The URL can be used to link to this page

Home My WebLink About1970-116 CCR Member John Leary introduced the following resolution and moved its adoption: RESOLUTION NO. 70 -116 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF BONDS BE IT RESOLVED by the Council of the City of Brooklyn Center, Minnesota, as follows: 1. The City has heretofore undertaken various local improvements pursuant to Minnesota Statutes, Chapter 429, Such improvements and the amount of money required to be raised by the City to complete the construction of each are set out in Paragraph 3. It is estimated, however, that funds from such sources as prepayment of special assessments will reduce the amount required to complete the financing of such improvements. It is therefore determined that the sum of $2,250,000 is needed to complete the financing of such improve- ments and that the City shall issue and sell its improvement bonds of 1970 in that amount to provide money for that purpose. 2. It is hereby determined that it is necessary and expedient to provide in part the additional interest required to market bonds at this time by issuance of additional bonds which shall be in the amount of $40,000. Any excess of payments over $2,250,000 shall be credited to the sinking fund for purpose of paying interest first due on said bonds. 3. The improvements to be financed hereunder and the amount required for each is as follows: Improvement No. Amount Sanitary Sewer Improvement No. 1968 -40 8,450.53 Water Main Improvement No. 1968 -33 33, 504.36 Water Main Improvement No. 1968 -37 22,339.74 Water Main Improvement No. 1968 -39 5,825.86 Water Main Improvement No. 1968 -42 26, 852.99 Water Main Improvement No. 1968 -45 26, 566.71 Curb Gutter Improvement No. 1968 -53 44, 690.30 Street Surfacing Improvement No. 1968 -9 8,726.79 Street Surfacing Improvement No. 1968 -32 43, 886.06 Street Surfacing Improvement No. 1968 -34 25, 011.27 Street ,Surfacing Improvement No. 1968 -38 7,062.86 Street Surfacing Improvement No. 1968 -41 10, 240.65 Street Surfacing Improvement No. 1968 -43 17,009.71 RESOLUTION NO. 70 -116 Improvement No. Amount Sanitary Sewer Improvement No. 1969 -33 16, 309.56 Sanitary Sewer Improvement No. 1969 -36 216, 101.89 Sanitary Sewer Improvement No. 1969 -41 30, 527.79 Sanitary Sewer Improvement No. 1969 -45 65,409.80 Sanitary Sewer Improvement No. 1969 -54 43, 432.96 Sanitary Sewer Improvement No. 1969 -61 6,284.83 Sanitary Sewer Improvement No. 1969 -68 5,234.99 Storm Sewer Improvement No. 1969 -39 346, 784.13 Storm Sewer Improvement No. 1969 -55 39, 557.24 Storm Sewer Improvement No. 1969 -58 4,917.16 Storm Sewer Improvement No. 1969 -62 5,539.16 Storm Sewer Improvement No. 1969 -66 37, 807.04 Storm Sewer Improvement No. 1969 -69 5,627.38 Water Main Improvement No. 1969 -2 3,820.26 Water Main Improvement No. 1969 -4 20, 497.15 Water Main Improvement No. 1969 -6 10, 628.98 Water Main Improvement No. 1969 -8 17, 071.47 Water Main Improvement No. 1969 -10 23, 008.67 Water Main Improvement No. 1969 -12 15, 852.23 Water Main Improvement No. 1969 -14 28, 129.64 Water Main Improvement No. 1969 -18 19,963.65 Water Main Improvement No. 1969 -20 25, 868.29 Water Main Improvement No. 1969 -22 21, 152.57 Water Main Improvement No. 1969 -24 7,353.70 Water Main Improvement No. 1969 -26 13, 142.68 Water Main Improvement No. 1969 -28 9,049.19 Water Main Improvement No. 1969 -30 21, 928.60 Water Main Improvement No. 1969 -32 248, 847.69 Water Main Improvement No. 1969 -40 18, 125.71 Water Main Improvement No. 1969 -53 28, 585.36 Water Main Improvement No. 1969 -60 7,863.73 Water Main Improvement No. 1969 -64 15, 693.32 Water Main Improvement No. 1969 -70 8,067.29 Water Main Improvement No. 1969 -73 12, 064.01 Curb Gutter Improvement No. 1969 -17 7,171.53 Curb Gutter Improvement No. 1969 -35 6,213.73 Curb Gutter Improvement No. 1969 -44 6,135.91 Curb Gutter Improvement No. 1969 -47 6,355.86 Curb Gutter Improvement No. 1969 -49 7,278.54 Curb Gutter Improvement No. 1969 -75 42, 841.62 RESOLUTION NO. 70 -116 Improvement No. Amount Street Grading Improvement No. 1969 -37 312, 915.95 Street Grading Improvement No. 1969 -51 149,152.31 Street Grading Improvement No. 1969 -56 12, 739.21 Street Surfacing Improvement No. 1969 -3 2,889.46 Street Surfacing Improvement No. 1969 -5 13, 067.02 Street Surfacing Improvement No. 1969 -7 13, 622.62 Street Surfacing Improvement No. 1969 -9 18, 794.41 Street Surfacing Improvement No. 1969 -11 22, 272.28 Street Surfacing Improvement No. 1969 -13 13, 728.45 Street Surfacing Improvement No. 1969 -15 20, 739.81 Street Surfacing Improvement No. 1969 -16 3,585.77 Street Surfacing Improvement No. 1969 -19 22, 858.31 Street Surfacing Improvement No. 1969 -21 29,314.63 Street Surfacing Improvement No. 1969 -23 21, 278.89 Street Surfacing Improvement No. 1969 -25 8,639.93 Street Surfacing Improvement No. 1969 -27 13, 602.89 Street Surfacing Improvement No. 1969 -29 7,621.77 Street Surfacing Improvement No. 1969 -31 18, 699.54 Street Surfacing Improvement No. 1969 -34 14, 923.86 Street Surfacing Improvement No. 1969 -43 19, 174.76 Street Surfacing Improvement No. 1969 -46 2,229.93 Street Surfacing Improvement No. 1969 -48 7,640.25 Street Surfacing Improvement No. 1969 -63 771.32 Street Surfacing Improvement No. 1969 -65 13, 546.03 Street Surfacing Improvement No. 1969 -67 16, 498.64 Street Surfacing Improvement No. 1969 -71 462.80 It is further determined that more than 20% of the cost of said improve- ments has been or will be assessed against property specially benefited thereby and the Council is authorized to issue bonds to provide money to pay the cost thereof without vote of the electors. All said improvements are hereby combined for purposes of financing. There is hereby created a special fund to be designated 1970 Improvement Bond Fund, out of which the City will pay the principal of and interest on bonds authorized hereunder and into which fund shall be paid all proceeds of special assessments to be levied for said improvements and the ad valorem taxes required to pay the general City share of the cost of said improvements. 4. The Improvement Bonds shall be intotal principal amount of $2,290,000 shall bear date July 1, 1970, shall bear interest payable July 1, 1971, and semiannually thereafter on January 1 and July 1 in each year and shall mature serially on January 1 in the years and amounts as follows: $45,000 in 1971; $170,000 in 1972 and 1973; $165,000 in 1974 to 1978 inclusive; $125,000 in 1979 to 1986 inclusive; and $20,000 in 1987 to 1990 inclusive, all bonds of both issue maturing after January 1, 1983 shall be subj ect io redemption at the option of the City on said date and any interest payment date thereafter in inverse numerical order at par and accrued interest. RESOLUTION NO. 70 -116 5. Bids for bonds shall be received at the City Manager's office prior to 2 :00 o'clock P.M. on August 24, 1970, and the Council shall meet at the Council Chambers in the City Hall at 8 :00 o'clock P. M. for the purpose of considering sealed bids for the purchase of said bonds. The Clerk shall cause notice of sale to be given by publication at least ten days in advance of the date of sale in the official newspaper of the City and in Commercial West, a financial paper published in Minneapolis, Minnesota. Said notice shall recite that the City will furnish printed bonds and approving legal opinion of Messrs. Howard, LeFevere, Lefler, Hamilton and Pearson, Minneapolis, Minnesota, both without expense to the purchaser, shall required sealed bids accompanied by a good faith check in the amount of at least $45,800; shall state that all bids shall state one or more rates of interest (not to exceed ten) in multiples of 5 /100ths of one per cent; shall state that the bonds will be payable at any suitable bank designated by the purchaser; that delivery will be made within forty days after the date of sale and that the purchaser may designate bond denomination and a paying agent satisfactory to the City within 48 hours after sale. July 27, 1970 Date Mayor ATTEST: Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Howard Heck and upon vote being taken thereon, the following voted in favor thereof: Philip Cohen, John Leary, and Howard Heck; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.