HomeMy WebLinkAboutOrdinance No. 1540CITY OF COLUMBIA HEIGHTS
ORDINANCE NO. 1540
ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF APPROXIMATELY $2,785,000 TAXABLE GENERAL OBLIGATION
HOUSING IMPROVEMENT AREA BONDS, SERIES 2008A
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
It is hereby determined that:
(a) The City has proposed to establish the Sullivan Shores Housing
Improvement Area (the "HIA") pursuant to Minnesota Statutes, Sections 428A.11 to
428A.21 (the "Housing Improvement Act"), in order to finance certain housing
improvements within the HIA; and
(b) In accordance with the Housing Improvement Act, the City has received a
petition signed by more than 25% of the owners of housing units within the HIA, and has
held a duly noticed public hearing regarding an ordinance establishing the HIA and a
resolution imposing a housing linprovement fee on housing units in the HIA (the "Fee") in
order to finance housing improvements within the HIA; and
(c) On March 24, 2008, the City Council adopted the ordinance establishing the
HIA and the resolution imposing the Fee on all housing units in the HIA, which ordinance
and resolution are effective May 12, 2008 (i.e., 45 days after adoption); and
(d} The City expects to enter into a development agreement (the "Agreement}
with the Sullivan Shores Townhouses Association, Inc. (the "Association"), regarding
construction of the housing improvements;
(e) It is necessary and expedient to the sound financial management of the
affairs of the City to issue its Taxable General Obligation Housing Improvement Area
Bonds, Series 2008A (the "Bonds") in a principal amount not to exceed $2,785,000,
pursuant to the Housing Improvement Act and the City Charter; and
(f) The City is authorized by Minnesota Statutes, section 475.60, subdivision
2(9} to negotiate the sale of the Bonds, it being determined that the City has retained an
independent financial adviser in connection with such sale.
2. Ehlers & Associates, as financial advisor to the City, is authorized to negotiate the
sale of the Bonds in the maximum principal amount specified in Section 1(e), in-accordance with
terms of proposal approved by the City Manager and Finance Director. The City Council will meet
on June 23, 2008 or such. other date specified by the City Manager in accordance with the Charter,
to consider the sale of the Bonds and take any other appropriate action with respect to the Bonds,
subject to (a) the HIA ordinance and fee resolution becoming effective on May 12, 2008, without
the timely filing of objections resulting in a veto under Section 428A.18 of the Housing
Improvement Act; and (b} the City and Association each having approved and executed the
Agreement.
3. This ordinance shall be in full force and effect from and after thirty(30} days after its
passage.
First Reading:
Second Reading:
Date of Passage:
March 24, 2008
April 28, 2008
April 2$, 2008
Offered by: Williams
Seconded by: Kelzenberg
Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Kelzenberg
Attest:
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~YatriCla Muscovitz, CMC _
City Clerk
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