Loading...
HomeMy WebLinkAboutResolution 62-09 EXTRA~ OF MINIYl~S OF MEETING OF THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS, MINNE8OTA February 13, 1962 The City Council of the City of Columbia Heights met at a regular meeting thereon on February 13, 1962, at 8:00 o'clock P. M, at the city offices at 590 - 40th Avenue N. E. in said city. The following councilmen were present: Mayor Armstrong and Councilmen King, McCline a Orendorf'~, The following Councilmen were absent: Nawrocki The following resolution was presented and read by Councilman Orendorff who then moved its adop- tion: RESOLUTION PROVIDING FOR PIIBLIC SALE OF $325,000 GEStURAL ObLIGATION PARK BONDS BE IT RESOLVED, by the City Council of the City o£ Columbia Heights, Minnesota, as follows: 1. This Council shall meet at the time and place and for the purpose specified in the form of notice of bond sale hereinafter set forth and to take such further ac- tion in respect to the bonds therein described as shall then be found desirable or expedient. 2. The City Manager is authorized and directed to give notice of the time, place and purpose of said meet- ing by causing notice of sale to be published in one issue of Columbia Heights Record and in one issue of Commercial West, a financial Periodical published at Minneapolis, Minnesota. Publication of this resolution in the Columbia Heights Record, including the form of notice of sale, shall constitute publi- cation of the notice of sale as to such publication. Each of the publications of notice of sale shall be at least ten days prior tO'the date of said meeting, which notice shall read substantially as follows: -1- $335,000 tuRK Bo S CITY OF COLUMB IA HE !GIiTS ANOKA COUNTY, MINNESOTA '. NOTIC~ IS'HEREBY Gltr~N, that the City Council of the City bf ~blumbia Heights, ~innesota, will meet at the'city offices, 590 - 40th Avenue N. Eo, in said city, on Monday, March 12, 1962, at 8~00 otclock P. ~. for the purpose of receiving and considering sealed bids for the purchase of $325,000 general obligation Park Bonds of the city, said bonds to be dated February 1, 1962, to bear interest at the rate or rates designated by the successful bidder, ayable on August 1, 1962~ and semiannually thereafter on February 1 nd AUgust 1 in each year, and to mature serially on February the years and amounts as follows~ $15,000 in each of tho years }65 t.hrpugh ~96~ incl~s!ve~ $20,000 in each of the years 1969 nrougn 1972 l~clusive,'$25,000 in each of the years 1973 through 1977 inclusive, and $30,000 in each of the years 1978 and 1979. Ail bonds are without option of prior payment. Both Principal and interest will bo payable at any able bank designated by the successful bidder within 48 hours after the sale, and the city will furnish, without cost to the'purchaser, tho printed and executed bonds in the denomination of $1,000 each (or at tho purchaserts request within 48 hours after the time of sale, in the denomination'of $5,000'each) and'the approving legal opinion of Messrs. Howardi Peterson, LeFevere, Lefler and Haertzen of Minneapolis, Minnesota, together with the customary no litigation certificate. Delivery will be made within 40 days'after acceptance of the bid in Minneapolis or Saint Pauli Minnesota, or Chicago, Illinois, without cost to the purchaser. The text of the approving legal opinion will be printed on the back of each bond. S~led.bid~ .m~.rked_'~id for $325,000 Park Bonds" may be mailed or o~nerw~se ae&lvered to the undersigned, but must be re- ceived by him prior to the time of said meeting. ~ach bid must be unconditional except as to the bonds being issued and delivered with said opinion and no litigation certificate in conformity with this notice, and each bid must be accompanied by a certified check or cashier~s check payable to the order of "The City Troasurer of Columbia Heights, Minnesota" in the amount of $6,500, to be for- feited as liquidated damages in case the bid is accepted and the bidder shall fail to comply therewith. Bids must specify desired interest rates but not to exceed four rates, In addition to the regular rate or rates, the bid may' call for additional'interest to be represented by separate coupons, on any or all'bonds, payable on any above specified interest due date or dates, but the total amount of such extra interest coupons shall not exceed the sum of $6,500. All interest rates shall be in integral multiples of one-quarter or one-tenth of one percent per annum, and shall be uniform for all bonds of a common maturity. The bid offering the lowest not interest cost (total in- terest fro~ date of issuance to date of stated maturities, less any premium offered) will be deemed the most favorable. Bidders are also asked to state total interest cost and average rate. No bid for less than par and accrued interest from date of issue to date of bond delivery will be considered. Oral auction bids will not be received, The right to reject any and all bids and the right to waive informalities in any bid are reserved. Dated this 13th day of February, 1962, Malcolm O. Watson City Manager 590 - 40th Avenue N. E. Columbia Heights~ ~innesota 3, Each and all of the terms and provisions of the fore- going form of notice are hereby adopted and ~onfirmed as the terms and conditions for said bonds and for the sale thereof, 4. This Resolution shall be published in the official newspaper within i5 days after its passage, and shall take effect 30 days after its passage unless suspended by a referendum petition, and upon so taking effect shall operate tO ratify, confirm and validate anyand all action of the city officers theretofore taken which are herein authorized or di- rected to be done. APPROVED: Passed: February 13, 1962 Offered. by Orendorff Seconded by McCline Roll Call - Ail Ayes. ..... Secretary '~o C~t'~ coUnc'~t The motion for tho adoption of the foregoing Resolu- tion was duly seconded by Councilman McCline and on vote being taken thereon, the following voted aye: Armstrong, King, McCline, Orendorff The following voted no: ~one Whereupgn, said Resolution was declared duly passed and adopted and was signed and attested to by the Mayor and Secretary. STATE OF MINNESOTA ) ) SS COUNTY OF ANOKA ) I, the undersigned, be±ng the duly qualified and act- lng Secretary of the Council of the City of Columbia He±ghts, Minnesota, hereby certify that I have compared the foregoing extract of the minutes of the meeting of February 13, 1962, with the original record of the minutes of the meeting of the City Council of said city duly called and held on said date and said extract contains a full, true and correct copy of all of that part of the minutes o~ said meeting insofar as the same relate to the issuance and sale of $325,000 Park Bonds of said city. WITNESS my hand officially as said Secretary this day of February, 1962. (CITY SEAL)