HomeMy WebLinkAboutMay 15, 1945i,,~otion by-Jackson, seconded by ~Iygaard, that the hills be allowed' out of
the-ir proper funds. Roll Call - All ayes.
~,[otioH by ~Yygaar"d, seconded' by Bentze'n, that meeting be adjourned~
Sect% ~ry to the ~zfu~cil
~ayor
OFFICIAL PR00EEDINGS
S.p~cial Meeting
May 15th, 1945
A special meeting of the Council was held for the puroose of opening sealed bids for the
'purchase of $55,000 Refunding Bonds of the City advertised for sale as directed,by Council
ADril 24th, 19~. All members present. The meeting was called to order at 8:05 P. M.
Four bids were submitted, opened and found to be as follows:
Paine, Webber, Jackson & Curtis
J. M. Dain & Co.
Frank& Belden Co.
First National Bank- Mpls.) ·
Co!. Heights State Bank .)
1.10% int. rate $17.70 premium
1.20% " " 72. O0 "
1.50 % " " 341.00 "
1.25% " " 55. O0 "
Resolution offered by Jackson, seconded by Nygaard. A'Resolution Accepting a Bid for,
and Relating to the Form and Manner of Execution of $55,000 Series B. 1944 Refunding Bonds,
and Making Provision for Their Payment and Declaring an Emergency. WH~REAS, pursuant to
proper action of the City Council and notice given, bids hs~e been received for the our-
chase of the bonds described below, which ,are to be issued for the ouroose of redeeming ~
and prepaying outstanding bonds of the City held by the State of Minnesota, and a substan-
tial additional premium on such redemption may be inctufred if this resolution is not de-
clared to be for the immediate Dreserw~tion of the public peace and safety and is declared
to be an emergency resoiution, wherefore it is so declared~ NOW, THEREFORE BE IT RESOLVED
by the City Council of the City of Col~bia Heights, Mi~nnesota, as follows: 1. The bid
of Paine, Webber, Jackson & Curtis of the City of Chicago to Durchase the $55,000 Refunding
Bonds of the City described in the notice of sale thereof dated Aprtl 24, 1945, and here$~
fore' duly published, is hereby found and determined to be the highest and best bid received
and ~hould be and is hereby accepted, said bid being to ourchase said bonds bearing inter-
est at the rate of 1.10% per annum, and to pay therefo~e~the sum of $55,017.70~olus
accrued interest. The City Treasurer is directed to retain the certified check of said
successful bidder'pendiP~ completion of the sale and delivery of said bonds, and the City
Manager i~ direct~Jto return forthwith the checks of the unsuccessful bidders. 2. The
City'Eanager is hereby ~uthorized and directed to cause printed bonds to be prepared for.
execution and delivery to said purchaser, said bonds to' be in the orin6ipa! amount of
$55,000, consistipg of bonds each in the denomination of $1000, to be numbered and to
mature as follows~
Bond Nos. MaturitZ Bond No~. ~
l'to 12 December 1, 1946 60 to 63 December 1,.1950
18 to 24 "- "1947 74 to ~7 " " 1951
30 to 36 " "1948 S8 to 91 " " 1952
47 to 49 " "1949 92 to 105 " " 1953
all of said numbers being stated inclusively, all of said bonds to be dated as of
9ecember l, 1944, to bear interest at the rate of 1.10% Der annum from and after June l,
1945, pa,vable December 1, 1945, and semiannually thereafter on the 1st day of June arsi
let da,v of December of each year. Both principal of and interest on said bonds shall be
oayable at First National Bank of Minneapolis, Minnesota, and the City agrees to pay the
reasonable charges of said paying agent for the receipt and disbursement of such princi-
pal and interest. Each of said bonds shall be caotioned "Refunding Bond of 1944, Series
B", and shall be in the form prescribed therefor in the resolution of this Council
adopted December 19, 1944. No couoons shall be printed representing interest for the
period from December 1, 1944, to June l, 1945, and the coupon which will fail due on
December 1, 1945, shall be numbered 2, with succeeding couoons numbered accordingly.
3; Said bonds of Series B. shall be executed on behalf of the City by the signature of
the Mayor and City Manager, countersigned by the City Clerk, and sealed with its corpor-
ate seal; and the interest coupons shall be executed and authenticated by the printed,
er~raved, or lithographed facsimile signatures of said officers. .~hen said bonds have
been so executed and authenticated, they shall be delivered by the City Treasurer to the
ourchaser above named, upon receipt of the purchase price thereof, and the purchaser
shall not be obliged to see to the aoolication thereof, but the City Manager, Clerk,
and Treasurer shall use the proceeds of sale solely for the purpose of o~ving a like
principal amount of valid outstanding bonds of the City held by the State of Minnesota
which, by agreement with the State Board of Investment, have been made callable and
redeemable on the date of tender of the redemption orice thereof, and any additional
moneys reeuired for such redemption shall be paid out of the Sinking Fund of the City
and such additional moneys are hereby appropriated for said nurpose. Said bonds shall
be delivered to the purchaser on or after June l, 1945. 4. For the purpose of meeting
pa.Mments of principal of and interest on the bonds of said Series B, there is hereby
appropriated to the Sinking Fund for Refunding Bonds of 1944, created pursuant to
resolution of this Council adopted December 19, 1944, all moneys on hand and taxes
heretofore levied and now in process of collection which were levied or raised for .~ay-
merit of the indebtedness which is to be refunded by the bonds of said Series B. For
the prompt oayment of the principal of and interest on bonds of Series B. there is
hereby levied upon all of the taxable property in said City a direct, annual, ad valorem
tax which shall be spread unon the tax rolls and collected with and as a Dart of other
general taxes of the City, which tax is to be spread upon the rolls for the years and
in the amounts as follows:
1945 $14,115 1948 ~,685 lgS1 $4,5~0
1946 8,140 1949 4,680 1952 15,960
1947 ?.730 1950 4,605
Said tax shall be lrrenealable as lon~ a~ said bonds are outstanding and unpaid; pro-
vided that the City reserves the right to reduce the levies in the manner and to the
extent ~ermitted by Minn. Statutes 1941 Section 4?5.26. l~ne proceeds of said taxes
shall be paid into said Sinking Pund and used only for the ~t~rpose of paying ~rincipal
of and interest on said Refunding ~onds; provided that, if a.r4 ~ayment of ~rinci~al or
interest shall become due when there is not sufficient money in said Sinking Pund to
pay the same, the Treasurer shall Day such ~rincipal or interest from the General Fund
of the City, which shall be reimbursed, for such advances out of the nroceeds of said
levies when collected. 5. ~he City Clerk is hereby authorized and directed to file
with the County Auditor of Anoka County a certified co~y of this resolution, together
with such other infornation as the County Auditor may reouire, and to obtain from such
County Auditor a certificate ~hat the tax reouired by law for the payment of such bonds
of Series B has been levied and t?a.t said Series B bonds have been entered unon his
bond register. Roll Call - All ayes.
Discussion on petition for extension of watermain on Stinson Blvd. (previously filed)
between 40th and 41st Aves. - an extension of approx. 925 ft.
Motion by Nygaard, seconded by Spekulant, that City Manager be authorized to advertise
for bids for digging of trench and laying of aomrox. 925 ft. of 6 in. watermain on
Stinson Blvd. Roll Call - All ayes.
City Nanager broached question of making available use of Fire Station to. various
o~ganizations; reoorted that Fire Dept. was not in favor of such a practice. Discussion.
Council concluded that Fire Station should not be used ms a public meeting place.
Motion by Jackson, seconded by Nygaard, that meeting be adjo~mrned.
See/r~tary to the ~il - Mayor
UFFICI~L PROCEEDINGS
Reg,-let Eeeting --
~ay 22nd, I945
The meeting was c-alled to order at 8~30 P.~g. 2:11 members.present, ~[inutes
of the previous reg'ular a~nd spec:ia! meetings were read end approved.
k~otion by Eentz~n, seconded' by Nygaard, that the request of ~'~yrtIm gnde. rson,
Clerk off Court, for' 2~ months Ieava of ~bsence ba grante:d. Roll Call -
All ayes,
Resolution offered by Jackson, se~conded by SPekulant. WHEREAS: Th~ City
of' CoIum'bia. Heights, did' on the 2lst day of ~Iay, t945, conduct and hold a
Primary-5[unicipal Ele-etion for purpose of nominating candida, t~:s for' City
O!'fice to be' voted~ on' at a, GeneraI ~IUnicipaI Election'.; and, WHEREAS: The
City Co~neiI of the City of C'olumbia Heights, at a regular meeting of said
Council hel& on the 22n~ day of },,fay, I945 did canvass the returns and re-
suits- of said' Primary tgunicipal Election-; and, WHEREAS: The follo~,~ing re-
su!'ts were determine~ by s~id canvass of said' Frimary ~[unicipal Election,
to-wit:
Tota'l B'allo~s Ca-st~ - 85~
Vot~s For f~a. yor - Roy Eentzen
John Chudek 141
John Nordin 382,
Votes for Councilmen -
Chester ~[cCallu-m 194 ~.I Hol!opetar ' 147
k%lvin Gustafson 175 Wa.rd' Lathrop 369
Wm. S- Er-own !91 Leonard Holm 174
Irving Nygaard' 307
NOW THEREf'ORE, Bm it resolved by the City Co~nciI of the City of Col-
umbia He. ights:~ That Roy B. entzen and Jehn::Ne~d~. be and ar'e h~rehy d~-
clare, d to b.c. candidates for ~a.y-or. of the City of Columbia Heights at th~
General ~[~icipaI Elect.ion to~ b~ held June llth, 1945, Tha'.t Chester
Celia,. Wm. S- Er'own., Irving Nygaard, and Ward' Lat~'op be and they are
here~by &eclared to bs candidates for Cot~ncilmen at the General Municipal