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HomeMy WebLinkAboutResolution 69-48 Councilman 'Land and moved its adoption~ then introduced the follow,lng resolution RESOLUTION AUTHORIZING TIlE ISSUAbTCE OF $660,000 P~R}LANEb~T IYloROVE~.!ENT REVOLVING FUND BONDS, PRESCRIBING THE FOPdvl~AND DETAILS TIIEREOF~ PROViDInG. f~R TItEIR PAYMENT BE IT RESOLVE? by the City Council of the City of Columbia Heights, Minnesota, as follows: 1. This Council, by its resolution adopted October 13, 1969, entitled "Resolution Providing For Public Sale of $660,000 Permanent Improvement Revolving Fund Bonds", authorized the sale of $660,000 Permanent Improvement Revolving Fund 'Bonds of the City. The bonds described in said resolution have now been duly sold, and shall be prepared and delivered to the purchaser thereof. All acts, conditions and things required by the Constitution and laws of the State of ~Iinne- sots and the City Charter to be done, to exist, to happen and to be performed precedent to the issuance of the bonds herein described have been done, do exist have happened and have been performed as so required. ' 2. The bonds to be issued pursuant to the authority referred to above shall be designated as "Permanent Improvement Revolving Fund Bonds" and shall be dated as of November 1, 1969. The bonds shall be 132 in number and numbered from 1 through 132~ each in the denomination of $5,000. The bonds shall mature in order of serial numbers on February 1 in the years and amounts set forth belo~, without option of prior payment, 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: Year Amount Rate 1972 $100~000 5.70% 1973 100,000 5.70% 1974 100,000 5.70% 1975 80,000 5.70% 1976 70,000 5.75% 1977 70,000 6.00% 1978 70,000 6.00% 1979 70,000 6.00% Interest shall be payable on each February 1 and August 1, commencing August 1, 1970. The principal of and interest on the bonds sha~l be payable at The First National Bank of Saint Paul ~ , in St. Paul ,Minnesota and the City hereby agreesTto pay the customary and reasonable charges of said paying agent. 3. Said bonds and the interest coupon.~ to be thereto attached~ and the certificate as to legal Opinion appearing on tl~e reverse side thereof, shall be in substantially the folto~ing form: -1- UNITED STATES OF AMERICA STATE OF MII~NESOTA COUI~TY OF ANOKA CITY OF COLUmbIA HEIGHTS PER~tANENT IbfPROVEP~NT REVOLVING FU~D BOND No. $5,000 KNOW ALL MEN BY THESE PRESE[~TS that the City of Columbia Heights, a duly organized and existing municipal corporation of Anoka County~ Minnesota, 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~ and to pay interest on said principal sum at the rate of per cent ( %) per amnum from the date · ~ereof until said principal sum is paid, payable semiannually on each February I and August 1, commencing August I, 1970, interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupons appur- tenant hereto. Both principal and interest are payable at The First National Bank of Saint Paul, in St. Paul , Minnesota , in any coin or currency of the United States of America which on their respective dates of pay~ent 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 $660,000, all of like date and tenor except as to serial number, maturity date and interest rate, all issued to'provide funds for the construction of improvements of a lasting character, and is issued pursuant to an ordinance and 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 Minnesota thereunto enabling. IT IS HEREBY CERTIFIED, RECITED, COVEN~TED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of b~nne- sota to be done, to exist~ to happen and to be performed preliminary to and in the issuance of this bond in order to melee 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 re~uired~ that prior to the issuance hereof the City Council has levied a direct, annual, ad valorem tax on all taxable property in the City for the years and in amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on the bonds of this issue ~hen due, and has appropriated taxes in such amounts to the sinking fund established for the payment of said bonds; that, if necessary to pay principal and interest, the City is required to levy additional ad valorem taxes on all such property, ~ithout limitation as to rate or amount; and that the issuance of this bond does not cause the indebtedness of the City to exceed any conatitutional, statutory or charter limitation of indebtedness. -2- IN WITNESS ~tEREOF the City of Columbia Heights, Anoka County, I~innesota, by its City Council, has caused this bond to be executed in its behalf by the prin- ted facsimile signature of the Mayor and the manual signature of the City I~nager, and by a printed facsimile of its official seals has caused the interest coupons appurtenant hereto and the certificate appearing on the reverse side hereof to be executed and authenticated by the facsimile signatures of said officers, and has caused this bond to be dated as of November 1, 1969. (facsimile) Mayor ~ (SEAn) (Form of Coupon) On the first day of February (August), 19 , the City of Columbia Heights, Anoka County, Minnesota, will pay to bearer at The First National Bank of Saint Paul , in St Paul , Minnesota , the amount shown hereon in lawful money of the United States of America for interest then due on its Permanent Improvement Revolving Fund Bond dated November 1, 1969, No. (Facsimile signature) City ~.~anager (Facsimile signature) 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 (Facsimile signature) Mayor -3- 4. Said bonds shall be prepared under the direction of tt~ City ~fanJger and attorney, and ~hen so prepared, shall be executed in behalf of the City by the printed facsimile signature of the Mayor and the manual signature of the City ~{anager~ and by printing thereon a facsimile of its official corporate seal. 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 Wanager relating thereto. The interest coupons attached to the bonds and the legal opinion certifinate ap- pearing on the reverse side of the bonds shall be executed and authenticated by the printed facsimile signatures of the I~fayor and City ~anager. When the bonds have been executed and authentica-ted, 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. $650,000 of the proceeds of said bonds shall be deposited in the Permanent Improvement Revolving Fund of the City and used to pay costs of Watermain Project No. WS-Minn-65 of the City, including interest to come due on said bonds during the construction period (August 1, 1970 and February t, 1971); and said interest payments shall be reim- bursed to said Fund out of the first collections of special assessments levied for said Project. 5. The bonds herein authorized shall be payable from the Permanent Improvement Revolving Fund Account of the General Debt Service Fund of the City, which the Treasurer shall maintain separate and apart from all other funds of the City until the purposes for its creation have been accomplished. The moneys in said Account shall be used to only pay principal of and interest on the bonds payable from said Account. If at any time the moneys in said Account should be insufficient to pay all principal and interest due on bonds made payable there- from, the City Treasu~er 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 in said Account which are not required for the pa~nnent of additional principal and interest. Into said Account shall be paid all taxes levied in paragraph 6, unless canceled according to law Dric. r to their collection, any amount in excess of $650,000 received from the purchaser on delivery of the bonds, and all other moneys appropriated to the payment of said bonds and the interest thereon. 6. For the prompt and full payment of the principal of and interest on said bonds as the same respectively become due, the full faith, credit and taxing po~ers of the City shall be and are hereby irrevocably pledged. To provide moneys for the payment thereof, there is hereby levied upon all of the taxable property in the City, a direct, annual, ad valorem tax which shall be spread upon the tax rolls for the years and in the amounts set forth below, and collected with and as a part of other general taxes of the City in the respective ensuing collection years: Levy Collection Levy Collection Year Year Amount Year Year Amount 1970 1971 $145,200 1974 1975 $90,957 1971 1972 139,214 1975 1976 86,730 1972 1973 133,230 1976 1977 82,320 1973 1974 106,244 1977 1978 77,910 -4- Said tax shall be irrepealable as long as any of said bonds are outstanding and unpaid; provided, that the City reserves the right and po~Jer to reduce the levie~ in the manner and to the extent permitted by ~innesota Statutes, Section 475.61. 7. 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 n~sy require~ and to obtain from said Auditor prior,~o the delivery of the bonds herein described a certificate that said issue has been entered upon his bond register and that the tax required for the payment thereof has been, levied. 8. 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 approving the legality of the issuance thereof certified copies of all proceedings and records of the City re!~ting 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 ~11 such certified copies, certificates and affidavits, including any heretofore furnished, shat be deemed representations of th of all statements contained therein. Attes by Councilman City as~ the~orrectness f - Seiretary Of c0~c~ The motion for the adoption of the foregoing resolution ~as duly seconded K i,~ , and upon vote being taken the~eon the following voted AYE~ Land, King, Jeska, Logacz, Nawrocki and the following voted NO: None whereupon the resolution wa§ declared duly passed and adopted and was approved and signed by the Mayor and his signature attested by the Secretary. -5- CERTIFICATION OF MINUTES RELATING TO $660,000 'PERMANENT IMPROVEMENT REVOLVING FUND BONDS Issuer: City of Columbia Heights, Anoka County, Minnesota Governing body: City Council Kind, date, time and place of meeting: A Counc{ ] meeting held Monday, November 24, 1969 at 8 o'clock p.M. at 590 - 40th Avesue in the City of Co!umbia~Heights. Members present: Land, King, Jeska, kogacz, Nawrocki }fembers absent: N on e Documents attached: Minutes of said meeting (pages): 5 pages RESOLUTION AUTHORIZING THE ISSUANCE OF $660,000 PERMANENT IMPROVEMENT REVOLVING FUND BONDS, PRESCRIBING THE FO~ AND DETAILS THEREOF, AND PROVIDING FOR THEIR PAYMENT I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certi- ficate~ certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal cus- tody, from which they have been transcribed; that said documents are a correct and c~mplete transcript of the minutes of a meeting of the governing body of said cor- poration, and correct and complete copies of ali resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this 25thday of November, 19 69 . ~ ~Signature ~ Janet Christenson, ~Fretar¥ to Co~.j] Name and Title Councilman [ s m d and moved its adoption: then introduced the following resolution RESOLUTION AUTIIORIZING THE ISSUANCE OF $660,000 PER}iANENT I~PROVEMENT REVOLVING FUND BONDS, PRESCRIBING THE FORM AN~ DETAILS THEREOF, A~D PROVIDING FOR THEIR PAY5~NT~ BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, as follows: "Resolution Providing For Public Sale of $660,000 Permanent Improvemen entitled 1. This Council, by its resolution adopted October 13, i969~ Revolving Fund Bonds", authorized the sale of $660,000 Permanent Improvement Revolving Fund Bonds of the City. The bonds described in said resolution have now been duly sold, and shall be prepared and delivered to the purchaser thereof. Ail acts, conditions and things required by the Constitution and laws of the State of Minne- sota and the City Charter to be done, to exist, to happen and to be performed precedent to the issuance of the bonds herein described have been done, do exist, have happened and have been performed as so required. 2. The bonds to be issued pursuant to the authority referred to above shall be designated as "Permanent Improvement Revolving Fund Bonds" and shall be dated as of November 1, 1969. The bonds shall be 132 in number and numbered from 1 through 132, each in the denomination of $5,000. The bonds shall mature in order of serial numbers on February 1 in the years and amounts set forth below, without option of prior payment, 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: ~ear Amount Rate 1972 $100~000 5.70% 1973 100,000 5.70% 1974 100,000 5.70% 1975 80,000 5.70% 1976 70,000 5.75% 1977 70,000 6.00% 1978 70,000 6.00% 1979 70,000 6.00% Interest shall be payable on each February 1 and August 1, commencing August 1, 1970. The principal 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 pay the customary and reasonable charges of said paying agent. 3. 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: -1- UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COL~fBIA HEIGttTS PEP~NENT IMPROVEb~NT REVOLVING FUb~ BOND No. $5,000 KNOW ALL MEN BY THESE PRESENTS that the City of Columbia Heights, a duly organized and existing municipal corporation of Anoka County, Minnesota, 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, and to pay interest on said principal sum at the rate of per cent ( %) per annum from the date hereof until said principal sum is paid~ payable semiannually on each February 1 and August 1, commencing August 1, 1970, interest to maturity being payable in accordance with and upon presentation and surrender of the interest coupons appur- tenant hereto. Both principal and interest are payable at The First National Bank of Saint Paul, in St. Paul , Minnesota , 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 $660,000, all of like date and tenor except as to serial number, maturity date and interest rate, all issued to provide funds for the construction of improvements of a lasting character, and is issued pursuant to an ordinance and 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 Minnesota thereunto enabling. IT IS HEREBY CERTIFIED, RECITED, COVENA~TED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of b~nne- sota to be done, to exist, to happen and to be performed preliminary to and in the issuance 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 levied a direct, annual, ad valorem tax on all taxable property in the City for the years and in amounts sufficient to produce sun~ not less than 5% in excess of the principal of and interest on the bonds of this issue when due, and has appropriated taxes in such amounts to the sinking fund established for the payment of said bonds; that, if necessary to pay principal and interest, the City is required to levy additional ad valorem taxes on all such property, 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 constitutional, statutory or charter limitation of indebtedness. -2- IN WITNESS WHEREOF the City of Columbia Heights, Anoka County, ~nnesota, by its City Council, has caused this bond to be executed in its behalf by the prin- ted facsimile signature of the Mayor and the manual signature of the City Manager, and by a printed facsimile of 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 signatures of said officers, and has caused this bond to be dated as of November 1, 1969. City Manager (facsimile) Mayor (SEAL) (Form of Coupon) No. $ On the first day of February (August), 19 , the City of Columbia Heights, Anoka County, Minnesota, will pay to bearer at The First National Bank of Saint Paul , in St. Paul , Minnesota , the amount shown hereon in lawful money of the United States of America for interest then due on its Permanent Improvement Revolving Fund Bond dated November 1, 1969, . (Facsimile signature) City Manager (Facsimile signature) 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, ~nnesota, which includes the within bond, dated as of the date of delivery of and payment for the bonds. (Facsimile signature) City Manager (Facsimile signature) Mayor -3- 4. Said bonds shall be prepared under the direction of the City ~anager and attorney, and when so prepared, shall be executed in behalf of the City by the printed facsimile signature of the Mayor and the manual signature of the City Manager, and by printing thereon a facsimile of its official corporate seal. 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 ~anager 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 facsimile signatures of the b~yor and City ~{anager. I~en 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 shali not be required to see to the application thereof. $650,000 of the proceeds of said bonds shall be deposited in the Permanent Improvement Revolving Fund of the City and used to pay costs of Watermain Project No. WS-Minn-65 of the City, including interest to come due on said bonds during the construction period (August 1, 1970 and February 1, 1971); and said interest payments shall be reim- bursed to said Fund out of the first collections of special assessments levied for said Project. 5. The bonds herein authorized shall be payable from the Permanent Improvement Revolving Fund Account of the General Debt Service Fund of the City, which the Treasurer shall maintain separate and apart from all other funds of the City until the purposes for its creation have been accomplished. The moneys in said Account shall be used to only pay principal of and interest on the bonds payable from said Account. If at any time the moneys in said Account should be insufficient to pay all principal and interest due on bonds made payable there- from~ 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 shali be restored to the appropriate funds from the moneys next received by the City in said Account which are not required for the payment of additional principal and interest. Into said Account shalt be paid all taxes levied in paragraph 6, un!ess canceled according to law prior to their collection, any amount in excess of $650,000 received from the purchaser on delivery of the bonds, and all other moneys appropriated to the payment of said bonds and the interest thereon. 6. For the prompt and full payment of the principal of and interest on said bonds as the same respectively become due, the full faith, credit and taxing powers of the City shall be and are hereby irrevocably pledged. To provide moneys for the payment thereof, there is hereby levied upon all of the taxable property in the City, a direct, annual~ ad valorem tax which sha!l be spread upon the tax rolls for the years and in the amounts set forth below, and collected with and as a part of other general taxes of the City in the respective ensuing collection years: Levy Collection Levy Collection Year Year Amount ~ear Year Amount 1970 1971 $145,200 1974 1975 $90,957 1971 1972 139,214 1975 1976 86,730 1972 1973 133,230 1976 1977 82,320 1973 1974 106,244 1977 1978 77,910 -4- Said tax shall be irrepealable as long as any of said bonds are outstanding and unpaid; provided, that the City reserves the right and power to reduce the levies in the manner and to the extent permitted by Statutes, Section 475.61. ~finnesota 7. 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 entcred upon his bond register and that the tax required for the pa~ent~thereof has been. tevied. 8. 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 approving 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 othe~,~ise known to them, and all such certified copies, certificates and affidavits, including any heretofore furnished, shal be deemed representations of statements contained therein, s~ of all f - SeCretary of Council The motion for the adoption of the foregoing resolution was duly seconded by Councilman Kim§ , and upon vote being taken thereon the following voted AYE~ Land, King, J eska, Logacz, Naw rocki and the following voted NO: Nome whereupon the resolution was declared duly passed and adopted and was approved and signed by the Mayor and his signature attested by the Secreta~y. -5-