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HomeMy WebLinkAboutJul 30, 1957A letter was received from Y.~[. Sba/'fer :letQ. Zs'~a':s.:'~inc. ,?:£{~ring f:.r sale to the City o~ Co!s:.fuia Helghts~ the ,%orthcas'~'. corner of 4~th 5 Cer~tral~ ts be used fcra nc?~ i i~icipa! Building. '~- ' King seconded b~-J~ko~.~ski~ ti~st t)~:hx ].si-,t~r -' ..... d on file. Roll Ca~ - Ail Ayes. k letter ~ms recelved £rcm Dr. i'f.J. 'Sarr: stati:~g ][.V. O!so:% Zl~ney Johnson sad jiLl, self ~rot'2.d lihe nsrmission to tap in on ....~r~ve i?. ~ioun~svie?r To;msLip. ~'~'~' :~,..,_~-' ~,-as s~e: ~e''rem- ' runt. i! :,-.:' e ' 'e'o .... .... ~ng of August 12t~, Motion by Ju!hcwski ssconded by King~ that the ;~atter of request to connect to o':~' ~mter on Lsj:evi.sw drlvc., be l~i'"., on the ~.~a~'~",.e.- Re!! Sail - ,~J! .?es. application was received for a used car Lot Lice"tse for !.[027 Oe:':tral Avende. Mcti¢.n by J-a!ko,,~ski seconded by Chios, that a license he grante~ to Bob 5ergstrou, 402g Central, for a used car lot. Roll call - Ail ayes. The :~ley west of Central, h. etween 4Otb ,mud 4!st ?ms rcporzed in bad co!'~dition. Everett' ~'.~ll~n~"~ :.;as .mz~oe.~t',~o ' and ashed t v'~,t' his -:rooerty. ~ at 40th University be r~-zoned to i:~dustrial for his trucking oporatiohs. He ~.~as asked to bring i~ a Petition to the next neeting from the residents ~.:lthin 300 feet, stating t4%; have no objections to such re-zonin4. Motion b~: ,~uli-,~'.~t'i seconded by King, that the ~:eeting adjo .... at 12:20 Roil Call - Ail Secreta~r to the Co~,mci! Meeting called to order at § P.M. present. Holm, Xing - absent. RoLl Ca~- Cheis, Julkowski, Stopka- One bid was received on Bond Sale for $750,000.00 frc~ J.M. Dain & Co. Inc. and Associates. This bid was turned over to our City Attorney for further study and to be t~ken ~p later on in the meeting. Bids were received for Street surfacing from the following: J.V. Gleason~ 2701 Lo--~-4-~a, Ave., St~ouis Park,Minn. Bury & Carlson, 1 - lPth Awe. So., Minneapolis 4,Minn. Craig J. Alexander, 4641 Hia~mtha Ave., Minneapolis,Minn. Ray Sina Contr. Co. 403 - 8th Ave. N.W., New Brighton, Minn. C.S. McCrossan,~. 4800 Osseo Road, Minneapolis, Minn. Ja~ W. Craig Co., 1814 California St.N.E., Minneapolis, Minn. Motion by Julkows~iseconded by Okies, that these bids be turned over to the City Manager for tabulation and that a special meeting be held August 2nd, at 6:30 p.m. for the purpose of awarding bid on street surfacing. Roll Call - All AFes. Disposition of Tractor 'Bids. It was the Engineer,s recommendation, m~d als0 the City Manager, that we purchase the Ford Major Diesel~ l~odel F~S)-UI4, with Power Steering and Fluid ia Rear Tires at_a total cost of $2505.60, from Mid~ay Ford Tractor. Motion by Chies~ seconded by Julkowski, that we accept this bid from Mid~m~ Ford Tractor Co. at $2505.60. Roll Call - Ail Ayes. ~ A recess was called at 8:40 P.~. I~eet~ called to order at 9:05 p.m. Notion by Julko~ski seconded by Chics, that Lametti & ;Sons be paid the sum o£ $50,000.00 out of the proper f~nds. Roll Call - Ail Ayes. Motion ~ Julkowski seconded by ~hies~ that the meeting recess until July 31st. Rol~ Call - Ail Ayes. Recessed meeting called .to order July 31st at 3:00 P.M. Roll Call -Chics, julkowski, Stopka - PresetS. Also. present were R.L. Ernest City I~nager and Joseph E. Wargo, City Attorney. The matter of bid received on Bond Issue in amount of $750,000.00 from J. M. Dain& Co. Inc. and Associates was taken up and the City Attorney. was asked for his opinion...Er. ~argo submitted his 'opinion to bhe Council and~the matter was discussed. .Ih was de- cided that in view of the fact that the money .is needed immediately, it is.necessary and expedie~nt that this bid be accepted. ............... ~o~nci-~-~ Chie~ then introduced -~--NO. B2 consisting of 7~0 coupons! After consideration of the bids by the Council, Councilman Julkowski presented and read the following res- olution and moved it~ adoption: RESOLUTIOn' A~¥A~DIlq'G SALE OF $7~0,000 I~ROY~Y FU~D BONDS BE IT RESOLd'ED by the City Council of the City of Columbia Heights, Minn~ota, that ~he bid J. M. D~in & Company, Inc,, of ~he City of Minneapolis, Minnesota, and associates named ~herein, to purchase $750,600 Permanent ~mprovement ~e- relying Fund Bonds of the City to be da~ed ~q of September 1, 1957, and be issued in accordance with the no- tic~ calling for bids thereon, is hereby found and determined ~o be the bid mos~ favorable to the City received pursuant to due advertisemen~ ~here- for, and ~hou]d be and Is hereby ac- cepted, said bid being to purchase the bonds at a price of par plus accrued interes~ plus a premium of $ none for bonds bearing intere~t as follows: · Years of Ma~rlty Interest Rate 1958 to 1963 ~nclusive 1964 to 1972 inclusive 4,50% Plus 11/2% per annum to be ~ pressed by an extra cou~n on bonds ~or the period December 1, ~957 to June ~, 1959. B~ IT FURTHER RESOLVED that the Mayor and City Manager are thorized and directed to endorse an acceptance on said bid nnd on a copy thereof, and to return such copy to the . successful bidder. ~e good faith check of said bidder shall be re~ained by the City Tre~urer pending completion and delivery of the bonds; and the good . fal[h checks of other bidders shall be ~ forthwith returned to them, JOHN P. STOPI(A,  Mayor Attest: ~VA Seerotary of Council' ~h0 motion for the adootion of the ~ forogoing re~olufion was ~u17 ~eeon& ~ ed b~ Uounetlman Chief, and on vote '. bel~g taken thereon the following , ~oted 7ulkowskL Ch~o~, Stopk~; anti t~e following voted ~0: None 'whoreupon ~aid ro~olu[~on wa8 duly pas~ed and adopted, and was , signed and attested by the Mayor and : ~eeretary.~ ~ - -- the following resolution and moved its adoption, which proposed resolution was thereupon read: ~_ RESOLUTION FIXING THE FO~M~ AND DET~ OF $7~0,000 ~RMA~E~ ~p~O~E~NT REVOL~ING ~UND BO~S, ~ECT~ THE~ BE IT ~ESOL~D by the City Council of the Ci~y. of Columbi~ ~eigh~, Minnesota, as follows: 1. The City of Columbl~ ~etghts sh~ll forth~lth issue ~nd deliver its negotiable coupon Permanent Improve- ment Revolving Fun~ Bonds in the greg~te principal ~mount of d~ted ~ of September L 19~7, said bonds to be 7~0 in number, numbered 1 to 7~0, inclusive, 'e~ch in the denomin- ation of $1,000, and said bonds shall mature serially In the amount of $~0,000 on December 1 tn each of the years 1958 through 1972, all without option of prior payment. Said bonds shall bear interest payable June 1, 1958, ~nd semiannually ther~fter oh each December 1 and June 1, ~t the follo~ng rates: Serial l~.umbers 1 to 50 51to 100 lO1 to 150 151 to 200 201 to 250 251 to 300 301 to 356 351 to 400 401 to 450 451 to 500 501 to 550 551 to 600 601 to 650 651 to 700 701 to 750 ~%taturlty Interest Years Rate December 1, 1958 4.00% December 1. 1959 4.09 December 1, 1960 4.00 December 1,. 1961 4.00 December 1, 1962 4.90 December 1, 1963 4.00 December 1, 1964 4.50 December 1, 1965 4.50 December 1, 1966 4.50 December 1, 1967 4.50 December 1, 1968 4.50 December 1, 1969 4.50 December 1, 1970 4.50 December 1, 1971 4.50 December 1, 1972 4.50 Plus 1 1/2% per annum to be ex- pressed by an extra coupon on all bonds for the period December 1, 1957 to 3une 1, 1959, as follows: Cpn No. BI consisting of 750 coupon~ of $7.50 each due June 1, 1958 of $7.50 each due Dec. 1, 1958 C No. B3 consisting of 700 couponsI of $7.50 each due June 1, 1959 Both brincipal and interest shall ~ payable at Northwestern National~ Bank, in Mineapolis, Minnesota. and~ the City agrees to pay the reasonable; and customary charges of such institu- tion for its services as paying agent 2. Said bonds and the interest eon- Dons to be thereto attached shall be tn substantially the following form: ' UNITED STATES '0F ~E~ICA C0~TY OF X~0~ CITY OF COL~[BIA HEIOHTS P~R~ANENT L~[PROVEMENT REVOLVING FU~D BOND KNOIV ALL MEN BY THESE PRESENTS that the City of Columbia' Heights, Anoka County, Minnesota, acknowledges itself lo be indebted and for value received promises to pay to$ bearer ~he sum of ONE THOUSAND DOLLARS on the 1st day o~ Decem- ber, 19 ..... without option of prior~ payment, and ~o pay interest thereon, from ~he date hereof until the princi- pal sum is paid, at the rate of Four per cent (.i%) per annum, payable 'June 1, 1958, and semiannually there- after on each December I and June 1, o~ each year tbrough December, 1963. Interest at 4.~0% thereafter until De- cember 1972, together ~ith I 1/2~ per annum coupon on all bonds for the period December 1, 1957 to June 1, ~959. Interest to maturity being payable in accordance with and upon present~- , tion and surrender of ~he interest cou- pons appurtenant hereto as they sev- erally become due. Both principal and interest are payable at Northwestern National Bank, in Mhmeat~lis, ~inue- sots, in any coin or currency of UnReal States of America which at the time of payment Is legal tender for public and private debts. For the prompt and full payment of such prin- cipal and interest as they respectively become due, the ~ull faith, credit, and unlimited taxing powers of the City have been and are hereby irrevocably: p~dged. ~ ~ This b0~-~- ~)n~ ~)f an issue in the total principal amount of $750,000, all of like date. and tenor except as to serial number~ and maturity dates and interest rate, .all issued by said City for the purpose of providing funds for improvements of a lasting character including installation of paving, curbs. gutters, storm sewers, and water linc and sewer line extensions and a trunk sanitary sewer, all as authorized by an ordinance duly adopted by four-fifths vote of th~ Council, and pursuant to and in full conformity with the Con- stitution and laws of the State of Min- nesota and the Home Rule Charter of said City thereunto enabling. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota and the Home l~ulo Charter of said City to be done, to happen, to exist and to be performed precedent to and in the issuance of this bond, in order to make it the valid and binding general obligation of said City according to it~ terms, have been done, have happened, do exist and l~ave been performed in regular and due form, time and man- ner as required by law; that, prior to the issuance of this bond, a direct, an- nual, ad valorem tax has been duly levied upon all et the taxable property in said City for the years and in amounts as required by law, and addi- tional taxes, if needed for payment of said principal or interest, will be levied upon all of said property without limi- tation as to rate or amount: and that the issuance of this bond did not cause the indebtedness of the City tc exceed any constitutional, statutory or Char- ter limitation. IN WITNESS-WHEREOF the City of Columbia Heights, Minnesota, by its Council, has caused this bond to be executed in its behalf by the signature of the Mayor, attested by the ~ity Manager, and its corporate seal to be herelo affixed, and has caused the tached inter~t coupon~ to be executed and authenticated by facsimiles of the signatures of said officers, ail as of September 1, 1957. JOHN P. STOPKA Mayor Attest: R. L. ERNEST, City Manager (SEAL) (Form of Coupoa) No ......... $ .......... On the ~st day of June (December), 19 ..... th9 City of Columbia Heights, Minnesota, will pay to bearer at Nortl' western N~tional Bank, in Minneavolis, the sum of .............. DOLLARS for interest then 'due on its Permanent Improvement Revolving Fund Bond dated September 1, 1957, No ......... (Facsimile ~gnature) Mayor Attest: (b~acsimile signature) ~ City Manager Each Bond to have attached 1 1/2% per annum coupon for a period Decem- ber 1, 1957 to June 1, 1959. Said bonds shall be forthwith prepared for execu- tion under direction of the City Mana- ger and attorneys, and shall thereupon be executed in behalf of the City- the signature of the Mayor, attested by the City Manager, and sealed with the official corporate seal; and the terest coupons shall be execute~q and authenticated by printed fa(.sim~!o~ the signatures of said officers. the bonds have been so executed, the City Treasurer shall deliver them. nr cause them to be delivered, to the pur- chasers upon receipt of the purchase price heretofore agreed UpOl!, ;~_nd th~ purchasers shall not be obligated to to the application of such purchaso price. 4. The full faith and credit of City and its unlimited taxing powers are hereby irrevocably pledged to the prompt and full payment of the prim.i- pal of and interest on each and all said bonds as such principal and terest become due. In compliance with Minnesota Statutes, and in order to provide moneys for the payment of principal of and interest on the bonds, there shall be and is hereby levied upon all of the taxable propertie~, the City a direct, annual, ad valore'~ tax to be spread upon the tax rolls, and collected with and as a part nf other general City taxes, in the year:; 1957 through 1971 (collectible i~ the respective next ensuing years) in the years and amounts as follows: Years A nioual 1958 ~llO,OOO.O0 1959 97,000.00 1960 1961 86,000.00 1962 83,000.00 1963 80,000.00 196-I 77,000.00 1965 74,000.00 1966 71.000.~ 1967 6g,000.0O 1968 65,000.00 1969 62,000.00 1970 59,000.00 1971 56,000.00 1972 53,000.00 Said levies shall be irrepealable until the full principal and interest on all of the bonds of said issue shall have been paid; provided that, when and if other moneys are available or shall be avail- able in the special sinking fund to pay the principal and interest of the bonds; the City Manager shall certify such amount to the County Auditor of ~&no- ka County on or before October 15 in any year, and thereupon the amounts to be extended upon the next ensuing tax rolls for said bonds shah be re- duced accordingly. 5. There is hereby created a separ- ate "Sinking Fund Account for $750,000 Permanent Improvement Re- volving Fund Bonds" in the general sinking fund of the City, into which account shrill be paid the proceeds of the foregoing levies and any accrued interest and principal received upon the delivery of said bonds, and such other moneys as may from time to time be directed to be used for the payment of said bonds, including the proceeds of collections of all special as."sssments Ievied for the improve- ments for which the proceeds of said bonds are used to pay. Out of s~id ac- count shall be paid the interest on and principal of the bonds of this issue as such principal and interest become due. Said account shall be used for no other purpose until all of said bonds have been paid, save and except that if any payment of principal or interest shall become due on any of said bonds when moneys in the sinking fund accoun~ are insufficient therefor, such payment shall be made by advances out of any other fund of the City and such funds may be reimbursed out of said account when moneys are available therein. 6. The Secretary of the Council is directed to cause a copy of this resolu- tion, certified by the Secretary, to be flied in the office of the County Audi- tor of Anoka County, Minnesota, and to obtain from such Auditor the certi- ficate required by law respecting the filing thereof and entry of the bends on his register. 7. The County officers of Anoka County and the officers of the City are authorized and directed to furnish to the purchasers of said bonds, and to the attorneys approving the legality thereof, certified copies of all proceed- ings and records of the City relating to the bonds and to the financial af- fairs of the City and such otnec certi- ficates or affidavits as may be r~- quired to show the facts as to the power and authority of the City to is- ' sue said bonds as shown by the books and records under their custody and ~ontrol or' as otherwise known to shch officers; and such certified copies, cer- tificates and affidavits, includin~ any~ heretofore furnished, shall be deemed representations of the City as to the truth of the facts purported to be shown thereby. 8. This resolution shall be published in the official newspaper within 15 days after its passage, and shall take effect 9~ days after its passage unless suspended by a referendum petition, and upon so taking effect shall oper- ate to ratify, confirm and validate any and all actions of the City officers theretofore taken which are herein authorized or directed to be done. Appr.oved: JOHN P. STOPKA Mayor Passed July 90, 1957 Attest: EVA PRITCHARD Secretary of City Council The motion for,the adoption of the foregoing resolution was duly second- ed by Councilman Julkowski, and on vote being taken thereon, the follow- ing voted AYE: Chics, Julkowski, Stopt~a; and the following' voted NO: None whereupon said resolution was de- clared duly passed and iadopted, and was signed and attested by the Mayor and Secretary. August 8, 1957, Resolution authorizing the City Treasurer to purchase City of Col~,~bia Heights Perm- anent Imprevement Revolving Fund Bonds, dated September 1, 1957 and maturing ~50,000. in 1968 through 1972 inclusive, yielding the Sinking Fund a net rate ef ~%. Offered by Julkewski, seconded by Chios. Roll Call - All Ayes. Motion by Julkewski, seconded by Chios, te adjourn. Rell~Call - All ayes. ~ , , ' '/'~~ ~ '. ,. ~..~_ -~ ;...~ secretary the Council