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HomeMy WebLinkAboutOrdinance 1151CIT¥ OF COLUMBIA HEIGHTS, MINN~'SOTA OP, DINANCE NO. ]]~l AUTHORIZING ISSUANCE OF $1,100,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS OF 1987, SERIES A The City of Columbia Heights does ordain: 1. Bond Purpose and Authorization Sale. a. Pursuant to the provisions of~ Minnesota Statutes, Chapter 475, the City of Columbia Heights (the "City") is authorized to issue general obligation tax increment bonds for the purpose of financing public redevelopment costs of the redevelopment project established by The Housing and Redevelopment Authority in and for the City of Columbia Heights, Minnesota, designated as the Downtown C.B.D. Revitalization Project (the "Project"). b. It is hereby found, determined and declared that the financing of certain public redevelopment costs of the Project is necessary and desirable and in the best interest of the public health and welfare, and that the City should issue, and the City hereby authorizes and directs the issuance and sale of, its General Obligation Taxable Tax Increment Bonds of 1987, Series A in the principal amount of $1,100,000 (the. "Bonds"). 2. Sale. This City Council (the "Council") shall meet at the time and place specified in the forms of Official Notice of Bond Sale for the Bonds attached hereto as Exhibit B for the purpose of opening and considering sealed blds for, and awarding the sale of the Bonds. 3. Notice of Bond Sale. The Council hereby authorizes and directs the City Manager or his designee to cause to be published the notice of advertisement for sealed bids for the Bonds in the official newspaper of the City, and in Commercial West, at Minneapolis, Minnesota, in substantially the form attached hereto as Exhibit B. Each and all of the terms and provisions set forth in such notices are adopted and confirmed as the terms and conditions of the Bonds and the sale thereof. 4. Official Terms of Offering. The Official Terms of Offering of the Bonds in substantially the form attached hereto as Exhibit A 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. 5. lnformatiori..and bidding forms may be obtained from the undersigned or from Miller & Sehroeder Financial, Inc., 7900 Xerxes Avenue South, Minneapolis, Minnesota 55440; telephone: 612-831-1500, financial consultants to the City. This ordinance shall be in full force and effect from and after thirty (30) days after its passage. First reading: May 26, 1987 Second reading: June 15, 1987 Offered by: Paulson Seconded by: Roll call: Date of passage: Peterson All ayes June 15, 1987 Anne Student, Council Sec re ta ry Mayor'~Bruce G. Nawrocki Will'~am J. Elrite, City Clerk-Treasurer (SEAL)