HomeMy WebLinkAboutOrdinance No. 1541ORDINANCE NO. 1541
ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF UP TO
X11,500,000 GENERAL OBLIGATION PUBLIC SAFETY CENTER BONDS, SERIES 2008B
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
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(a) The City of Columbia Heights (the "City") has determined a need to construct and equip an
approximately 40,000 square foot police and fire facility (the "Public Safety Center") on a site bounded by
41St Avenue, Jackson St, 42"d Avenues and Central Avenue (the "Site"), including landscaping and other
site improvements related to the Public Safety Center, anal landscaping and other site improvements on the
remainder of the Site (together, the "Site Improvements"). The Public Safety Center and all Site
Improvements are referred to as the "Project."
(b) The City has determined to finance the costs of the Project, including all hard and soft costs and
bond issuance costs, through the issuance of general obligation bonds under the Charter of the City of
Columbia Heights (the "Charter").
(c) It is necessary and expedient to the sound financial management of the affairs of the City to issue its
General Obligation Public Safety Center Bonds, Series 2008B (the "Bonds"), in a principal amount not to
exceed $11,500,000, pursuant to the Charter to provide financing for the Project.
(d) The City is authorized by Minnesota Statutes, Section 475.60, Subdivision 2(9) to negotiate the sale
of the Bonds, it being determined that the City has retained an independent financial adviser in connection
with such sale.
2. Ehlers & Associates, as financial advisor to the City, is authorized to negotiate the sale of the Bonds
in the maximum principal amount specified in Section 1(c), in accordance with the terms of proposal approved by
the City Manager and the City Finance Director. The City Council will meet on July 14, 2008 or such other date
specified by the City Manager in accordance with the Charter, to consider the sale of the Bonds and take any other
appropriate action with respect to the Bonds.
3. This ordinance shall be in full force and effect from and after thirty (30) days after its publication in
a legal newspaper of general circulation in the City.
First Reading: March 24, 2008
Second Reading: April 14, 200$
Date of Passage: April 14, 2008
Offered By: Kelzenberg
Seconded By: Williams
Roll Call: Ayes: Peterson, Williams, Diehm, Kelzenberg Nay: Nawr cki
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Attest: ~ -~
Patricia Muscovitz CMC
City Clerk `
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Mayor ary L. P terson