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)