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HomeMy WebLinkAboutResolution 57-81 Extract of Minutes of Meeting of City Council City of Columbia Heights, Minnesota September ~, 1957 · Pursuant to due call and notice thereof, ~a special meeting of the City Council of the City of Columbia Heights, Minnesota, was duly held~t the City offices at 520 Northeast Mill Street in said City on Monday',. and the following were absent: *** Councilman King September 9', 1957, at 8 o'clock The following Councilmen were present: Stopka, King, Julkowski, Chies Hob *** introduced the following reso- lution and moved its adoptions which proposed resolution was thereupon read: RESOLUTION AUTHORIZING THE iNVEStmENT OF SINKING FUND MONEYS IN THE PERNANE~ IMPROVEMENT REVOLVING FUND BONE~ ~)F THE CITY OF COLUMB~ HEIGHTS BE IT RESOLVED by the City Council of the City of Columbia Heightss Minnesota, that the City Treasurer be and is hereby authorized and directed to purchase, at a price of par plus' accrued interests out of moneys now on hand in the sinking funds for the outstanding bond issues of the City listed below, Permanent Improvement RevolvingFund Bonds of the issue of September l, 1957, maturing in the years 1968 through 1972 and bearing interest at 4.50~ per annum, in the respective amounts listed opposite the designations of said sinking funds below: Sinking Fund For: ~mount of Bonds to be Purchased Job No. 289 $60,000.0© " No. 312 20,000.00 " No. 313 80,000.C0 " No. 314 50,000.00 " No. 318 ~0,000.00 that each and all of the bonds so purchased shall be held as investments of the respective sinking funds, and all interest and principal payments received thereon shall likewise be retained in the sinking fund from which bonds are purchased, until the bonds for which the sinking fund is maintained have been fully paid, until and unless sale of such investments shall be directed by further resolution of this Council; and that each and all of the bonds so pur- chased shall be deposited in safekeeping with the Columbia Heights State Bank, Columbia Heights , Minnesota. Secretary of Council seconded by Council_mau the Following voted AYE: The motion for the adoption of the foregoing resolution was duly Chies .. ~ and on vote being taken there~n~ Stopka~ King, Julkow~ki, Chies and the following voted NO: None whereupon said resolutionwas declared duly passed and adopted and was signed and attested by the Mayor and Secretary.