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HomeMy WebLinkAboutResolution 36-05The following resolution w. a9 offered who ~oved ft~ mdoptio~: A Resolution pertainin~ to the l~uance of $134,000 Refunding Monde. the City of Columbia He!Mhts in the County of Anoka and ~tate of ~lnne~ota at vamioug times did legally make, execute and dellvcr its certain Oond~ in the ag~egate su,~u of $13~,O00 for municipal purpo~es~ which ~ald bond~ were 1~eued to bearer for w~tue received ar~l $1J~,O00 of the ~a~e ~re now ontst~nding ~in~t the ~aid City ~nd are unpaid; the governing body of ~aid City of Colum~bia Heights dee~ that it is for the welfare of the said City to issue its bonds to the ~tate of Nlnne~ota %o refund $13~,000 of its ob! t~.t ions ~,W T}{f{REFQRE, BE IT RE~OLVED, by the governing body of maid 0ity of Columbia Melght~ at ~ du~y ca!i~.~ meeting thereof legally held on the l~th d~y of February, 1936, a cuorum~ beln~ ore~ent~ ~ that under and by virtue of Seotlonm 1959 to I96~, t~a~on' ~ H!une~o%a 9t~tute~ of 192Y, and acts ameudatory thereof, ~aid Oity sh~.!! for the purpose of refu~tuE ~id bond~ t~ue and ne~oti~te t~ the ~tate of Minnesota, its =efuudi~g bonds in the ~gregate amount of -~i34,000, dated from issue, be~t~ tnte=e~t at the rate of three pe~~ oentum per annum, to mm. ture and to be of the respective nu~b~r~ ~r~? ~ounts ae hereir~fter ~et fo~h: 1. Five Bonds for the cum of $~O00 P~yabte July i, 194~;~ 2. Three ~ou~e ~or %he ~um of ~,OC~O ~bie July !, 19~; Three Bon~ for the ~m of $4,000 Pa~bte July i, IO~7;  Three Bonds for the Cu~ of ~$,000 Pa~ble july t, 19h9; i Three Bond. 8 for the ~ of '~:~,000 ~aya~le july  . Three Bond~ for %he Cu~ of ~8,000 PaYsble July I, . TwO Bonc~s for the ~ of ~5,000 ~-a~ble July 1, 1959; 9- One Bon,~ for the ~u~ of $3,0~ Payable July 1, !9~; 10. T~o Bon~ for %hz ~ of ~5,0OO pa~ble July I, 195~; II. One Bona for the 8~ of ~3,000 Paysbie July 12. T~o Bon~s for the -~ of $~,000 Pa~ble July !3. One ~on~ for the ~um of ~3,O00 Payable July i, 14. T~O ~o~s fO~ %h~ ~ Of ~5,QOO Payable July pu~:ose of refun~i~ said bon~, and no other; %ha.t the tres. sure~ of City be and he I$ hereby a~uthor!~ Rnd directed to rake applio~tion the $ts~te Bo~d of investment of ~Inne~ota fox a lo~n of the ~mo~t ~haracter and u~on the te~s and conditions hexein sp~ifi~; %hat all =eQuired by the gaid State Bo~rd of Investment; th~.t upon the approval of said applic~.tion by the said Board the ~?yor and Clerk of this governt~ body be and %hey ~re authoriz~ and di~ect~ hereby to ~t~ ~.nd execute such bond~ aud the treasurer to counter~t4~n the s~me ~nd deliver them to the State of ~t~e~ot~, and upon receipt ~ the principal ~um thez~f said Treasurer t~ hereby ~irected to ~_pply the s~e for %he purpose of refuuding the 8aid bo~:].~ ~nd not Passed by ~he CounctlFebr~ry l~th, !936. Filed and Recroded ~tth me this /~ ' day of February,1936- The motion being duly ~cou~e~ by_ _,. ~ _...,?:~.~-~_- _:~.~;_.._ .... , was put to a vote and prevailed ~: ~ yeas ~ nny~. The vote as t~en ~ roll oRii bel~ ~ · '-- ........ ' ...... Tae following preamble was offered by who moved, its adoption: Whereas, this City is now unable to pay its outstanding indebtedness as it now matures according to its terms, and Whereas, this Oouncil hereby finds and declares that an emelgency exists and it is necessary to take prompt action to adjust the existi~ indebtedness for the immediate preservation of the public peace and safety by preventing unnecessary litigation, protecting the credit of the City and enabling the City to carry on its normal governmental activities, This Council hereby declares that the resolution hereinafter set forth for refunding bonds is an emergency resolution and shall take effect immediately upon its passage. seconded said preamble, and upon roll call the same was adopted by the following vote: Ayes: