HomeMy WebLinkAboutOrdinance 261~N 02I)IN~GE PROVIDING FOR THE ISSU~N~
$75,0o0 P~g~ i~]~o~
F ............... ' ENT RE~OLViNG
TAILS OF THE BONDS, CREATING A SINKING ~ND
E~EFOR AND ~iNG T~ES FOR THE PA~¢ENT
The City of Columbla Heights doom ordain:
1. It Is hereby found, determine~ and declared that the Permanent
Improvement Fund of the City, created 'by the provisions of Sec-
tion 69 (D) of the City Charter, as amended by Amendment No. 3, adopted
June 9, 1921, ls such a fund as is contemplated in the orovislons of Section
?2-B Of said Gharter, as amended April 22~ 1946, and By~ Ghapter 475,
Nl~nesota~ Statutes, as amended and Ohap~er 682 Minnesota Law~ of 19~9, re-
la~ng to ~he issuance of bo~ds for the c~eatlon and maintenance of Permanent
Improvement RevolvinE Fund~ of cities and villages; into which fund are ~e-
qm&red to b~ paid all monies received ~rom the proceeds of assessments levied
fo~ local lmprovements~ and ou~ of which fmnd ~ paid the cost of such
improvements' ~ubJeot to repayment o~ the monies so advanced from the pro-
oee~m of such assessments; that ~her~ are not now in the Permanent Improvement'
~mnd sufficient monie~ for the payment of the co~t of local improvements
hmretofore instituted and necessary to be instituted in the near Future, and
i~ iS necessary and expedient that the sum of $75,000 be borrowed for the
pmrpo~e~ of ~aid fmnd by ~he l~uance and ~ate of the negotiable coupon
general obligation Perm~nent improvem~n~ ~evolvlng Fun~ Bonds of the City
in said p~lnclpal amount, which will not cause the Indebtedness of the City
to exceed any constitutional or statutory limitation.
~. Said ~onds shall alt be dated March t, !~50, shall be 75
~ number and numbered from 1 to ?~, incluSiVe~ in the denomina-
tion cf $1~oQo each, shall bear interest at ~he~ lowest rate obtainable
a~ a public sale not exceeding 3~% Per annum, payable March
and semiannually thereafter ca ~ep~ember 1 and~areh 1 of each year.
~a~d bonds shall mature serially in order of serial numbers, lowest num-
ber~ first, on ~arch t in the years and amoun~ as follows: $7,500
in each of the years 1~2 ~0 l~61, l~clus£~,~ all wltho~t option of prior
payment. The principal of and interest on 'said bonds ~hall'be payable at
any suitable banking institution in 'th~-Unlted State~ designated by the
successful bidder, and the City will p~y the reasonable and customary
charges of such paying agent.
~. Said bonds and the lnter~st compon~ to be ~hereto attached s~all
be in substantially the following form:
UNITED STATES OF AM~iHICA
~T~TE OF MINNESOTA
COUNTY OF ~NOKA
NO.
CITM OF COLUMBIA HEIGHTS
~1,000
PERMANENT IMPROVEMENT REVOL¥1NG FUND BOND
KNOW ALL ~EN BY THESE PRESENTS that the City of Columbia Heights,
Minne~o~a, acknowledges itself to be indebted and for value received hereby
promises to ~oay to bearer the sum of ONE THOUSAND DOLLARS on the day
of _.__._, 19_., without op~lon of. prior payment, and to pay lnter~t
thereon from Zne date hereof until said principal sum be paid at the rate
of ..__ percent (____%) per annwm, payable on , 19__, &nd
semiannually t~ere~.f~er on the _...day of and the _....day of ~n~-~o~'-
of earth year, interest to maturitY being P~Yable 'ih accordance with
presen~atlon and surrender of the interest coupons hereto at~ached.
and full ~ent of ~uch p~tnc%~ and %nterest a~ the same respectively
become due, the fui1 ffaith~ credit and ta~ng powers of the City have ceen
and ~e hereby ~rrevocab~ pledged.
amount Of $?5,000, all of like ~t~ and tenor" ex. ce~t a~ to matu~t~.
lsS~d.by ~ai~ Olty_ fO~ the ~u~po~e of ~aintalnlag ~h~ permanen~ Improvement
revolving run~ of ~he City, a~ i~ issued~r~a~ to ordnances
and resolutions duly ~op~ed by ~he 0i~ ~oll or maid Oity. and pursuan~
to am~ In full oonfo~Ity wi~ ~he Oons~ftutlo~ aaa ~s of the Sta~e of
eso~a and ~he Home R~e Ghar~er of said Olty ~o be don~, ~ happen, to
exist, and to ~e perform~ ~eeedent to' and in the tsauane~ of thiz
bond have ~een ~one, have happened, do ~x~a~ ~d have been performed
~m r~l~ and.~ue fo~, t~e, and ~nner as mo requirod~ t~t all of ~he
the levy of ad valor~ ~xes, w~thXn the t~ita~tons prescribed by ~w, for
~e years and in the ~oun~ neoeas~y to ~ the prin,!pal hereof and
wi~ all o~her indebtedness of said Ol~y outstanding on the da~e h~reof and
stltutiona!, a$atutory or char~er limitation of indebtedness.
IN WITNES~ W:IEREOF, They City of Oolumbla N~i~hts, Anoka County,
Minnesota, by l~m Oity Go, oil, ~s ~used this bond to be exe~t~ In
i~s behalf by ~e signature of t~e ~or of zaid City, Countersigned bY
~e Olty M~ager, and sealed Wi~h the official seal, ~d ~m caused the .
at~ched interest cempomm to be e~ecuted and authenticated by the fac-
~lm~le ~t~ature~ of ~td Mayor and Olty H~nager, ~I1 aa off M~htl, 1950.
(Form o~ Coupon)
On the._.~ay of __._.__(.._~, 19..~ the C!~y of
Columbia Helght~, AJoka County, Minnesota, will ~y to b~er, at %he main
office of ~ ...... ~ : ........ ~_,
the sum due on
its Permanen~"~pr~'~enl~-ReV¥1~'i~Fund"~BOmd da~ed March 1, 1950,
(faesiml!e signature)
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by the printed, en~aved o~ ll~o~aphed facsimile mignatl~os of th~ ~7or
~ey shall be dellver~dy~y ~he City T~ea~u~e~ ~o ~e purchaser on re~etpt
p~~r shall not be required, to see to ~he apollca~ion of said purchase
m~en~ ~p~vem~ Hevolving F~d Bends, ~hlch fu~d shall be
for no purpose o~er t~ ~ment of pria~pal ~d in~erest on ~id
provided ~a~ iff a~ ~meat of ~rineiD~l or interest ~h~lt become due
when ~ere ie not ouffiolen~ money in maid' ~nd ~refor, ~e City Treasur~
~atl ~y the same f~ the gene~l fund of t~e. ~i~?, ~d said
fund ~hall be reimb~med for such advanoe~ out or ~n~ ~rooeede off ~e
herein~fter levied. Into said a~inki~g fund shall b~ ~ld ~he proceeds of
all ~axes levied pursuam$ to this r~so!~lon, all o~her moneys reeelved for
or ~poroprlated to ~e payment of said honda and inter~st, and all
received from collections of speci~~e~~$ for local l~orovemen~s Or
from o~er available ~nd~.
6. ~or ~ promp~ and full payment of the ~rin~lpa! of and
on said bonds as ~he s~e respectively ~come due, ~he full faitt~,
credit and taxing powers of the City e~lt be a~ are horeby !rrevt~bl~
.pledged. The Oit~ hereby covenants and agrees with ~he hetd~ from time
~O time of enid bonds ~ %t ~i!t annuml~ levy .mad duly certify to
GOUTY Auditor of ~no~ ~o~n~.y a dlree$, annual, ~d.~valorem ~x on all
~able property within ~e Git~ i~ an ~unt as lea:~ ~ufflcien~, together
wi~ other ~n~ys in said ~inkln.g fund, to m~et ea~ such principal and
lnteres~ payment when due.
~a$~ taX. ~It be.lrrepeal~le am long ~s any of said bonds are ou~tandin~
~ne. ~evze~ an.~n~. ~nn~r and to mn~ ~x~ent permitted by Mlnneeot~ 8tatute~
~eot~on 475.26, Chapter 6,32 L~ws of 1949. '
7. The Gl~y ~nager lm hero,by authorized ~d directed to file with
~l~e County AUditOr Of ~no~ ~mn~y a ~r~lfled copy of this
resolution, together wlth such o~er information a~ the CouaSy Auditor
may require, and to ob~aln from said County auditor a certificate
the tax required by law for ~he [~men$ of said bonds have bee~ levied,
and that $~ld bonds ~ve been enqered upon his ~nd register.
8. The officers of the Olt~ and %he ~eun~ Auditor of Anoka
Comnt~ are hereby a~orized ~d d~rect~d ~o prepare and
furnish to the ourchaser of said bonds, ~d to ~he attor~eys approving
the legality of the lmauanee ~ereof, cer$lfi~d c~pi,~s of all proceedings
and reco~s of ~he Olty rela~lag ~o maid bonds ~d ~o the financial
dition and afl,ira of ~O!ty, a~d' ~u~ o~her affidavl%~, ce~tificates
legality and mark~tabi!I$~ of said bonds a~ the same ap~e~ fro~ the
books ~d reacts under thet~ oustS. ~ ~o~rol or as o%herwi~e known
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~ ~ ~d atlsuch cer~!fled copies, certificates and affidavits,
Hci~T~g~a~y Eere~efore furnished, ~hall b~ deemed representation~
of the cl~y~ as to the ~acts recited therein,
Mayor
NOTICE OF BOND SALE
NOTICE IS HEYEBY GIVEN that the City Council of the City of
Columbia Heights, Anoka County, Minnesota, will meet a~: the City
Office in said City on April i!, 1950, at 8:00 o'clock p.m. for
the purpose of opening~ receiving and considering s..~a!ed bids
for and awarding the sale of ~75,000 negotiable coupon general
obligation Permanent Improvement Revolving Fun~ Bo~ds of said
City. SaiU bonds will be dated March !, 1950, i~~ denominations
of ~1000 o~ ~500 each, will bear interest at a rate or rates to
'be designated by the successful bidder In an integral multiple
of !/~ or !/I0 of !~ but no rate exceeding 3-~ per annum, payable
March !, 1951, and semiannually thez~eafter on Se~otember ! and March
of each year and will mature serially on March !
t~ a~o~nt
Of ~'~
interest will be made payable at any suit~b!e banking institution
in the united States designated by the successful bio. der. The
City will furnish, without cost to the purchaser and within forty
days after sale, the printed and executed bonds and tho approving
legal opinions of Mr. Joseoh E. Wargo, of Columbia Heights, Minn-
esota, and Messrs. Faegre and Benson of Minneapolis, Minnesota.
Sealed bids ma~ed "Bid ~or $75,000 Bongs" may Oe ~eiivered or
mailed to the undersigned and must be received prior to the time
of said meeting. Oral auction bids will not ~e considered. Each
bid must be unconditional except as to legality, which may be con-
ditioned upon the opinions of the a0ove attorneys, and must be
accompanied b2 a cashier's or certified che~k or bank draft in the
amount of at least ~2500 payable to the City Treasurer to be for-
felted as !i~uldated damages in case ~h~ bid be accepted and the bidder
shal], fail to comply therewith. Bids will be prefe~red according
to lowest net interest cost: total interest io the respective
maturities at the coupon rate or rates soeoified less any p~emium
o!'fe~ed. No bid of less t~an par and acorued ln'~.erest will be
considered and. the City reserves the right to reject any and all
bids.
Dated March t~, 1950.
BZ ORDEr. 0~' '±ME CITY COUi~'CIL
?. Theo. O!sson
City Manager, Coium01a Heights, Minnesota
!
!
Extract of Minutes of Meeting
of City Council
City of Cotum~i~ Heights, Anoka Country,Minnesota
Held March i~, 1950
?u~suant to due call and notice thereof, a ~egu!ar meeting
of the City o~' Columbia Heights, Minnesota was duly held at
the City Office in said City on March I~, 1950, at 8:00 O~Clock
P.M., the Msyor presiding.
The following members were present:
Yencho and Prestemon,
an~ the fo!io~.~i~-~g were absent: None.
The City Manager ~resented to the Council a form of notice
providing for public sale on April I1, 1950, of the
Permanent Improvement Re~o!ving Fund Bonds of the City ~eretofore
authorized by Ordinance No. 261, adopted January ~, 1950.
form of notice w~s examined and approved, and upon motion duly
made by Member ~~ , seconded by Member ~~ , and
unanimously carried, the City Manager was directed to cause the
same to be published in the Columbia Heights Record~ official
newspaper of the City of Columbia Heights and in Com~ercia! West
and each of the~ at least ten (!0) days in advance of said date
of sale.
Upon motion duly made~ seconded and carried, the meeting
was then adjourned,
Lange, Trench, Soeku!ant,