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RES 1960-147 - 00012892 (2)WHEREUPON SAID RESOLUTION WAS DECLARED DULY PASSED AND ADOPTED ON THIS 25th DAY OF OCTOBER , 1960 MAYOR - T. E. Greig CITY K,ANAGER - Earl P Wagner ATTEST: Ox 41g . , CITY CnRK - Marvin C. Brunsell RESOLUTION NO. 147 - 1960 RESOLUTION AWARDING SALE OF $1,603,000 GENERAL OBLIGATION IMPROVEMENT BONDS, FIXING FORM AND SPECIFICATICt4S THEREFOR, DIRECTING THEIR EXECU- TION AND DELIVERY AND PROVIDli,G FOR THEIR PAYMEi,T BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, as follows: 1. The bid of JOHN NUVEEN & CO. (and Associates)-to purchase $1,603,000 Improvement bonds of 1960 is hereby found and determined to be the highest and best bid received and shall be and is hereby accepted, said bid being to purchase said bonds bearing interest as follows: ' 4.50% on all bonds maturing in the years 1963 to 1965, inclusive 4% on all bonds m ^turing in the years 1966 to 1970, inclusive 4.1% on all bonds maturing in the years 1971 to 1974, inclusive 4.2% on all bonds maturing in the years 1975 to 1982, inclusive together with an extra coupon of 1.4% on all bonds for the period of January 1, 1961 to January 1, 1962. The treasurer is directed to retain the good faith check of the purchaser pending completion of the sale and delivery of of the bonds, and the City Manager is directed to return the checks of unsuccessful bidders forthwith. 2. The ©ity of Fridley shall forthwith issue its negotiable coupon Improvement Bonds of 1960 in the principal amount of $1,603,000, said bonds to be dated October 1, 1960, to be 1,603 in number and numbered 1 to 1603, both inclusive, in the denomination of $l,000 each, bearing interest as above set forth, payable July 1, 1961, and semi -- annually thereafter on January 1 and July 1 in each year, and maturing serially on January 1 in the years and amounts as follows: $118,000 in 1963, $75,000 in 1964, 1969, 1974, 1979 and 1982, $80,000 in 1965 to 1968, both inclusive, 1970 to 1973, both inclusive. 1975 to 1978, both inclusive, and in 1980, and , $70,000 in 1981, all bonds maturing after January 1, 1976, being subject to redemption on said date and any interest payment date thereafter in inverse numerical order at par and accrued interest. 3. Both principal of and interest on said bonds shall be pay- able at the main office of the American National Bank of St. Paul, Minnesota and the City shall pay the reasonable charges of said bank for its services as paying agent. 1 4. The bonds and the interest coupons shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF FRIDLEY IMPROVEMENT BOND OF 1960 No. $1000 KNOW ALL MEN BY THESE PRESENTS that the City of Fridley, Anoka County, Minnesota, adkr.owledges itself to be indebted, and for value received hereby promises to pay to bearer from its Improvement Bonds of 1960 Fund Account of its Special Assessment Fund, on the 1st day of January 19 , the sum of ONE THOUSD1dD DOLLARS and to pay interest thereon from the date hereof until the principal amount is paid at the rate of four and fifty hundredths per cent (4.50 %) per annum* together with additional interest thereon from January 1, 1961 to January 1, 1962 at the rate of one and forty jundredths per cent (1.40 %) per annum, represented by separate coupons, # four and fifty hundredths per cent (4.50 %) on all bonds maturing in the years 1963 to 1965, inclusive. four per cent (4 %) on all bonds maturing. in the years 1966 to 1970, inclusive. four and ten hundredths per cent (4.10 %) on all bonds maturing in the years 1971 to 1974, inclusive. four and twenty hundredths per cent (4.20 %) on all bonds maturing in the years 1975 to 1982, inclusive. interest to maturity, payable July 1, 1961, and semi - annually there- after on the lst day of January and the 1st day of July in each year in accordance with and upon presentation and surrender of the interest coupons hereto ttached, as they severally become due. Both principal and interest are payable at the main office of the American National Bank of St. Paul, Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for pub- lic and private debts. For the prompt and full payment of such princi- pal and interest as the same respectively become due, the full faith, credit and taxing powers of the City have been and are hereby irrevo- cably pledged. All bonds of this issue m- turing after January 1, 1974, are sub- ject to redemption on said date and any interest payment date there- after in inverse numerical order at par and accrued interest. Thirty days prior notice of redemption will be given by mail to the bank where the bonds are pay -ble and to the last known holder. Holders desiring to receive such notice must register their names, addresses and bond numbers with the City Clerk. This bond is one of an issue of $1,603,000 principal amount, all of like date and tenor except as to maturity and interest rate, all is- sued by the Citp for the purpose of providing money to defray the ex- pense incurred or to be incurred in making various Water and Sewer Im- provements as authorized by resolution of the Council, and is payable primarily from special assessments to be levied against speci -ally bene- fited property, but the full faith and credit of the City is pledged for its payment. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and Laws of the State of Minnesota and Charter of said City to be done, to happen, to exist and to be per- formed precedent to an in the issuance of this bond, have been done, have happened, do exist and have been performed in regular and due form, time and manner as so required; that the full faith and credit of the City is pledged for the payment of the principal of and interest on the bonds of this issue when the monies on hand in the appropriate fund are insuffi- cient for the purpose, and taxes will be levied upon all taxable property in the City to take care of any deficiency, which taxe°: may be levied without limitation s to rate or amount, and that the issuance of this bond did not cause the indebtedness of the City to exceed any constitu- tional or statutory or Ch?rter limitation thereon. IN WITNESS WHEREOF, the City of Fridley, Anoka County, Minnesota, by its City Council, has caused this bond to be executed in its behalf by the facsimile signature of the Mayor and the manual signature of its City Manager and its corporate seal to be hereto affixed, and has caused the attached interest coupons to be executed and authenticated by the facsimile signatures of said officers, all as of October 1, 1960. MAYOR - T. E. Greig �e o �a� CITY MAI<.GER - Earl P Wagner (Form of Coupon) No. On the first day of J,�nua,ry (July), 19 , the City of Fridley, Anoka County, Minnesota, will pay to bearer out of its Improvement Bonds of 1960 Fund Account of its Special Assessment Fund, at the main office of the American National Bank of St. Paul, in the City of St. Paul, Minne- sota, the sum of DOLLARS for interest then due on its Improvement Bond of 1960 dated October 1, 1960, No. Mayo r L CITY MANAGER 5. The bonds shall be prepared under the direction of the City Manager and shall be executed on behalf of the City by the facsimile signature of the Mayor and manual signature of the City Manager, and the corporate seal of the city shall be affixed to each thereof, and the interest coupons shall be executed and authenticated by the printed facsimile signatures of said officers. When the bonds have been so executed, they shall be delivered by the Treasurer to the purchaser thereof upon receipt of the purchase price hertofore agreed upon, and the purchaser shall not be obligated to see to the proper application thereof. 6. The bonds issued hereunder shall be payable from the Improve- ment bonds of 1960 Fund Account hereby created a s part of the Special Assessment Fund of the City, provided that if any payment of principal or interest shill become due when there is not sufficient money in said fund to pay the same, the Treasurer shall pay such principal or interest from the general fund of the city and such fund shall be reimbursed - for such advances out of proceeds of assessments for said ,improvement when collected. I 7. It is hereby determined that the estimated collections of special assessments which will be available for the payment of said bonds will produce at least five per cent in excess of the amounts needed to meet when due the principal and interest payments on the bonds, and no ad valorem taxes are required at this time. The City Clerk shall deliver to the County Auditor of Anoka County a certified copy of this resolution and obtain his certificate in accordance with Section 475.63, Minnesota Statutes. ' 8. It is hereby determined that all of the improvements to be financed by the issuance of bonds hereunder will benefit the entire city, end the city hereby covenants with the holders from time to time of said bonds as follows: a. The city will cause the assessments for each of said improvements to be promptly levied so that the first inst- llment will become collectible during 1961 and will take all steps necessary to assure proippt collection. b. The city will keep complete and accurate books and records showing =11 receipts and disbursements in connection with said improvement, the assess- ments levied therefor and other funds appropriated for their payment and all collections thereof and disbursements therefrom, monies on hand and balance of unp =id assessments. c. The city will cause its said books and records to be audited at least annually by qualified public accountants and will furnish copies of such audit reports to any interested person upon request. 9. The Clerk end Treasurer of the city are hereby authorized and directed to prepare and furnish to the purchaser of the bonds and to the attorneys approving the same, certified copies of all proceedings : d records of the city relating to said bonds and to the financial condition and affairs of the city, and such other certificates, affidavits and transcripts as may be required to show the facts within their knowledge, or as shown by the books and records in their custody or under their control relating to the validity and marketability of said bonds and such instruments, including any heretofore furnished, shall be deemed representations of the city as to the facts stated therein. 10. The City has agreed to furnish the approving legal opinion of Messrs. Howard, Peterson, LeRevere, Lefler and Haertzen to the purchasers, and such opinion is hereby requested. The Clerk is authorized and directed to cause a copy of such opinion to be printed on each bond and to certify on each bond to the fact that such opinion is on file In this office prior to the delivery of such bonds, which Clerk's certific to shall be in substantially the following form: I, the undersigned, Clerk of the City of Fridley, Minnesota, hereby certify that except for the dating thereon, the above is a full, true and correct copy of the legal opinion of Messrs. Howard, Peterson, LeFevere, Lefler and Haertzen of Minneapolis, Minnesota, which was delivered to me prior to the delivery of this bond and is on file in my office. — L1— C!a`ln Gl - CITY CLERK - City of Fridley, Minnesota MAYOR - T. E. Greig ATTEST: CITY MANAGER - Earl P Wagner CITY CLERK - i�la� RESOLUTION NO.148 -1960 RESOLUTION ORDERING IMPROVEMENT AND FINAL PLANS AND SPECIFICATIONS WATER AND SEWER - JOHNSON'S RIVER LANE ADDITION. WHEREAS, Resolution #124 -1960 of the City Council adopted the 4th day of Cctober, 1960, set the date for he =ring on the proposed im- provements, as specifically noted in the Notice of Hearing attached hereto for reference as Exhibit "An, and WHEREAS, all of the property owners whose property is liable to be assessed with the making of these improvements (as noted in said notice) were given ten (10) days published notice of the Council Hearing through two (2) weekly publications of the required notice, and the hearing was held and the property owners heard thereon at the hearing, as noted in said notice. NOW, THEREFORE, BE IT RESOLVED, By the Council of the City of Fridley, Anoka County, Minnesota, as follows: 1. That the following improvements proposed by Council Resolution #124 -1960 are hereby ordered to be effected and completed as soon as reasonably possible to -wit: a. All of the improvements as noted in the notice of hearing on the same as are noted (in Exhibit "A ") in said notice. That the work above may be consolidated with other areas as one improvement. 2. The work to be performed under this project may be performed under one or more contracts as may be deemed advisable upon receipt of bids. 3. Comstock and Davis, Consulting Engineers, are hereby desig- nated as the Engineer for this improvements. They shall prepare final plans and specifications for the making of such improvements. ADOPTED BY THE COUNCIL OF THE CITY OF FRIDLEY THIS lst DAY OF NOVEMBER, 1960. OR - T.E. Greig CITY MANAGER - Earl P Wagner ATTEST: CIT CLERK - Marvin C. Brunsell I I