HomeMy WebLinkAbout08-02-1950Record of - Official Proceedings of the 'Common Council
of -the City of Rochester,. Minn.,. August 2, 1950
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Minut-es of a special meeting of the Common Council of the City of Rochester,
Minnesota, held in the Council Chambers in the City Hall, in said City, on August 2,1950,
President Fryer called the meeting to order at 5:00 o'clock P. M., the followi
members being present: President Fryer, Aldermen Amundsen, Helmkay, McPherson, Miner.a
Morris. Absent: Alderman Anderson.
The call of the special meeting was read, the said meeting having been called
for the purpose of considering the purchase of $2,650,000.00 U. S. Treasury Notes, for
investment of funds in the Sinking Fund of the City of.Rochester_and any other business
the said Common Council may deem proper.
The following copy of a resolution adopted by the Public Utility Board was read
land the same was ordered placed on file:
"Be it and it is hereby resolved by the Public Utility
Board of the City of Rochester, Minnesota that the Sinking
Fund Commission of the said City be and is hereby requested
to purchase securities with the following uninvested funds:
Sinking Fund for Employee's:Compensation Reserve-$20,000.00
Sinking Fund for Electric Dept. Depreciation Reserve- 50,000.00.
Sinking Fund for Water Dept. Depreciation Reserve - 80,000.001
and
Be it and it is hereby further resolved that it be the
recommendation of the Public Utility Board that said securities
have a maturity date not in excess of three years."
The following copies of resolutions adopted by the Commissioners of the Sinkinj
d of the C.ity of Rochester, Minnesota, were each read and upon motion by Helmkay,
second by Miner, the same were approved: p
Be it resolved by the Commissioners of the Sinking Fund of
the City of Rochester, Minnesota:
That the sum of $2,509,599.18 be and is hereby appropriated
from the Sinking Fund of said City and ordered paid to the First
National Bank of Rochester for credit to the account of the First
National Bank of Minneapolis for the purchase of $2,500,000.00
United States 14% Treasury Notes plus premium in the amount of
$701.02 and accrued interest in the amount of $8,898.16, the said
United States Treasury Notes being purchased for the Sinking Fund
Reserve for the construction of a Sewage Disposal Plant for the
City. of Rochester, Minnesota."
"Be it resolved by the Commissioners of the Sinking Fund -:of
the City of Rochester, Minnesota:
That the sum of $150,990.92 be and is hereby appropriated
from the Sinking Fund of said City and ordered paid to the First
National Bank of Rochester for credit to the account of the First
National Bank of Minneapolis for the purchase of $150, 000.00
United States 14% Treasury Notes, Series A, plus premium in ,the
amount of $46.88 and accrued interest in the amount of $934.04,
the said United States Treasury -Notes being purchased for the
following Sinking Fund Investments accounts:
Sinking Fund for Employee's Compensation Reserve - $20,000..00
Sinking Fund for Electric Dept. Depreciation Reserve- 50,000.00
Sinking Fund for Water Dept. Depreciation Reserve - 90,000.000
Alderman Morris introduced a resolution empowering Karl H. Postier, City
treasurer, to make arrangements for rental of a safe deposit box or boxes in the First
ational Bank of Minneapolis, Minnesota and to have access to said deposit box or boxes
it all times, which was read.
Upon motion by Amundsen, second by McPherson, that the said resolution be adopt
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Record of Official Proceedings of the Common Council
of the City of Rochester, Minn. August 2, 1950
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;; as read, and all voting in favor thereof, President Fryer declared the said resolution
duly passed and adopted.
Alderman Amundsen introduced a resolution approving a resolution adopted by
the Public Utility Board for the purchase of securities for uninvested funds, which was
� read.
Upon motion by Miner, second by Helmkay, that the said resolution be adopted
as read, and all voting in favor thereof, President Fryer declared the said resolution
duly passed and adopted.
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A plat of land to be known as Igo's Addition and described as follows was real
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and upon motion by Amundsen, second by Miner, the plat was approved and the City Clerk
was instructed to execute the certificate showing the action of the Common Council and
to have said plat filed with the Register of Deeds:
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"Commencing at the intersection of the East right of .way line of
trunk highway +63 and the north line of 16th Street Northeast in the
City of.Rochester for place of beginning: Running thence North 190
101 east along said east right of way.line 125.74 feet, thence east
parallel with the north line of said 16th Street Northeast 194.18 feet
to a point where the west line of 1st Avenue would intersect if
extended, thence south along the west line of 1st Avenue Northeast if
extended 165 feet to the north line of 16th Street Northeast, thence
west along the north line of 16th Street Northeast 254.47 feet to
place of beginning:"
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Another request by the Minnesota State Organization of the Blind for permissionii
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'to conduct their White Cane Drive on August 29-30.on the streets of Rochester was read
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and upon motion by Amundsen, second by Miner, their request was approved and the meetingl�
was adjourned.
City Clerk
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