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HomeMy WebLinkAboutOrdinance 345E~tract cf Mlnutea cf M~ee~ cf City Council City ~ in said City cm jPmue 28, 1R55~ at ..~ o*clocE P. M. The foll~ ~smbers were pre~ent: Hosch, Deeble, Knutson, s Stepka and the followtr~ were abseat: Helm The ~ecre~ pre~ ~u e~td~vit ~~ p~li~ti~ ~ the ~t~ ~ ~~~ t~ City's ~ ~~ Revolv~ on fi~ ~ ~ ~ce f~ ~ t~ ~ ~k ~l~ to this ~ ~ion ~ ~co~d, a~ c~~ ~d ~~ce ~s then , ~ on~te ~ ~en ~n the fo~i~ c~i!- ve~ A~: H~eh, Deeble, ~uts~n, Stop~ a~d the following voted NO: none; whereupon ~mid ordinance was declared ~ passed m~ ad.o~ ~ w~s appro~ and signed by the ~or, ama at- tested by the Beck. AN ORDINY.!¢CE PP. OVIDIEG FO~ TEE ISSUANCE OF $350~000 OF BO~[~3S 3'0R CREA. TING A5UD MAI~AIh~iNG THE CITY'S PE~d~i~ENT ~I~RO%~EME~ REVOLVI~G FU~ THE COUNCIL OF COL~.~BL¢ _HEIGHTS DOES ORDAIN: Section 1. It is necessary ~nd expedient for the City of Columbia Heights to borrow the sum of $350,000 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 Revolv- ing Ftuud~ and thereby to provide funds for ',zmproveme~ts of a lasting character~ including inst~llation of paving~ cvm~bs, gutters~ storm sewers~ and w~ter-line and sewer-line extensions, 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 b~ar 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 in~ rarest 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 a~ credit and umlimited taximg powers of the City~ but the City shall annu~!ly eliminate or re- duce the t~x levies needed for such purpose by the imposition: collection~ and appropriation of special assessments on properties benefited by the improvements made with such moneys, as hereafter to be ordered and pre- scribed. Section 3. This ordinance shall take effect thirty days after it~ passage. First Reading: June !4th, Second Reading and Passage - June 28th~ Secretary to the Council 0fffered by Deeble Seconded by Hosch Roll Cai1 - All Ayes, I, the undersi~ duly qpal~i~ ami ac~ing Secretary of the Council of ~h~ City of Col~bi~ Heights, Mlnne~, hereby certify that I h~ve pared the foregoing ex~ oFminutes of meeting with the origir~l min~bes ~f a re~.,1,~ meeting o~ ~he City O~dneil of said City d~ly ealled and held on the date indicted im said extract~ and that mid extract is a full, true. a~ correct copy Of all that ps.vt of the minutes of said meeting which late te the isstm~ce of bounds by s~id I further certify that attached hereto is a true an~ correct col~j of the ordinance mentl~ in said w~.~ute~ th~ original of which hms been that pErpose and atteste~ by m~ am ~uch ~retary of the Council. Witness my hand officially as such Secretary this ~ day of Secretary o~ Oity Uol;~_bi~ Heights~ Minnesota Extract of Minutes of Meeting of City Council Columbia Heights~ Minnesota J~j 26 1955 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, July 26, 1955, at 8:00 o'clock P. M. The following members were present: Hosch, J,~kowski, Kuutson, Stopka and the following were absent: Holm The City Manager reported that Ordinance No. B45 had been signed by the Mayor and filed with the Secretary of the Council and published in the offi- cial newspaper, and that the period for filing of referendum petitions would ex- pire on July 28. He also reported that it was important for the City to proceed with the bond issue contemplated by said ordinance so that funds would be avail- able when needed to make payments on existing improvement contracts. Counci~man~ Nosch introduced the following resolution and moved its adoption, which resolution was thereupon read in full in words and figures as follows: RESOLUTION PROVIDING FOR PUBLIC SALE OF PERMANENT IMPROVEMENT REVOLVING FUND BONDS BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota~ as follows: 1. Unless the proceedings shall be delayed by the filing of a referendum petition respecting Ordinance No. B45 of the City, this Council sh~ll meet at the time and place 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 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~'~rior to the date of said meeting,~mnd which notice shall read substantially as follows: NOTICE OF SALE OF $3 o,ooo nmmovmmm P VOLV N PUNO NOS CITY OF COL~ ~IG~S, ~~A NOTICE IS HEREBY GIVEN that the City Council of the City of Columbia Heights, Minnesota, will meet at~ the City offices~ 530 Northeast Mill Street, in said City, on Tuesday, August 23, 195~, at 8:00 o'clock P. M., to receive, open, and consider bids for the purchase of $350,000 general obligation Perma- nent Improvement Revolving Fund Bonds of the. City to be issued to provide funds for improvement of a l~sting~haracter~ including installation of paving, curbs, gutters, storm sewers, and water line and sewer line extensions. The bonds will be dated as of September 1, 1955, and in denomination of $1000 each~ and will bear interest at a rate or rates specified by the suc- cessful bidder, payable M~rch l, 1956, and semiannually thereafter on each September i and M~rch 1. Principal and interest will be made p~yable at any suitable banking institution in the United States designated by the success- fu! bidder, the City agreeing to pay the reasonable and custcz~ry charges of such institution for the receipt and disbursement of the principal and interest moneys. Said bondswill be numbered serially from 1 to 350, inclusive~ and will mature serially in the amount of $35,000 on March i in each of the years 1957 through 1966~ all without option of prior payment. The City will furnish, without cost to the purchaser, the printed and executed bonds and the unquali- fied approving legal opinion of Dorsey, Colm~n, B~rker, Scott & Barber, Minne- apolis~ Minnesota, together with the cust~ry no-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~ Illi- nois, without cost to the purchaser; delivery elsewhere to be at the purchaser's expense. Sealed bids marked "Bid for Permanent Improvement Revolving Fund Bonds" may be mailed or otherwise delivered to the undersigned, but must be received prior to the time of said meeting. Each bid must be unconditional except as to the bonds 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 $7000, to be forfeited as liquidated damages in case the bid is accepted and the bidder shall fail to comply therewith. Bids must specify the desired in- terest rate, or not to exceed three rates, each in an integral multiple of 1/4 or 1/10 of one per cent per annum, the rate to be uniform for all bonds of a common maturity. In addition thereto, any bid ~may .'-call?f6r' ~ additional interest, to be represented by separate coupons, on any or all of the bonds, payable on any above specified interest due date or dates. The bid offering the lowest net interest cost (total interest to maturity less any premium of- fered) will be deemed the most favorable. No oral bid or bid of less than par plus accrued interest from September l, 1955 to the date of bond delivery will be considered. The right to reject any and all bids and the right to waive informalities in any bid are reserved. Dated at Columbia Heights, Minnesota, July 26, 1955. R. L. ERNEST City Manager 530 NE Mill Street Columbia Heights ~ Minn. -2- ~. Each and all of the terms and provisions of the foregoing form of notice are hereby adopted and confirmed as the terms and provisions for said bonds and for the sale thereof. 4~ This resolution shall be published in the official newspaper within fifteen days after its passage~ and shall take effect thirty days after its passage unless suspended by a referendum petition, and upon 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. Passed July 26, 1955 Approved: JOHN STOPKA Mayor Published July 28, 1955 Attest: EVA PRITCHARD Secretary of City Council The motion for the adoption of the foregoing resolution was duly sec- onded by Councilman Kuutson , and on vote being taken thereon the following votedYEA: and the following voted NAY: whereupon said resolution was declared duly passed, and the Mayor~ being presen% affixed his signature thereto in approval thereof. STATE OF MINNESOTA SS COUNTY 0FANOKA I, the undersigned, duly qualified and acting Secretary of the Council of the City of Columbia Heights, Minnesota, hereby c~rtify that I have compared the foregoing extract of minutes with the original record of the minutes of a regular meeting of the 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 and of all resolu- tions adopted thereat which relate to the issuance of bonds by said City. Witness my h~nd officially as such Secretary this ~£6 day of July, 1955. Secretary of City Council