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HomeMy WebLinkAboutOrdinance 84introduced the following preamble and ordinance declaring an emergency and the same was read in full: PREAMBLE TO ORDINANCE NO~BER Z ~ ~) Being an Ordinance entitled "An Ordinance authorizing the issuance of $49,000 Refunding Bonds of the City of Columbia Heights, Minnesota. Whereas, the City of Columbia Heights, Minnesota, did heretofore at various times duly issue its negotiable obligations or bonds~ payable to bearer, in' accordance with the provisions of law applicable thereto, and Whereas, certain of said bonds, the principal and interest of which aggregate in excess of the sum of $49~000~ are about to become due or are optional or callable at this time, and there is not now nor in the ~udgment of this Council will there be sufficient money on hand in the treasury of said City available for the purpose to pay such bonds and should default occur in the payment of the principal and interest thereof the credit of the City will be impaired and the City will become liable to expensive, litigation, This Council hereby and under this preamble declares that an emergency exists for the immediate preservation of the public peace and safety in order to protect the credit of the City and to prevent unnecessary litigation and that in order to promptly meet such emergency it is necessary to pass Ordinance Number ~ ,~ as an emergency ordinance. Adopted by the Council May l~th~ 1950. ~yo r. Filed and Recorded with me this /~. day of May, 19S0. · ,/2 S~retary of the Council, (City Seal) -1- An Ordinance authorizing the issuance of $49,000 Refunding Bonds of the City~ of Columbia Heights, Minnesota. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. That the Council does determine that it is expedient to issue the bonds of the City of Columbia Heights, Minnesota, in the amount o~ Forty-nine Thousand Dollars ($49,000.00) for the purpose of refundin~ a like amount of the outstanding bonds of said City. That said bonds shall bear date June let, 19SO, shall be 49 in number, numbered from I to 49, both inclusive, of the denomination of $1~000 each, shall bear interest at the rate of six per cent per annum, payable semi-annually on the first days of June and December in each year, both principal and interest being payable at the First National Bank, in the City of Minneapolis, Minnesotas and shall mature as to principal in the order of their numbers~ lowest~ numbers firsts $2~000 on June 1st in each of the years from 19SS to 1944, both in- clusive~ $$,000 on June let in each of the years 1948 and 1948~ $4s000 on June let, 1947, and $5~000 on June 1st 1948~ 1949 and 1950. Section 2. That said bonds and the interest coupons thereto attached shall be in substantially the following form with the necessary variations as to numbers and maturities, which said form is hereby approved and adopted: No.. .... Ut~ITED STATES OF AMERICA~ $1000 STATE 07 MINNESOTA, ' COUNTY OF ANOKA, CITY OF COLU~BIA HEIGHTS REFUNDING BOND. KNOW ALL }!EM BY THESE PRES~TS, that the City of Columbia Heights~ in the County of Anoka and State of Minnesota, acknowledges itself indebted and for value received hereby promises to pay to bearer on the First day of June, 19 ~, the sum of One Thousand Dollars ($1,000.00), lawful money of the United States of Americas together with interest thereon at the rate of six (6) per cent per annum, payable semi-annually on the first days of June and December in each year, in accordance with and upon presentation and surrender of the interest coupons hereto attached. Both principal and interest of this bond are payable at the -2- First National Bank in the City of Ninne~polis, Minnesota, and for the prompt payment o~ such principal and interest as the same respectively become due the full faith, credit and resources of said City of Columbia Heights~ Minnesota~ have been and are hereby irrevocably pledged. This Bond is one of au issue of bonds, all of like date and tenor, ex- cepting as to maturities, and is issued by said City for the purpose of taking up, paying~ cancelling and retiring a like amount of the valid~ outstanding bonded indebtedness of said Ctty~ and is issued pursuant to and in full conformity with the Constitution and laws of the State of ~innesota and the charter of said City. It is hereby CERTIFIED and RECITED that all acts~ conditions and things required by the Constitution and laws of the State of ~inuesota and the charter of said City to have been dane, to have happened, and to have been performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular mud due form~ time and m~nner; that prior to the issuance here- of a direct annual tax has been levied upon all the taxable property in said City in a sum not less than five (5) per cent in excess of the sum required to pay the principal and interest hereof when and as such principal and interest become due; and ths~t this bond, together with all other indebtedness of said City outstanding on the date hereof~ does not exceed any constitutional, statutory or charter limitation of indebtedness, nor did the indebtedness refunded hereby exceed any such limitation. IN WITNESS WHEREOP~ said City of Columbia Heights, Anoka County~ Minnesota, has caused this bond to be executed in its behalf by the ~yor and by the City ~nager and countersigned by the City Clerk and sealed with its official seal~ and has caused the interest coupons hereto attached to be executed with the facsimile signatures of theM~yor and City N~nager and hascaused this bond to be dated as of June l, 1950. City of Col~nbia Heights, ~nnesota. Countersigned: City Clerk. City ~nager. (Form of Coup. on) No.__ On the First day of June (December)~ 19_ , $S0.00 the City of Columbia Heights, Anoka County~ Minnesota, will pay to bearer at the First National Bank~ Ninneapolis~ Minnesota~ the sum of Thirty Dollars ($~0.00)~ for interest then due on its Refunding Bond dated June lst~ l~SO~ No. City Manager. Mayor. i Section 8. That said bonds shall be executed in behalf of said City by the ~ayor and City Manager and countersigned by the City Clerk, and sealed with the official seal of said City, and that the interest coupons attached thereto shall be executed and authenticated with the printed, lithographed or engraved ~acsimile signatures of the Mayor and City Nanager, and that the full faith, credit and re- sources of said City shall be and they are hereby irrevocably pledged to the prompt and full payment of the principal and interest of each and all of said bonds as such principal and interest respectively become due. Section 4. That this Council has carefully examined the records of the City pertaining to the issuance of the obligations of the City for the refunding of which this issue of bonds is authorized and finds that each of said obligations to be so refunded represents a valid, and legally binding bond of said City and is such as is proper to be so refunded and that the aggregate amount of principal and interest of said bonds to be so refunded is in excess of the sum of $49,000. This Council further finds that there is not now nor will there be on hand in the treasury of the City sufficient money avai~be for the purpose to meet the payments of principal and interest as the same falls due, and that it is advisable, .expedient and necessary to issue and sell the $49,000 Refunding Bonds by this ordinance autho ri z ed. Section 5. That the proceeds derived from the sale of said $49,000 Refunding Bonds be applied by the Treasurer as far as they will av~&l for the purpos to pay the bonds for the refunding of which these bonds are authorized. Section 6. That this Council will meet on the J0~ day of ~-l-t~C~ 1980, at the High School Building in the City of Columbt~ Heights, ~.{innesota, at . $:00 o~clock, P. N., for the purpose of opening, receiving and considering bids for the purchase of said bonds and that the Clerk is hereby authorized and directed to give notice of the sale of said bonds by publication of a notice thereof once in each week for two successive weeks in the Columbia Heights Record, the official newspaper of said City published in the City of Columbia Heights, Ninnesota. Section ?. That pursuant to the provisions of Section 5, Chapter 131, Laws, 19Z?, there be and hereby is levied on all the taxable property in said City a direct annual tax in an amount not less than 5% in excess of the sum required to pay the principal and interest thereof as the same matures, as follows: Yea____E_r For Principal For Interest Total 198o $6,615 $6,615 1981 $S~O00 4,410 7,410 193Z 3,000 4,410 7,410 1983 8,000 4,280 ?,280 1984 8,000 4~050 7,050 1935 3,000 3,870 6,8~0 1936 Z,O00 3,690 6~690 1937 $,000 8,510 6,510 1938 3,000 3,880 6,330 1989 8,000 8,150 6,150 1940 3,000 ~9~0 5,9?0 1941 8,000 ~,790 5,790 194Z 8,000 Z,610 5,610 1948 4,500 Z,430 6,930 1944 4,500 2,250 6,750 1945 6~000 2,070 8,0~0 1946 ?~500 1,800 1947 7,500 1,530 9,030 1948 7~500 ,t~170 8,670 1949 450 450. Section 8. That this Council hereby declares that an emergency exists for the prompt issuance of said $~9~000 of Refunding Bonds in order to protect the credit of the City and to prevent unnecessary litigation and for the immediate preservation of the public peace and safety. Section 9. That this Ordinance is hereby declared to be an emergency ordinance and shall take effect immediately upon its passage. Passed by the Council l~y ~h~ 1950. Filed and Recorded with me this ~ day of Eay~ 1980. S~creta~ o'f the CoUncil. ~yo r. (City Seal) Councilman ~ .~~ moved the adoption of the preamble to Ordinance No. Y~, which motion was seconded by Counctlmsn ~~ and the motion being put, the following vote was taken and recorded on roll call: Ayes: t~~--__ Nays:__ Whereupon said preamble being agreed to by at least four members of the Council waz declared duly adopted. Thereupon Councilman ~q~~ moved the adoption of Ordinance No. ~. ~ as an emergency ordinance, which motion was seconded by Councilman ~~ _, and the motion being put~ on roll call the following vote was taken and recorded: Nays: . Whereupon said ordinance was declared duly and finally passed and enacted as an emergency ordinance. STATE O~ MINNESOTA) ) COUNTY O? ANOEA ) ss !, the undersigned, the duly chosen, qualified and acting Auditor of Anoka County, ~innesota, dO hereby CERTIFY that I did enter on my register an issue of $49~000 Refunding Bonds of the City of Columbia Heights~ Anoka County~ Minnesota, dated June 1st, 1930, in accordance with a certified copy of such levy made. pursuant to Ordinance I~o. ~ ~L ~ which certified copy was filed with me on the ~ _~ day of~1950, and such entry shows the aggregate ~nount authorized, the aggregate amount issued~ the number~ denomination~ date maturity of each~ the rate of interest and ti~e of payment thereof and the place of payment of principal and interest and the amount of t~x levied for the payment thereof, prior to the delivery of said bonds to the purchaser. I further CERTIFY that a tax has been levied by said City as provided by Section 5 of Chapter 1Sl~ Laws~ Minnesota~ 1927. In Witness Whereof, I have hereur~to set my hand ~d official seal this~' ~ d~y o f . _~, 1950 County ~udito r. (Seal) STATE OF ~INNESOTA) ) COUNTY OF ANOKA ) I, the undersigned~ the duly chosen, qualified and acting City Clerk of City of Columbia Heights, Anoka County~ Minnesota, do hereby CERTIFY That I have carefully compared the attached copy of Ordinance Number ~ ~ and preamble thereto declaring an emergency with the original of~ such ordinance and pregnable as adopted by the City Council at its regular !nesting held on the l~t~ day of ~ay, 1950, as the same was duly filed in the book kept for that purpose by the Secretary for the Council, now on file in my office, and that the same is a true and correct copy of the whole thereof. In Witness Whereof~ I have hereunto set my hand and the official seal of said City this /? day of May~ 19SO. Clerk. (City Seal) The ~'6'i~7 OOUR~it OF ~he 0i~7 ef ~elumbia Hei§htsa Anoka a~ 8:00 e"ol~ok, P. M. at ~he ~lgh ~1~1 ~uil~img ~n ~ai~ O~y ~o receive an8 tnolusive, ~Pne OA%y will ~urnish %he :blank bonds a~l~ the approving opinion o~ By or, er of ~he City O0until. Dated this 13th ~ay of May~ (No~e ~o newspaper,, ~.is ~o~ice must b~ p~blished %vioe~ ~Oe t~ each week for t~O ~Ao~ez~ive weeks~ ) S !GNATURE CERTIFICATE We Hereby . C~RT!PY that we did on the ~ day of - . ~ 1930~ officially sign $49~000 Refunding Bonds of the City of Columbia Heights, Anoka County, Minnesota, said bonds being 49 in number, numbered ~om I to 49, incl.~ of the denomination of $1000 each, dated June lst~ 1930, maturing serially on June let in each of the years fro 1933 to 19§0, both incl.~ bearing interest at the rate of 6% per annum~ payable semi-annually on the first days of June and December in each year, both principal and interest being paymble mt the First National B~nk~ in the City o£ Minneapolis, Minnesota, being at the date of said bonds and on this /~ dmy of 1930~ the date of the actual delivery of said bonds tc the-purchasers, ~ e , qualified and acting officers indicated therein and authorized execute the same. We further CERTIFY that no litigation of any nature is now pending or threatened restraining or enjoining the d~livery of said bonds or the levy and collection of taxes to pay interest ~nd principal~ or in any manner questioning the proceedings and authority by which the same is ~de or affecting the validity of'the bonds thereunder, and that neither the .corporate existence nor boundaries nor the title of the present officers to their respective offices is being contested and that no steps, acts or proceedings have been take to revoke or cancel the authority for the issuance of said bonds. ~he fac simile signature of the lfayor and City N~nager is upon the coupons of said bonds. 1980. Done and delivered at Columbia Heights, Ninnesota~ this ~_ day of ~~. , Official Title Mayo r. Sign~ re and genuine.