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HomeMy WebLinkAboutOrdinance No. 1563ORDINANCE NO.1563 ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF APPROXIMATELY $3,935,000 GENE OBLIGATION PUBLIC FACII. S BONDS, SERIES 2009A THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: 1. It is hereby determined that the City of Columbia Heights, Minnesota (the "City") intends to undertake or has undertaken the following projects (collectively, the "Projects"): (a) Construction and equipping of an approximately 40,000 square foot police and fire facility (the "Public Safety Center") on a site bounded by 41st Avenue, Jackson Street, 42nd Avenue and Central Avenue (the "Site"), including landscaping and other site improvements related to the Public Safety Center, and landscaping and other site improvements on the remainder of the Site, in the approximate amount of $2,000,000. The City previously issued its General Obligation Public Safety Center Bonds, Series 2008B, in the aggregate principal amount of $10,000,000 (the "Series 2008B Bonds"), to finance a portion of the construction and equipping of the Public Safety Center. (b) Energy-efficient improvements to Murzyn Hall, in the approximate amount of $980,000. (c) Watermain improvements pursuant to Minnesota Statutes, Section 444.075, in the approximate amount of $335,000. (d) Street and alley rehabilitation and reconstruction improvements (Project No. 2007-02 and Project No. 2009-02) pursuant to Minnesota Statutes, Chapter 429, in the approximate arnoz~nt of $620,000. 2. The City has determined to finance the costs of the Projects through the issuance of general obligation bonds under the Charter of the City of Columbia Heights (the "Charter") and Minnesota Statutes, Chapters 429, 444, and 475 (collectively, the "Acts"). 3. It is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Public Facilities Bonds, Series 2009A (the "Bonds"), m a principal amount not to exceed $3,935,000, pursuant to the Charter and the Acts to provide financing for the Projects. 4. The City is authorized by Section 475.60, Subdivision 2(9) of the Acts to negotiate the sale of the Bonds, it being determined that the City has retained an independent financial adviser in connection with. such sale. 5. 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 3, in accordance with the terms of proposal approved by the City Manager and the City Finance Director. The City Council will meet on June 8, 2009 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. 6. The City previously declared its official intent to reimburse itself far the casts of the Public Safety Center from the proceeds of obligations in the maximum principal amount of $11,500,000, pursuant to Treastuy Regulations, Section 1.150-2, promulgated by the Internal Revenue Service. The City subsequently issued the Series 2008B Bonds in the aggregate principal amount of $10,000,000, and it is now estimated that the total casts of the Public Safety Center will be $12,000,000, with. the remaining costs to be financed through the issuance of the Bonds. The City hereby declares its official intent to reimburse itself far the remaining costs of the Public Safety Center (i.e. casts not reimbursed from the issuance of the Series 2008B Bonds) from the proceeds of the Bonds. 7. 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: April 13, 2009 Second Reading: April 27, 2009 Date of Passage: Apri127, 2009 Offered By: Diehm Seconded By: Williams Roll Call: Ayes: Peterson, Williams, Diehm, Keizenb~ ATTEST: ----~, ~~ Patricia Muscovitz CMC City C rk 2