Loading...
HomeMy WebLinkAboutResolution 65-25Extract aT Minutes of Meeting oF City Council City of Columbia Heights, Anoka County, Minnesota July 26, 1965 The City Council of the City of Columbia Heights, Minnesota, duly met in Regularsession at the City Hall in said City on July 26, 1965, at 8:00 o'clock P.M., C.D.S.T. The Mayor, City Manager ~nd the following Councilmen were present: Land. Orendor££, Jeska and Mayor Nawrocki and the following were absent: Kin9 After discussion and consideration af the matter, Councilman introduced the foLlowiug resolution and moved its adoption: RESOLUTION PROVIDING FOR TH~ PUBLIC SALE OF $260,000 WATER SYSTEM BONDS AND $915,000 STORM SEWER BONDS Orendorff BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, as follows: t. This Council has, by its Ordinance No. 602 finally passed and adopted on June 14, 1965, found, determined end declared it to be necessary and expedient for the City to borrow money and issue its negotiable coupon general obligation bonds in an amount not to exceed $900,000 for the purpose of providing funds for the construction or acquisition of improvements to the municipal water system. This Council has also, by its Ordinance No. 604 finally passed and adopted on June 28,, 1965, found, determined and declared it to be necessary and expendient for the City to borrow money and issue its negotiable coupon general obligation bonds in an amount not to exceed $915,000 f~r the purpose of providing funds for the construction and acquisition of an improvement to the City's storm sewer system. It is hereby found, determined end declared to be necessary and expedient for the City to call for the public sale of $260,000 principal amount o2 the bonds authorized by Ordinance No. 602 and $915,000 principal amount of the bonds authorized by Ordinance No. 604. The issuance of such bonds will not cause the indebtedness of the City to exceed any statutory or Charter limitations. 2. The City Council shall meet at the time and place specified in the form of notice herein contained for the purpSse of receiving, opening and considering sealed bids for end awarding the sale of said bonds. 3. The City Clerk is hereby authorized and directed to cause notice of the time, place sad purpose of said meeting to be published in the official newspaper of the City and in the C~mmercial West, at Minneapolis, Minnesota, not less than ten days prior to the date cf s~id meeting, which notice shall be in substantially the following form: NOTICE OF SALE $1~175~000 GENERAL OB~IGATION BONDS CITY OF COLUMBIA HEiGH~S~ MINNESOTA NOTICE IS HEREBY Gi-~EN that the City Council of the City of Columbia Height% Minnesota, will meet at the City Hall in said City on Tuesday~ the 7th day of September~ 1965~ at 8:00 o'clock P.M.~ for the purpose of receiving, opening and considering sealed bids for and awarding 'the sale of $1~175~000 negotiable coup~u genera& obligation bonds of the City. The bcads will be dated as of October l~ 1965, will be each in the denomination OF $5~O00~ will bear interest at a rate or rates to be designated by the successful bidder, subject to the limitations stated below~ payable ca July l, 1966, and semi- an.~ually thereafter on January i and July i in each y~ar~ and will mature ser- ially on January i in the years and amounts stated below. The bonds consist of two issues which will mature as follows: Water Stcmm Water Storm .Years System Bonds Sewer Bonds Year____~s System Bonds S~wer Bonds 1971 ~000.00 $ 30,000.00 1978 $ ~5,000.00 $ 40,000.00 1972 ~5,000. O0 30,000. O0 1979 ~5,000. O0 45,000. O0 1973 ~.5,000. O0 30,000.00 1980 ~5,000.00 45,000.00 1974 ~5,000.00 30,000.00 1981 85,000.00 1975 ~5,000. O0 35, oo0.0o 1982 95, o0o. co 1976 ~5,ooo.oo 35,ooo.oo 1983 lO5,ooo.oo 1977 ~, 000. O0 40,000. O0 1984 130,000. O0 1985 140,000. O0 The Water System Bonds are being issued to finance the construction or acquisi- tion of improvements to the municipal water system~ and the bonds of this issue having stated maturity dates in the years 1976 through 1980 w~ each be subject to redemption and prepayment at the option of the City and in inverse order of serial numbers on January_l, 1975~ and any interest payment date thereafter~ at par and accrued interest and ~ premium of $50 for each bond so redeemed. The Storm Sewer Bonds are being issued to finance the construction of an improvement to the City's storm sewer system~ snd bonds of this issue having stated maturity dates in the years 1981 through 1985 ~ each will be subject to redemDtio~-~ud prepayment at the option of the City and in inverse order of serial numbers on January l~ 1980 and any interest payment date thereafter~ at par and accrued interest and a premium of $50 for each bond so redeemed. Principal of and interest on said bonds will be made payable at any suitable banking institution designated by the successful bidder, subject to approval of the City Council. The City will furnish~ without cost to the purchaser and ~.~ithin 40 days after award of sale, the printed aud executed bonds~ together with the custcmary no- litigation certificate and the unqualified approving legal opinion of Messrs. Dorsey, Owen, Marquart~ Windhorst & West, of Minneapolis~ Minnesota, which ~ill be printed on the bonds~ if requested. The bonds ~ill be delivered without cost to the purchaser anywhere in the continental United States. Sealed bids marked "Bid for $1~175~000 Bonds" may be mailed or deliv- ered to the undersigned and must be received at his office prior to the time of said meeting. Oral auction bids will not be considered. Each bid must be unconditional and accompanied by a cashier's or certLfied check or bank drai~t in the amount of $~3~500~ payable to the City Treasurer~ to be retained by the City Treasurer as liquidated damages in the event that the bid is accepted and the bidder shall fail to cc~ply therewith. The bid offering the lowest total interest cost ccerputed to the stated maturities of the bonds, after deduction of any premium offered~ will be deemed the most favorable. Each bid must provide for a single basic rate of interest on all bcads having t~ same maturity~ but different basic rates may be specified for not exceeding five groups of bonds~ each having consecutive maturities. One additicaal r~te of interest~ to be represented by ~eparate and detachable coupons~ may be specified for adl or any -2- part of the bonds. The interest produced by such additional rate may not exceed $11~750.00. The basic rate ~nd any additional rate oF interest specified for shy bond, end the .aggregate of such rates, must be expressed in integral multiples oF 1/4 or 1/10 of 1% per ann~n, snd the aggregate rate of interest for ~ny period on shy bond must not exceed 6% per annum, payable semiannuaS_ly. No bid of less thsn par and accrued interest to date oF bond delivery will be considered. The City Council reserves the right to reject ~ snd all bids, to waive any informality in auy bid~ and to adjourn the sale $~ deemed expedient. Dated July 26, 1965 BY ORDER OF TEE CITY CO~NCI~ MALCOM O. WATSON City Manager Columbia Heights, Mir&uesota 4. Each and all aT the terms and provisions of the foregoing form of notice are hereby adopted as the terms and conditions of said bonds and of the sle thereof, as fu/_ly as though separately set forth and reso~v~herein. .... 'Se'creta~Y of ~Co6n~l~ ~ The motion for the adoption of the foregoing resolution was duly seconded by Councilman Jeska ~ and upon vote being taken thereon~ the following Councilmen voted in favor thereof: Land, Orendor££, Jeska and Mayor Nawrocki and the following voted against the same: None whereupon said resolution was signed by the Mayor which was attested by the Secretary of the Council and was declared duly D~sed smd adopted. STATE OF Mnm~S0TA ) ) SS. COUNTY OF ANOEA ) I, the undersigned, being the duly qualified and acting Secretary of the City Council of the City o~ Columbia Heights, Minnesota, hereby certify that the attached and foregoing is a full, true and correct copy of the m~-uutes of a meeting of the City Council of said City duly called and held on the date therein indicated, so far as such minutes relate to $1:lI5~000 general obliga- tion bonds of the City, including a full, true and correct copy of the resolution authorizing said bonds and providing for public sale thereof, which was adopted at said meeting, and that a true copy of said resolution has been duly published in the official newspaper of the City, as evidenced by the affidavit of public- ation thereof which is attached hereto. 1965. WITNESS my hand and the seal of said City this 26th day o~ July Secretary of Council -4-