HomeMy WebLinkAboutResolution 85-71CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 85-71
RESOLUTION GIVING PRELIMINARY APPROVAL TO
TIIE ISSUANCE OF BONDS PURSUANT TO
MINNESOTA SESSION LAWS, CH. 1 SP. 14, ART. 8,
SEC. 49
WtIEREAS, the City of Columbia Heights (the "City") has established a
pension/retirement fund for its fire/police department employees (the "Fund")
pursuant to Minnesota Statutes, Chapter 356, as alnended; and
WHEREAS, the City has current and future unfunded liability for deposits to
the Fund; and
WHEREAS, the Legislature of the State of Minnesota has determined that
the City may issue bonds for the purpose of funding all or part of the City's current
and future unfunded liability for the Fund by purchasing one or more insurance
policies or annuity contracts to pay all or a specified part of the liability within the
period required by law; and
WHEREAS, the Legislature has codified the determination in Minnesota
Session Laws, Ch. i Sp. 14, Art. 8, Sec. 49 (the "Statute"); and
WHEREAS, the City has determined that it is within its best interest to
issue bonds pursuant to the Statute and to use the proceeds to purchase one or
more insurance policies or annuity contracts to pay all or a portion of its unfunded
liability for the Fund.
NOW, THEREFORE, BE IT RESOLVED Bt' THE CITY COUNCIL OF THE
CITY OF COLUMBIA HEIGHTS THAT:
1. The City gives preliminary approval to the issuance of bonds pursuant
to the Statute for the purpose of purchasing one or more insurance policies or
annuity contracts to pay all or a portion of its m~funded liability for the Fund.
2. The bonds shall be issued in accordance with all the terms and
conditions of Minnesota Statutes, Chapter 475, as amended.
Adopted by the Columbia IIeights City Council this ] 2th d~ay of/~___,
1985. ~~ .
Mayor
Offered by: Petkoff
Seconded by: Peterson
Roll call: All ayes
City Clerk/Manager/Administrator