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)