HomeMy WebLinkAboutResolution 85-38CITY OF COLUMBIA HEIGHTS~ MINNESOTA
RF. SOLUTION NUMBER 85~38
RESOLUTION AUTHORIZING ISSUANCE OF $2,100,000
GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985, SERIES A
OF THE CITY OF COLUMBIA HEIGHTS, MINNESOTA
BE IT RESOLVED by the City Council ("this Council") of the City of
Columbia Heights, Minnesota (the "City"), as follows:
Bond Purpose and Authorization of Sale.
a. Pursuant to the provisions of Minnesota Statutes, Chapter 475
and Sections 273.71 through 273.78, the Council is authorized to issue bonds
in such amount as it deems necessary to defray certain public
redevelopment costs of a redevelopment project. ~.
b. It is hereby found, determined and declared that the City
should issue and the City hereby authorizes and directs the issuance and sale
of the $2,100,000 General Obligation Tax Increment Bonds of 1985, Series A
(hereinafter referred to as the "Bonds") to provide funds to defray certain
public redevelopment costs of the Downtown C.B.D. Redevelopment
Project.
2. Sale. This Council shall meet at the time and place specified in the
form of Official Notice of Bond Sale for the Bonds for the purpose of opening and
considering sealed bids for, and awarding the sale of the Bonds.
3. Notice of Bond Sale. The City Manager of the City is directed to
cause notice of advertisement for sealed bids for the purchase of the Bonds to be
published in the official newspaper of the City, and in Commercial West, at
Minneapolis, Minnesota, in substantially the form attached hereto as Exhibit A, no
fewer than ten days before the date of the Council meeting referred to above. Any
such publication of notice heretofore made is hereby ratified and confirmed. Each
and all of the terms and provisions set forth in the Offieia! Notice of Bond Sale are
adopted and confirmed as the terms and conditions of the Bonds and the sale
thereof.
4. Terms and Conditions of Bond Sale. The terms and conditions of sale
in substantially the form set forth in the Official Terms of Bond Sale attached
hereto as Exhibit B and incorporated herein by reference, shall constitute the
terms and conditions for the sale of the Bonds, and the Council hereby authorizes
the incorporation of such terms and conditions in the material to be distributed to
prospective bidders for the Bonds.
Information for bidders and bidding forms may be obtained from the
undersigned or from Miller & Schroeder MunicipaLs, Inc., Northwestern Financial
Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55431; telephone: 612-
831-1500, financial consultants to the City.
Resolution No. 85-38
page 2.
Adopted this 26th day of August, 1985.
Offered by:
Seconded by:
Roll call:
Peterson
//Anne Student, Council Se'L-we~cary
Petkoff ~
Hovland, Petkoff, Peterson, Nawrocki -
Nawrocki, Mayor
Bruce,S'.