HomeMy WebLinkAboutOrdinance 245IN^NeE No.
AN ORDINANCE PROVIL'~ING FOR THE ISSUANCE OF
· ~150~O00 PERMANENT IMPROVEMENT REVOLVING
FUND BONDS, DETERMINtNG THE ¢,'OF~M AND
TAILS OF THE BONDS, CREATING A SINKING FUND
THEREFOR AND LEVYING TAXE~ FOI:~ THE PAYh'~ENT
THEREO F,
THE CITY OF 0OLUMBIA HEIGHTS DOES ORDAINJ
I. IT IS HEREBy FOUND~ DETERMINE0 AND DECLARED THAT THE PERMANENT
IMPROVEMENT FUND OF THE CITy, CREATED BY THE PROVISIONS OF SEC-
TION.~9 (O) R~/THE CITY CHARTERj AS AMENDED BY AMENDMENT NO. ~, ADOPTED
· ///x.~_~.~.~gp x~..~~ .... ,.1~.~ IS SUCH A FUND AS tS CONTEMPLATED IN THE PRO-
BY CHAPTER ~75, MINNESOTA STATUTES, AS AMENDEDs RELATING TO THE ISSUAflO£
O~ ~ONDS FOR THE CREATION AND MAINTENANOE Dy ='P£RMANENT IMPROVEMENT REVOLV-
ALL MONIES REO[IVED FROM THE PROCEEDS OF ASSESSMENTS LEVIED FOR LOCAL
IMPROVEMENTS~ AND OUT OF WHICH FUND IS PAID THE COST OF SUCH IMPROVEMENTS~
SUBdECT TO REPAYMENT OF THE MONIES SO ADVANCED FROM THE PROCEEDS OF SUCH
ASSESSMENTS~ THAT THERE ARE NOT NOW IN THE PERMANENT IMPROVEMENT FUND SUF-
FICIENT MONIES FOR THE PAYMENT OF THE COST OF LOCAL IMPROVEMENTS HERETOFORE
INSTITUTED AND N~CE~SARY TO BE INSTITUTED IN THE NEAR FUTURE~ AND IT IS
NECESSARY AND EXPEDIENT THAT THE SUM O~ ~l~0~000 BE BORROWED FOR THE PUR-
E,AL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND ~ONDS OF THE ~tTY
IN ~AID PRINCIPAL AMOUNT, WHICH ~'ILL riOT CAUSE THE INDEBTEDNESS OF THE
01TY TO EXCEED ANY CONSTITUTIONAL OR STATUTORY LIMITATION.
2
NUMBER AND NUMBERED FROM I TO I~0, INCLUSIVE, IN THE DENOMINA-
TION OF ~l,000 EACH, SHALE BEAR INTEREST AT THE LOWEST RATE OBTAINABLE
AT A PUBLIC SALE NOT EXCEE01NG ~//~-'~ PER ANNUM~ PAYABLE AUGUST !,
I~ AND SEMIANNUALLy THEREAFT:ER O~-FEBRUARy I AND AUGUST i OF EACH YEAR.
~AID BONDS SHALL MATURE SERIALLY IN ORDER OF SERIAL NUMBERS, LOWEST NUM-
B[RI FIRST~ ON ~EBRUARY I IN THE YEA~S AND AMOUNTB AG FOLLOWS= ~0~000
IN EACH O~ THE YEARS 19~1 TO 1~7, INC~USlVg~ AND ~t0t000 tN THE Y~AR
t~ ALL WITHOUT OPTION OF PRIOR PAYMENT. THE PRINOtPAL OF AND iNTEREST
ON SAID BOND8 SHALL BE PAYABLE AT ANY SUITABLE BAN~ING INSTITUTION IN
THE UNITED ~TATE8 OESIGNAT[O BY THE ~UOCESSFUL BI~D~R~ AND THE CITY WILL
PAy THE REASONABLE AND CUSTOMARY CHARGES OF SUCH PAYING AGENT.
~AID BOND8 AND THE INTEREST COUPONS TO BE THERETO ATTACHED SHALL
BE IN SUBSTANTIALLY THE FOLLOWING FORM=
UNITED STATES OF A;JEF{ICA
STATE OF' MINNESOTA
COUNTY OF ANOKA
No, ...... ~ I, 000
CITY OF COLUMBIA HEIGHTS
PERMANENT IMPROVEMENT REVOLVING FUND BOND
K,NO~,~,I ALL ;JEN BY THESE PRESENTS THAT THE CITY OF COLUMBIA HEIGHTS~
MINNESOTA~ ACKNOWLEDGES ITSELF TO BE INDEBTED AND FOR VALUE RECEIVED HEREBY
PROMISES TO PAY TO EtEARER THE SUM OF' ONE THOUSAND DOLLARS ON THE IST DAY
OF FEaRUARY~ I~_ . ~ ~ITHOUT OPTION OF PRIOR PAYMENT~ AND TO PAY INTEREST
THEREON FROM THE DATE HEREOF UNTIL SAID PRINCIPAL SUM BE PAID AT THE "ATZ
OF P~RCZNT ( ~) PER ANNUM, PAYABLE ON AUGUST I, t~, AND
SEU~:ANNUALLY THEREAFTER'0" THE IST DAy OF FEBRUARY AND THE IST DAy OF
AUGUST OF EACH YEAR~ INTEREST TO MATURITY BEING PAYIeLE IN ACOORDANOE
~I~H A~D UPON PRESZNTATION AND SURRENDER Or THE INTEREST COUPONS HERETO
-!-
ATTACHED. BOTH PRINCIPAL AND INTEREST ARE PAYABLE: A T THE
MAIN OFFICE OF'
IN, ANY COIN OR CURRENCY THE U tT' D 'STATES ON
OF PAYMENT IS LEGAL TENDER FO~ PUBLIC AND PRIVATE DEBT~. FOR THE PROMPT
AND FULL PAYMENT OF ~UOH P[!INOIPAL AND INTEREST AS THE ~AME RESPECTIVELY
BECOME nuE~ THE FULL FAITH~ CREDIT AND TAXING PO~ER~ 0~ THE 01TY HAVE
AND ARE HEREBY IRREVOCABLY,
THIS BOND IS ONE OF AN ISSUE OF BONDS IN THE AOGR~GATE PRINOIPAL
AMOUNT O? ~150~000s ALL OF LIKE DATE AND TENOR ~XCEPT AS TO MATUR1TYj
IS~UEO aY SAID 01TY FOR THE PURPOSE OF MAINTAINING THE PE]:MANENT IMPROVE-
M'ENT REVOLVING FUND OF THE 0'ITTs AND IS 1SLUED PURSUANT TO ORDINANCES
AND RESOLUTIONS DULY ADOPTED BY THE 01TY COUNCIL OF SAID CITYi AND PURSUANT
TO AND IN FULL CONFORMITY WITH THE CONSTITUTION AND LAWS OF THE STATE OF
MINNEROTA AND THE HOME RULE 0HARTER OF SAID 01TY THEREUNTO ENABLING.
IT IS HEBEBY CERTIFIED AND RE, CITED THAT ALL AOTSs CONDITION9
AND THINGS RE~UIRED BY, THE 0ONSTITUTION AND LAws OF THE ~TATE OF MINN-
ESOTA AND THE HOME RULE 0HARTER OF SAID 01TY TO BE OONEj TO HAPPEN~ TO
EX1ST~ AND TO BE PERFORME~ PRECEDENT TO AND IN THE ISSUANCE OF THIS
BOND HAVE BEEN DONE~ HAVE HAPPENED~ OD EXIST AND HAVE B~EN PERFORMED
IN REGULAR AND ~UE FORM~ TIME~ AND MANNER AS SO R~QUIRED~ THAT ALL OF THE
TAXABLE PROPERTY ~ITHIN THE TERRITORIAL LIMITS OF THE 01TY IS 5UBdECT TO
THE LEVY OF AC VALOREM TAXESt WITHIN THE LIMITATIONS PRESCRIBED BY LAW~ FOR
THE YEARS AND IN THE AMOUNTS NECESSARY TO PAY THE PRINCIPAL HEREOF AND
INTEREST HEREON~AS THEY RESPECTIVELY BECOME: DUE~ AND THAT THIS BOND~ TOGETHER
WITH ALL OTHER INDEBTEDNESS OF SAID CITY OUTSTANDING ON THE DATE HEREOF AND
ON THE DATE OF ITS ACTUAL ISSUANCE ~ND DELIVER~ DOES NOT EXCEED ANY CON-
STITUTIONAL~ STATUTORY OR CHARTER LIMITATION OF I'NDEBTEDNESSe
IN WITH{SS ?~'HEREOF, T~¢ CITY Dy OOLUMBIA HEtGHTS~ ~NOK.~ COUNTY~
THE CITY MANAGER~ AND SEALED WI Ti4 THE OFFICIAL SEALI AND H4S C'~U,~ED THE
ATTACHED INTEREST COUPONS TO ~E EXECUTED AND AUTHENTICATED BY THE FAC-
MAYOR ~-~
0OUNT RSlGNED:
(~ORM OF COUPON)
NO.
ON THE lST DAY OF FEBRUARY (AUGUST)S I~ - s THE CITY OF COLUMBIA
HEtGHTS~ ANOKA COUNTY, ~INNE$OTA~ WiLL RAY TO BEARERs AT THE MAIN OFFICE
OF IN
THE:SUM OF D~LLAI~s FOR th~ER~ST THEN DUE ON
No.
(FACSIMILE SIGNATURE)
COUNTERSIGNED:
(FAO$1WILE SigNATURE)
CITY' ~A~A'~'E~'
TO THEMe AND ALL SUOH OERTIFIED COPtESl OERTIFIOATES AND AFFIDAVIT$~
INOLUDING ANY HERETOFORE FUR,NISHED~ SHALL BE DEEMED REPRESENTATIONS
OF THE OITY AS TO THE FAOT$ REOITED THEREIN,