HomeMy WebLinkAboutJun 20, 1960OFFICIAL PROCEEDINGS
Special Meeting
June 20, 1960
Meeting called to order at 7:30 p.m. Roll Call - King, McCline,
Chies, Orendorff - present. Armstrong - absent.
This meeting was called for the purpose of taking action on Preamble
and Ordinance No.488 on Emergency Debt Certificate in the amount of
$100,000.00, and resolution on $750,000.00 Bond Issue
Preamble to Ordinance No.488, being an Ordinance entitled "An
Ordinance Authorizing the sale by the City Treaserer of $100,000.00
Emergency Debt Certificate".
Offered by ~hIes seconded by McClibe. Roll Call - All Ayes.
Ordinance No.488, An Ordinance authorizing the sale by the City
Treasurer of $100,000.00 Emergency Debt Certificate.
Offered by McCline seconded by Orendorff. Roll Call - All Ayes.
The City Manager reported that Ordinance No.486 had been signed by
the M~yor and filed with the Secretary of the Council and posted in
accordance with the City Charter, and that the period for filing of
referendum petitions had expired and no such petitions have been filed.
He recommended that the City proceed with the bond issue contemplated
by said ordinance so that the funds would be available when needed to
make payments on improvement contracts.
Councilman Chies 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
8750,000 PERMANENT IMPROVEMENT REVOLVING FUND BONDS
BE IT RESOLVED by the City Council of the City of Columbia Heights,
Minnesota, as follows:
1. This Council shall 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 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 p~blications to be at least ten days prior to
the date of said meeting, which notice shall read substantially as follows:
NOTICE OF SALE OF
$750,000 Permanent IMPROVEMENT REVOLVING FUND BONDS
CITY OF COLUMBIA HEIGHTS,MINNESOTA
NOTICE IS HEREBY GIVEN that the City Council of the City of
Columbia Heights, Minnesota, will meet at the City Offices, 590 -
40th Avenue N.E. in said City, on Monday, July 25, 1960, at 8:00 o'clock
p.m., Central Daylight Saving Time, to receive, open and consider bids
for the purchase of $750,000 general obligation Permanent Improvement
Revolving Fund Bonds of the City to be issued to provide funds for improve-
emtns of a lasting character, including installation of paving, curbs~
gutters, storm sewers, street openings and acquisitions, and water line
and sewer line extensions, and a trunk sanitary sewer.
The Bonds will be dated as.of~-Ju-L~.l.; 1960, and in denomination of
$1,000 each, and will bear interest at the ratg~,Q~ rates sp~if~ed.by the
cessful bldder,~yable semiannually on janua-r~y~l and~.J~l~:nl. 'in 'each
year, commencing J~nu~y~, 1961'-; ~Princ~pal and interest will be made
payable at any suitable banking institutib~in the United states desig-
nated by the successful bidder, the City agreeing to pay the reasonable
and customary charges of such institution for the receipt and disburse-
ment of the principal and interest moneys. .
' Said bonds will be numbered ~-e~ally from 1 through'~'07~ and will
mature serially i~ the amount of ~!90';000 on July 1 in each of the years
~fi:i.~962 through 196~and $_6~0],000 on ' '~
' ~:l~ an ~ch of the years 19o~ through
.... 197~,all without opti6~f prior ~..-~'~-~'~"~i:'. .. ,
payment. -The City will furnzsh, without
cost to the purchaser, the printed and executed bonds and the unqualified
approving legal opinion of Dorsey, Owen, Barber,. Marquart & Windhorst,
Minneapolis,.Minnesota, together with th~ customery no-litigation certi-
ficate, and delivery will b'e made within forty days after acceptance' of
bid. Such delivery will be made in Minneapolis or Si. Paul, Minnesota,
or Chicago, illinois, 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 by him prior to the time of said meeting. Each bi~ must be
unconditional except as to the bonds being issued and delivered with said
opinion and no-litigation certificate in conformity with this notice,
and ~ach 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 $1~5~jf000,~Tto be
forfeited.as liquidated damages in case the bid is accepted and the
bidder shall fail to comply therewith. Bids must specif~ the desired
interest 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
for additional interest, to be represented by-separate coupons, on any
or all 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 offered) will be deemed the most favorable. No oral
bid Or bid of less than par plus interest accrued from
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. ~'~' / , '" -~ ~
'% ? ~ ~,-'::~.~t:~~. / ~; /~ ~'
· Dated at Columbia Heights, Minnesota,
MALCOLM O. WATSON
city Manager
590 - 40th Avenue N.E.
Columbia Heights, Minnesota
3. Each and all of the terms and provisions of the foregoing form
of notice are hereby adopted and confirmed as the terms and conditions
for said bonds and for the sale thereof.
4. This resolution shall be p~blished in the official newspaper
within 15 days after its passage, and shall take ~ffect 30 days after
its passage, unless suspended by a referendm~ petition, and upon so
taking effect shall operat~ to ratify, confirm and validate any and all
actions of the City officers theretofore taken-,which are herein
authorized or directed to. be done.
Approved: Warren A~ Armstrong
~ Mayor
Passed June 20, 1960
Attest: Eva Pritchard
Secretary of City Council
The motion for the adoption of the foregoing resolution was. duly
seconded by Councilman Orer~to~-ff, and on vote being taken thereon, the
following voted YEA: King, McCline, Chies, Orendorff.
and the following voted NAY: None.
whereupon said resolution was declared duly passed and adopted.
Motion by Chies seconded by McCline, that the request of Hilltop
Drive-in Theatre to have Fireworks display on July 4th, be granted.
Roll Call - All Ayes.
Motion by McCline seconded by Orendorff, that the meeting adjourn
at 7:45 p.m. Roll Call - All Ayes.
Secretary o~ City Council
Mayor
OFFICIAL PROCEEDINGS
Regular Meeting
June 27, 1960
Meeting called to order at 8:05 p.m. Ail members present.
Invocation offered by Reverend Dean H. Goetze of Calvary Covenant Church.
Motion by Orendorff seconded by King, that the reading of the minutes
of the last regular and special meetings be dispensed with. Roll
Call - All Ayes.
Motion by McCline seconded by Chies, that the following bills be paid
out of their proper funds: Roll Call - All Ayes.
Lynn Johnson Co. 4,482.39
Johnson Paper & Sup. 10.18
Old Peoria Co. 1,568.04
Ed. Phillips& Sons 256.59
Ed. Phillips& Sons 1,155.24
Liquor Store petty cash 260.83
Mpls. Gas Co.
PayrollAccount
Old Peoria Co.
Northern S.P. Co.
Johnson Paper & Sup.
Monarch Chemicals
Extra Payroll
Walter Cottrell
F.W. Bassett
Darold Shafer
Dan DeMars
Andrew Chuchwar
V.Thomas
F.W. Bassett
Wm. Ostmoe
Darold sharer
58.62
21,910.98
65.23
1,523.84
17.92
20.82
761.37
57.30
68.25
68.50
69.25
46.50
47.50
1.50
1.50
1.50
Jury Duty (15)
A & D Sewer & Water
Am. Casting &Mfg. Co.
Ross Brown Ins.
Bryan Rock Prod. Inc.
Chies Bros.
C.H. Fire Dept.
C.H. Fire Dept.
Cronstroms
Otto N. Esch
Goodin Company
Gopher State Oil Co.
Gray Audograph
Dr.W.L. Herbert
Holdeb Business Forms
Interntl. Harvester Co.
Jarnig Plbg. Co.
Keep-Fill Products
Robert J. Kinas
Midway Ford Co.
Miller Davis Co.
Neptune Meter Co.
90.00
84.50
23.40
1,817.19
1,846.17
1,141.50
114.00
268.00
5.00
34.05
16.67
48.71
5.32
33.00
92.85
25.61
21.50
16.00
95.00
3.26
758.70
3,069.30