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RES 1962-160 - 00012543 (2)463 of delivery of said bonds and completion of such sale; it being further determined to be reasonable and advantageous to Sinking Account of the Regular Special Assessment Fund to invest in said temporary improvement bonds and to be reasonable and advantageous to the City to sell said temporary improvement bond to the Sink- ing Account of the Special Assessment Fund, in accordance with the provisions of this resolution ' Sec. 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 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 1ST DAY OF OCTOBER, 1962. r MAYOR T. E. Greig ATTEST: CITY CLERK Marvin C. Brunsell RESOLUTION NO. 160 -1962 ' A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY I 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. 1 The total estimated cost of Street Improvement Project 1962 has been estimated in excess of $260,000.00. Sec. 2 It is now estimated that the sum of $260,000.00 is currently 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 Street Improvement #1962 Fund (temporary) which shall contain a construction account as a part thereof into which shall be paid all proceeds of tem- porary 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 ' incurred in connection with the making of said improvement._ Sec. 4 There is also hereby created in Street Improvement #1962 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 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. =i 464 Sec. 5 It is hereby determined that the sum of $260,000.00 shall be borrowed to finance said Street Improvement Project #1962 with respect to costs of construction and expenses neces- sarily incurred relative thereto to this date, by the issuance of temporary improvement bonds of the City of Fridley as author- ized 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: Street Improvement Project #1962 Fund but the City further recognizes 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 sell at or prior to the maturity of the tempor- ary improvement bonds, to the extent that the same cannot be paid out of funds available in the Sinking Fund of Street Improvement #1962 Fund or out of other municipal funds which are properly 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 Street Improvement Project #1962 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 pro- jects have been completed or the total cost thereof has been determined. Sec. 8 Said temporary improvement bonds in the amount of $260,000.00 shall be denominated Street Improvement Project #1962 Series "A" (temporary) shall be twenty -six (26) in number and numbered from 1 to 26 inclusive, each in the denomination of $10,000.00, shall bear interest at the rate of 5% per annum, payable semi- annually on April 1st and October 1st of each year and shall mature on October 1, of 1964, shall be subject to redemption and prepayment on any in- terest 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 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 have attached thereto an interest coupon which Bond and Coupon shall be substantially in the following form: 165 1 (Form of Coupon) No. (Unless the bond described below is called for earlier redemption) On the day of , 19_, the of , Minnesota, the sum of - DOLLARS lawful money of the United States of America for interest then due on its Dated Manager - C 9� M 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 signatures 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 sig- natures of said Mayor and Manager. When said bonds have been exe- cuted and authenticated they shall be delivered by the Treasurer to the purchaser thereof, upon payment of the purchase price here- tofore 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 the County Auditor of Anoka County, together with such other information as he shall require and to obtain from said County Auditor a certi- ficate that said bonds have been entered on his bond register. Sec. 12 The bonds issued hereunder shall be payable from Street Improvement #1962 Fund which is hereby created. The Treasurer shall cause all monies received from the process of said bonds, all monies appropriated and transferred from other funds and all special assessments for the improvements provided that if 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 gen- eral 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 except accrued interest shall be credited to the fund and used to pay the cost of said improvement. ' Sec. 13 It is further provided that should it -appear at any time that the monies credited to said fund and provided 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 proceeds 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 hereunder. 166 Sec. 14 The City Council has determined that not less than eighty per cent (80 %) of the total cost of said im- provements will be paid by special assessments to be levied against every lot, piece or parcel of land benefited by the said improvements. 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 assessments, 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 assessment or in the performance of any condition pre- cedent 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 provide monies for the payment of principal and interest as the same fall due on the bonds issued hereunder and to pro- vide 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. 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 133Dnds and to the financial affairs of said City, and such other affi- davits, certificates and information as may be required, to show the facts relating to the legality and marketability of said bonds as the same appear from the books and records under their custody and control or as otherwise known to them, and such certificates, certified copies and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. PASSED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY, ANOKA COUNTY, MINNESOTA, THIS 1ST DAY OF OCTOBER, 1962. MAYOR -/T. E. Greig ATTEST: C� CITY CLERK - Marvin C. Brunsell �1