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HomeMy WebLinkAboutResolution 69-06Extract of Minutes of Meeting of City Council City of Columbia Heights Anoka County, Minnesota Held January 27, 1969 A regularmeeting of the City Co~ucil of the City of Columbia Heights, Minnesota, was duly held at the City Hall in said City on Monday, January 27, 1969, at 8:00 o'clock P.M. The Mayor and the following Councilmen were present: Walter S. Logacz, A. Dale Jeska, Robert G. Ming and William L. Land; and the following were absent: none. The City Manager presented affidavits of publication in the official newspaper and the Commercial West of notice of sale of $100,000 general obligation State-Aid Street Bonds of the City, for which bids were to be received at this meeting in accordance with a resolution adopted by the City Council on December 23, 1968. Said affidavits were examined, approved and ordered placed on file. The City Manager then announced that nine sealed bids had been received pursuant to said notice of sale, which were thereupon opened and read, and the highest and best bid of each bidder was found to be as follows: Bidder or Bidders Piper, Jaffray & Hopwood Interest Rates By Maturity Years 4.40% Bonds due 1970-1975 4.50% Bonds due 1976 4.60% Bonds due 1977-1979 1.20% on all bonds 4/1/69 to 2/1/70 Premium None Total Interest Cost and Net Averag.e Interest Rate $25,810.00 ~ 4.6927% Reynolds & Co. 4.25% Bonds due 1970-1973 4.50% Bonds due 1974-1975 4.75% Bonds due 1976-1979 1.00% on all bonds 4/1/69 to 2/1/?0 None $26,183.00 ~ 4.7605% Juran & Moody, Inc. 4.20% Bonds due 1970-1974 4.40% Bonds due 1975-1976 4.60% Bonds due 1977-1979 1.20% on all bonds 4/1/69 to 8/1/70 None $25,980.00 ~ 4.7236% Ebin Robertson & Co., Inc. 4.20% Bonds due 1970-1973 4.40% Bonds due 1974-1975 4.60% Bonds due 1976-1977 4.70% Bonds due 1978-1979 1,00% on all bonds 2/1/69 to 2/1/70 -1- None $25,970,00 ~ 4.722% Bidder or Bidders E. J. Prescott & Co. Interest Rates Maturity Years 4.00% Bonds due 1970-1971 4.10% Bonds due 1972 4.20% Bonds due 1973 4.30% Bonds due 1974 4.40% Bonds due 1975 4.50% Bonds due 1976 4.60% Bonds due'1977 4.70% Bonds due 1978 ~4.80% Bonds due 1979 1.40% on all bonds 3/1/69 to 2/1/70 Premium None Total Interest Cost and Net Average Interest Rate $26,043.00 ~ 4.7350% Allison-Williams Co. 4.20% Bonds due 1970-1974 4.40% Bonds due 1975-1976 4.50% Bonds due 1977 4.70% Bonds due 1978-1979 1.30% on all bonds 3/25/69 to 2/1/70 None $25,915.0o ~ 4.664% First National Bank of ~inneapolis 4.40% Bonds due 1970-1973 4.50% Bonds due 1974-1975 4.70% Bonds due 1976-1977 4.80% Bonds due 1978-1979 1.20% on all bonds 7/10/69 to 2/1/7o None $26,190.00 ~ 4.7618% The First National Bank of Saint Paul 4.20% Bonds due 1970-1974 4.50% Bonds due 1975-1977 4.60% Bonds due 1978-1979 1.20% on all bonds 4/1/69 to 2/117o None $25,490.00 @ 4.6345% Dain, Kalman & Quail, Incorporated 4.20% Bonds due 1970-1973 4.40% Bonds due 1974-1976 4.50% Bonds due 1977-1979 1.50% on all bonds 3/19/69 to 2/1/70 None $25,570,00 ~ 4.6490% -2- After consideration of the foregoing bids, Councilman Jeska introduced the following resolution and moved its adoption: RESOLUTION AWARDING SALE OF $1007000 STATE-AID STREET BONDS BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, that the bid of The First National Bank of Saint Paul and associates named therein, to purchase the $100,000 general obligation State-Aid Street Bonds of the City to be dated February l, 1969, at a price of par and accrued interest plus a premium of $ -0- , the bonds maturing in the various years shown below to bear basic interest from date of issue to maturity at the respective rates per annum sho~n opposite such years of maturity, as follows: Maturitx Years Interest Rate 1970 through 1974 ~.2o¢ 1975 through 1977 4.50% 1978 and 1979 4.60% and bonds maturing in the years 1970 through 1979 to bear additional interest from April i , 19 69, to February I , 1970, or earlier maturity, at the rate of 1.2~% per annum, to be issued in accordance with the notice of bond sale heretofore duly published, is hereby found and declared to be the highest and best bid received pursuant to said notice of sale, and is hereby accepted. The Mayor and City Manager are authorized and directed to endorse an acceptance on said bid, and on a copy thereof, and to return such copy to the successful bidder. The good faith check of said bidder shall be retained by the City/~re~as~er pendi~ complex, tion and delivery of the bonds, and the goo aith chec er bid s shall be forthwith returned to them. ~~ h~~e~~ 'Secretary of Council The motion of the adoption of the foregoing resolution was duly seconded by Councilman King , and upon vote being taken thereon the following voted AYE: all present and the following voted NO: none whereupon said resolution was declared duly passed and adopted, ~ud was approved and signed by the Mayor, and his signature attested by the Secretary. Councilman Jeska then introduced the following resolution and moved its adoption: -3- RESOLUTION AUTHORIZING THE ISSUANCE OF $100,000 STATE-AID STREET BONDS, PRESCRIBING THE FOP~ AND DETAILS THEREOF, AND PROVIDING FOE THEIR PA~NT BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, as follows: 1. There is hereby incorporated herein and by reference made a oart hereof the provisions of the resolution adopted December 28, 1968, entitle~ "Resolution Authorizing The Issuance And Providing For The Public Sale Of $100,000 State-Aid Street Bonds". The bonds described in said resolution have n~¢ been duly sold, and it is hereby found, determined and declared that the average annual amount of principal and interest to become due on the bonds herein authorized does not exceed 50% of the amount of the last annual allotment preceding the issuance of said bonds received by the City of Columbia Heights from its Construction Account in the Municipal State-Aid Street Fund of the State of Minnesota. The proceeds of the bonds herein authorized are hereby appropriated to be used solely for con- struction and improvement of approved municipal state-aid street projects within the City. 2. All acts, conditions and things required by the Constitution and laws of the State of ~nnesota to be done~ to exist, to happen and to be performed pre- cedent to the issuance of the bonds herein described have been done, do exist, have happened and have been performed as so required. 3. The bonds to be issued pursuant to the authority referred to above shall be designated as "State-Aid Street Bonds" and shall be dated as of February l, 1969. The bonds shall be ~0 in number and numbered from I through 20: each in the denomination of 85,000. The bonds shall mature in order of serial numbers on February i in the years and amounts set forth below, and bonds maturing in such years and amounts shall bear interest from date of issue until paid at the annual rates set forth opposite such years and amounts, respectively: Ye.ar Amount Rate 1970 $10,000 4'.202 1971 !0,000 4.20% 1972 i0,000 4.20% 1973 10,000 4.20% 1974 10,000 4.20% 1975 10,000~ 4.5o% 1976 lO,O00 4.50% 1977 lO,O00 4.50% 1978 10,000 4.60% 1979 10,000 4.60% Bonds maturing in the years 1970 through 1979 shall bear additional interest, represented by separate and detachable "B" coupons, from April 1, 1969, to February 1, 1970, at the rate of 1.20% per annum. Interest shall be payable on each February 1 and August 1, commencing February 1, 1970. The orincipal of and interest on the bonds shall be payable at The First National Bank of-Saint Paul, in St. Paul, Minnesota: and the City hereby agrees to o~v the customary and reasonable c~arges of said paying agent. - 4. Said bonds and the interest coupons to be thereto attached, and the certificate as to legal opinion appearing on the reverse side thereof, shall be' in substantially the following form: -4- UNITED STATES OF .~fERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLLR~BtA HEIGHTS STATE-_~ID STREET BOND No, $5,000 KNOW ALL MEN BY THE~E PRES~TS that the City of Columbia Heights, a duly organized and existing municipal corporation of Anoka County, ~Snnesota, acknow- ledges itself to be indebted and for value received promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on the first day of February, 19 , without option of prior payment, to pay interest on said principal sum at the basic rate of per cent ( %) per annum, from the date hereof until said principal sum is paid, and to pay additional interest on said principal sum from , 19 , to , 19 , at the rate of per cent ( %) per annum. Interest is payable semiannually on each. February i and August l, commencing February l, 1970, interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupons appurtenant hereto, which coupons are in two sets, one repre- senting interest at the basic rate from date of issue to maturity, and the other, designated as "B" coupons (coupon B-l), representing interest at the additional rate and for the limited period set forth above. Both principal and interest are payable at , in , , in any coin or currency of the United States of America which on their respective dates of payment is legal tender for payment of public and private debts. For the prompt and full payment of such principal and interest as the same respectively become due, the full faith, credit and taxing powers of the City have been and are hereby irrevocably pledged. This bond is one of an issue in the total principal amount of $!00,000, all of like date and tenor except as to serial number, maturity date and interest rate, all issued for the purpose of paying the City's share of the cost of con- structing and improving ~unicipa! state-aid streets in the City, and is issued pursuant to resolutions duly adopted by the City Council and in full conformity with the Charter of said City and the Constitution and laws of the State of Minne- sota thereunto enabling, including Minnesota Statutes, Section 162.18 and Chapter IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, con- ditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issu- ance of this bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that prior to the issuance hereof the City Council has irrevocably pledged and appropriated to the sinking fund from which bonds of this issue are payable an amount of the moneys allotted and to be allotted to the City from its account in the Municipal State-Aid Street Fund of the State of Minne- sota sufficient to pay the principal of and interest on all bonds of this issue when due; and that if in any year the moneys so allotted and transferred to the sinking fund should be insufficient to pay all such principal and interest due in the following year the City is obligated to levy a direct, irrepealable, ad valorem tax upon all taxable property within its corporate limits for payment of such deficiency, which tax may be levied without limitation as to rate or amount; and that the issuance of this bond does not cause the indebtedness of the City to exceed any conditittional or statutory limitation of indebtedness. -5- IN WITNESS WHEREOF the City of Columbia Heights, Anoka County, Minnesota, by its City Council, has caused this bond to be executed in its behalf by the Mayor and the City Manager, and sealed-with its official seal, has caused the interest coupons appurtenant hereto and the certificate appearing on the reverse side hereof to be executed and authenticated by the facsimile signatur~s~of maid officers, and has caused this bond to be dated as of Febru~l, 1969.~/y/// / City Manager (SEAn) (Form of Coupon) NO. On the first day of February (August), 19 Anoka County, Minnesota, will pay to bearer at , in , , the amount shown hereon in lawful money of the United States of America for interest then due on its State- Aid Street Bond, dated February t, 1969, No. . (Facsimile signature) (Facsimile signature) City Manager Mayor (Form of certificate to be printed on the reverse side of each bond, following a full copy of the legal opinion on the issue) We certify that the above is a full, true and correct copy of the legal opinion rendered by bond counsel on the issue of bonds of the City of Columbia Heights, Anoka County, Minnesota, which includes the within bond~ dated as of the date of delivery of and payment for the bonds. (Facsimile signature) City Manager , the City of Columbia Heights~ -6- 5. Said bonds shall be prepared under the direction of the City Manager and attorney, and when so prepared, shall be executed in behalf of the City by the Mayor and the City Manager, and sealed with the corporate se~l of the City. On the reverse side of each bond shall be printed a copy of the legal opinion rendered by bond counsel and the certificate of the Mayor and City Manager relating thereto~ The interest coupons attached to the bonds and the legal opinion certificate ap- pearing on the reverse side of the bonds shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of the Mayor and City Managen When the bonds have been executed and authenticated, they shall be delivered by the City Treasurer to the purchaser upon receipt of the purchase price heretofore agreed upon, and the purchaser shall not be required to see to the application thereof. 6. There is hereby created and shall be maintained by the City Treasurer on the official books and records of the City a separate and special State-Aid Street Bond Account in the General Debt Service Fund, the moneys in which shall be used solely for the payment of the principal of and interest on the bonds herein authorized, and on any additional general obligation State-Aid Street Bonds here- after issued under the authority of Minnesota Statutes, Section 162.18, and directed by the City Council to be paid from such fund. If at any time the moneys in said fund should be insufficient to pay all principal and interest due on bonds made payable therefrom, the City Treasurer shall nevertheless pay the same from any moneys on hand in other funds of the City and available for such purpose, and the moneys so used shall be restored to the appropriate funds from the moneys next received by the City from the Construction or Maintenance Account in the Municipal State-Aid Street Fund of the State, which are not required for the payment of additional principal and interest. There is hereby irrevocably .appropriated to said fund, out of the moneys allotted and to be allotted to the City from its account in the Municipal State-Aid Street Fund of the State, such amount as shall be sufficient to pay the principal of and interest on the bonds herein described, as such principal and interest respectively become due, on the dates and in the amounts as follows: Interest Payable on Year Princioal February i August 1 1970 $10,000 $5,370.00 $1,975.00 1971 !0,000 1,975.00 1,765.00 1972 10,000 1,765.00 1,555.00 1973 10,000 1,555.00 1,345.00 1974 10,000 1,345.00 1,135.00 1975 10,000 1,!35.00 910.00 1976 10,000 920.00 685.00 1977 10,000 685.00 460.00 1978 lO,000 460.00 230.00 1979 lO,O00 230.00 7. For the prompt and full payment of said principal and interest when due the full faith, credit and unlimited taxing powers of the City shall be and are hereby irrevocably pledged. It is estimated that the municipal state-aid street' allotments appropriated in paragraph 6 will produce, and will permit to be paid into the Municipal State-Aid Street Bond Account, on or before October t0 in each year, annual sums not less than 5% in excess of the annual amounts of principal and interest to become due on said bonds in the following twelve months. How- ever, if on October !0 in any year the balance on hand in the ~¢unicipal State-Aid Street Bond Account of the sinking fund is not sufficient to pay the full amount of principal and interest due in the following twelve months, as set forth in paragraph 6 above, there shall be extended against all taxable property within the corporate limits of the City, assessed and collected in accordance with ~nnesota Statutes, Section 475.61, an ad valorem tax in an amount sufficient to produce, with such balance on hand, the total sum of the principal and interest so to become due. -7- 8. The City Clerk is hereby authorized and directed to file with the County Auditor of Anoka County, Minnesota, a certified copy of this resolution, together with such other information as the County Auditor may require, and to obtain from said Auditor prior to the delivery of the bonds herein described a certificate that said issue has been entered upon his bond register. 9. The officers of the City and the County Auditor of Anoka County are hereby authorized and directed to prepare and furnish to the purchaser of said bonds and to the attorneys ~oproving the legality of the issuance thereof certified copies of all proceedings and records of the City relating to said bonds, and such other affidavits and certificates as may be required to show the facts relating to the legality and marketability of the bonds, as such facts appear from the City's books and records in their custody and control or as otherwise known to them, and all such certified copies, certificates and affidavits, inc.~di~ any h~tofore furnished, shall be deemed representations of/~2~ City as ~~ correc~aess of all statements contained therein. Mayor Secretary of Council The motion for the adootion of the foregoing resolution was duly seconded by Councilman Logacz , and upon vote being taken thereon the following voted AYE: all smd the following voted NO: none whereupon the resolution was declared duly passed and adopted and was approved e~ud s!gned by the Mayor and his signature attested by the Secretary. STATE OF MINNESOTA) )ss. COUNTY OF ANOKA ) I, the undersigned, being the duly qualified and acting Secretary of the Council of the City of Columbia Heights, Anoka County, Minnesota, hereby certify that in my capacity as such officer I have legal custody of the official records and proceedings of said City; and that attached hereto is a full, true and correct extract of the minutes of a meeting of the City Council of said City duly called and held on the date therein indicated, including the resolutions adopted at such meeting, so far as such minutes relate to $100,000 State-Aid Street Bonds of the City. WITNESS my hand and the official seal of said City this ~ day of ~, 1969. ' y SecretarY 6f Council --8-- S~ATS OF M~m~Eso~A) )SS. COUNTY OF ~U~OK~ ) COD~TY AUDITOR'S CERTIFICATE AS TO TAX LEVY AND BOND REGISTRATION I, the undersigned, being the duly qualified and acting County Auditor of Anoka County, Minnesota: hereby certify that there has been filed in my office a certified copy of a resolution of the City Council of the City of Columbia Heights, Minnesota, adooted January 27, 1969, setting forth the form and details of an issue of $100,000 State-Aid Street Bonds of the City, dated February !, 1969. I further certify that the bond issue has been entered on'my bond register as required by Minnesota Statutes, Chapter 475. WITNESS my hand and official seal this ~'da¥ of /7,~.F~-- , 1969. . . (S~L)