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HomeMy WebLinkAboutResolution 44-37¢¥- Extract from Minutes of Regular Hosting of the Oouncil of the City of Columbia Heights,Minne~ota, held November 14, .19~4. The Council of the City of Columbia Height. s, in Anoka County, Minnesota, .met on the 14th Day of November, 19~J4, at s:30 o'clock P.M. The meeting was called to order by the Mayor and upon roll call the following members were found present: Bentzeu, Jsckson, ~ygaard, $oe~mlant, Bassett Absent: The Council discussed the matter of refunding the $105,O00 City of Columbia Height8 bonds bearing interest at the rate of 3~ now held by ~he State of Minnesota and Council~ax~ Ifygs~rd introduced the following resolution and moved its adoption: A Resolution deeming it necessary and expedient to issue the bonds of the Cit. y of Columbia }{eights in the amount of $105,000 for the purpose of refunding a like principal amount of bonds of the City now outstanding. WHEREAS, the City has heretofore duly and legally issued its re- funding bonds to the Stste of Minnesota of which there are now out- standing, bearing i~terest at ~he rate of ~, $105,O00 maturing on July 1 in the years and amounts as follows: 1 9_~ $2,000 1R, 000 19, ? 12, ooo 19.~ 12,000 19~9 1~ ,000 1950 12,000 1951 1~ ,000 13 ,ooo ,ooo x95 5,000 AND WHEREAS, the State of Minnesota is in certain instances per- mitring bonds of ~uniclpalities held by it to be refunded by paying a preeaium represented by the difference between the ~ rate, which these bonds now bear, and the 2~ rate which the State can secure on Goverr~ent bon~ s; and · HEFtEAS, it appears that new refunding bonds can be sold bearing interest at a rate not to exceed 1 3/~ which w~ll show a considerable savin~ to the City and its taxpayers. NOW, THEREFORE, BE IT RESOLVED by the Council of the Oity of Columbia Heights, in Anoka County, Minnesota, &s follows: 1. That for the purpose of refunding the $105,000 bonds Of the City of Columbia Heights, bearin~ ~ interest, now held by the State of Minnesota, or such part thereof aa may be legally refunded, it is advisable, expedient and necessary to issue and there are hereby authorized and directed to be issued the negotiable coupon bonds of the City of Columbia Heights in the aggregate amount of $105,000. 2. That amid bonds shall be known as Refunding Bonds, 19~ Series, shall be dated December 1, 19~, shall be in denomination of $1,000 each, shall be numbered from 1 to 105, both inclusive, and shall mature in the order of their numbers, lowest number first, without option of prior paFment as follows: $12,O00 on December 1 in each of the years in 19~ to 19~8, both inclusive, $13,O00 on December l, 19~9, and $14,000 on December 1 in each of the Fears fro~ 1~0 to 1953, both inclusive. 3- That this Council will meet on the t2th d&y Of December , at s:00 o'clock P.M. in the City Hall in the City of Columbia Heights to receive and consider bids for ~be sale of s~id bonds such bids to ~e for a total of $10~,000, and in the alternate for a to~&l of $~0,000 being $~,OO0 due e~ch year 1~7 and l~, and $10,000 due each year 1~.~9 to 1~, both inclusive. That all bids abel! be sealed and filed with the City Manager at or before the tl~e fixed ~or the sale and accompanied by & Certified Check or Cashier's Check, payable to the order of the City Treasurer, in the a~ount of ~ of the face value of the bonds bid for, the Council reserving the right to reject any or all bids. That the City ~rbe and hereby is yK- 7 &uthorized and directed to give due notice of such sale by publishing ~otice thereof once in each week for two successive weeks in the Columbia Heig<~ts Record , the official ~w~paper of ~aid City, bei~ a legal ~w~aper p~lished i~ the City ~ Ool~b~a Heights, Minnes~a. Passed by the Oo~cil November 14, 19~. Mayor Filed and recorded with me this 14th Day of November, 19~4. Sec~eta=y to the o~qu~8~l Councilman Spe~!ant seconded the motion to adopt said resolu- tion and upon roll call it was adopted by the following votes Ayes: Bentzen, Jackson, N~.rgaard, Spek-ulant, Bassett Jays: None -3-