RES 1962-158159
RESOLUTION NO. 158 -1962
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:
' Sec. l The total estimated cost of Sewer and Water Improvement
Project #55 has been estimated in excess at $85,000.00.
Sec. 2- It is now estimated that the sum of $85,000.00 is cur-
rently necessary to provide financing of the projects
above noted, and it is hereby determined to be necessary 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.
Sec. 3 There is hereby created Sewer and water Improvement #55
Fund (temporary) which shall contain a construction
account as part thereof into which shall be paid all proceeds
of temporary bonds issued pursuant to this resolution and simi-
larly subsequent resolution, 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.
Sec. 4 There is also hereby created in Sewer and water Improve-
ment #55 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 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.
Sec. 5 It is hereby determined that the sum of $85,000.00 shall
be borrowed to finance said Sewer and Water Improvement
Project #55 with respect to cost 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.
Sec. 6 Said bonds shall be payable from the Sinking Fund of the
following: Sewer and Water Improvement #55 Fund, but
the City further recognize 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 improvement
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 well at or prior to the maturity of the temporary improve-
ment bonds to the extent that the same cannot be paid out of
funds available in the Sinking Fund of Sewer and Water improve-
ment #55 Fund or out of other municipal funds which are proper-
ly available and are appropriated by the council for such purpose.
Sec. 7 It is hereby determined to levy special assessments against
benefited property by reason of the making of Sewer and
Water Improvement Project #55 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 tempor-
ary improvement bonds and on any definitive bonds to be issued
as herein provided, such special assessments to be placed on the
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tax rolls at such time when said improvement projects have been
completed or the total cost thereof has been determined.
Sec. 8 Said temporary improvement bonds in the amount of
$85,000.00 shall be denominated Sewer and water Improve-
ment Project #55 Bond Series "A" (Temporary) shall be seventeen
(17) in number and numbered from 1 to 17 inclusive, each in the
denomination of $5,000.00 shall bear interest at the rate of 5%
per annum, payable semi - annually of April lst and October 1st,
of each year and shall mature on October 1st, 1964 shall be
subject to redemption and pre - payment on any interest 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 thereof, for the purpose of mailing said notices.
The principal and all interest on said bonds shall be payable at
Fridley City Hall, 6431 University Avenue Northeast, Minneapolis
21, Minnesota.
Sec. 9 Said temporary improvement bonds shall be mimeographed
and when so mimeographed shall have attached thereto an
interest coupon which Bond and Coupon shall be substantially in
the following form:
(Form of Coupon)
No. $
(Unless the bond described below is called
for earlier redemption)
on the day of , 19 , the of
County, Minnesota, will pay to bearer at
, Minnesota, the sum of
DOLLARS lawful money of the United States of America for interest
then due on its
Dated
— � ;/Z z 2 Li�) �/
MANAGER
YOR
Sec. 10 Said bonds and coupons attached shall be prepared under
the direction of the City Manager and shall be executed
on behalf of the City by the signature of the Mayor and Manager
and the corporate seal of the City shall be affixed thereto, and
the appurtenant interest coupon shall be mimeographed and authen-
ticated, by the printed, engraved, lithographed, or facsimile
signatures of said Mayor and Manager. When said bonds have been
executed and authenticated they shall be delivered by the Trea-
surer to the purchaser thereof, upon payment of the purchase
price heretofore agreed upon and accrued interest to date of
delivery and said purchaser shall not be obliged to see to the
application thereof.
Sec. 11 The City Manager is hereby authorized and directed to
file a certified copy of this resolution with County
Auditor of Anoka County, together with such other information
as he shall require and to obtain from said County Auditor a
certificate that said bonds have been entered on this bond
register.
' Sec. 12 The bonds issued hereunder shall be payable from Sewer
and Water improvement #55 Fund which is hereby created.
The Treasurer shall cause all monies received from the proceeds
of said bonds, all monies appropriated and transferred from
other fund and all special assessments for the improvements pro-
vided that is any payment of principal or interest shall 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 monies to be credited to said fund
when said monies are collected. All proceeds for said bonds ex-
cept accrued interest shall be credited to the fund and used
to pay the cost of said improvements.
Sec. 13 It is further provided that should it appear at any
time that the monies credited to said fund and pro-
vided for the payment of principal or interest on the bonds when
the sums become due are not sufficient to pay the same, that
then the City shall issue further definitive improvement bonds
as authorized and provided in accordance with Minnesota Statutes,
Sec. 429.091, Chapter 475, and that the process of said further
definitive bonds shall be first used to pay the principal and
interest as is then due and to redeem the temporary bonds issued
thereunder.
Sec. 14 The City Council has determined that not less than
eighty per cent (80%) of the total cost of said improve-
ments will be paid by special assessments to be levied against
every lot, piece or parcel of land benefited by the said im-
provements. The City hereby covenants and agrees that it will
do and perform, as soon as they can be done, all acts and things
necessary for the final and valid levy of such special assess-
ments, and in the event that any such assessments be at any time
held invalid with respect to any lot, piece or parcel of land,
due to any error, defect or irregularity, or in any action or
proceeding taken or to be taken by the Council or any of the
City Officers or employees, either in the making of such assess-
ment or in the performance of any condition precedent thereto,
the City and this Council will forthwith do all such further
proceedings as may be required by law to make such assessments
valid and binding liens against such property, and also shall
take such further proceedings as may be required by law to pro-
vide monies for the payment of principal and interest as the
same fall due on the bonds issued hereunder and to provide for
the redemption of the same.
Sec. 15 It is hereby determined that the collection of special
assessments and the proceeds of monies appropriated and
transferred from other funds is and will be in an amount of at
least five per cent (5 %) in excess of the amount required to pay
the principal of and the interest on said bonds when due and
that no ad valorem tax levy is accordingly required.
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Sec. 16 The officers of the City and the County Auditor of
Anoka County are hereby authorized and directed to pre-
pare and furnish to the purchaser of said bonds and to the
attorneys approving the legality of the issuance thereof, certi-
fied copies of all proceedings and records relating to said
bonds and to the financial affairs of said City, and such other
affidavits, certificates and information as may be required, to
show the facts relating to the legality and their custody and
control or as otherwise known to them, and such certificates,
certified copies and affidavits, including any heretofore fur-
nished, shall be deemed representations of the City as to the
correctness of all statements contained therein.
PASSED BY THE CITY COUNCIL THIS 1ST DAY OF OCTOBER, 1962.
MAYOR -'T. E. Greig
ATTEST:
oru. C
CITY CLERK - Marvin C. Brunsell
RESOLUTION NO. 159 -1962
A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IM-
PROVEMENT BOND IN ACCORDANCE WITH 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 Improvement Project #55
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 $85,000.00 in the following fund, to -wit:
REGULAR SPECIAL ASSESSMENT FUND (SINKING ACCOUNT)
which sum will not be required for other purposes prior to
October 1st, 1964.
IT IS THEREFORE determined to be in the interest of the City of
Fridley that the sum of $85,000.00 of Regular Special Assess-
ment Fund (Construction Account) BE INVESTED as authorized by
law and in accordance therewith it is hereby determined to pur-
chase the sum of $85,000.00 of the aforementioned Sewer and
Water Improvement Project #55 Bonds (Series "A ") temporary issued
under date of October 1st, 1962.
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 Regular Special Assessment Fund (Sinking Account) and
on behalf of said fund at par and accrued interest as of the date