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HomeMy WebLinkAboutMarch 29, 1951Special Meeting March 29, 1951 Pursuant to due call and notice thereof, a Special meeting of the City Council of the City of Columbia Heights, ~innesota, was duly held at the City &ffice in said city on Thursday, the 29th day of March, 1951, at 8 P.M. Mayor Prestemon presided and the following Councilmen were present: Lange, Trench and Spekulant and the following were absent: Yencho. The Mayor announced that this was the time and place for the opening of bids for the purchase of $60,000 Public Improvement Bonds and $25,000 Fire Fighti.ng Equipment and Traxcavator Equipment Bonds of the City as advertised for sale in accordance with Ordinance No.273. The City Manager then presented affidavits sh~wing publication of notice of sale ten days in advance in the official newspaper and in Commercial JJest, ~hich were examined and found sat~isfactory and ordered placed on file. The City ~anager then presented the sealed bids which had been received. These were opened, tabulated and found to be as follows: Name of Bidder Interest Rate Amount of bid 1. J.M. Dain & Co. 2 3/4 ¥953 thru 1959 Par plus '$~%.00 and Allison - ~illiams~ 2.9 1960 thru 1962 2. 1st National Bank of Mpls~ and Cci. Heights State Bank 2.75 Par plus 87.50 Councilman Lange then presented and read the follow~ag written resoluti6nand moved its adoption: A RESOLDTION RATIFYING THE ACTION OF THE CITY MANAGER IN PUBLISHING NOTICE OF SALE AND AWARDING TH~ SALE OF $60,000 PUBLIC IILPROVEMJ~NT BONDS AND $25,000 FIRE FIGHTING EQUIPMENT AND TRAXCAVATOR EQUIPMENT BONDS BE IT RESOLVED by the City Council of the City of Columbia He~ights Minnesota, that the action of the City Manager in publishing notice of sale, including the form and provisions of the notice of sale and dates and maturities of the bonds as set forth therein, is hereby ratified and confirmed. BE IT FUROR RESOLVED that the bid of 1st National Bank to purchase $60,000 Public Improvement Bonds and $25,000 Fire Fighting Equipment and traxcavator Equipment Bond§, ~hich bid is to pay $ par plus 87.~0 for bonds b~aring interest at the rate of 2.?5 is hereby found to be the most favorable bid received, and shall be and is hereby accepted. BE IT FURTHER RESOLVED That the City Manager shall return the good faith checks of all unsuccessful bidders and retain the check of said purchaser until delivery of the bonds. Secretary to the Council The Motion for the adoption of the foregoing resolution was duly seconded by Councilman Spekulant, and upon vote being taken thereon, the following woted Aye: Lange, Trench, Spekulaut, Prestemon, and the following voted NO: None. whereupon said resolution was declared fuly passed and adopted. Councilman Lange then introduced and read the following written resolution and moved its adoption: A RESOLUTION FIXING T~]E FORM AND SPECIFICATIONS OF $60,000 PUBLIC ~PROVE. MINT BONDS AND $25,000 FIRE FIGHTING EQUIPMENT AND TRAXCAVATOR EQUIPMENT BONDS, DIRECTING THEIR EXECUTION AND ~F~LIVERY AND I~wVY NO A TAX FOR THEIR PA~ENT. BE IT RESOLVED by the City Council of the City of Columbia Heights, Minnesota, as follows: 1. The City of Columbia Heights shall forthwith issue and deliver its negotiable coupon Public Improvement Bonds in the aggregate principal amount of $60,000, dated April l, 1951~ said bonds to be 60 in number and numbered i to 60, both inclusive, in the denomination of $1,000 eamh, to bear interest at the rate of 2.75, payable February l, 1952 and semiannually thereafter on the 1st day of February and the 1st day of August in each year, and to mature serially on February'lst in the amount of $6,000 in eac~ of the years 1953 ~o 1962, both inclusive, all without option of prior payment. 2. The City of Columbia Heights shall forthwith issue and deliver its negotiable coupon Fire Fighting Equipment and traxcavator Equipment Bonds in the aggregate principal amount of $25,000, dated April l, 1951, said bonds to be 25 in number and numbered I to 25, both inclusive, ih the ~enmmination of $1,000 each, bearing interest at the rate of 2.75, payable February 1st, 1952 and semiannually thereafter on the 1st day of February and the 1st day of ~August in each year and to mature serially on February 1st in the 'years and amounts as .follows: $2,000 in 1953 to 1957, both inclusive, and $3,000 in 1958 to 1962, both inclusive, all without option of prior payment.. 3. Both principal and interest on'said bonds shall ~.e payable at the main office of 1st National Bank of Mpls. and Col.Heights S~ate Bank, and the city shall pay the reasonable charges of such bank for its services as paying agent. ~ 4. The bonds and the interest coupons to be thereto attached shall be in substantially the following form: UNITEB STATES OF AMERICA STATE OF MINNESOTA ~'-' ..... ~. ~f' .~ "~. COUNTY OF ANOK~ CITY OF COLUMBIA HEIGHTS No. PUBLIC IMPROVEmeNT BOND OF t?~1. KNOW ALL MEN BY THESE PHESENTS That the City of C~lbmbia Heights, Anoka County, Minnesota, acknowledges itself to be indebted and for value received promises to pay to bearer the sum of ONE THOUSAND DOLLARS on the 1st day of February, 1952, without option of prior payment, and to pay interest thereon from the date hereof until the principal sum is paid at the rate of 2.75 percent (2.75%) per annum, interest to maturity payable February, 1~t~52 and semiannually thereafter on the 1st day of February and the 1st day of August in each year in accordance with and upon presentation and Surrender of the interest coupons hereto attached as they severally become due. Both principal and interest are payable at the main office of First Nation Bank of. M Minneapolis, Minnesota, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and for the prompt and full payment of such principal and interest as they become due a the full faith, credit and taxing powers of the city are hereby irrevocably pledged. This bond is one of au issue of $60,000 bonds, all of like dat~and tenor except as to maturity, all issued by said city for the purpose of providing money for the maintenance of the Permanent Improvement Revolving Fund of the city and for an improvement of a lasting character, consisting of remodeling the municipal liquor store, the same being a public convenience from ~hich a revenue is or may be derived, owned and operated by the city, all as authorized by an Ordinance adopted by four-fifths vote of the council, and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota and the Home Rule Charter of said City. IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and th~ngs required~ by the Constitution and Laws of the State of Minnesota and the Home Rule Charter of said city to be done, to happen and to be performed precedent to and in the issuance of this bond have been done, have happened and have been performed in regular and due form, time and manner as required by law; that prior to the issuance hereof a direct annual ad valorem tax has been duly levied upon all o~ the taxable property in said city in the. years and remounts as requi~d by law, and additional taxes may be levied upon said property within the limitations prescribed by law; and that the issuance of this bond did not cause the indebtedness of the city to exceed any constitutional, statutory or charter limitation of indebtedness. IN ~ITNESS~ ~qEREOF, the City of Columbia H~ights, Anoka County, Minnesota, by its Council, has caused this bond to be executed in its behalf by the signature of the Mayor, attested by the City Manager, and its corporate seal~ to be hereunt~ affixed, and has caused the interest coupons to be executed and authenticated by the facsimile signatures of said Mayor and City Manager, all as of Apr., 1951 ~ttest M y6r City Manager (Seal) ~(Form of Coupon) No. . On the 1st day of February (August), 19 , the City of Columbia Heights, Anoka County, Minnesota, will pay to bearer at the main office of First National Bank, Minneapolis,Minn. the sum of Dollars for interest then due on its Public Improvement Bond dated April, 1951, No.. Mayor City Manager 5. The Fi~e Fighting Equipment and Traxcavator Equipment Bonds shall be in substantially the same form as above set forth except for the necessar~ change in the name and except that the second paragraph thereof shall read as follows: "This bond is one of an issue of $25,000 all of like date and tenor except as to maturity, all issued by said city for the purpose of providing money for the purchase of new 9quipment for the fire department and traxcavator for the street department as authorized by ordinance adopted by four-fifths vote of the council and pursuant to and in full conformity with the Constitution and Laws of the State of Minnesota and the Home Rule Charter of said City.". 6. The City Manager shall cause said bonds to be printed at the cost of the city, and said bonds shall be executed in behalf of the City b~ the Mayor and City Manager and shall be sealed with the official corpoate seal, and said coupons shall be executed and authenticated by the printed, engraved or lithographed facsimile signatures of said officers. ~hen said bonds have been so executed they shall be delivered to the purchaser thereof upon receipt of the purchase price anti the purchaser shall not be obligated to see to the proper application of such purchase price beyond its payment to the city. 7. The full faith and credit of the city are hereby irrevocably pledged to the prompt and f~ll payment of the principal of and interest on said bonds as such principal and interest become due. In compliance with Minnesota Statutas and in order to provide moneys for the payment of the principal of and interest on said bonds, there shall be and is hereby levied upon all the taxable property in said city a direct, annual ad valorem tax to be spread upon the tax rolls and collected with and as a part of other general city taxes in the years and amounts as follows: For Pire Fighting Equipment Year For Public and Traxcavator Equipment Improvement Bonds Bonds 16 o.0' 7oo,oo 1952 1750.OO 750.00 19~3 7750.00 2750,00 1954 7650 .OO 2700.00 1955 75OO.OO 2650.00 1956 74D0~00 2600.00 1957 7300.00 2550.00 1958 72OO.00 3500.00 1959 71OO.OO 3450.00 1960 7000.00 3400,00 196~. ~ 6900. OO 3300 ~ OO 'i962..... 6800.OO 3200.00 S~id levy' shall be irrepealable provided that when and it other moneys are available or shall be made available in the special sinking fund to pay said principal and interest, the City Manager shall certii~ such amount to the Bounty Auditor of Anoka Col County on or before October 15th of any year and direct him to reduce or cancel said levy. 8. There is hereby created a separate sinking Eund for the payment of the principal and interest on each issue of said bonds into which shall be paid the proceeds of the foregoing levies and such other sums as may be directed to be used for the payment of said bonds and out of which fund there shall be paid the interest on and principal of said bonds as such principal and interest become due, and said fund shall be used for no other purpose until all of said bonds have been paid. 9. ~he secretary of the council is hereby directed to cause a copy of this resolution, certified by the secretary, to be filled in the office of the County Auditor of Anoka County, Minnesota, and to obtain from him the certificate required by Minnesota Statutes. 10. The City Manager is authorized and directed to furnish to the purchaser of said bonds and to the attorneys approving the same certified copies of all proceedings and records of the city relating to said bonds and to the financial a~fairs of the city and such other certificates as may be required to show the facts as to the power and authority of the city to issue said bonds within his . knowledge or as shown by the books and records under his control and custody, and such certified copies and certificates shall be deemed representations of the city as to the facts stated therein. ll. This resolution shall be in full force and effect thirty days from and after its passage. Secretary to the Gouncil / The motion for the adoption of the foregoing resolution was ~hzly seconded by Councilman Spekulant, and upon vote being taken thereon, the following voted AYE: Lange, Trench, Spekulant, Prestemon, and th~ following voted NO: None ~here~pon said resolution was declared duly passed and adopted. STATE OF MINNESOTA ) CO~TY OF ANOKA ) CITY OF COLUMBIA HEIGHTS ) SS. I, the undersigned, being the duly qualified and acting Secretary of the Council of the City of Columbia Heights, Anoka County, Minnesota, do hereby certify that I have carefully compared ~he attached and foregoing extract of minutes of a Special meetdng of the City Council of said city held on the 29th day of March, 19~l, with the original thereof on file in my office, and the same is a full, true and complete transcript, therefrom insofar as the sam~ relate~ to the issuance and sale of $60,000 Public Improvement Bonds and $2~,000 Fire Fighting Equipment and Tra~cavator Equipment Bonds of said city. Witness my hand officially as such Secretary a~ the seal of said city this 30th day of March, 19~l. (Seal) City of Columbia Heights, ~innesota~ Motion to adjourn, by Trench, Seconded by Lange. Roll Call - All Ayes Secretary to the Gouncil Mayor