HomeMy WebLinkAboutOrdinance 1200CITY OF COLUMBIA HEIGHT~ MINNESOTA
Ordinance No. 1200
AUTHORIZING ISSUANCE OF UP TO
ORIGINAL PRINCIPAL AMOUNT OF
OBLIGATION TAX INCREMENT
APPRECIATION BONDS OF 1990, SERIES A
$2,400,000
GENERAL
CAPITAL
The City of Columbia Heights does ordain:
1. Bond Purpose and Authorization Sale.
a. Pursuant to the provisions of Minnesota Statutes, Sections
469.174 through 469.179 and 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 (the "HRA"), designated as the
Downtown C.B.D. Revitalization Project (the "Project") including refunding
bonds previously issued by the HRA for such purpose.
b. It is hereby found, determined and declared that the financing
of certain public redevelopment costs of the Project, comprising specifically
the construction of a senior housing project to be owned and operated by the
HRA, 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 Tax Increment
Capital Appreciation Bonds of 1990, Series A in the original principal
amount of up to $2,400,000 (the "Bonds").
2. Sale. This City Council (the "Council") shall meet at the time and
place speeifie~'-~ the form 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 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
Northwestern Financial Review, 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 Tel, ms of Offei, i~lg 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. Information and bidding forms may be obtained from the undersigned
or from Miller & Sohroeder 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 and after thirty
30 days after its passage.
First Reading.- Hay 29, ! 990
Second Reading: June { i, 1990
Offered by:
Ruettimann
Soeonded by:
Nawrocki
Roll call: A 1 1 a ye s
Date of Passage:
June 11,
1990
Mayor
' Council Secretary
ATTEST:
v Cit~ Clerk-Treasurer
(SEAL)