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HomeMy WebLinkAboutResolution 62-42RESOLUTION REQUESTING CERTIFICATION OF MUNICIPAL STATE-AID MONEYS FOR THE PAY~fENT OF MUNICIPAL STATE-AID STREET BOND PRINCIPAL.AND INTEREST WHEREAS, the City of Columbia Heights', Minnesota, has issued bonds in the amount of $120,000, exclusively for the purpose of establishing, locating, relocating, constructing, reconstructing, or improving its municipal state-aid streets, in accordance with Minnesota Statutes 1961, Section 162.18, and WHEREAS, the City of Columbia Heights has ir:cevocably pledged to the sinking fund, from which such obligations are payable, the amount of its future municipal state-aid street allotments as is permissible by law and needed to pay principal and interest thereon; which principal payments shall be made from the Construction Account of such Municipal State-Aid Street Fund and which interest payments shall be made from the regular municipal state-aid maintenance al- lotment, all as detailed herein: Year Needed Principal Due From Municipal State-Aid Construction Fund Interest Due From Municipal State-Aid Maintenance Fund 1963 $ 12,000. $ 6,078 1964 12,000 2,676 1965 12,000 2,388 1966 12,000 2,094 1967 12,000 1,794 1968 12,000 1,494 1969 12,000 1,182 1970 12,000 858 1971 12,000 522 1972 12,000 174 NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, that the Commissioner of Highways of the State of Minnesota be and he hereby is requested to keep a bond record in his office, on the aforementioned Municipal State-Aid Street Bonds of 1963 of the City of Columbia Heights. BE IT FURTHER RESOLVED that the Commissioner of Highways shall and he is hereby requested, upon receipt of this resolution, to annually certify to the State Auditor the amount of, money required for the principal and interest on said bonds, subject to the limitations im- posed by law. Passed: ATTEST: Offered by: Orendorff Seconded by: Nawrock± ~C/~o~n~l~~~~~ Approved: ..... December __~_ ~6 1~62o - 2 -