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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