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HomeMy WebLinkAboutOrdinance 302ORDINANCE NOo 302 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $60,000 OF BONDS FOR Ii~PROVEi~ENT OF THE CITY,S WATER UTILITY THE COUNCIL OF COL~fBIA HEIGHTS DOES ORDAIN: Section 1. It is necessary and expedient for the City of Columbia Heights to borrow the sum of $60,000 by issuing snd selling its negotiable coupon general obligation bonds in that amount and using the proceeds thereof to improve the City's presently owned water utility by the erection and installation of a water tower and tank, and, subject to the referendum powers of the people, said bonds shall be issued, sold, and delivered as soon as may be after this ordinance takes effect, such bonds to bear date of issue, dates of serial maturities and be in such form and detail as shall be prescribed by resolution of the City Council, and shall bear in- treest at the lowest rate or average rate obtainable upon a public sale thereof. Section 2. Said bonds shall be the general obligations of the City and secured by a pledge of the full faith and credit and unlimited taxing powers of the City, but the City shall annually eliminate or reduce the tax levies needed for such purpose by the imposition, collection, and appropriation of earnings of said water utility, including a surcharge on water bills, as hereafter to be ordered and prescribed. Section 3. This ordinance shall take effect thirty days after its passage. First Reading: April 22nd, 1952 Second Reading: ~ay 13th, 19~2 Passed: ~ay 13th, 19~2 Offered by: Holm Seconded by: Lange Roll Call: All ayes Secretary t0 the o ' ORDINANCE NO. 302 A AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $90,000 OF BONDS FOR CREATING AIfD ~INTAINING THE CITY'S PERMANENT I~PROVE~ENT R~wVOLVING FD-ND THE COUNCIL OF COLd. IA HEIGHTS DOES ORDAI~T: Section 1. It is necessary and expedient for the City of Columbia Heights to borrow the sum of $?O,000 by issuing, and selling its negotiable coupon general obligation bonds in that amount and using the proceeds thereof to create and maintain the City,s Permanent Improvement Revolving Fund, and thereby to provide funds for improvements of a lasting character, including installation of paving, curbs, gutters, and storm sewers, and, subject to the referendum powers of the people, said bonds shall be issued, sold, and delivered as soon as may be after this ordinance takes effect, such bonds to bear date of issue, dates of serial maturities, and be in such form and details, as shall be prescribed by resolution of the City Council, and shall bear interest at ~the lowest rate or average rate ob- tainable upon a public sale thereof. Section 2. Said bonds shall be the general obligations of the City and secured by a pledge of the full faith and credit and unlimited taxing powers of the City, but the City shall annually eliminate or re- duce the tax levies needed for such purpose by the imposition, collection, and appropriation of special assessments on properties benefited by the improvement made with such moneys, as hereafter to be ordered and pre- scribed. Section 3. its passage. First Reading: April 22nd, 19~2 Second Reading: ~ay 13th, 19~2 Passed: ~ay 13th, 19~2 Offered by: Spekulant Seconded by: Deeble Roll Call - All ayes This ordinance shall take effect thirty days after Secretary to the Council STATE OF ~[[Rq~ESOTA COUNTY OF ANOIfA SS CERTIFICATE AS TO REFERENDU~ PETITIONS, ETC. Vfe, GEORGE W. t~TTH~VS and BOSELLA C. JOHNSON and EVA PRITCHARD, being respectively the duly chosen, qualified, and acting City Manager, City Clerk, and Secretary of the City Council of the City of the City of Columbia Heights, Ninnesota, hereby certify that the ordi- nances of said City described below were each duly introduced and read at the meeting of the City Council of said City held April 22, 1952, and were thereupon placed on file in the office of the Secretary of the Council and remained on file at least one week, aud were each published as proposed ordinances in the official newspaper of the City on May l, 1952, and were thereafter read in full and passed by the City Council on May 13, 1952, and were thereupon signed by the Nayor and were published in said official newspaper on May 15, 1952, and said ordinances have each been duly recorded in a book kept for that purpose, and attested by the Secretary of the Council. Said ordinauces are N6s. 302 and 302-A, relating respectively to the issuance of $60,000 Water Utility Improvement Bonds and ~90,000 Perma- nent Improvement Revolving Fund Bonds of said City. We further certify that each of said ordinances took effect on or before June 15, 1952, and that no petition for a referendum vote on said ordinances, or either of them, or for a repeal thereof under Section h~ of the Home Rule Charter of said City, has been presented or filed in the of- lice of the City Clerk or any other City office. We further certify that Leroy H' Trafton ceased to be City Manager of said City on Nay 6th -- ., 1952, and that the undersigned George W. ~atthews has held such office since _ ~ay 7th , 19~2. Witness our hands and the seal of said City this 8th day of July, 1 52. Secretary of City Council Extract of Minutes of Meeting of City Council Columbia Heights, Minnesota June 24, 1952 Pursuant to due call and notice thereof, a regular meeting of the City Council of Columbia Heights~ Minnesota, was duly held at the City Offices in said City on Tuesday~ June 24, 1952, at 8:00 o' clock P.M. The following members ~re present: The City Council's attention ~-~s called to an error in the minutes of its meeting held April 22, 1952, in failing to show that Ordinance No. 302A, which was introduced at said meeting by Councilman Lange, was them given its first reading, which first reading was in fact had and done at said meeting. On motion made, seconded, and carried~ the minutes of said April 22, 1952, meeting were ordered corrected, to show that Ordinance No. 302A was then given its first reading. The City Clerk reported that Ordinance No. 302 and Ordinance No. 302A had each bee~~ signed by the Mayor, filed with the Secretary of the Council within two days thereafter, and recorded and preserved, and each had been published in the May 15, 1952, issue of the official newspaper, and that more than 30 days had elapsed since each was passed and no petition for a referendum on either thereof had been presented to or filed with him, and that each thereof are no, in f~ll force and effect. Councilman ~~ introduced the following resolution and moved its adoption. Said resolution was thereupon read in full in words and figures, as follows: -1- A RESOLUTION PROVIDING1 FOR THE PUBLIC SALE OF WATER UTILITY IMPROVEMENT BONDS AND PERMANENT IMPROVEMENT REVOLVING FUND BONDS BE IT RESOLVED by the City Council of the City of Columbia Heights~ Minnesota, as follc~s: 1. This Council~ shall meet at the time and olace, and for the purpose specified in the form of notice of bond sale hereinafter set forth, and to take such further action in respect to the bonds therein described as shall then be found desirable or expedient. 2. The City Manager is hereby authorized and directed to give notice of the time, place, and purpose of said meeting by causing notice thereof to be published in one issUe of the Columbia Heights Record and in one issue of Commercial West, a financial periodical published at Minneapolis, Minnesota, each of such publications to be at least ten days prior to the date of said meeting, and which notice shall be substantially as follows: NOTICE OF SALE OF $60,000 GENERAL OBLIGATION WATER UTILITY IMPROVEMENT BONDS AND $90~000 PERMANENT IMPROVEMENT REVOLVING FUND BONDS CITY OF COLUMBIA HEIGHTS, MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Columbia Heights, Minnesota' wil~ meet at the City office a~t 530 Northeast Mill Street in said City, on~-~~.~ , the ~..~ay of July, 1952, at 8:00 o'clock P. Mo, o~c~ve,~6Peh and c~Y~Jr bids for the purchase of $60~000 principal amount of general obligation Water Utility Improvement Bonds, to be issued for the purpose of improving the city's presenting.~ owned water utility by the erection and installation of a water tower and tank, and $90,000 general obligation Permanent Improvement Revolving Fund Bonds to be issued to provide funds for improvements of a lasting character, including paving, curbs, gutters, and storm sewers. The bonds of both issues will be dated as of July 1, 1952, and in denomination of $1000 each, and wdl_~ bear interest at a rate or rates specified by the successful bidder, payable Jauuary l, 1953 and semiannually thereafter on each July I and January 1. Principal and interest will be made payable at any suitable banking institution in the United States designated by the successful bidder, the City agreeing to pay the reasonable and customary charges of such institution for the receipt and disbursement of the principal and interest moneys. Said Water Utility Improvement Bonds will be numbered serially i to 60, ~inclusiv% and will mature serially in the amount of ~6000 on July I in each of the years 1955 to 1964, both inclusive, all without option of prior payment. Said Permanent Improvement Revolving Fund Bonds will be numbered serially I to 90, inclusive, and will mature serially in the amount of $9000 on July I in each of the years 1955 to 1964, both inclusive, all without option of prior payment. The City will furnish without cost to the purchaser the printed and executed bonds and the unqualified approving legal opinion of Messrs. Dorsey, Colman, Barker, Scott & Barber, of Minneapolis, Minnesota, together with the customary non-litigation certificate, and delivery thereof will be made within forty days after acceptance of bid. Such delivery will be made in Minneapolis or St. Paul, Minnesota, or Chicago, Illinois, without cost to the purchaser, delivery elsewhere to be at the purchaser's expense. Sealed bids marked "Bid for Water Utility Improvement Bonds,' or "~Bid for Permanent Improvement Revolving Fund Bonds'~, as the case may b% may be mailed or otherwise delivered to the undersigned~prio~ to the -2- time of said meeting. Each bid on either of said issues must be unconditional' except as to the bonds of said issue being issued and delivered with said opinion and certificate in conformity with this notice ,and each bid must be accompanied by a certified check or cashier,s check, payable to the order of "The City Treasurer of Columbia Heights~ Minnesota", drawn on a responsible bank in the amount of at least $1~200 for the Water Utility Improvement Bonds, and at least $1~800 for the Permanent improvemen~ Revolving Fund Bonds~ to be forfeited as liquidated damages in case the bid is accepted and the bidder shall fail to com~ly therewith. Bidders must specify the desired interest rate or not to exceed three rates, each in an integral multiple of 1/4 or 1/10 of 1% per annum, the rate to be uniform for all bonds of a common maturity of the same issue. The bid on each issue offering the lowest net interest cost (total interest to maturities !ess any premium offered) will be deemed the most favorable. No oral bid nor any bid of less than par and interest accrued from July l, 1952 will be considered. The right to reject any and all bids and to waive informalities is reserved. Dated at Columbia Heights, Minnesota~ June 24, 1952. /J i y~ManAger - C~lumbia Heights, Minnesota 3. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted as the terms and provisions for said bonds and for the sale thereof. Passed: June 24, 1952. Published: June __, 1952. Attest: _ ~ _~..'-~ .~.~., Secretary of City Council 4. This resolution shall be published in the official newspaper within 15 days after its passage and. shall take effect 30 days after its passage, unless suspended by a referendum petition, and ~pon so taking effect shall operate to ratify, confirm and validate any and all actions of the City officers theretofore taken which are herein authorized or directed to be done. Approved:~~ ~~  Mayor ~ The motion for the adoption of the above resolution was duly seconded by Councilman ~ , and upon vote being taken thereon, the following voted YEA: and the following voted NAY: whereupon said resolution was declared duly passed~ STATE~ OF MINNESOTA COUNTY OF ANO¥~ SS I, the undersigned~ duly qualified and acting Secretary of the Council of the City of Columbia Heights, Minnesota, hereby certify that I have compared the foregoing extract of minutes with the original record of the minutes of a regular meeting of the City Council of said City duly called and held on the date indicated in said extract, and that said extract is a full, true and correct copy of all that part of the minutes of said meeting which relate to the issuance of bonds by said City. ~~ay~ WITNESS my hand officially as such Secretary this of June, 1952. Secretary of City Council Columbia Heights, Minnesota -4-