HomeMy WebLinkAboutOrdinance 1476ORDINANCE NO. 1476
ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
APPROXIMATELY $2,045,000 GENERAL OBLIGATION TAX
INCREMENT REFUNDING BONDS, SERIES 2004A
THE CITY OF COLUMBIA HEIGHTS, MINNESOTA DOES ORDAIN:
1. It is hereby determined that:
(a) the City of Columbia Heights, Minnesota (the "City") is authorized by the provisions
of Minnesota Statutes, Chapter 475, as amended (the "Act"), and Section 475.67, Subdivision 13 of
the Act to issue and sell its general obligation bonds to refund outstanding bonds when determined by
the City Council of the City (the "City Council") to be necessary and desirable;
(b) it is necessary and desirable that the City issue its General Obligation Tax Increment
Refunding Bonds, Series 2004A (the "Bonds"), in the approximate original aggregate principal
amount of $2,045,000, to refund in advance of maturity and at their redemption date, the certain
general obligation bonds previously issued by the City;
(c) the outstanding bonds to be refunded by the City (the "Refunded Bonds") consist of
the City's General Obligation Tax Increment Capital Appreciation Bonds, Series 1990, dated August
23, 1990, originally issued in the principal amount of $2,399,710.75, of which $1,179,703.60 in
original principal amount is callable on September 1, 2005.
2. Ehlers & Associates, Inc. is authorized to negotiate the sale of the Bonds in the approximate
principal amount specified in Section 1 of this ordinance, in accordance with terms of proposal
approved by the Finance Director of the City. The City Council will meet on Monday, November 22,
2004 or such other date specified by the City Manager in accordance with the City Charter, to
consider the sale of the Bonds and take any other appropriate action with respect to the Bonds.
3. This ordinance shall be in full force and effect from and after thirty (30) days after its passage.
First Reading:
Second Reading:
September 27, 2004
October 11, 2004
Offered By:
Seconded By:
Roll Call:
Nawrocki
Williams
Ayes: Wyckoff, Williams, Nawrocki, Ericson, Kelzenberg
Date of Passage: October 11, 2004
~ouncil Secretary
Attest:
City Clerk-Treasurer