HomeMy WebLinkAbout02-24-1960Q
Record of Official Proceedings° of the CommonCouncil
• of the City of Rochester, . Minn.February_24, 1960 ,
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RESOLUTION PROVIDING FOR PUBLIC
SALE OF $500,000 MUNICIPAL STATE
AID STREET BONDS AND $375,000
MUNICIPAL AIRPORT BONDS
BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
1. This Council shall meet at the time and place specified in the form of
notice herein contained, for the purpose of opening, receiving and considering
sealed bids for and awarding the sale of $875,000 negotiable coupon general
obligation bonds of the City comprising $500,000 municipal state aid street bonds,
to be issued purusuant to Minnesota Laws 1959, Chapter 500, Article III, Sec. 18
(M.S. 162.18), to finance primary state aid street improvements, and to be payable
primarily from annual allotments made by the State of Minnesota to the City of
Rochester from the municipal state aid street fund; and $375,000 municipal airport
bonds, to be issued pursuant to Minnesota Laws 1959, Chapter 233, to finance
the construction of a hangar for fixed base operations at the municipal airport,
and to be payable primarily from rentals of such hangar.
2. The City Clerk ishereby authorized and directed to cause notice of
the time, place and purpose of said meeting to be.published, not less than ten
days before the date of said meeting, in the official newspaper of the City and
in the Commercial West, at Minneapolis, Minnesota; and in such other financial
papers as shall be deemed desirable and expedient, which ntice shall be in
substantially the following form:
NOTICE OF SALE
$875,000 GENERAL OBLIGATION BONDS
CITY OF ROCHESTER, MINNESOTA
NOTICE 'IS HEREBY GIVEN that the Common Council of the City
of Rochester,,Minnesota, will meet at the City Hall in said City
on Monday, March 14, 1960, at 7:30 o'clock P.M., Central Standard
Time, to receive, open and consider sealed bids for the award'the
sale of $875,006 negotiable coupon general obligation bonds,
comprising $500,000 Municipal State Aid Street Bonds, authorized
under Minnesota Laws 1959, Chapter 500, Article III, Sec. 18
(M.S. 162.18), issued to finance primary state aid street
improvements, to be payable primarily from annual allotments
made by the State of Minnesota to the City ofRochester from the
municipal state aid street'fund,`created by Article XVI, Section 8
of the State Constitution; and.$375,000 Municipal Airport Bonds
authorized by Minnesota Laws 1959, Chapter 233, to'be issued to
finance the construction of a hangar for fixed base operations, and
payable primarily from rental of such hangar. Both issues are
further supported by a pledge of the full faith, credit and taxing
powers of the City. The bonds of both issues, Dated April 1, 1960,
willbe issued in denomination of $1,000 each, numbered serially, and
will bear interest at a rate or rates to be designated by the
successful bidder, subject to approval by the Common Council, payable
January 1, 1961, and semiannually thereafter on July'l and January 1
of each year until paid.
The Municipal State Aid Street Bonds will mature serially, without
option of prior payment, on July 1 in the years and amounts as follows:
Years Amount
1962 $35,000
1963-69 40,000
Years,
Amount
1970-72
$452'000
1973
50,000 .
The Municipal Airport Bonds will mature serially, without option
of prior payment, on July 1 in the years and amounts as follows:
Years Amount Years Amount
1962 $15,000 1971-78, $25,000
1963-70 20,000
Fr4-54 'Record of Official Proceedings of the Common Council
of the City of Rochester, Minn.,
Record .of Official Proceedings of the Common Council
of the City of Rochester, Minn.,
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The City will furnish and deliver in Minnesota; or Chieago;
Illinois, or New York City, New York, without cost to the purcha"se"r
and within 40 days after said date of sale, the printed and executed
bonds and the approving legal opinion of Messrs, Dorsey, Owen, Barber,
Marquait & Wndhorst, of Minneapolis, Minnesota, together with the
customary closing documents, including a certificate that there is
no litigation threatened or pending affecting the validity of the
bonds or the power and obligation of the City to levy taxes
sufficient for their payment, with interest. The text of said.legal
opinion will be printed on the back of each bond and will be certified
by the manual or facsimile signature of the Clerk of the City of
Rochester. Principal and interest will be made payable at any
mutually satisfactory bank designated by the purdhaser, and the Cityz.
will pay the reasonable and customary charges of the paying agent.
Sealed bids Marked "Bid for $875,000 Bonds" may be mailed or
delivered to the undersigned CityClerk. Each bid must be received
at her office prior to 7:30 P. M..Central Standard Time, March 14,
1960 and must be unconditional (or may be conditioned upon the
above described opinion and certificate) and accompanied by a
cashier's or certified check or bank draft'in an amount of $17,500
payable to the City Treasurer, to be retained by the City as
liquidated damages in case the bid is accepted and the bidder should
fail to comply therewith. Bids will,be preferred according to
lowest net interest cost computed to the bond maturities, less the '
amount of any premium offered. Each bond of likematurity and issue'
is to bear interest at a uniform rate from date of issue to maturity,
but separate rates may be specified for bonds of different maturities
or different issues. Bids may specify that all or some of the bonds
shall bear a single additional interest rate for any portion of the
term of the bonds. All basic and additional rates of interest
specified, and the aggregate of the two, must be integral multiples
of 1/10 or k of 1% per annum. No bid of less than.par value of
all bonds offered, plus accrued interest thereon, will be considered,
and the Council reserves the right to reject any and all bids tb
waive any informaility in any bid, and to adjourn the sale if deemed
expedient. _
Dated February 24, 1960.
BY ORDER OF THE COMMON COUNCIL
Elfreda Reiter
_City Clerk
Rochester, Minnesota
3. Each and all of the terms and provisions of the foregoing resolution
are hereby adopted as the terms and conditions of said bonds and,of the sale
thereof, as fully as though separately set forth and resolved herein.
A motion was then made by McGuckin, second by Hanlon, that the above resolution
be adopted as read and all voting in favor thereof, President Kamm declared.the said
resolution duly passed and -adopted.
The following claims'were.read and upon motion by Morris, second by McGuckin,
the same were approved and the Mayor and CityClerk were authorized to draw warrants
on the City Treasurer and make payments accordingly: From the General'Fundi
C. Ross Taylor $22.00, Esther J. Mulvihill $22.00, Hester Smith $22.'00, Maxine Schults
$22.00, Marjorie A. Strauss $20.50, Helen A. Smith $19.50, Walter C. Crandall $21.00,'
Ruth Kottke $19.50,, Mrs. Florence Campbell $20.50, Angeline Siegel-$22.75, Margaret B:
Robertson $22.75, Wray Eastlick $24.25, Emma B.-Barden $22.75,"Esther M.-Bruce $20.25,
Zora 0. DeLano $21.25, Marjorie M. Kempf $21.25, Hubert J. Harvey $22.50, Mrs. Carie'
E. Gross $23.50, Erwin C. Rutz $23.50, Amanda'J. Sperling $22.50, Thelma L. Coon $18.25,
Irene E. Shea $21.75, Martha Tewes $22.75,'Nell Cooke $22.75, E. C.'Hargesheimer $22.00
Hazel G. Weinrich $22.00, Alice M. Oleson $22.00,` Vera Engel $22.00, Frances Morrison
$22.75, Harriet Kern $22.75, Ella Brown $22.75, Mary Klee $21.75, Augusta McGovern $21.75,
Alderman Haas introduced a resolution authorizing and directing the May61r"ind
City Clerk to execute a contract with Rochester West Company for construction -work-in
Country Club Manor 6th Addition which was read. A motbn was then made by Haas, second
by Morris, that the said resolution be adopted as read and all present voting in favor
thereof, President Kamm declared thesaid resolution duly passed and adopted.
Upon motion by Haas, second by Hanlon the meeting was adjo reed.
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