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HomeMy WebLinkAboutResolution 64-27RESOLUTiON~ PROVIDIi~ FOR PUBLIC SALE OF $3~0~000 STORM SE~R BONDS BE IT RESOLVED by the City Council of the City of Columbia Heights~ Minnesota~ as follows: 1. This Council shall meet at the time and place and £or the purpose specified in the form o£ notice of bond sale herein- after set forth and to take such further action in respect to the bonds therein described as shall then be found desirable or expe d lent. 2. The City ~nager is authorized and directed to give notice of the time~ place~ and purpose of said meeting by causing notice thereof to be published in one issue of Columbia ~eights Record and in one issue of Con~mercial West~ a financial periodical pub- lished at Minneapolis~ Minnesota~ each of such publications to be at least ten days prior to the date of said meeting~ which Notice shall read substantially as follows: NOTICE OF SALE $3~0:000 STORM SEWER B0~S CIT~ OF COLUMBIA HEIGHTS ANOKA COUIWT ~ ~ MINI~ESOTA NOTICE IS HEREBi GIVEN~ that the City Council of the City of Columbia Heights~ Minnesota~ will meet at the City 0ffices~ ~90 N.E. 4Otb Avenue in said City~ on Monday~ December l~ 1964~ at 8:00 o'clock P.M. for the purPose of receiving and considering sealed bids for the purchase of ~3~0~000 general obligation Storm Sewer Bonds of the city~ said ~onds to be dated December l~ 19b~ to bear interest at the rate or rates designated by the successful bidder~ payable on June l~ 196~ and semiannually thereafter on December i and June i in each year~ and to mature serially on December i in the years and amounts as follows: $3~000 in each of the years 1906 through 197~. All bonds are without option of pr ior payment. Both principal and interest will be payable at any suitable bank designated ~y the successfull bidder within ~8 hours after the sale~ and the city will furnish~ without cost to the purchaser~ the printed and executed bonds in the denomination of $1~000 each (or at the purchaser's request within ~8 hours after the time of sale~ in the denomination of $~000 each) and the approving legal opinion of Messrs. ~oward~ Peterson~ LeFevere~ Lefler and Hamilton of Minneapolis~ Minnesota~ together with the customary no litigation certificate. Delivery will be made within ~0 days after acceptance of the bid in Minneapolis ~r Saint Paul~ Minnesota~ or Chicago~ tllinois~ without cost to the purchaser. The text of the approving legal opinion will be printed on the back of each bond. Sealed bids marked "Bid £or ~3~0~O00 Storm Sewer Bonds" may be mailed or otherwise delivered to the ttndersigned~ but must be received by him prior to the tLme of said meeting. Each bid must be unconditional except as to the bonds Oeing issued~ and delivered with said opinion and no litigation certifficate in conformity with this notice~ and each ~id must Oe accompanied by a certified check ar cashier's check payable to the order of "The City Treasurer o£ Coltumbia ~eights~ Mirmesota" in the amount of ~?~000~ to be forfeited as liquidated damages in case the bid is accepted and the bidder shall fail to comply therewith. Bids must speciffy desired interest rates but not to exceed four rates. In addition to the regular rate or rates~ the bid may call £or additional interest to be represented by separate coupons~ on any or all bonds~ payable on any above soecified interest due date or dates~ but the total amount of such-extra interest coupons shall not exceed the sum of ~250. Ail interest rates shall be in integral multiples of cae-quarter of one-tenth of one percent per annum~ and shall be un~orm for all bonds of a common matttrity. The bid offering the lowest net interest cost (total interest from date of issuance to date of stated matttrities~ 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 £rom date of issue to date of bond delivery will be considered. Oral auction bids will not be received. The right to reje, ct any and all bids and the right to waive informa- lities in any bid are reserved. Dated this 9th day o£ i~ovember~ 196~. Malcolm O. Watson City ~nag er ~90 N.E. ~0th Avenue Columbia ~eights~ Minnesota 3. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted and confirmed as the terms and conditions for Said bonds and for the sale thereof. 4. This Resolution shall be published in the official newspaper within 15 days after its passage~ and shall take effect 30 days after its passage~ unless suspended by a referendum petit~n~ and upon so taking effect shall operate to ratify~ confirm~ and validate any and all actions of the City Officers theretofore taken which are herein authorized or directed to be done. Passed: November 9~ 't96~ Offered by: Kin9 Seconded by: Orendor£ff Roll Call: All ~yes. Seereta~ -~6-~he d6'uncil - - Approved: W~rren A. ~mstrong Mayor /