HomeMy WebLinkAboutJan 17, 1922 Adjourned Meeting held Janury l?th,
adjourned from Jan. 10th,
For the purpose of considering further the proposed Bond Issues
for Water Works and'Street Grading.
51
Roll Call:- Mayor W. C. Gauvette, Councilmen Geo. Burgoyme, A. L.
Bentzen, Mat Ledwien and Jas. icKen~ all present.
Follwwing Resolution was offerred by Jas. McKenna, sec. by A. L.
Bentzen:-
Resolved that the bid of the Drake-Ballard Company of Mpls.
of § ~/A% net is the best bid received and that the Council now
proceed with their ordinances, covering the Bond Issues proposed,
using as a basis thereto the 5 $/A%,net to us, interest rate.
Roll Call, Mayor W. C. Gauvette, Yes, Councilmen Burgoyne, °Bentzen,
Ledwien and IcKenna, all yes$. Resolution unanimously carried.
Councilmen Jas. McKenna offered the following Ordinance:- Sec. by Councilmen A. L. Bentzen.'
Ordinance No. A.
AN ORDINANCE PROVIDING FOR THE PURCHASE, CONSTRUCTION
AND EXTENSION OF THE W~ERW(IRKS SYSTEM IN THE. CITY OF COLUMBIA
HEIGHTS AND PROVIDING FOR THE ISSUANCE,FORM AND SALE OF THE CITY
OF COLUMBIA HEIGHTS BONDS IN THE Alit OF $§8,000.00~Fifty-eight
thousand,and no/100 dollars) FOR THE PURPOSE OF RAISING MONEY
FOR SAID IMPROVt~/ENTS.
The City of Columbia Heights goes ordain as follows~
Section 1. Under and pursuant to the provisions of the Charter
of the City of Columbia Heights and under the laws of the State of
Minnesota, the City Council of said City of Columbia Heights does
hereby determine that it is necessary and expedient to purchase,
construct and extend the Waterworks system in and for said City.
Section 2. That for the purpose of raising money for said improve-
monte and in pursuance and under provisions of Section ?2, Chapter ?,
of the Charter of the City of Columbia Heights, it is hereby ordered
and determined that the said City ~f Columbia Heights issue and
negotiate its co.upon bonds in the aggregate sum of Fifty-eight
Thousa~nd Dol~ars($~8,000.00), said bonds to be issued to be
designated as"Waterworks Bonds", to be dated Feb. 1st, 1922
with interest ~ coupons attached, to draw i~nterest at the rate of
§ and ~/A%.Per annum, payable semi-annually on the 1st day~ of
Febx~ and August of each year. The principal thereof to be
payable on the 1st day of ~ebrmary 19A~ without option of prior
payment. Said bonds to be in the denomination of$1,000.00 each,
to b~ numberred from 1 to $8, both numbers inclusive, both
principal and interest of said bonds to be payable in Gold C,$m:
of the United States of~ the present standard of weight and finemezs
at the First National Bank in the City of Minneapolis, Minn.
Section $. Said bonds shall be signed by the Mayor of said City,
attested to by the City Clerk, and countersigned by the Treasurer ~
said City of ColumBia Heights, and shall be seal'ed with the official
seal of, said City and the interest coupons thereto attached shall
be authenticated by the facsimile signatures of said officers and'
when Ao executed, shall be delivered to the Treasurer, and to be
by said Treasurer to be delivered to the successful purchaser
thereof upon payment of the purchase price which shall not be less
than par and accrued interest.
Sect ion 4.
form:-
Said bonds shall be in substantially the following
CITY
UNITED STATES OF ~Mq~RICA
STATE OF MINNESOTA
OF COLUMBIA HEIGHTS
WATERWORKS BOND
No. ~:_ $1ooo.oo
KNOW ALL MEN BY THESE PRESENTS that the C i ty of C olu~b ia He ights,
County of Anoka, State of Mlnnesota,akcnowledges itself indebted
for value received,hereby promises to pay to the bearer $1,000.00
on the 1st day of Febru. ary, 1942, together with interest thereon
at the rate of 5 a~d a/4%per annum, payable semi'annually,
on the 1st days of August and February of each year, interest to
maturity to be represented by appropriate coupons attached hereto,
both principa~ and interest of said bond to be payable in gold c~in
of the United States of the present standard of weight and fineness
at the First National Bank in the City of Minneapolis,Minnesota.
THIS BOND is one of a series of bonds of like date, amount and
tenor, all issued for the purpose of purchasing, constructing, and
extending the Waterworks System in and for said City, and is
issued in pursuance to Sec. 72 of Chapter ? of the Charter of said
City and pursuant to and in full compliance with the laws of the
State of Minnesota thereunto enabling.
It is hereby certified and recited that all ~acts, conditions
and things required by~w to be done precedent to and in the
issuance of this bond, have been properly done, have been performed
in regular and due time, form and manner, as prescribed by Law,
and' that the total indebteduess of said City, including this bond,
and other of'its series, to not exceed any constitutional or
~ statutory limitation.
THE FULL FAITH, CREDIT AND RESOURCES of .the City of Columbia
~eig~ts ~e hereby irrevocably pledged fc~the puntual .payment
of the princiapl and tmterest of said Bonds as the same mature.
IN WITNESS WHEREOF the City of Colun~ia Heights has caused
this bond to be signed by its Mayor, attested by its Clerk, and
countersigned by its treasurer and the seal of said City to be
~ffixed hereto and the interest coupons hereto attached to be
authenticated by the facsimile signatures of the said officers
and to be dated as of the let day~Februa:~ £2.
Attest mayor
Countersigned:
Treasurere
- - - ( coupon V ....
I',1o. $ ......
On 'the-ist day o~ ...... lg , the CitY of Columbia
Heights, Anoka County, Minnesota, Will~ pay to the bearer in gold
coin at the first National N~, Minneapolis,
$_ , being the s~i-annual ~ then due on its Water-
works Bond dated as of the 1st day of Feb., lg22.
Attest _ .. ~. ~yor
C cunt ersigned.
Treasurer,
Section 5. That the City Council does hereby accept the bid of
the Drake-Ballard Company, Minneapolis, Minnesota to purchase
said.bonds at a price of par and accrued interest, said bid being
the best bid received and it appearing to the City Council that i~
is to be to the best interest of the said City to accept safdbid
and that the Mayor and City Clerk be and they are hereby directed
to enter into a proper agreement with said l~ake-Ballard Company
for the sale of said Bonds.
Section 6. This ordinance shall take effect and be in force
thirty days after its passage.
First Meeting in regard to proposed bonds held Jan. 10, 1922.
First reading of this ordinance January l?th, 1922.
Second reading of this ordinance held January 2?th, 1922.
Attest
Clerk.
L Ms,V or
RollSall;- Mayor W C Gauvette, voted Aye,
Councilmen G. Burgoyne,
' A.L. Bentzen, "
~ Matt Ledwien, " "
" Jas. McKenna, "
Un~imousiy carried at both readings.
Councilnmn Jas. McKenna offerred the following Ordinance,
sec. by Councilman A. L. Bentzen,
Ordinance No. ~.
AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF STREET
IMPROVEMENTS OF A I~ING CHARACTER IN THE CITY OF COLUMBIA
HEIGHTS AND PROVIDING FOR THE ISSUANCE, FORM AND SALE OF
THE CITY OF COLUMBIA HEIGHTS. BONDS, IN THE AMOUNT OF Twenty
Four thousand dollars, ($24,000.00) ?0R THE PURPOSE OF RA~NG
MONEY FOR SAID IMPROVEMENTS.
The City of Columbia Heights does ordain as fellows:-
Section 1. Under and pursuant to the provisions of the Char.ret
of the City of Colum¥ia Heights and under the laws of the
State of Minnesota, the city council of the said city of Columbia
Heights does hereby determine that it is necessary and expedient
to construct street improvements of a lasting character in and for
said City.
Section 2. That for' the purpose of raising money for said improve
merits and that in pursuance and under provisions of section 72
of chapter ? of the charter of the City of Columbia Heights, it is
hereby ordered and determined that the said City of Columbia Heights
issue and negotiate its coupon bonds in the aggregate sum of
$24,$$0.00, (Twenty Four thousand dollars), said bonds to be issued
to be designated as "Street Improvement Bonder to be dated ~eb.
1st, 1922 with interest coupons attached, to draw interest at the
rate of $ and 3/4% per annum, payable semi-annually on the 1st days
of August and February of each year. The principal thereof to be
payable on the 1st day of l~ebruary, 1942 without option of prior
payment. Said bonds to be in the denomination of $1,000.00 each,
to be numberred from 1 te 24 both numbers inclusive, both principal
and interest of said bonds to be payable in Gold Coin of the
United States of the present Standard of weight and fineness at
the Fir*t National Bank of Minneapolis, Minn.
Section 5. Said Bonds shall Be signed by the Mayor, of said City,
attested to by the City Clerk and countersigned by the treasurer
of the City cf Columbia Heights, and shall be sealed with the
official seal of said City, a~d the interest coupons thereto
attached shall be authenticated by the facsimile signatures of
said officers and when so executed, shall be delivered to the
Treasurer and to be by said trea. surerdelivered to the successful
purchaser thereof upon payment of the purchase price, which shall
not be less than pa~ and accrued interest.
Section 4. Said bonds and coupon shall be in substantially the
following form:-
United States of America
StYe of Minnesota.
City of Columbia Heights.
Street Imprw~ement Bend .
.... $, .1,0o.o.oo. .
KNOW ALL MEN BY T_M~,SE PRESENTS that the City of Columbia Heights,
County of Anoka and the Sate of Minnesota, acknowledges itself
indebted for value received hereby promises to pay to the bearer
$1,000.00, on the 1st d. ay of Feb. 1942 together with interest theremn
at the rate of 5 and $/4% per annum, payable semi-annualS, on the
1st days of August and February of each year, interest to maturity
to be represented by appropriate coupons attached hereto, both
principal and interest of said bonds to be payable in gold coin of
the United States of the present Standard of ~veight and fineness
at the First National Bank of' Minneapolis, Minn.
This Bond ~a one cf a series of bonds of like date, amount
and tenor, all issued for the purpose of constructing street
improvements of a lasting character in and for said City and is
issued in pursAance to ~mata~x~2 Section 72 of Chapter 7 of
the charter of the said City and pursuant to and in full compliance
with the laws of the state cf Minnesota thereunto enaoling.
IT IS HEREBY CERTIFIED AND ~ RECITED, that all acta,
conditions and things required by law to be done precedent to and
in the issuane of this l~ond, have been properly done, have been
performed in regular and due time, form and manner as prescribed
by law, and that the total indebtedness of this City, including
this bond and others of its ~x series, do not exceed any
cen~%itutional or statu~l~x~ limitations.
THE FULL FAITH, CREDIT AND RESOURCES, of the City cf Columbia
Heights are hereby irrevocably pledged for the pun&tual payment
of the principal and interest of said bonds as the same mature.
IN WITNESS ~EtEBEOF The City of Columbia Heights.has caused this
bond to be signed by its Mayo,r, attested by its Clerk, and counter-
signed by its treasurer, and the seal of said City to be affixed
thereto and the interest coupons hereto attached to be authenticated
by the facsimile signatures of aAid/~fficer~and to be date~ as of
t_he 1st day of February,1922. ~~~Mayor'
Artec%
_ Clerk.
C ounte~-~e~
Treas.
(Form of Coupon)
$
the 1st day ef 19.__, the City of Columbia Heights,
Anoka County, Minnesota, will pay to bearer in gold coin at the
First National Bank of Minneapolis, Minn.,$ being tAe
se~-a~l interest th~ ~ue on its Street I~roVemen~ Bon~ ~ate~ as
of the 1st ~ay of ~ebrua~ 192~.
Attest ~ ~ ....... ~ayor
ersi T '
Section 5. That the City C~uncil does hereby accept the Bid off the
Drake-Ballard Company, Uinneapolis,Minn. to purchase said bonds at
a price of par and accrued interest,em- said bid ~k being the best
Bid received, amd it appearing to the City Council that it is to
the best interest of said City to accept said bid and that the Mayo~
and City Clerk be and they are hereby directed to enter into a proper
agreement with said Drake-Ballard Company for the sale of said Bonds.
Section 6. This Ordinance shall take effect and be in force 30 days
after its passage.
First Meeting in regard to proposed Bonds held January 10th, 1922.
· First Reading of this ordinance January 17th, 1922.
2nd Reading of this ordinance held Janua~ 2?th, 1922.
Roll Call on both readings:- Mayor
C oun c ilman
Both readings u~nanimously carried.
W. C. Gauvette, Aye.
Geo. Burgoyne, "
A L Bentzen, "
Matt Ledwien, "
J a s. McKenna, "
59
Attest
.: Mayor.
M~tthew Ledwien Moved we adjourn til 1 Jan. 27th, to hear the 2nd
reading of the Ordinances Nos. ~ and 5. Unanimously carried on
Roll Call.
Attest. ! ~ yor