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HomeMy WebLinkAboutResolution 64-31 R E S 0 LU T I~ BE IT HEREBY RESOLVED by the City Council of the City of Columbia Heights, Minnesota, as follows: The bid of E. J. Prescott & Co. and Associates to purchase $350,000 Storm Sewer Bonds of this City dated December i, 1964, is hereby determined to be the low- est and most favorable bid and the same is hereby accepted, such bid providing for the purchase of such bonds at par and accrued interest, with interest on such bonds to be as follows: Bonds maturing in the years i966 through 1969, 2.80% per annum; bonds maturing in the years 1970 through 1972, 3.00% per annum and bonds maturing in the years 1973 through 1975, 3.10% per annum, plus additional interest on all bonds for the period from March !, 1965, to December 1, 1965, at the rate of 1.40% per annum, repre- sented by separate coupons. Such bonds shall bear interest payable June 1, 1965, and semiannually thereafter on June 1, and Decem- ber 1 in each year, and shall mature serially on December !, in the amount of $35,000 in each of the years 1966 through 1975. All such bonds are without option of prior payment. Such bonds shall be in the denomination of $i,000 each unless the successful bidder specifies denomination of $5,000 each within 48 hours after this sale, in which case such bonds shall be in denomination of $5 000 each. - , BE IT FURTHER RESOLVED: The Mayor and City Manager are authorized and directed to endorse their acceptance of such bid and a copy thereof, and to return one copy thereof to the successful bidder. The good faith check of said bidder shall be retained by the City Treasurer pending completion and delivery of the bonds, and the good faith checks of all other bidders shall be forthwith re- turned to them. A~/roved: //~//~ z~ A .... . Armstrong, Mayo~_ The motion for the adoption of the foregoing resolution offered by Nawrocki was duly seconded by Councilman Orendorff and upon vote being taken thereon, the following voted AYE: Armstrong, King, Land, Orendorff and Nawrocki. The following voted NO: None. Whereupon, said resolution was declared duly passed and adopted and was signed and attested to. by the Mayor and Secretary. Thereafter, the following reso!ution~was presented and read by Councilman Orendorff who moved its adoption: RESOLUTION DIRECTING FOR/4 ALrD DETAILS OF $350,000 STORM SEWER BONDS, DIRECTING THEIR EXECUTION AND DELIVERy AND LEVYING TAXES FOR THEIR PAYMENT. BE IT RESOLVED by the City Council of the City of Columbia Heights Minnesota, as follows: , 1. The City of Columbia Heights shall forthwith issue and de- liver its negotiable coupon general obligation Storm Sewer Bonds of 1964 in the aggregate principal amount of $350,000 dated December !, 1964. Such bonds shall be 350 in number, numbered 1 to 350 inclusive, in the denomination of $!,000 each and shall mature serially on December t, in the amount of $35,000 in each of the years 1966 through 1975 inclusive. Said bonds shall bear interest payable June !, 1965, and semiannually thereafter on June 1 and December i of each year until maturity at the follow- ing rates: Bonds maturing in the years 1966 through 1969, 2°80% per annum~ bonds maturing in the years 1970 through 1972, 3.00% per annum; and bonds maturing in the years 1973 through 1975, 3.10% per annum, together with additional interest on all bonds for the period from March i, 1965, to December 1, 1965, at the rate of 1.40% per annum, represented by separate coupons. Ail such bonds shall be without option of prior payment. 2. Both principal and interest shall be payable at the main office of Northwestern National Bank of Minneapolis in the City of Minneapolis, Minnesota, and the city shall pay the customary charges of such bank for its services as paying agent. 3. The bonds and the interest coupons thereto attached shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS $1,000 STORM SEWER BOND OF 1965 KNOW ALL MEN BY THESE PRESENTS That the City of Columbia Heights, Anoka County, Minnesota, acknowledges itself to be in- debted and, for value received, promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the 1st day of December, 19 without option of prior payment, and to pay interest thereon' from the date hereof until the principal sum is paid at the rate of ( %) per annum, together with additional interest at the rate of one and forty h,~ndredths percent (1.40%) per annum for the period from March !, 1965, to December i, 1965, represented by sepa- rate coupons, all interest payable on June 1, 1965, and semi- annually thereafter on June i, and December !, in each year, in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto as they severally become due. Both principal and interest are payable at the main office of Northwestern National Bank of Minneapolis, in the City of Minneapolis, Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. For the prompt and full payment of such principal and interest as they respectively become due, the full faith, credit and unlimited taxing powers of the City have been and are hereby irre~ocabiy ple~ed. This bond is one of an issue in the total principal amount of $350,000, all of like date and tenor except as to serial numbers, maturity date and interest rate, all issued by said City for the purpose of providing funds for the acquisition and betterment of storm sewers of the City, all as authorized by an ordinance duly adopted by four-fifths vote of the council and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota and the Home Rule Charter of said City thereunto enabling. IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the Home Rule Charter of said City to be done, to happen, to exist and to be performed precedent to and in the issuance of this bond; in order to make it the valid and binding general obligation of said City according to its terms, have been done, have happened, do exist and ~ave been performed in regular and due form time and manner as required by law; that prior to the issuance of this bond, a direct annual ad valorem tax has been duly levied upon all of the taxable property in the City for the years and in amounts as required by law and addi- tional taxes, if needed for payment of said principal est, will be levied upon all of said property without and inter- limita- tion as to rate or amount; and that the issuance of this bond did not cause the indebtedness of the City to exceed any con- stitutional, statutory or charter limitation. IN WITNESS WHEREOF, the City of Columbia Heights, Minnesota, by its Council, has caused this bond to be executed in its behalf by the signature of the Mayor, attested by the City Manager, and its corporate seal to be hereto affixed, and has caused the attached interest coupons to be executed and authenticated by the facsimile signatures of said officers all as of December ! 1964. , , City Manager Warren A. Armstrong ~ayor 4. The City Clerk shall obtain a copy of the proposed approving legal opinion of Messrs. Howard, Peterson, LeFevre, Lefler and Hamilton, which shall be complete except as to the dating thereof, and shall cause said opinion to be printed on each bond, together with a certificat~ executed by his facimi!e signature in sub- stantially the following form: I hereby certify that the foregoing is a full, true and correct copy of the legal opinion executed by the above- named attorneys, except as to the dating thereof, which opinion has been handed to me for filing in my office prior to the time of bond delivery. (facsimile signature) City Clerk City of Columbia Heights, Minnesota and the city clerk is hereby authorized and directed to execute a separate certificate to such effect in the name of the City upon receipt of such opinion and to file the opinion in his office. 5. Said bonds shall be forthwith prepared for execution under the direction of the city manager and attorneys, and shall there- upon be executed in behalf of the City by the signature of the Mayor, attested by the City Manager, and sealed with the official corporate seal, and the interest coupons shall be executed and authenticated by the printed facsimiles of the signatures of said officers. When the bonds have been so executed, the City Treasurer shall deliver them, or cause them to be delivered, to the purchaser upon receipt of the purchase price heretofore agreed upon, and the purchaser shall not be obligated to see to the application of such purchase price. 6. The full faith and credit of the City and its unlimited tax- ing powers are hereby irrevocably pledged to the prompt and full payment of the principal of and interest on each and all of said bonds as such principal and interest become due. In compliance with Minnesota Statutes, and in order to provide moneys for pay- ment of the principal of the interest on the bonds, there shall be and is hereby levied upon ail of the taxable properties in the City a direct, annual ad valorem tax to be spread upon the tax rolls and collected with and as part of other general City taxes in the years and in amounts as follows: Year Year Year Year Levied Collectible Amount Levied Collectible Amount 1965 1966 $62,200. 1970 1971 $42,400 1966 1967 46,600 1971 1972 41,300 1967 1968 45,500 1972 1973 40,200 1968 1969 44,500 1973 1974 39,000 1969 1970 43,500 1974 1975 37,800 Said levies shall be irrepeaiab!e until the full principal and interest on all of the bonds of said issue have been paid~ pro- vided that, when and if other moneys are available or shall be available in the special sinking fund to pay the principal and interest of the bonds, the City Manager shall certify such amount to the County Auditor of Anoka County on or before Octo- ber !0th in any year, and thereupon the amount to be extended upon the next ensuing tax rolls for said bonds shall be reduced accordingly. 7. There is hereby created a separate "Sinking Fund Account for $350,000 Storm Sewer Bonds of 1964" in the general sinking fund of the City, into which shall be paid the proceeds of the fore- going levies and any accrued interest received upon the delivery of the bonds, and such other moneys as may from time to time be directed to be used for payment of said bonds, including proceeds of collections of all special assessments levied for the improve- ments for which the proceeds of said bonds are used to pay. Out of said account shall be paid the interest on and principal of this issue as such principal and interest become due. Said account shall be used for no other purpose until all of said bonds have been paid, save and except that,if any payment of principal or'interest shall become due on any of said bonds when moneys in the sinking fund account are insufficient there- for, such payments shall be made by advances out of any other funds of the City, and such funds may be re-imbursed out of said account when moneys are available therein. 8. The secretary of the council is directed to cause a copy of this resolution, certified by the secretary, to be filed in the office of the County Auditor of Anoka County, Minnesota, and to obtain from such Auditor the certificate required by law respecting the filing thereof and entry of the bonds on his register. 9. The county officers of Anoka County and the officers of the City are authorized and directed to furnish to the purchaser of said bonds, and to the attorneys approving the legality thereof, certified copies of all proceedings and records of the City relating to the bonds and to the financial affairs of the City, and facts as to the power and authority of the City to issue said bonds, as shown by the books and records under their custody and control or as otherwise known to such officers; and such certified copies, certificates and affidavits, including any heretofore furnished, shall be deemed representations of the City as to the truth of the facts purported to be shown thereby. 10. this resolution shall be published in the official news- paper within 15 days after its passage, and shall take effect 30 days after its passage, unless~spended by a referendum peti- tion, 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. · /-J . Warren A. Armstrong[ MaWr/ Secretary Council The motion for the adoption of the foregoing resolution was duly seconded by Councilman King and upon vote being taken thereon, the following voted AYE: Armstrong, King, Land, Orendorff, and Nowrocki. The following voted NO: none. Whereupon, said resolution was declared duly passed and adopted and was signed and attested to by the Mayor and Secretary.