Loading...
HomeMy WebLinkAboutResolution 72-28CITY OF COLUMBIA HEIGHTS ADMINISTRATIVE OFFICES · COLUMBIA HEIGHTS, MINNESOTA 55421 RESOLUTION #72-28 AHENDING RESOLUTION #72-23 '~PROVIDING FOR THE PUBLIC SALE OF $965,000 GENERAL OBLIGATION BONDS~' AND POSTPONING THE DATE OF SAID SALE FROH HAY 0 TO MAY 31. BE IT HEREBY RESOLVED by the City Council of the City of Columbia Heights that the "Notice of Sale'~ section of Resolution #72-23 dated April 10, 1972 be and the same is hereby amended to read: NOTICE OF SALE $965,000 GENERAL OBLIGATION BONDS CITY OF COLUMBIA HEIGHTS, ANOKA COUNTY, MINNESOTA MAY 31, 1972 NOTICE IS HEREBY GIVEN that the City Council of the City of Columbia Heights, will meet at the City Hall on Wednesday, May 31, 1972, at 7:00 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 Revolving Fund Bonds and $5t0,000 Garage Bonds, at a price of not less than $950,000 plus accrued interest. The bonds will be dated July 1, 1972, and will mature without option of prior payment on January I in the amount of $100,OO0 in each of the years 1974 through 1982 and $65,000 in 1983. Interest on the bonds will be payable January 1, 1973, and semi-annually 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 1%, and no rate may exceed 7%. No supplemental or "B" coupons will be permitted. The bonds will be issued in denominations of $5,000, unless a different denomination is requested by the successful bidder within 48 hours after award of sale. - 2 - Principal and interest will be made payable at any suitable bank in the United States designated by the successful bidder within 48 hours after award of sale, subject to approval by the City, and the City w~ll pay the reasonable and customary paying agency charges. The City will furnish, without cost to the purchaser and within forty days after award of sale, the printed and executed bonds, the usual form of no-litigation certificate, and the unqualified approving legal opinion of bond counsel designated below. Delivery will be made without cost to the purchaser anywhere in the continental United States, payment by the purchaser must be in immediately available funds. An unqualified legal opinion on the bonds wilt be furnished by Messrs. Dorsey, Marquart, Windhorst, West & Halladay of Minneapolis, Minnesota. The legal opinion will be printed on the bonds and w~ll state that the bonds are valid and b~nding 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 meeting. Each bid must be accompanied by a cashier's or certified check or bank draft in the amount of $19,300 payabte to the City Treasurer, to be re~ined by the City is liquidated damages if the bid is accepted 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 oral bid, and no bid less than $950,000 for principal plus accrued interest on all of the bids, and no bid involving 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 bed. Dated April 24, 1972. BY ORDER OF THE CITY COUNCIL Malcolm O. Watson City Manager City of Columbia Heights, M[nnesota Each and all of the terms and provi, sions of the foregoing notice of sale are adopted and confirmed as the terms and conditions of the bonds and of their offeri~ng for sale. Passed this 24th day of April, 1972. Offered Seconded by: Rol 1 Cal 1 Jeska, Heintz All Ayes. Secretary to the Council Br~uce G. Nawrocki , Mayor