HomeMy WebLinkAboutOrdinance No. 1514
ORDINANCE NO. 1514
ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
APPROXIMA TEL Y $4,430,000 GENERAL OBLIGATION IMPROVEMENT
AND UTILITY REVENUE BONDS, SERIES 2006A
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
1. It is hereby determined that:
(a) The City has duly ordered the assessable public improvements designated as
Zone 7 A 2004 Street Reconstruction Improvements, Zone 7B/1A 2006 Street and Utility
Improvements and Huset Parkway Improvements (the Assessed Improvements) pursuant to
the provisions of Minnesota Statutes, Chapter 429 (Improvement Act).
(b) The City has also proposed or constructed certain improvements to the
City's storm sewer, water and sanitary sewer systems (the Utility Improvements) that will
be financed with utility system revenues pursuant to the provisions of Minnesota Statutes,
Chapter 444 (Utilities Act).
(c) It is necessary and expedient to the sound financial management of the
affairs of the City to issue General Obligation Improvement and Utility Revenue Bonds
Series 2006A (Bonds) in a principal amount not to exceed $4,430,000 pursuant to the
Improvement Act, the Utilities Act and the City Charter, to provide financing for the
Assessed Improvements and the Utility Improvements.
2. Ehlers & Associates is authorized to negotiate the sale of the Bonds in the maximum principal
amount specified in Section 1, in accordance with terms of proposal approved by the City Finance
Director. The City Council will meet on Monday, November 13, 2006 or such other date specified
by the City Manager in accordance with the City Charter, to consider the sale of the Bonds and take
any other appropriate action with respect to the Bonds.
3.This ordinance shall be in fun force and effect from and after thirty (30) days after its passage.
First Reading:
Second Reading:
Date of Passage:
September 25, 2006
October 9, 2006
October 9, 2006
Offered by:
Seconded by:
Roll Call:
Kelzenberg
Diehm
Ayes: Peterson, Nawrocki, Diehm, Kelzenberg Absent: Williams
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Patricia Muscovitz, CMC
Deputy City Clerk/Council Secretary