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HomeMy WebLinkAboutResolution 35-22NOTICE OF FILING OF PLAN AND LIST NOTICE IS HER~Y GIVEN That a Dian for refunding the outstanding indebtedness of the City of Columbia Heights, Anoka County, ~inne- sots, by the issuance of Refunding Bonds in the principal amount of such indebtedness, but bearing a lower rate of interest, has been proposed and adopted by the Council oi' said City by a resolu- tion adopted December 2nd, 1935, and filed and recorded with the Secretary of the Council. The indebtedness to be refunded is set forth in the list thereof in the resolution adopted December 2nd, 1935, to which reference is made for a description thereof. This notice is given pursuant to Chapter 119, Laws, ~innesota, 1935, and by order of the Council of the City of Columbia Heights. Dated December 2nd, 1935- HAZEL A. TRUCKER City Clerk. The Council of the City of Columbia Heights, Anoka County, l{innesota, me~ in adjourne8 regular session on the 2nd day of Dec- ember, 1935, st 7:30 o'clock, P. I~. at ~ne City Hall in said City. The meeting was called to order by the l~ayor 8nd upon roll call'the following members were found present: Severson, Ntl]_er, Bassett, Wohlford, ~'ema. Absent: None. The mat~er of the necessity of refinancing vas again discussed and Councilman Severson introduced the following resoluti.~.n ~_nd pre8mble thereto and moved its adoption as an emergency resolution, which resolution and preamble was read in full. RESOLUT ION A Resolution proposing and adopting a plan for the adjustment of the existin~ indebtedness of the City of Columbia Heights, Anoka County, Ninnesota, pur- suant to Chapter llg, Laws, Einnesota, 1935. ~hereas, owing to a heavy decrease in the valuation of the City, excessive mill rates, and Undue delinquency in the collect ion of taxes and assessments due to adverse economic conditions, this City is now unable to pay its outstanding indebtedness as it matures and to continue to pay such high~ rates of interest, and Whereas, this Council hereby finds and declares that an emergency exists by reason of ~he foregoing and it is necessary to take prompt actaeon to adjust the existing indebtedness for the in, me- diate preservation of the public peace and safety, and to orevent unnecessary litigation and to enable the Cir~y to carry on its normal governmenzal activities, NOw, ?herefOr~e, Be it RESOLVED by the Oounctl of the City of Columbia Heights, Anoka County, Einnesota, ss follows: (1) That this governing body does hereby propose ar~ adopt a plan for the adjustment of its existing indebtedness as represented by the following issues. -1- (8~ (1) $15,0O0 5 3/~% Street I~provement Bonds, dated February l, 1922, Nos. I to 15, both incl.; (2) $47,000 5 3/4% Waterworks Bonds, dated February. l, 1922, Nos. 1-5, 9-13, 15, 16, 21, 23-46, and 49-58 both incl.$ (3) $12,O00 5 1/2% Waterworks Bonds, d~ted October l, 1925, Nos. 9-20, both incl.; $30,004 5% Sewer Certificates of Indebtedness, dated July 1, 192Y, Nos. 94-I~3, lO$-llY, cud t22-131, both incl.; $9,500 6% Refunding Bonds, dated July l, 1929, Nos. 6-24, bot~ incl.~ (6) 5,000 6~ Certificates of Indebtedness~ dated November 1~$ 1929, ' fs~ued for Local Improvement No. 33A, Nos. 1~, 16, lB, 20 and 22; (~) 3,000 i6% Certificates of Indebtedness, dated November 1, 1929, ssued for Local Improvement No. 33, Nos. 19, 21, ~nd 23; 3,~0~ 6% Certific~tes of Indebtedness, dated November l, 1929~. issued for Local Improvemen~ No. 33B, Nos. 15, l~ and 24, (10) (ii) (12) (13) ( 14~ (15 ( 2,000 6% Certificates of Indebtedness, dated November 1, 1929, issued for Aocal Improvement No. 3~, Nos. 28-3l, both incl.; 3,000 6% Certificates of Indebtedness, dated February l, !930, issued for Local Improvement No. 38, Nos. 7-12, both incl.; 39,000 6~ Refunding Bond dated J I 193©, Nos 7-24 and 29-~9, both incl..s,, une , · 500 4% Fire Truck Certificates, dated July 15th, 193©, No. 10; 4,0~0 6% Refunding Bonds, dated July l, 193©, Nos. 4-~, both incl.; 1,O00 6~ Certificates of Indebtedness, dated OcZober l, 1930, issued for Local Improvement No. 38, Nos. 7 an~ 8; 4,~00 6% Emergency Debt Certificete, d~ted September 19, 1933; 2,500 6~ Emergency Debt Certificate dated Narch 27, 193~; 3,500 6% Emergency De~t Certificate dated Janu~ry 17, 1935; 1,CO0 6% Emergency Debt Certificate dated January 22, 1935; 2,000 6~ Emergency Debt Certificate dated October 15, 1935. -2- and this Council hereby finds and determines that such indebtedness consists of general obligations of the City for the paym_ent of which the full faith and eredtz of the municipality is pledged. (2) ~hat for the refunding of the aforesaid obligations, it is in the judgment of tnls Council advisable, expedient end necessary to issue and there are hereby authori~ed end directed to be issued the negotiable coupon bonds of the City of Columbia Heights, Eihnesota, in the aggregate amount of $187,700.U0, to be de,ed December 1st, 1935, to mature Dec~ber 1st, 1955, the City reserving the right to prepay all or any partof said bonds on any interest payment date by giving thirty~ days' written notice of i~s inzenmion ~o so prepay to the First National Bank & T~ust Company, Minneapolis, Minnesota, where both principal and interes~ of these bonds shall be payable, said bonds to be 388 in number, numbered from i ~o 388, ~oth inclusive; Bonds Nos. 19~ and 388 to be in denomination of $t00 each, Nos. 165 Zo 193 and 359 to 38~, botn incl., to be in the denomination of $250 each, NOs. 156 to 164 and 350 to 358, both incl., to ~e in denomination of $1,~00 each one Bon~s Nos. I to 155 ant 195 to 3¥9, both incl., ~o be in denomination of $500 each, Bonds Nos. 1 to 195, to beer interes~ at the r~te of three (3~ per cent per annum, paFable semi-annually on the first days of June and December in each year, and Bon~s No. 195 to 38~ to bear inter-st at the rate of three and one-half (3~) per cent per annum, payable semi-annually on the first days of June and Dece~r. ber in ~esch yes. r, Th8t Bonds Nos. 1 ~o !95, both iAcl., shall be offered for ex- cha~e for a like amoun~ of the obligations to be refuncem thereby with the consent of the holder-s of the obligations to be refunded given vol- untarily; providem, h~wever, that surrenmero~ any of such obligations for payment or exchange shall be sufficient evidence of such consent. That Bonos Nos. 195 ~o 388, both inclusive, shall be offered mo the State Board of Investment pursuanZ to Chapter 389, Laws, 1933, -3- ss amended, and the Treasurer be and hereby is authorized and directed to make aoplicati~n to %be State Bo~.rd of investment for a loan of the amount ano_ character an~_~ upon the terms e~ud conditions specified herein on aforesaid BonGs Nos. 195 to 388, both incl., snC that all other officers are hereby a~thorized and directed t,~ sign, execute and deliver such papers and to furnish suc~ information in connection ~ith said application and tae issuance of bones pursuant thereto as may be required by the St~Ze Board of InvesZment. Said bonds shall be general obligations c~ the City ant the full faith, credit ~nc unlimited taxing powers of t~e City ere hereby pledged for their payment and the Cizy agrees to retire not less than three per cenz of euch bonds escn year cOmmencing not !a~er than the fifZh year. (3) That for the purpose of provicing money for the pay~umnt of such b:nas, which shall hereafter be known ant designated as "Refund- ing Bones", an~ interest thereon, t~ere is hereby, levied uoon. all the taxable property in the City ~ direct, annual, Irrepealab±e tax pur- suan~ to the provisions of Chapter ~19, Laws, 1935, for the years and in the amounts as follows: Year Amoun~ of Levy 1936 $ 6,2~0 193~ 6,200 193@ 6,2~0 1939 1y,250 19~0 1y,250 19~! 17,250 ~ ~7,25o 1993 17,250 19~ 17,250 1955 ~7,25o 1946 1 ~, 250 1957 17,25o 19~8 17,250 1949 t~,250 195o 17,~5o ~951 17,25o ~952 17,~5o ~95~ 195~ ~7,a5o (4~ That there is hereby created for said Refunding Bonds a sinking fund to be kno,,~n as "Sinking Funa of Refun0ing Bonas, ~lated December l, 1935", into which Shall be paid all moneys received from taxes herein or hereafter ±evie~ for the payment of' such bongs sn~ all moneys fr~om time to time appropristeC thereto. There is hereby also appropriatea to shim fund ali of the proceeds oi' taxes or assessments aerator.ore lavish, ex'tenaec or assessea for the payment of' obliga~ions refunced by these Rei'unding Bonds, and, if all of said obligations be no~ surrencerem ant. refunaed, then such ratio or proportion of such outstanding bonds or assessments as the ratio or proportion of such outstanding obligations refunded hereunder bears to the ~ota]_ amount of such obligations now outstanding. Such funs shall be usam for no other purpose than to oay principal an~ interest of such Refum~ing Bone~s or to redeem the same as provided by law; it being further unmerstooed and agreed ths. t in the event ii, ere is a deficiency in said f~unm at any time anC the City is without other fun[~s available for that pur ose to pay ~.he interest on said Refunaing Bonos, the interest on the bonos taken by the St~mte Board of Investment shall be first paid anC. shall have priority on said fund. (5) That said Refunding Bonds and the coupons to be thereto -attached sn~lt 0e in subszanz, ial~y the following form, with the necess- ary variations as to numbers, denominations and interest rates, which saia form is hereby approved ant adopted: UNITED STATE8 ~F kYERICA STA~'E OF EI~NESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS, REFUNDING BO ND No. $ KNOW ALL ~E~' BY THESE PRESENTS, tna. t the City of Columbia Heights, Anoka County, ~innes,~a, acknowledges itself indebted~and, for value received, nereD~z promises to pay bo bearer on the first day of December, 1955, t~.]e sum of Dolls~rs (.$ ) -5- and to pay interest thereon at the rate of per cent per annum~ payable semi-annusl±y on ~ne First days of June and December in each yee_.r in accordance wi~n and upon presentation and surrenc~er of the attached interest coupons as they severally become due. Botl~ prin- cipal and interest are payable in lawful money of the UniTed States of America at the First National Bank & Trust Company, in the City of Minneapolis, Minnesota, ant £or the prompt and full payment of suci~ principa± and interest es the same become due, and for the levy and collection cz- Laxes ~ufficienz for that purpose, the full faith, credit ant unlimited taxing powers of said City have been and are hereby irrevo- cably pledged. This Bone is one of an issue of bonds, known ss "REFU~!DT~NG BONDS" issuec by said City of Columbia Heights pursuant to the provisions of Chapter 1~9, Laws, Minnesota, 1935, for zae ourpose of paying and re- tirir~' an equal± amount of ou~szancin~ obligations of said City an~ is issued by virtue of a resolution of ~he Oouncii o~' sale. City adopted December 2nd, i935, and pursuant to the Constitution and laws of the St-~te of Minnesota. This Bond is subject to redemption on any interest paynoent date at par and accrued interest to date of redemption upon thirty days' prior notice mailed to the bard{ at which this bond is payable an(~ to the l~older, if known, at the last known address. Ho±ders desiring to receive notice of redemption may re~ister their names and addresses with tee Cizy Cierk. It is hereby Certified and Recited that all acts, conditions and ~hings requirea Dy the Constitution aha laws of the State of Minnesota to nave beer-~ done, to have happened ant to have been performea precedent to and in ~_ae issuanceof t~ts bond have been done, have happened and have been perf'ormea in regular and due form, time ant manner; that orior to the issuance of this bond a direct, annual, irrepealsble tat has been levied on all oI' zne taxable property in said City for the years an~ in the a~nounZss as required by law, eno adc, itional taxes may be levied on all of the taxable property wi%nin zne terrItoria± limits of said City wiznIn the limita~ions prescribed by law; and the issuance of this bond did no[. cause ~ne i~':aeDZeaness on the date hereof to exceed any c~nstitu- tional or statutory limizaz on of indebtedness nor did the indebtedness reftuaaed hereby exceed any such limitation on the date the same was inc ~rred. IN WITNEb8 '~HEREOF, the City of Columbia HeigD. zs, Anoka County, Minnesota, has caused ~.~nis bone to be executed in its behalf by the Mayor ant by the City Mar~ger ane cou~zersigne~ by the City Clerk and sealed with its of~'icial seal, and has caused the interest couoons hereto a~tac~eO ~o be executed, wi~n the f~csimi±e signatures of t~e Mayor ana City Manager eno h~s caused this bond ~o be dated as of the First day of Count ers igned: Mayor, ~i~y of Columbia Heignts, Minnesota. City Manager -6- (Form of Coupon) Unless t~e b,:-)na herein ret'artec to be sooner ~edeemed, on the First day of June (December), 19__, the City of Col- umbia Heights, Minnesota, will pay to bearer at the First National Ba~k & Tr~st Company, Minneapolis, Pinn., the sum of DoLlars ia~- ful money o±' the Unige~l States o~' Americ~ for inzer~s~ then due on its Refunding Bond~ dazed Dece.w,~ber l, £935, No.~. Mayor ------~i my Manager (6) That the pla~ propssec sno a~,opted hereby shs!l become eft'active immediately an~ any noiaers of the ouzsz, anmtug obligations of the City proposed to be refunaed hereunder may consent to t~is plan. No bonas shall be deliverec hereunder u~less prior thereto or slmul- ~aneously therewith an equal par value oi~ 'the ou~'.s~,anminE inmebtemness fei'unocal s~.ail be surrendered for payment anm cancel±az, io~.. (7) That the Ciz'z Clerk is hereby direczec to cause notice of the filling of this plan to be published in one issue of the o~ficial newsp2P~, z, ne Columbia Heights Record anc in Anoka Hersla, ~ legsl newspaper published in the City of Anoka, Min.~eso%s, pursuant to Section g, Chapter ll9, Laws, 1935. (8) It is hereby? determined znaz all of the provisions of tnts plan as set i'orzn in this reso±uzion amc foune.~ to be for ~ne best inter- ests of the City, its creditors ana its ~axpsyers, sno Zne City proposes ant amop~ss the san~e as its plan for refuncing it~ indebtedness. (9) Taa~ this Council hereby declares tnsz an emergency exists for the prompt adoption o±' Znis plan in order ~.~ protect the credit of the City ant. to prevent unnecessary litigaZio~ snc for the immedis:~,e preservation of t~e public peace 8nc safety. (l~) Th. at this Resoluzi~n is hereby declared to be an emer- ge~cy resoluti,n ant. shall ts~e effect i~.~n~e~istedly upon i~s passage. Passed by the Council December 2nd, 1935. ~o. ' ~ ....... Unless the bond herein referredto be sooner redeemed, on the First d~¥ of june (December), the City of Columbie. Heights, i~innesota-, '.~il! p~y to b~rer at the Pir~t National Bank & Trust Company, l. finneapoli~, ~finn., the ~ of Dollar~ lawf~ money of the United St~-tes of Americ~ for !nte~t'-~he~'~e on its Refunding Bond,~ dated December l, t9~5, No. . ~yo r. (5) That the plan proposed ard adopted hereby shall become effective immediately and any holders off the outstanding obligc~tions of the City proposed to be refunded hereunder ~-y consent to this plan. No bonds shs. ll be delivered hereander unless prior 'thereto or s~ ul~ 2aneously therewith a.n equal oar value of the outstanding indebtednes~ refunded shall be s-o.rrende~ed-for, pe. yment and cancellation. !~6) That the[~if~y Clerk ie hereby direct~ to cause notice of the fili~'of this o!~ln one i~sue of t~e official (Y) It is hereby dete~d that all of the provisions of this plan as set forth in this resolution ~e fo~ to be for the best inte=- ests of the City, it~ c~editor~ an~ its ta~ayers, and the City proposes and ~dopts the seine as its plan for zefunding its indebtedne~e. (8) That this Council hereby declares that an emergency exists for the proof adoption of this plan in order to protect the credit of the City and to prevent unnecessary litigation and for the immedis~te preservation of the public peace and safety. (9) That this Resolution i~ hereby deci~.~ed to be an emergency resolution and. she. ll tak~ effect i~ediately upon its pass~ge. Passed by the Council ~'~ ~}-~, 1935- ~ayor. Filed and recorded with me this day of ~~, 1935. The foregoing preamble and resolution'having been full Co~cilman mov~ that the pr~mble to said resolution be ~opt~, which -6- and the question being put s~id pre~mble ~zs adopted by the foliowi~g Noe~: Whereupon 8aid pre-~mb!e h~viug been agreed to by at least four m~ber~ o~' the Oouncil it ~a~ declared duly ~.dopted, and Thereupon - moved the adoption of the reso- Oounc ilm~n .... .:~..._.~. ......... ~ .......... lution entitle. ~A Re~olution p~opo~ing arid adoptt~ ~ plan fo~ the ~Ju~tment of the existing indebtedness of the City o~ Oo!~i~ Height~, Anok~ Co~ty, ~dinu~ot~, ~nd ~ect~..riug ~n e~ergeneY . _ ~_~- tL~~ ~-~ ze~olution, ~.,hicb ~tiO~ ~a~ ~e~nded by Oo~ci!m~.n ,: .... ::, ~.~. .......... and upon roll call the following vote 'w~ taken ~nd ; Whereupon ~ld reeo~utton ~e dec!ar~ duly ~do~t~. -7- Filed and recorded wi~n me this 2nc day of December, 1935. Secretary of the Council. (City Seal) · The foregoing preamble and reso!u~i?n having been read in I'ull Councilman Severson moved taet the preamble to said reaolu~ion be atop%em, which was seconded by Councilman Bassett and %ne quest, ion being put said preamb±e was acopted by the following Ayes: Noes: Severson, Miller, Bassett, Tema Wo~llt~Or(1 no~ vo~ing. "Whereupo vote: said preaEb±e having baen agreed to by at !es.s~ four memoers of the Council it ~as ~eclared duly adopted, and Thereupon Coumci£man Miller moved %ne adoption of ~ne resolution entitled Reso±u-~ion preposing and aaopZing a plan for the adjustmen% of the exisZ- lng indebtedness of the Ci%y of Columbia Heights, Anoka County, Einne- so~a, 8no declaring an emerge~cy", as an emergency resolution, which mo- %ion was seconcled by Councilman Severson ado upon roll call Zne following vote was taken an~ recorded: Ayes: Severson, Miller, Bss~et~, Tema Noes: ~ohli'o~d no% voLing, Waereupon s~id resolu~i ~n was declared duly adopted. -8-