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.
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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