RES 1962-11 - 00012301 (2)S
EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF
FRIDLLY, MITE''TESCTA.
Pursuant to due call and notice thereof, a regular meeting of
the City Council of the City of Fridley, Minnesota, 'vas held at the
City Hall in said City on February 19, 1962, at 8:oO o'clock P. M.,
with the following members present:
Mayor Greig, Councilmen Volke, Sheridan, Johanson, Nee
and the following members absent: None
Member Johanson introduced the following resolution and moved its
adoption:
RESOLUTION NO. 11 -1962 CALLING FOR THE SALE OF IM;PROVEtTNT
BONDS AND PARK BONDS.
BE IT RFSCU'ED by the City Council of the City of Fridley,
Minnesota as follows:
(1) It is hereby found and determined that following the
required hearings and notices this Council has ordered
the following improvements, has awarded contracts for
each irprovement and that the total cost of each
irrrovement are as follows:
Collection
*Amount of Assess- Number of First
ImIroverent Cost ments Cutstanding Installments Installment
SW 36
$117y031
2', 25, M.ol
20
1962
SW 38
37,173
309637.18
20
1962
,
SW 41
399356
27.703.97
20
1962
1959 Street
689599
35;+89.88
5
1962
SS 40
4o,000
29,000.00
20
1963
Ss &S 43�
106 ' 000
46,000.00
5
1963
ss &s 43
29,000.00
20
1963
1961 Street
2'�1 000
81 60.00
')2.
5
1963
4639',159
X30 ,0
*Excluding special assessments to be paid in one installment
(334,159) and that each assessment shall bees 6% interest per annum
on the unpaid balance fr ^m year to year with the first installment
to bear interest from date of adoption of the assessr,ent to Decem-
ber 31 of the year in which said installment is rayak:le and one
year's interest on the unpaid balance tc be added to each subsequent
installment.
(2) It is hereby determined that with respect to the above im-
provements, temrorary irprovement bonds in the amount of
X639,159 have been issued to various inprovement bond
sinking funds of the City and are new outstanding and that
of ti- _'s amount, 344,159 will be retired from payments
,,.ithin one year of special assessments adopted or to be
adopted.
(3) It is hereby determined that it is necessary and ex-
pedient for the City to borrow money and issue its general
obligation bonds in the amount of 11295,000 for the rurrose
of redeeming that rertion of said terrorary bonds which
which vill not be repaid by collections of special assess-
ments 1.ithin one year after adoption thereof.
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(4) At an election held November 3, 1959, the question of
borrowing money and issuing bonds not to exceed the amount
of $150,000 carried by lore than the requisite majority
vote of the qualified electors in the City and that it is
now necessary and expedient to issue said bonds in accordance
with the notice of bond sale hereinafter contained.
(5) This Council shall meet at the time and place specified in
the form of notice hereinafter contained to receive sealed
bids for and to award the sale of the above bonds and the
' Clerk is hereby authorized and directed to cause notice of
said meeting to be published in the official newspaper and
in Commercial West, a financial rublicatirn with general
circulation thrcugh the State in substantially the following
form:
NOTICE OF BOND SALE
$295,000 GENERAL OELICATION IrPROVEMENT BONDS
AND
$1507000 GENERAL CELIGATION PALK EONDS
CITY OF FRIDLEY, MINNESOTA
NOTICE IS HERFFY GIVEN That the City Council of the City of Fridley,
Minnesota, will meet at the City Hall located at 6431 University
Avenue in said City on April 2, 1962, at 8:00 o'clock P.M. to
receive sealed bids for and to award the sale of the following bonds
which shall be general obligations of the City, shall '_e dated May 1
1962, shall be in 11,000 denominations or, if so designated within Q
hours after award, in $5,000 denominations, shall bear interest at the
rate or rates expressed Ty the bidder in integrals of 1A or 1 /10 of
1% per annum sayable on February 1, 1963, and seriannually thereafter
and which shall mature on February 1 of each year as follows:
$295.000 Improvement Bonds:
$40,000 in each of the Years 1964 through 1967, inclusive;
$35,000 in the year 1968;
$10,000 in each of the years 1969, 1971, 1973, 19757 1977, and 1979'
$ 5,000 in each of the years 1970, 1972, 197+3 19765 1978, 19809 1911
and 1982;
with the bonds maturing in the years 1975 through 1982 subject to re-
dcmption and prepayment at the City's option on February 1, 1974, or
any interest payment date thereafter at a price of 101 -1/21 of par,
plus accrued interest.
$15 ".000 Park Bonds_
$ 5,000 in the year of 1964;
$10,000 in the year of 1965;
$15,000 in each of the years 1966 through 170, inclusive; and
$20,000 in each of the years 1971 through 1973, inclusive;
without option of prior payment.
The principal and interest on each issue shall be payable at any
suitable banking institution in the United States designated by the
successful bidder for each issue and the City agrees to pay the
customary and reasonable charges of said paying agent. The City agrees
to furnish within VO days after award and without exrense to the pur-
chaser anywhere in Minnesota, the printed and executed bonds together
with the unqualified arrroving legal opinion of Messrs. Howard, Peterson,
LeFevere, Lefler & haertzen of Yinneapolis, Minnesota.
Separate bids must be subritted for each issue sealed in envelopes
marked resrectively "Bid for 9295,000 Improvement Bonds" or "Did
for $=150,000 Park Bonds" and must be received by the undersigned Clerk
Prior to the tine of the sale. Each bid must be unconditional except
as to legality, which may be conditioned cn the unconditional opinion
of the above named attorneys and must be accompanied by a certified
or cashier's check in the amount of 2% of the principal amount of each
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issue (9;5,900 for the $295,000 issue and $3,00 for the $150,000
issue) to be forfeited as li'- cuzdeted damages shout -C the bid be
accepted and the bidder fail to corply therewitb-. Bids for each
issue will be preferred according to lowest net interest cost at
the rate or rates specified, deducting any premium offered.
rit e v l issue fron the date of issue to naturity of the
arplicable. bonds, provided that not rore than one bssic rate
applies to bonds raturing in any one year. Bidders may also
specify one additional annual rate of interest on all or p -st of
the bonds for any period of their term to be represented by supple-
- mental coupons, provided that the total interest rerresented by
said supply- ^ental coupons does rot exceed 1 -1/2/ of the resrective
issued (9;4,425 on the 9'-'.295,000 issue and 9,.2,250 on the %:1501000
issue). The interest must not exceed 6% per annum on any bond
for any portion of its term. No bid for less than par and accrued
interest will be considered and cral bids will not be received.
The City Council reserves the right to waive inforn- alities and to
reject any and all bids.
Dated:
BY CRDER OF THE CITY COUNCIL
/s/ Marvin Brunsell, City Clerk
(6) The terms of said notice are hereby adopted as the terms
of said bonds and the sale thereof.
MAYO - T. E. Gr ig
Attest: /+
CITY CLLLK - Marvin Brunsell
The motion for the adoption of the foregoing resolution was duly
seconded by member Wolke; and upon a vote being taken, the follow-
ing members voted in favor thereof: Greiff;, Johanson, Nee, Sheridan,
Wolke.
and the following members voted against the same: None
whereuron said resolution was declared passed and adopted and was
signed by the Mayor and attested by the City Clerk.
Passed and Adopted by the City Council of the City of
Fridley this loth day of February, 1962.
RESOLUTION NO. 12 -1962
A RESOLUTION CRDLRING IIPRCVEVI NTS, APPRCVAL OF PLANTS, AND
ORDERI ?iG ADVERTISING FOR BIDS.
WITREAS, the Resolution No. 69 -1960 of the City Council
adopted the 7th day of June, 1960, set the date for hearing on
the proposed irrrovrents, as sreci.fically noted in the notice of
hearing attached hereto for ref.ereiace as EXHIBIT "A ", and
WHEI.EAS, all the property
to be assessed with the making
in said notice) were given ten
hearing through two (2) weekly
notice, and the hearing was he
owners whose property is liable
of these improvements (as noted
(1) ) days notice of the council
publications of the recuired
Ld and the property owners heard
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