HomeMy WebLinkAboutResolution 72-23CITY OF COLUMBIA HEIGHTS
ADMINISTRATIVE OFFICES
· COLUMBIA HEIGHTS, MINNESOTA 55421
RESOLUTION #72-23
RESOLUTION PROVIDING FOR PUBLIC SALE OF
$965,000 GENERAL OBLIGATION BONDS.
BE IT HEREBY RESOLVED by the City Council of the City of
Columbia Heights, Minnesota, as follows:
This Council, by its Ordinance No. 782 adopted March 27, 1972,
author[zed the issuance of $450,000 principal amount of
Permanent improvement Revolving Fund Bonds of the City
to provide funds for the construction of public improvements
of a lasting character, including improvement to the
Ctty~ water uttli, ty, sanitary sewers, curbs, alley
paving, street surfacing, and acquisitions of property
needed in connect[on therewith. It is hereby determined
to be necessary to proceed with the public sale of said
bonds; and to obtain the best bid for said bonds at
publtcsale, to sell and issue an additional $5,000 of
like bonds together with said bonds, pursuant to
Minnesota Statutes, Section 475.56.
This Council, by its Ordinance No. 783 adopted
March 27, 1972, authorized the issuance of $500,00.0
principal amount of Garage Bonds of the City to provide
funds to construct a new municipal garage building. It
ts hereby determined to be necessary to proceed with the
public sale of said bonds; and to obtain the best bid for
said bonds at public sale, to sell and issue an additional
$10,000 of like bonds together with said bonds, pursuant
to Minnesota Statutes, Section 475.56.
This Council shall meet at the time and place set forth in
the form of notice hereinafter prescribed for the purpose
of receiving bids for the purchase of the bonds described
in paragraphs 1 and 2. The City Manager is hereby authorized
and directed to cause a notice of the time, place and purpose
of the meeting to be published once in the official
newspaper of the City and Tn the Commercial West,
published in Minneapolis, Minnesota, which notice shall
be tn substantially the folloutng form:
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NOTICE OF SALE
$965,000 GENERAL OBLIGATION BONDS
CITY OF COLUHBIA HEIGHTS, ANOKA COUNTY, HINNESOTA
MAY 8, 1972
NOTICE IS HEREBY GIVEN that the City Council of the City of
Columbia Heights, will meet at the City Hall on Monday, May 8, 1972,
at 8:00 o'clock p.m., C.D.S.T., to receive, open and consider
sealed bids for the purchase of $965,000 negotiable coupon,
general obligation bonds of the City, comprising $455,000
Permanent Improvement ~evolv[ng Fund Bonds and $510,00.0. Garage
Bonds, at a price of not less than $950,000 plus accrued interest.
The bonds will be dated May 1, 1972, and will mature without
option of prior payment on February 1 in the amount of $110,OOO
in 1974 and $95,000 in each of the years 1975 through1983.
interest on the bonds will be payable on February 1, 1973, and
semiannually thereafter. All bonds maturing on the same date must
bear interest from date of issue until paid at a single, uniform
rate, not exceeding the rate specified for bonds for any
subsequent maturity. Each rate must be in an integral multiple
of 5/100 of I%, and no rate may exceed 72. No supplemen'tal
or "B" coupons will be permitted. The bonds will be ~ssued in
denominations of $5,000, unless a d~fferent denomination is
requested by the successful bidder within 48 hours after award
of sale.
Principal and interest will be made payable at any suitable
bank Tn the United States designated by the ~uccessful bidder
within 48 hours after award of sale, subject to approval by the
City, and the City will pay the reasonable and customary paying
agency charges. The City will furnish, without cost' to the
purchaser and with{n forty days after award of sale, the printed
and executed bonds, the usual form of no-litigation cert~f{cate,
and the unqualified approving legal opinion of ~nd counsel
designated below. Delivery will be mad e without cost to the
purchaser anywhere in the continertal United States. payment by
the purchaser must be tn immediately available funds. An
unquali, fted legal opinion on the bonds will be furnished by
Messrs. Dorsey, Marquart, Wtndhorst, West & Haltaday of Minneapolis,
Minnesota. The legal opinion will be printed on the bonds and
will state that the bonds are valid and binding general
obligations of the City.
Sealed bids must be mailed or delivered to the undersigned and
must be received prior to the time of said me, rig. EacA bid
must be accompanied by a cashier's or certified check or bank
draft in the amount of $19,300, payable to the City Treasure,r, to
be retained by the City as liquidated damages if the b~d ts 'accepted
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and the bidder fails to comply therewith. The bid authorizing
the lowest net interest cost [total interest from date of bonds
to stated maturities, less any cash premium or plus any
discount)will be deemed the most favorable. No ora~ bid, and
no bid of less than $950,000 for principal plus accrued interest
on all of the bonds, and no bid ~nvolv~ng a net interest cost
exceeding an average annual rate of '7%, will be considered.
The City reserves the right to reject any and all bids and to
waive any informality in any b~d.
Dated April 10, 1972.
BY ORDER OF THE CITY COUNCIL
Malcolm O. Watson
C~.ty Manager
Columbia Heights, Minnesota
Each and all of the terms and provisions of the foregoing
notice of sale are adopted and confirmed as the terms and
conditions of the bonds and of their offering for sale.
Passed this. 10th day ~ April, 1972.
Offered by:
Seconded by:
Rol I Cal I:
Heintz
Norberg
All Ayes