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: