HomeMy WebLinkAboutOrdinance 915Ordinance No. 915
BEING AN ORDINANCE PROVIDING FOR PUBLIC SALE
OF $8,175,000 GENERAL OBLIGATION TAX INCREM-ENT
BONDS OF 1980
The City of Columbia Heights does ordain:
1. It is hereby found, determined and declared that this City should
issue $8,175,000 General Obligation Tax Increment Bonds of 1980 (the "Bonds")
pursuant to Minnesota Statutes S 462.585, to defray the public redevelopment cost
of Downtown C.B.D. Revitalization Project, a "redevelopment project" pursuant to
Minnesota Statutes $ 462.411 et seq.
2. Ehlers and Associates, Inc., bond consultants to the City, has
presented to this Council a form of Official Notice of Bond Sale for the Bonds to
be sold and issued, and a form of abbreviated Notice of Bond Sale for publication,
Which are attached hereto, and which are hereby approved. This Council shall
meet at the time and place specified in the form of the Official Notice of Bond
Sale hereinafter contained for the purp. ose of opening and considering sealed bids
for, and awarding the sale of said $8,175,000 General Obligation Bonds of 1980.
3. Each and all of the terms and provisions of the following form of
Official Notice of Bond Sale are hereby adopted as attached hereto as Exhibit A as
the terms and conditions of said bonds and of the sale thereof.
4. This ordinance shall be in full force--and effect from after thirty
(30) days after its passage. /~ I// .
First Reading: June 25, 1980
Second Reading: July 7, 1980
Offered by: Logacz
Seconded by: Hentges
Roll Call: I. ogacz, Heintz, Hentges,
No rberg--abs ta i n
Date o~ Passage: July 7, 1980
Nawrocki--aye
-f;ecretary to the'F~ouncil
EXHIBIT A
TERMS AND CONDITIONS FOR RECEIPT OF BIDS AND AWARD OF SALE
$8,175,000
GENERAL OBLIGATION TAX INCREME~IT BONDS, SERIES 1980
CITY OF COLUMBIA HEIGHTS, MINNESOTA
The City Council of the City of Columbia Heights, Minnesota, will meet at City
Hall in Columbia Heights, Minnesota, on the llth day of August, 1980, at 7:00 p.m.,
C~D.T., to receive, open and consider bids for and award the sale of $8,175,000
General Obligation Tax Increment Bonds, Series 1980 (the "Bonds"). No bids will be
opened and no bonds will be sold in the event that the Ordinance Providing for
Public Sale of $8,175,000 General Obligation Tax Increment Bonds of 1980, to be
adoPted July 7, 1980 does not become effective on August 6, 1980.
PURPOSE
The Bonds will be issued for the purpose of providing funds for a redevelopment
project within the City, in accordance with the provisions of Minnesota Statutes,
Chapters 273,462 and 475.
DATEr TYPE~ DENOMINATION~ MATURITIES AND REDEMPTION
The Bonds will be dated September 1, 1980, will be issued as negotiable investment
securities, in bearer form, with attached interest coupons, will be in the denomi-
nation of $5,000 each unless designated otherwise by the purchaser within 48 hours
of award of sale, and will mature on March i in the following years and amounts:
Year Amount Year Amount
1983 $ 10,000 1991 $425,0Q0
1984 $ 10,000 1992 475,000
1985 --- 1993 525,000
1986 140,000 1994 550,000
1987 190,000 1995 650,000
1988 250,000 1996-2001 700,000
1989 300,000 2002 100,000
1990 350,000
Bonds maturing in 1991 and later years will be subject to redemption and
prepayment at the option of the City in inverse order of serial numbers on March 1,
1990, and any interest payment date thereafter, at the following prices plus
accrued interest to the date of redemption:
Redemption Date
Redemption Priee
March 1, 1990 - September 1, 1993
March 1, 1994 - September 1, 1998
March 1, 1999 and thereafter
par plus 2%
par plus 1.5%
par
PAYING AGENT
Principal and interest will be made payable at a suitable bank in the United States
recommended by the purchaser and approved by the City Council, and the City will
pay the customary charges for this service provided that such re_commendation is
received within 48 hours after the sale, and the City Council will select the paying
agent if the recommendation is not approved, o
INTEREST PAYMENT DATES~ RATES
Interest will be payable semiannually on each March 1 and September 1, com-
mencing March 1, 1981. Ail bonds of the same maturity must bear interest at a
single uniform rate from date of issue to maturity, not exceeding 12% per annum,
expressed as an integral multiple of 5/100 of 1% per annum, represented by a single
set of coupons. No rate of any maturity may be lower that the highest rate carried
by any of the preceding maturities.
DELIVERY
The City will furnish without cost to the purchaser and within 40 days after award
of sale, the printed and executed Bonds, the legal opinion referred to below, and
the usual no-litigation certificate. Delivery will be made without cost to the
purchaser at the place of the purchaser's choice. Payment of the Bonds must be
made in funds immediately available to the City on the date of delivery.
LEGAL OPINION
An opinion as to the validity of the Bonds and the tax exempt nature of the interest
thereon will be furnished by Holmes & Graven, Chartered, of Minneapolis,
Minnesota. The legal opinion will be printed on the Bonds at the request of the
purchaser. The legal opinion will state that the Bonds are valid and binding general
obligations of the City.
TYPE OF BID AND AWARD
Sealed bids for not less than $8,060,000 and accrued interest on the principal sum
of $8,175,000 must be mailed or delivered to the undersigned and must be received
prior to the time of said meeting. Bidders must bid for all or none of the Bonds.
Each bid. must be unconditional and must be accompanied by a cashier's check or
bank draft in the amount of $163,500, payable to the City Clerk-Treasurer, to be
retained by the City as liquidated damages if the bid is accepted and the bidder
fails to comply therewith. The bid authorizing the lowest net interest cost,
determined by the addition of any discount to and the deduction of any premium
from the total interest on all Bonds from their date to their stated maturity, will
be deemed the most favorable. The net effective rate on all Bonds may not exceed
12% per annum. In the event that two or more bids state the lowest net interest
cost, the sale of the Bonds will be awarded by lot. The City reserves the right to
reject any and all bids, to waive informalities in any bid, and to adjourn the sale.
CUSIP NUMBERS
The City will assume no obligation for the assignment or printing of CUSIP
numbers on the Bonds or for the correctness of any numbers printed thereon, but
will permit such printing to be done at the expense of the [~urchaser, if the
purchaser waives any extension of the time of delivery caused thereby.
Information for bidders and bidding forms may be obtained from the undersigned or
-from Ehlers and Associates, Inc., 507 Marquette Avenue, Minneapolis, Minnesota
55402, telephone 612-339-8291, Financial Specialists.
BY ORDER OF THE CITY COUNCIL
NOTICE OF BOND SALE
$8,175,000 GENERAL OBLIGATION TAX INCREMENT, SERIES 1980
CITY OF COLUMBIA HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that the City.Council of the City of Columbia
Heights, Minnesota, w}ll meet in Columbia Heights, Minnesota, on the llth day of
-August, 1980, at 7:00 p.m., C.D.T., to receive, open and consider sealed bids for
and award the sale of $8,175,000 General Obligation Tax Increment Bonds, Series
1980 (the "Bonds"). In the event that the Ordinance Providing for Public Sale of
$8.,175,000 General Obligation Tax Increment Bonds of 1980 adopted July 7, 1980
does not become effective on August 6, 1980, no bids will be opened and no bonds
will be sold. The Bonds will be issued for the purpose of providing funds for a
redevelopment project within the City. The Bonds will be issued as bearer bonds,
in the donomination of $5,000 each, will be dated as of September 1, 1980, and will
mature serially on March 1 in the following years and amounts:
Year Amount Year Amount
1983 $ 10,000 1991 $425,000
1984 $ 10,000 1992 475,000
1985 --- 1993 525,000
1986 140,000 1994 550,000
1987 190,000 1995 650,000
1988 250,000 1996-2001 700,000
1989 300,000 2002 100,000
1990 350,000
Interest will be payable semiannually on each March 1 and September 1, com-
mencing March 1, 1981. Bonds maturing in 1991 and later years shall be subject to
redemption and prepayment on March 1, 1990, and any interest payment date
thereafter at the following prices plus accrued interest:
Redemption Date
Redemption Price
March 1, 1990 - September 1, 1993
March 1, 1994 - September 1, 1998
March 1, 1999 and thereafter
par plus 2%
par plus 1.5%
par
An opinion as to the validity of the Bonds and the tax-exempt nature of the
interest thereon will be furnished by Holmes & Graven, Chartered, of Minneapolis,
Minnesota. Copies of a statement of Terms and Conditions for Receipt of Bids and
Award of Sale and additional information may be obtained from the undersigned or
from Eh]ers and Associates, Inc., 507 Marquette Avenue, Minneapolis, Minnesota
55402, telephone: 612-339-8291, Financial Specialists.
Dated: , 1980.
BY ORDER OF THE CITY COUNCIL