HomeMy WebLinkAboutOrdinance 1144CITY Gl~ COLUMBIA HEIGI-rI~ MINNESOTA
Ordinance No. 114 4
AUTHORIZING ISSUANCE OF $9,100,000 GENERAL
OBLIGATION TAX INCREMENT REFUNDING 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 bonds for
the purpose of refunding its existing general obligation indebtedness prior to
maturity when determined by the City to be necessary or desireable for the
reduction of debt service cost to the City.
b. The City has heretofore issued its $2,100,000 General
Obligation Tax Increment Bonds of 1985, Series A and the $8,175,000
General Obligation Tax Increment Bonds of 1980 (the "Prior Issue Bonds").
c. It is hereby found, determined and declared that the refunding
of the Prior Issue Bonds in advance of the maturity of such bonds is
necessary and desireable to reduce the debt service cost for such bonds to
the City and that the City should issue, and the City hereby authorizes and
directs the issuance and sale of, its General Obligation Tax Increment
Refunding Bonds of 1987, Series A in the principal amount of $9,100,000 (or
such different principal amount as is determined in accordance with the
Official Terms of Offering attached hereto as Exhibit A), (the "Refunding
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 bids for, and
awarding the sale of the Refunding 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 Refunding 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 Refunding
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 Refunding Bonds, and the Council hereby
authorizes the incorporation of such terms and conditions in the material to be
distributed to prospective bidders for the Refunding Bonds.
5. Information 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.
6. This ordinance shall be in full force and effect from anfi/~fter 30/~ays
Mayor
First reading: April 13, 1987
Second reading: Apr { I 27, ] 987
Offered by: Ca r I son
Seconded by: Pete r son
Roll call: A1 1 ayes
Date of passage: Apr { 1 27, 1987
Secretary to COuncil
CERTIFICATION:
I hereby certify the aforegoing ordinance is a true and correct copy of the
ordinance presented to and adopted by the City Council of the City of Columbia
Heights, at a duly authorized meeting thereof held on the 27th day of April,
1987, as shown in the minutes of said meeting in m~ presence.
William J. Elrite
City Clerk-Treasurer
(SEAL)