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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