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HomeMy WebLinkAboutOrdinance 1083 ORDINANCE NO. ]083 BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF $475,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1984 The City of Columbia Heights does ordain: 1. The City of Columbia Heights (the "City") is a home rule charter city and a political subdivision of the State of Minnesota. 2. Pursuant to Ordinance NO. 1012 and Resolution No. 82-56 the City issued its General Obligation Tax Increment Bonds of 1982 dated December 1, 1982 in the aggregate principal amount of $450,000 (the 'q'emporary Issue") which bonds were issued as temporary bonds maturing on December 1, 1985, and which are subject to redemption on June 1, 1984, December 1, 1984 and June 1, 1985 at a price equal to par plus accrued interest. 3. It is hereby found and determined that it is in the best interests of the City and the Authority for the City to issue its General Obligation Tax Increment Bonds, Series 1984 in an aggregate principal amount not to exceed $475,000 (the 'Bonds") for the purpose of redeeming the Temporary Issue and thereby providing long term financing for the public redevelopment costs funded with the proceeds of the Temporary Issue. The City Council of the City will provide for the public sale of the Bonds. 4. This ordinance will be in full fore~ lrty (30) days after its passage. Mayor First Reading: Second Reading: MARCH 26, 1984 April 9, ]984 Offered by: Petkoff Seconded by: Hovland Roll Call: All-ayes Date of Passage: Apr i 1 Secretary to the"Coune'il 9, 1984