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
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