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
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&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
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