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HomeMy WebLinkAboutResolution 51-59Extract of Ninutes of ~eeting of the City Council of the City of~Oolumbia Heights, Anoka County, ~innesota Pursuant to due call and notice thereof, a re~]ap ~ meeting of the City Council of the City of Columbia Heights, Ninnesota, was duly held at mthe City office in said city on Tuesday, the 2?th day of Novem- ber, 1951, at 8:00 o~clock P. M. Mayor Stopka presided, and ~he following Councilmen were present: Holm, Lange, Deeble, Spekulant and the following were absent: None The Mayor annoUnced that this was the time and place for the open- ing of bids for the purchase of $68,000 Public Improvement Fund Bonds and $32,000 Equipment Bonds of the City, as advertised for sale in accordance with Ordinance No. 287. The City Manager then presented affidavits show- ing publication of notices of sale ten days in advance in the official newspaper and in Commercial West, which were examined and found satisfac- tory and ordered placed on file. The. City Manager then presented the sealed bids which had been received. These were opened, tabulated, and found to be as follows: FOR SAID $68,000 OF BONDS Name of Bidder First National Bank; Mp!s., Harold E. Wood and Company, J. M. Daln & Company Allison-Williams Company Piper, Jaffray & Hopwood Interest Rate Amount of Bid Minn. 3.0% Par, plus $221.00 St. Paul, Minn. 2.7% Par, plus $71.00 -1- ~OR SAID $32,000 OF BONDS Name of Bidder Interest Rate First National Bank, Mp!s., Minn. 3. Harold E. Wood & Company, St. Paul, · Minn J. M, Dain& Company Allison-Williams Company Piper, Jaffray & Hopwood Amount of Bid Par, plus ~104.00 2.7~ Par, plus $34.00 Councilman De eble then presented and read the following written resolution and moved its adoption: A RESOLUTION RATIFYING THE ACTION OF THE CITY MANAGER IN PUBLISP~NG NOTICE OF SALE AND AWARDING THE SALE OF $68,000 PUBLIC IMPROV~ENT FUND BONDS AND $32,000 EQUIP~ENT BONDS BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, that the action of the City Manager in publishing notice of sale, including the form and provisions of the notice of sale and dates and matur- ities of the bonds as set forth therein, is hereby ratified and confirmed. BE IT FURTHER RESOLVED that the bid of J. M. Dain Allison-Williams Comoa~y. Pi~er. Jaffray & HoDwood, to purchase ~,000 pUblic Improvemenb Fund Bonds, which bid' is to pay SPar. o~Us $71.~bonds bearing interest at the rate of 2.7 per annum on those maturing in the years 1953 to 1962 , inclusive, ~d at ---. % per annum for those maturing in 19 to 1~ ~'~ inc!usi~ is her~ ~-~nd to be the most favorable bid rece~ed, and shall be and is hereby accepted· BE IT FURTHER RESOLVED that the bid of J. M. Da i~ ~.Company At~ i~on-Williams Compan_v~ ~per~ .Jaffray & Hoowood. to purchase $32,000 Equipment Bonds, which bid is to pay $ Par. plus $34.00 for bonds bearing interest at the rate of 2 ? % per annum on those ma- turing in the years 1953 to 19~_~, inclusi~e,'~.d at % per annum for those maturing in 19 to 19~_~ inclusive,~ is h~reby found to be the most favorable~ bid receive~, and shall be and is hereby accepted. BE IT FURTHER RESOLVF~ that the City Manager shall return the good faith checks of~ all unsuccessful, bidders and retain the check of said pur- chasers until delivery of the bonds. Secretary of the Council The motion for the adoption of the foregoing resolution was duly seconded by Councilman Soekulant thereon, the following voted AYE: Holm, Lange, Deeble, , and upon vote being taken Spekulant and Stopka and the following voted NO: None whereupon said resolution was declared duly passed and adopted. Councilman _ Deeb~e then introduced and read the fol- lowing written resolution and moved its adoption: A RESOLUTION FIXING THE FORM AND SP~CIF!CATIONS OF $68,000 PUBLI~ IMPROVEMENT FUND ,BONDS AND $32,000 EQUIPMENT BONDS, DIRECTING THEIR EXECUTION AND DE- L!VERY AND IEVYING A TAX FOR THEIR PAYNENT. BE IT RESOLVED by the City Council of the City of Columbia Heights, ~innesota, as follows: t. The City of Columbia Heights shall forthwith issue and deliver its negotiable coupon Public Improvement Fund Bonds in the aggregate principal amount of $68,000, dated December l, 195~, said bonds to be 68 in number and numbered I to 68, inclusive, in the denomination of $1000 each, to bear in terest at the rate of _~% per annum for bonds numbered I to 68 and at ~ % per annum for bon~numbered ' to payable Ju!y'~-, 1952, and semiannually thereafter on the 1st day of J~--~ and the 1st day of July in each year, and to mature serially on July 1st in the amount of $6000 in each of the years 1958 to 1957, both inclusive, and $7000 per '-year for the years 1958 to 1961, both inclusive, and $10,000 in the year 1962, all without option of prior payment. 2. The City of Columbia Heights shall forthwith issue and deliver its negotiable coupon Equipment Bonds in the aggregate principal s~ount of $32,000, dated December l, 1951, said bonds to be 32 in number and numbered i to 32, both inclusive, in the denomination of $1000 each, bearing inter- est at the rate of 2. ? % per annum for bonds numbered I to 32 and at per annum for bonds' numbered to , payable July !~--~52, and se-'~% annually thereafter on the lsd" day of ~'anuary and the 1st day of July in each year, and to mature serially on July 1st in the years and &mounts as foll~s: $3000 per year in the years 1953 to 1961, both inclusive, and $5000 in the year 1962, all without option, of prior payment. 3. Both principal and interest on said bonds shall be payable at the main office of ~nk of Minnea.oolis. ~innesota , and the City shal rvmces as paying agent. · . ~ ~ · 4. The bonds and the interest coupons to be thereto attached shall be in substautially the following form: UNITED STATES OF A~ERICA STATE OF MINNESOTA COUNTY OF ANOKA No. CITY OF COL%~MBIA HEIGHTS -- 81ooo PUBLIC IMPROVEI~NT FUND BOND OF 1951 KNOW ALL MEN BY THESE PRESENTS that the City of Columbia Heights, Anoka County, Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of ONE THOUSA~ DOLLARS on the 1st day of July, 19 , without option of prior payment, and to pay inter- est thereon, from the~te hereof until the principal sum is paid, at the rate of Two aad sev~ .tenths per cent (.2.7 %) per annum, payable July l, 1952, and semiannually' thereafter on the 1st day of January and the 1st day of July in each year, interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due. Both Principal and interest are payable at the ~ain office Of _First Nation~.~ B~nk_ MI~~ ~ ~, in _. ~%mm~tm , in any coin or currency of 'the Unite~ S-ta{es of America which at the ti~e ~of payment is legal, tender for public and pri- vate debts, an~d for the prompt and .£Dll 'payment of .such principal and interest as {hey become due, the full faith, credit, and taxing powers of the City are hereby irrevocably pledged. This bond is one of an issue of $68,000 bonds, all of like date and tenor except as to maturity(snd i~terest rate), all issued by said City for the purpose of providtnE money for the maintenance of the Perma- nent Improvement Fund o~ the City and for an improvemen% of a lasting character, all as authorized by au ordinance adoPted by four-fifths vote of the council had pursuant to and'in full conformity with the Constitu- tion and~Laws~of the State of Minnesota and the Home Rule Charter of said City thereunto enabling. IT!S HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and Laws of the State of ~inn~sota and the Home Rule Charter of said City to be done, to happen, and to be performed precedent~to and in the issuance of this bond have been done, have happened, and have been performed in regular and due form, time, and manner as required by law; that, prior to the issuance hereof, a direct, annual, ad valorem tax has been duly levied upon all of the taxable prop- erty in said City in the yeses and amounts as required by law, and addi- tional taxes maybe levied upon said property, without limitation as to rate or amount~ and that the issuauce of this bond did not cause the in- debtedness of the City to exceed any constitutional, statutory, or charter limitation. IN WITNESS WHEREOF the City of Columbia Heights, Anoka County,- Minnesota, by its Council, has caused this bond to be executed in its be- half by the signature of the Mayor, attested by the City Manager, and its corporate seal to be hereunto affixed, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said Mayor and City Manager~ all as of December l, 19~l. ' ty Manager 4 -- (Form of Coupon) No · On the 1st day of July (January), 19-----, the City of Columbia Heights, Anoka County, Minnesota, will pay to bearer, at the main office of ~4~t National Bank , inMinneaoolis, Etna. the sum of DOLLARb for ~hteredt %hen~ du~ on its Public ~'mprovement Fund Bon~ dated Dec~ember l, 19~l, No. . Attest; ~- .~~ .~ ~ 5.~ The Equipment Bonds shall be in substantially the same form a~ above set forth, except for the necessary change in the name, aud exceot that the second paragraph thereof shall read as follows: ' "This bond is one of an issue of $32,000, all of 'like date tenor except as to maturity (and interest rate), all issued by said City for the purpose of providing money for the purchase of new equipment as authorized by ordinance adopted by four-fifths vote of the council and pursuant to and in full conformity with the Constitution and Laws of the State of ~tnnesota and the Home Rule Charter of said City." 6. The City Manager shall cause said bonds to be printed at the cost of the City, and said bonds shall be executed in behalf of the City by the Nayor and City ~anager and shall be sealed with the official co~orate seal; and said coupons shall be executed and authenticated by the printed, engraved, or lithographed facsimile signatures of said officers. When said bonds have been so executed, they shall be delivered to the purchaser thereof, upon receipt of the purchase price, and the purchaser shall not be obligated to see to the proper application of such purchase~price be- yond its payment to the City Treasurer. 7. The full faith and credit of the City are hereby irrecovably pledged to the prompt aud full payment of the principal of and interest on said bonds as such principal and interest become due. In compliance with Minnesota Statutes, and in order to provide moneys for the payment of the principal of and interest on said bonds, there shall be and is hereby levied upon all the taxable property in said City a direct, annual, ad valorem tax to be spread upon the tax rm%s and collected v~ith and as a part of other general city taxes in the years and amounts as follows: Year For Public Improve- For Equip- ment Fund Bonds ment Bonds 1952 $9750 $2790 !953 8300 hlOO 195h 81oo 2ooo 1955 7900 3900 1956 7700 3800 1957 8600 3700 1958 8~oo, 1959 8~oo 35oo 176o -79oo 32oo 1961 10900 5~00 Said levy shall be irrepealable, provided that, when and~if other moneys are available or shall be made gvailable in the special sinking fund to pay said principal and interest, the City Nanager shallcerttfy such amount to the County Auditor of Anoka County on or before October l~th of any year and direct him to.reduce or cancel sa~d~evy. ~ 8. Thereis hereby created a separate sinking fund for the payment of the principal and interest on each issue of said bonds,into which shall be paid the proceeds of the foregoing levies and such other sums as may be directed to be used for the payment of said bonds, and out of which fund shall be paid the interest on and principal of said bonds as such principal and interest become due, and said fund shall be used for no other purpose until all of said bonds have been paid. 9- The Secretary of the Council is hereby directed to cause a copy of this resolution, certified by the Secretary, to be filed in the office of the County Auditor of Anoka County, Y~innesota, and to obtain from him the certificate required byEinnesota Statutes. 10. The City Nanager is authorized and directed to furnish to the pur- chaser of said bonds, and to the attorneys approving the same, certified copies'of all proceedings aud records o f the City relating to said bonds and to the financial affairs of the City and'such other certificates as may be required to show the facts as to the power and authority of the City to issue said bonds,within his knowledge or as shown by the books and records under his control and custody, and such certified copies and certificates shall be deemed~representations of the City as to the facts stated therein. ll. This resolution shall be in full force and effect thirty (30) days from and after its passage. Secretary of the Council Mayo~/ The motion for the adoption of the foregoing resolution was duly seconded by Councilman. Spekulan~ , and upon vote being taken thereon the following voted AYE: Holm, Lange, Deeble, Spekulant and Stopka~ and the following voted NO: None whereupon said resolution was declared duly passed and adopted.