HomeMy WebLinkAboutResolution 85-47RESOLUTION NO. 85-47
RESOLUTION AUTHORIZING THE ISSUANCE OF
DUPLICATE BONDS NUMBERED 1268 and 1269
OF THE CITY'S $8,175,000 GENERAL
OBLIGATION TAX INCREMENT BONDS OF 1980
WHEREAS:
A. The City Council of the City of Columbia Heights
by a resolution adopted August 11, 1980, did authorize the
issuance of $8,175,000 General Obligation Tax Increment Bonds in
accordance with the Notice of Bonds Sale at a price of $8,060,068.88
B. Said bonds were delivered to the purchasers thereof
on September 1, 1980;
C. Certain of said bonds were sold by the original
purchasers thereof to one Ms. Cathrina Postema, said bonds being
numbered 1268 and 1269 each in the denomination of $5,000, each
bearin9 interest at the rate of eight and one half percent (8.5%)
per annum and each maturing on March l, 1999;
D. Prior to the issuance of duplicate bonds Ms.
Cathrina Postema witl give to the City of Columbia Heights in the
principal amount of $51,450, said amount being double the amount of
the lost obligations and being conditioned to save the City of
Columbia Heights harmless as the results of its issuance of additional
obligations;
E. Minnesota Statutes, Section 475.69 and 475.70
provide as follows:
475.69 DEFACED BONDS; DUPLICATES.
When any obligation of a municipality becomes unfit for
circulation, it may be surrendered and canceled. Upon the
authorization of the governing body, a duplicate of the obligation
except as to signatures and a duplicate of any unpaid coupons,
may be issued to the owners. These duplicates shall be marked
~'DUPLICATE'~ and the date of issue shown thereon. Such marking
shall be signed by the treasurer than in office.
475.70 LOST INSTRUMENTS; INDEMNITY.
If the owner of any obligation which is destroyed or lost,
first gives a satisfactory surety bond to the municipality, in a
sum double the amount of such obligation, conditioned to save it
harmless in the premises, the governing body thereof may authorize
the issuance of another to the owner in its place, corresponding
with the missing obligation as to number, date, amount, and unpaid
coupons. Such obligation shall be signed by the proper officials
who are then in office, and shall be marked and dated as provided
in section 475.69. The treasurer shall keep a record of all reissues
and duplicates showing the date of issue and the persons to whom
issued.
NOW THEREFORE, BE IT RESOLVED by the City Council
of the City of Columbia Heights as follows:
1. The City of Columbia Heights shall forthwith issue
deliver to said Ms. Cathrina Postema obligations in the place of
said bonds numbered 1268 and 1269, corresponding with said lost
obligations as to number, date, princlpa] amount and unpaid interest
coupons. Said obligations shall be signed on behalf of the City
by the manual signature of City Manager and the Mayor, the corporate
seal of the City being omitted as permitted by law. The interest
coupons for said bonds shall be signed by the Mayor and City Manager.
Each of said bonds and each coupon thereon shall be marked "DUPLICATE'~
and shall show the dete of issue. Such marking shall be signed by
the Clerk-Treasurer of the City.
2. The Clerk-Treasurer is hereby directed to record
said duplicate bond, showing the date of ~ssue and the person to
whom issued.
3. The costs of printing sa~d duplicate bonds and legal
expenses shall be paid by said Ms. Cathina Postema.
This 9th day of September 19 85
Offered by: Hovland
Seconded by: Petkoff
Roll Cal]: All ayes
/~ecretary to the Counc'~-~t'
Bruce~"~ Nawrock~, Mayor