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Res 1963-176 159 RESOLUTION NO. 175-1963 A RESOLUTION DIRECTING THE SALE AND PURCHASE OF TEMPORARY IMPROVEMENT 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 improve- " 'Tient projects to-wit: Storm Sewer Improvement Project No. 64; 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 $8,000.00 in the following fund, to-wit: Regular Special Assessment Fund (Sinking Account), which sum will not'be required for other purposes prior to November 1, 1965, IT IS THEREFORE determined to be in the interest of the City of Fridley that the sum of $8,000.00 of Regular Special Assessment Fund (Sinking Account) BE INVESTED as authorized by law and in accordance therewith it is hereby determined to purchase the sum of $8,000.00 of the aforementioned Storm Sewer Improvement Project #64 Bonds ( Series "A" ) temporary issued under date of November 1, 1963. UPON their initial issuance in accordance with the provisions of Minnesota Statutes, Sec. 429.091, 477 ,56, and 475.66, out of funds in Regular 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 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 Sinking 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 afore- going resolutions and to make such transfer of funds as may be necessary from time to -Vine to give effect to the provisions hereof. PASSED AND ADOPTED BY THE CITY COUNCIL OF FRIDLEY THIS 4TH DAY OF NOVEMBER, 1963. MAYOR - Nee ATTEST: fir 4. CITY MANAGER - harl P./ agner AA gtip ASP CITY CLERK - C. Brunsell RESOLUTION NO. l76-.l961 A RESOLUTION DIRECTING THE ISSUANCE OF TEMPORARY IMPROVEMENT BONDS IN ACCORD- ANCE 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 Water and Sanitary Sewer Improvement Project Na. 65 has been estimated at 91000.00 SEC. 2. It is now estimated that the sum of $9,000.00 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 in- oUrred and for expenses necessarily incurred in connection with-the construction of said improvement projects. SEC. . There is hereby created Water and Sanitary Sewer Improvement #65 Rind 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 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. 1[60 SJC. JLt There is also hereby created Water ans Sanitary Sewer Improvement • Project -165 Fund (temporary) a Sinking Auld Account, which account in said fund may and shall be termed as the Sinking Fund, into which 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 fin- ance said project. It is hereby determined that the sum of $9,000.00 shall be borrowed to finance said Water and Sanitary Sewer Improvement Project No. 65 with res- pect 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, Subdivi- sion 3, as amended by laws 1957, Chapter 385, SEC. 6. Said bonds shall be payable from the Sinking Fund of the following: Water and Sanitary Sewer Improvement Project #65 Fund but the City further recognizes its duty under the law, as provided by Sec. 429.091, and cov- enants 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 reture 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 Water and Sanitary Sewer Improvement Project #65 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 bene- fited property by reason of the making of Water and Sanitary Sewer Improve- ment Project #65 and to levy ad valorem taxes, if necessary, to produce sums at least 5% in excess of the amounts sefficient to pay principal and interest when due or said temporary improvement bonds and on any difinitive bonds to be issued as herein provided, such special assessments to be placed on the tax rolls at sr.ch time when said improvement projects have been com- pleted or the total cost thereof has been determined. SEC. 8. Said temporary imorovement bonds in the amount of 0,000.00 shall be denominated Water and Sanitary Sewer Improvement Project #65 Bond Series "A" (temporary) shall be nine (9) in number and numbered from one to nine inclusive, each in the denomination of $1,000.001 shall bear int- erest at the rate of 5% per annum, payable semi-annually on May 1st and November 1st of each year and shall mature on November 1st, 1965, 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 said bonds insofar as such inform- ation 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, 6131 University Avenue N.E. 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 / Ill 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 Ii ' CI Y MANAGER MAYOR 161 SEC. 10. Said bonds and coupons attached shall be prepared under the dir- ection 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 milon eographed and authenticated, by the printed, engraved, lithographed, or fad- , simile signatures of said Mayor and Manager. When said bonds have been executed and authenticated they shall be delivered by the Treasurer 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 cer- tified 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 Water and Sanitary Sewer Improvement Project #65 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 provided that if any payment of principal or interest shall become due when there is not Mifficient money in said fund to pay the same, the Treasurer shallipay 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 except accrued interest shall be credited to the fund and used to ay 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 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 Ilinnesota 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 improvements will be paid by special 'assess- meil.ts 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 he 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 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 pro- pert.7, and also shall take such further proceedings as may be required by law to prOvideronies:-forthe- 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. SEC. 16. The officers of the City and the County Auditor of Anoka County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and to the attorneys approving the legality of the issuance thereof, certified 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 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 THIS 4TH DAY OF NOVEMBER _..... 'fiL7)1k41nrth5eA4V11144 MAYOR 14) CITY CLERK OfilirrV CITY MANAGER