HomeMy WebLinkAboutOrdinance 1012ORDINANCE NO. 1012
ORDINANCE PROVIDING FOR PUBLIC SALE OF
$t~50,000 GENERAL OBLIGATION TAX INCREMENT BONDS OF 1982,
$2,550,000 GENERAL OBLIGATION
PERMANENT IMPROVEMENT REVOLVING FUND BONDS OF 1982
The City Council of the City of Columbia Heights, Minnesota does ordain as
follows:
I. Authorization of Sale.
(a) It is hereby found, determined and declared that this City should
issue Sql0,000 General Obligation Tax Increment Bonds of 1952 (the !'Tax
Increment Bonds") pursuant to Minnesota Statutes, Section 273.77, to defray
certain public redevelopment costs of the Downtown C.B.D. Revitalization Pro}ect,
a "redevelopment proiect", pursuant to Minnesota Statutes, Section q62.#I 1 et seq.
(b) This Council has heretofore ordered or will order certain local
improvements (the "Improvements") to be constructed in the City, and has
contracted or will contract for the construction of the Improvements, pursuant to
Minnesota Statutes, Chapter 429.
It is hereby determined to be necessary and expedient for the City to sell
and issue its General Obligation Permanent Improvement Revolving Fund Bonds
(the "Improvement Bonds"), in the principal amount of $2,550,000 to defray the
expense incurred in making the Improvements, including every item of cost of the
kinds authorized in Minnesota Statute. S, Section 47~.65.
2. Sale. This Council shall meet at the time and place specified in the form
of Official' Notice of Bond Sale for the Tax Increment Bonds, and the Official
Notice of Bond Sale for the Improvement Bonds contained herein, for the purpose
of opening and considering sealed bids for, and awarding the sale of said $#50,000
General Obligation Tax Increment Bonds of 1982, and said $2,550,000 General
Obligation Permanent Improvement Revolving Fund Bonds of 1982.
3. Notice of Sale. The City Manager is hereby authorized and directed to
cause notice of the time, place and purposes of said meeting to be published in the
official newspaper of the City, and in Commercial West, published in Minneapolis,
Minnesota, and in such other publications as he shall determine, at least once not
less than ten days before the date of said meeting, in substantially the following
forms:
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NOTICE OF BOND SALE
$t~50,000 GENERAL OBLIGATION TAX INCREMENT BONDS,
CITY OF COLUMBIA HEIGHTS, MINNESOTA
NOTICE I$ HEREBY GIVEN that sealed bids for the purchase of these bonds
will be received until I 1:00 a.m., C.D.T., on the 25th day of October, 1982, in the
office of the City Manage~ of the City of Columbia Heights, Minnesota, at which
time the bids will be opened and tabulated. Bids ot not less than $~t43,250 and
accrued interest on the principal sum of $050,000 will be accepted lot the $~50,000
General Obligation Tax Increment Bonds (the "Tax Increment Bonds"). The bids
will be considered and acted upon by the City Gouncil at g:00 p.m., C.D.T. on the
same date.
The Tax Increment Bonds will be issued tot the purpose of providing funds
for a redevelopment project within the City in accordance with the' provisions of
Minnesota Statutes, Chapters 273, l~62 and 1~75. The Tax Increment Bonds will be
in the denomiriation of $5,000, will be dated December 1, 1982, and will mature on
December 1, 1985. Interest will be payable on December 1, 1983~ and semiannually
on each 3une I and December I thereafter. All Tax Increment Bonds shall be
subject to redemption and prepayment on December 1, 1983, at a price equal to
100.596 of their principal amount and accrued interest to the date of redemption,
and on any interest payment date thereafter at a price equal to 10096 of their
principal amount and accrued interest. No rate of interest nor the net effective
rate of the issue may exceed the statutory limitation.
An approving legal opinion for the bonds will be furnished by Holmes & Graven of
Minneapolis, Minnesota. Copies of the detailed Terms and Conditions of Sale and
additional information for the bonds may be obtained irom the undersigned or from
the financial consultants to the City:
MILLER & SCHROEDER MUNICIPALS, INC.
Northwestern Financial Center
7900 Xerxes Avenue South
Minneapolis, Minnesota 55831
(612) 831-1500
Dated:
BY ORDER OF THE CITY COUNCIL
City Manager
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NOTICE OF BOND SALE
$2,550,000 GENERAL OBLIGATION
PERMANENT IMPROVEMENT REVOLVING FUND BONDS OF 1982
CITY OF COLUMBIA HEIGHTS, MINNESOTA
NOTICE IS HEREBY GIVEN that sealed bids for the purchase of these bonds
will be received until I1:00 a.m., C.D.T., on the 25th day of October, in the office
of the City Manager of the City of Columbia Heights, Minnesota, at which time the
bids' will be opened and tabulated. Bids of not less than $2~§II,7§0 and accrued
interest on the principal sum of $2,550,000 will be accepted for the $2~550,000
General Obligation Permanent Improvement Revolving Fund Bonds of 1982 (the
"Improvement Bonds"). The bids will be considered and acted upon by the City
Council at 8:00 p.m., C.D.T. on the same date.
The Improvement Bonds will be issued for the purpose of financing various
improvement projects within the City. The Improvement Bonds will be in the
denomination of $5,000, will be dated December I, 1982, and will mature on
December 1, 1985. Interest will be payable on December 1, 1983, and semiannually
on each June I and December 1 thereafter. All Improvement Bonds shall be
subiect to redemption and prepayment on December 1, 1983 at a price equal to
100.5% of their principal amount and accrued interest, and on any interest payment
date thereafter at a price equal to 10096 of their principal amount and accrued
interest. No rate of interest nor the net effective rate of the issue may exceed the
statutory limit.
An approving legal opinion for the bonds will be furnished by Holmes & Graven of
Minneapolis, Minnesota. Copies of the detailed Terms and Conditions of Sale and
additional information for the bonds may be obtained from the undersigned or from
the financial consultants to the City:
MILLER & SCHROEDER MUNICIPALS, INC.
Northwestern Financial Center
7900 Xerxes Avenue South
Minneapolis, Minnesota 55#31
(612) 831-1500
Dated:
BY ORDER OF THE CITY COUNCIL
City Manager
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4. Terms and Conditions of Sale. The followin§ statements of Terms
and Conditions of Sale shall constitute the terms and conditions for the sale and
issuance o! the Tax Increment Bonds and the improvement Bonds, respectively, and
such terms and conditions are hereby authorized to be incorporated in material
distributed to prospective bidders for each issue of bonds:
OFPICIAL TERMS OF BOND SALE
$~;~0,000 GENERAL OBLIGATION
TAX INCREMENT BONDS
CITY OF COLUMBIA HEIGHTS~ MINNESOTA
Sealed bids for the purchase of these bonds will be received until 11:00 a.m.,
C.D.T, on the 25th day of 'October, I952, in the office of the City Manager of the
City of Columbia Heights, at which time the bids will be opened and tabulated.
The'bids will be considered and acted upon by the City Council at 5:00 p.m.s C.D.T.
on the same date.
PURPOSE
The Tax Increment 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.
DATEt TYPE~ DENOMINATION~ AND SECURITY
The Tax Increment Bonds will be dated December I, 1982, will be issued as
negotiable investment securities, will be non-registrable in bearer form with
attached interest coupons and unless designated otherwise by the purchaser within
45 hours after award of sale will be in the denomination of $5,000 each. The Tax
Increment Bonds will be general obligations of the Issuer for which its full faith and
credit and unlimited taxing powers will be pledged in addition to the pledge of
certain tax increment.
MATURITIES AND REDEMPTION
The Tax Increment Bonds will mature on December 1, 1955. All Tax
Increment Bonds will be subject to redemption and prepayment at the option of the
City in inverse order of serial numbers, on December 1, 1983, at a price equal to
100.5% of their principal amount and accrued interest to the date of redemption,
and on any interest payment date thereafter at a price equal to 100% of their
principal amount and accrued interest to the date of redemption.
PAYING AGENT
Principal and interest will be made payable at any suitable bank in the
United States recommended by the purchaser and approved by the City Council,
and the City will pay customary and reasonable charges for this service provided
that such recommendation is received within 45 hours after the sale. The City
Council will select the paying agent if the recommendation is not approved.
INTEREST PAYMENT DATES~ RATES
Interest will be-payable on December 1, 1983, and semiannually thereafter
on each 3une 1 and December 1. All Tax Increment Bonds must bear interest from
date of issue until paid at a singles uniform rate. The rate must be in an integral
multiple of 5/100 of 196. No rate of interest nor the net effective rate of the issue
may exceed the statutory limitation.
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DELIVERY
Within ~0 days after sale and without cost to the purchaser the Issuer will
furnish and deliver, at a place mutually satisfactory to the Issuer and the
Purchaser, the printed and executed Tax Increment Bonds. Delivery will be subject
to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered, of Minneapolis~ Minnesota, which opinion will be printed on the Tax
Increment Bonds, and of a certificate stating that no litigation in any manner
questioning the validity o! the Tax Increment Bonds is then threatened or pending.
The charge of the delivery agent must be paid by the purchaser, but all other costs,
with the exception of the printing of CUSIP numbers as indicated, will be paid by
the City. The purchase price must be paid upon delivery of the Tax Increment
Bonds, in funds available for expenditure by the City on the date of payment.
TYPE OF BID AND AWARD
Sealed bids for not less than $##3,250 must be mailed or delivered to the
City Clerk and must be received prior to the time of said deadline. Each bid must
be unconditional and must be accompained by a cashier's check, certified check, or
bank draft in the amount of $9,000, payable to the City Treasurer to be retained by
the City as liquidated damages if the bid is accepted and the bidder fails to comply
therewith. The bid offering the lowest net interest cost, (total interest on all Tax
Increment Bonds from date thereof to their maturities, less any cash premium or
plus any amount less than $#50,000 bid for principal) will be deemed the most
favorable. In the event that two or more bids state the lowest net interest cost,
the sale of the Tax Increment Bonds will be awarded by lot. No oral bid and no bid
of less than $##3,250 for principal, plus accrued interest on all of the Tax
Increment Bonds, will be considered. The City reserves the right to reject any and
all bids, to waive any informality 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 Tax Increment Bonds or for the correctness of any numbers printed
thereon, but will permit such assignment and printing to be done at the expense of
the purchaser, 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 Miller & Schroeder Municipals, Inc., Northwestern Financial
Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55#31; teJephone:
(612) 831-1500, financial consultants to the City.
Dated:
BY ORDER OF THE CITY COUNCIL
City Manager
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OFFICIAL TERMS OF BOND SALE
$2,550,000 GENERAL OBLIGATION
PERMANENT IMPROVEMENT REVOLVING FUND BONDS OF 1982
CITY OF COLUMBIA HEIGHTS, MINNESOTA
Sealed bids ior the purchase of these Improvement Bonds will be received
until 11:00 a.m., C.D.T., on the 25th day of October, 1982, in the office of the City
Manager of the City of Columbia Heights, Minnesota, at which time the bids will
be Opened and tabulated. The bids will be considered and acted upon by the City
Council at 8:00 p.m., C.D.T. on the same date.
PURPOSE
The Improvement Bonds will be issued for the purpose of financing the cost
of constructing various improvement projects within the City, in accordance with
the provisions of Minnesota Statutes, Chapters 429 and 475.
DATEr TYPE~ DENOMINATION~ AND SECURITY
The Improvement Bonds will be dated December 1, 1982, will be issued as
negotiable investment securities, will be non-registrable in bearer form with
attached interest coupons and unless designated otherwise by the. purchaser within
48 hours after award of sale will be in the denomination of $5,000 each. The
Improvement Bonds will be general obligations of the Issuer for which its full faith
and credit and unlimited taxing powers will be pledged in addition to special
assessments against benefited property.
MATURITIES AND REDEMPTION
The Improvement Bonds will mature on December 1, 1985. All Improvement
Bonds will be subiect to redemption and prepayment at the option of the City in
inverse order of serial numbers, on December 1, 1983, at a price equal to 100.5% of
their principal amount and accrued interest to the date of redemption, and on any
interest payment date thereafter at a price equal to 100% of their principal
amount and accrued interest to the date of redemption.
PAYING AGENT
Principal and interest will be made payable at any suitable bank in the
United States recommended by the purchaser and approved by the City Council,
and the City will pay customary and reasonable charges for this service provided
that such recommendation is received within 48 hours after the sale and the City
Council will select the paying agent if the recommendation is not approved.
INTEREST PAYMENT DATESt RATES
Interest will be' payabJe on December 1, 1983, and semiannually thereafter
on each 3une 1 and December 1. All Improvement Bonds must bear interest from
date of issue until paid at a single, uniform rate. The rate must be in an integral
multiple of 5/100 of 196. No rate of interest nor the net effective rate of the issue
may exceed the statutory limit.
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DELIVERY
Within 40 days after sale and without cost to the purchaser the Issuer will
furnish and deliver, at a place mutually satisfactory to the Issuer and the
Purchaser, the printed and executed Improvement Bonds. Delivery will be subject
to receipt by the purchaser of an approving legal opinion of Holmes & Graven,
Chartered, of Minneapolis, Minnesota, which opinion will be printed on the
Improvement Bonds, and of a certificate stating that no litigation in any manner
questioning the validity of the Improvement Bonds is then threatened or pending.
The charge of the delivery agent must be paid by the purchaser, but all other costs,
with the exception of the printing of CUSIP numbers as indicated, will be paid by
the City. The purchase price must be paid upon delivery of the Improvement
Bonds, ha funds available for expenditure by the City on the date of payment.
TYPE OF BID AND AWARD
Sealed bids for not less than $2,511,750 must be mailed or delivered to the
City Clerk and must be received prior to the time of said deadline. Each bid must
be unconditional and must be accompained by a cashier's check or certified check
or bank draft in the amount of $51,000, payable to the City 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, (total interest on all
Improvement Bonds from date thereof to their maturities, less any cash premium
or plus any amount less than $2,550,000 bid for principal) will be deemed the most
favorable. In the event that two or more bids state the lowest net interest cost,
the sale of the Improvement Bonds will be awarded by lot. No oral bid and no bid
of less than 82,511,750 for principal, plus accrued interest on all of the
Improvement Bonds, will be considered. The City reserves the right to reject any
and all bids, to waive any informality 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 Improvement Bonds or for the correctness of any numbers printed
thereon, but will permit such assignment and printing to be done at the expense of
the purchaser, 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 Miller & Schroeder Municipals, Inc., Northwestern Financial
Center, 7900 Xerxes Avenue South, Minneapolis, Minnesota 55~31; telephone: (612)
831-1500, financial consultants to the City.
Dated:
BY ORDER OF THE CITY COUNCIL
City Manager
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5. Official Statement. The City Manager, in cooperation with Miller &
Schroeder Municipals, Inc., financial consultants to the City, is hereby authorized
and directed to prepare on behalf of the City an official statement to be
distributed to potential purchasers of the Tax Increment Bonds and the
Improvement Bonds or either of them. Such official statement shall contain the
statements of Terms and Conditions of Sale for each issue of bonds set forth in
paragraph ~ and such other-information as shall be deemed advisable and necessary
to adequately describe the City and the security, terms and conditions of the Tax
Increment Bonds and the Improvement Bonds.
At settlement the purchaser or purchasers will be furnished with a
certificate signed by appropriate officers of the Issuer on behalf of the Issuer to
the effect that the Official Statement did not and does not contain any untrue
statement of a material fact or omit to state a material fact neceisary in order to
make statements therein, in light of the circumstances ~def f~hich they, were
Mayor
First Reading:
August 23, 1982
Second Reading: September I3~ 1982
Offered by: Hentges Seconded by: Hovland
Roll Call:
Hovland, Pekkoff, Hentges, Nawrocki--aye Norberg--nay
Date of Passage:
September 13, 1982
f- Secretary to-'l'i~e ~OunCil
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