HomeMy WebLinkAboutOrdinance No. 1527ORDINANCE NO. 1527
ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF APPROXIMATELY $1,000,000
GENERAL OBLIGATION STREET REHABILITATION BONDS,
SERIES 2VU 7A
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
1. It is hereby determined that:
(a) The City is currently undertaking and has completed certain public
improvements designated as the 2006 & 2007 Street Rehabilitation Projects (collectively,
the "Street Rehabilitation"), pursuant to the Charter of the City of Columbia. Heights (the
"Charter").
(b) It is necessary and expedient to the sound financial management of the
affairs of the City to issue its General Obligation Street Rehabilitation Bonds, Series 2007A
(the "Bonds") in a principal amount not to exceed $1,000,000, pursuant to the Charter to
provide financing for the Street Rehabilitation.
2. Ehlers & Associates, as financial advisor to the City, is authorized to negotiate the
sale of the Bonds in the maximum principal amount specified in Section 1(b), in accordance
with teens of proposal approved by the City Finance Director. The City Council will. meet
on August 27, 2007 or such other date specified by the City Manager in accordance with the
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 full force and effect from and after thirty (30} days after
its passage.
First Reading: July 9, 2007
Second Reading: July 23, 2007
Date of Passage: July 23, 2007
Offered by: Williams
Second by: Kelzenberg
Roil Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Kelzenberg
,~ , _ ._
ayor Gary l Peterson
Attest:
Patricia Muscovitz CMC
City Clerk