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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: ~~ r } ~'e ; t~ ^~ ~YatriCla Muscovitz, CMC _ City Clerk 2