin C. Brunsell
RESOLUTION NO. 131 - 1960
A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH LAWS OF 1957, CHAPTER 38
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
and Storm Sewer Improvement Project #36 -1960
has been estimated at $100,000.00.
SECTION 2. It is now estimated that the sum of $100,000.00
is currently necessary to provide financing of
the projects above noted, and it is hereby determined to be nec-
essary to borrow said amount for the payment of obligations
now incurred and for expenses necessarily incurred in connection
with the construction of said improvement projects.
SECTION 3. There is hereby created Sewer and Water and
Storm Sewer Improvement #36 -1960 Fund (temporary)
which shall contain a construction account as a part thereof into
which shall be paid all proceeds of temporary bonds issued pur-
suant 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 incurred in connection with the making
of said improvement.
SECTION 4. There is also hereby created in Sewer and Water
and Storm Sewer Improvement #36 -1960 Fund (tem-
porary) 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 $100,000.00
shall be borrowed to finance said Sewer and Water
and Storm Sewer Improvement Project #36 -1960 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.CL,
Subdivision 3, as amended by laws 1957, Chapter 385.
SECTION 6. Said bonds shall be payable from the Sinking
Fund of the following: Sewer and Water and
Storm Sewer Improvement #36 -1960 Fund but the City further rec-
ognizes its duty under the law, as provided by Sec. 429.091,
and covenants and agrees with the purchaser and all holders
from time to time, of said temporary 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 and Storm Sewer Improvement
#36 -1960 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 assessments
against benefited property by reason of the making
of Sewer and Water and Storm Sewer Improvement Project #36 -1960
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 assess-
ments to be placed on the tax rolls at such time when said improvement
projects have been completed or the total cost thereof has been
determined.
SECTION 8. Said temporary improvement bonds in the amount
of $100,000.00 shall be denominated Sewer and
Water and Storm Sewer Project #36 -1960 Bond Series "A" (temporary)
shall be twenty (20) in number and numbered from l to 20 inclusive,
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 s&id bonds insofar as such information
is made available to him by the holders thereof, for the purpose
of mailing sadi notices. The principal and all interest on said
bonds shall be payable at Fridley City Hall, 6431 University
Avenue N.E., Minneapolis 21, Minnesota.
' SECTION 9. Said temporary improvement bonds shall be mimeo-
graphed and when so mimeographed shall have
attached 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 OF
FRIDLEY, THIS 4TH DAY OF OCTOBER, 1960.
MAYOR - T.E. Greig
CITY MANAGER - Ear . Wagner
ATTEST:
f % /' d1Lu 1a_ �1kA% -& W
CITY CLERK - Marvin C. Brunsell
RESOLUTION N0. 132 - 1960
A RESOLUTION DIRECTING THE SALE OF T121FORARY IMPROVEMENT BONDS
IN ACCORDANCE WITH THE LAWS OF 1957, CHAPTER 385
BE IT RESOLVED By the City Council of the City of Fridley,
Anoka County Minnesota, as follows:
THAT WHEREAS It has heretofore been determined by this
Council to issue temporary improvement bonds in order to provide
the necessary funds for the construction and payment of expenses
relative to the following improvement projects: to -wit: Sewer and
Water and Storm Sewer Improvement Project #36 -1960 as per plans
and specifications approved by the City Council; and
WHEREAS It has been determined that there is at the present
time an amount in excess of 0100,000900 in the following fund,
to -wit: SPECIAL ASSESSMENT FUND (Sinking Account) which sum will
not be required for other purposes prior to September 30, 1962,
IT IS THEREFORE determined to be in the interest of the City
of Fridley that the sun of $100,000.00 of Special Assessment Fund
(Sinking Account) BE INVESTED as authorized by law and in accordance
therewith it is hereby determined to purchase the sum of $100,000.00
of the aforementioned Sewer and Water and Storm Sewer Improvement
Project #36 -1960 Bonds, Series "A" temporary issued under date of
September 30, 1960. UPON their initial issuance in accordance
with the provisions of Minnesota Statutes, Sec. 429.091, 471.56,
and 475.66, out of the funds in Special Assessment Rand (Sinking
Account) and on behalf of said fund at par and accrued interest as
of the date of delivery of said bonds and completion of such sale;
it being further determined to be reasonable and advantageous to
Sinking Account of the Special Assessment Rand to invest in said
temporary improvement bonds and to be reasonable and advantageous
to the City to sell said temporary improvement bonds to the Sinking
Account of the Special Assessment Fled, in accordance with the provisions
of this resolution.