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HomeMy WebLinkAboutOrdinance No. 1492 ORDINANCE NO. 1492 BEING AN ORDINANCE AMENDING CHAPTER 7, SECTION 72 OF THE CHARTER OF THE CITY OF COLUMBIA HEIGHTS PERTAINING TO BONDED DEBT AND DEBT LIMIT The City of Columbia Heights does ordain: Section 1: Chapter 7, Section 72 of the Charter of the City of Columbia Heights which currently reads as follows, to wit: BONDED DEBT AND DEBT LIMIT. Bonds may be issued by four-fifths vote of the council without the previous approval of the voters ofthe said city, but subject to the referendum powers of the people, for the purchase of real estate; for new construction; for new equipment; for all improvements of a lasting character; for the purchase or construction of public waterworks or for the enlargement of the same and for the protection and distribution of the water supply; for the establishment of public lighting, heating, or power plants, and for their acquisition and equipment by purchase or otherwise; for the acquisition or construction of street railways, telegraph or telephone lines, or any other public convenience from which a revenue is or may be derived; for the creation or maintenance of a permanent improvement fund; for the purchase or erection of needful public buildings; for establishing and maintaining garbage crematories, or other means of garbage disposal; for the establishment and maintenance of hospitals, schools, libraries, museums, art galleries and cemeteries; for the construction of sewers, subways, streets, sidewalks, pavements, culverts, and parks and parkways and play grounds; for changing, controlling or bridging streams and other waterways within the corporate limits and constructing and repairing roads and bridges within two miles of the corporate limits thereof; for the purpose of refunding outstanding bonds; for the purpose of funding floating indebtedness; and for all purposes which may be authorized by the laws of the State of Minnesota; the right ofthe city to issue bonds under the authority of any law heretofore and this section of the city's charter shall not be construed to limit the passed wid adopted by the State of Minnesota, but no bonds shall ever be issued to pay current expenses or to refund emergency debt certificates. The total bonded indebtedness of the city shall never exceed ten percent of the last assessed valuation ofthe taxable property therein, including monies and credits, but in computing tlle total bonded indebtedness, emergency debt certificates and certificates of indebtedness shall not be included in or counted as part of the such bonded indebtedness, if (1) held in a sinking fund maintained by the city, (2) issued for the acquisition of equipment; purchase, construction, maintenance, extension, enlargements or improvement of street railways, telegraph or telephone lines, water, lighting, heating and power plants, or either of them, or any other public convenience, from which revenue is or may be derived, owned and operated by the city, or the acquisition of property needed in connection therewith; or for the construction of sewers, public drainage ditches, or the acquisition of lands, or for improvements of streets, parks, or other public improvements, to the extent that they are payable from the proceeds of assessments levied upon the property specially benefited by such ditches or improvements, or (3) for the purpose of anticipating the collection of general taxes for the year in which issued. In no case shall bonds be issued to run for more than thirty years. The purpose for which bonds are issued shall be set forth in the ordinance authorizing them and the proceeds from such bonds shall not be diverted to any other purpose. Before any bonds are sold, there shall be a four-fifths vote of the council authorizing the issuance of the bonds by ordinance. Following its passage, the ordinance shall be published at least once by publication in a legal newspaper having general circulation in the city. The registered voters ofthe city shall have thirty days from the date of publication to initiate a referendum on the ordinance authorizing the issuance. Subsequent to the passage of the authorizing ordinance, its publication, and the thirty-day period, the bond sale shall occur within sixty days. During said sixty day period, the City Manager shall have the authority to establish a special meeting upon at least seventy-two (72) hours advance notice to each member of the council. At that special meeting, the City Manager is authorized to receive the actual bide s) or sale of the bonds to be negotiated. The actual award or sale of the bonds shall be approved by a resolution passed by a four-fifths vote of the council. IS HEREWITH AMENDED TO READ AS FOLLOWS: BONDED DEBT AND DEBT LIMIT. Bonds may be issued by four-fifths vote of the council without the previous approval ofthe voters of the said city, but subject to the referendum powers of the people, for the purchase of real estate; for new construction; for new equipment; for all improvements of a lasting character; for the purchase or construction of public waterworks or for the enlargement of the same and for the protection and distribution of the water supply; for the establishment of public lighting, heating, or power plants, and for their acquisition and equipment by purchase or otherwise; for the acquisition or construction of street railways, telegraph or telephone lines, or any other public convenience from which a revenue is or may be derived; for the creation or maintenance of a permanent improvement fund; for the purchase or erection of needful public buildings; for establishing and maintaining garbage crematories, or other means of garbage disposal; for the establishment and maintenance of hospitals, schools, libraries, museums, art galleries and cemeteries; for the construction of sewers, subways, streets, sidewalks, pavements, culverts, and parks and parkways and play grounds; for changing, controlling or bridging streams and other waterways within the corporate limits and constructing and repairing roads and bridges within two miles of the corporate limits thereof; for the purpose of refun.ding outstanding bonds; for the purpose of funding floating indebtedness; and for all purposes which may be authorized by the laws of the State of Minnesota; the right of the city to issue bonds under the authority of any law heretofore and this section of the city's charter shall not be construed to limit the passed and adopted by the State of Minnesota, but no bonds shall ever be issued to pay current expenses or to refund emergency debt certificates. The total bonded indebtedness of the city shall never exceed ten percent of the last assessed valuation ofthe taxable property therein, including monies and credits, but in computing the total bonded indebtedness, emergency debt certificates and certificates of indebtedness shall not be included in or counted as part of the such bonded indebtedness, if (1) held in a sinking fund maintained by the city, (2) issued for the acquisition of equipment; purchase, construction, maintenance, extension, enlargements or improvement of street railways, telegraph or telephone lines, water, lighting, heating and power plants, or either ofthem, or any other public convenience, from which revenue is or may be derived, owned and operated by the city, or the acquisition of property needed in connection therewith; or for the construction of sewers, public drainage ditches, or the acquisition of lands, or for improvements of streets, parks, or other public improvements, to the extent that they are payable from the proceeds of assessments levied upon the property specially benefited by such ditches or improvements, or (3) for the purpose of anticipating the collection of general taxes for the year in which issued. In no case shall bonds be issued to run for more than thirty years. The purpose for which bonds are issued shall be set forth in the ordinance authorizing them and the proceeds from such bonds shall not be diverted to any other purpose. Before any bonds are sold, there shall be a four-fifths vote ofthe council authorizing the issuance of the bonds by ordinance. However, bonds to be sold for the refmancing of any existing bonds shall be authorized by four fifths vote of the council by resolution. Following its passage, the ordinance shall be published at least once by publication in a legal newspaper having general circulation in the city. The registered voters of the city shall have thirty days from the date of publication to initiate a referendum on the ordinance authorizing the issuance. Subsequent to the passage of the authorizing ordinance, its publication, and the thirty-day period, the bond sale shall occur within sixty days. During said sixty day period, the City Manager shall have the authority to establish a special meeting upon at least seventy-two (72) hours advance notice to each member of the council. At that special meeting, the City Manager is authorized to receive the actual bides) or sale of the bonds to be negotiated. The actual award or sale of the bonds shall be approved by a resolution passed by a four- fifths vote of the council. First Reading: Second Reading: Date of Passage: Offered by: Seconded by: Roll Call: August 8, 2005 September 12,2005 September 12, 2005 Nawrocki Williams Ayes: Peterson, Williams, Nawrocki, Ericson Diehm, Kelzenberg ~ J' /) ~ .111 - ~ilJ>~/t~~ Gary L. Pe {trson, Mayor ity Clerk