HomeMy WebLinkAboutOrdinance No. 1585 ORDINANCE NO. 1585
BEING AN ORDINANCE AMENDING CHAPTER 7, SECTION 72,
OF THE CITY CHARTER OF THE CITY OF COLUMBIA HEIGHTS
PERTAINING TO BONDED DEBT AND DEBT LIMIT
The City of Columbia Heights does ordain:
Section 1:
Chapter 7, Section 72,of the Charter of the City of Columbia Heights which currently reads as
follows, to wit:
Section 72. BONDED DEBT AND DEBT LIMIT. Bonds may be issued by four -fifths vote of
the council without the previous approval of the voters of the said city, but subject to the
referendum powers of the people, for the purchase of real estate; for new construction; for new
equipment; for all improvements of a lasting character; for the purchase or construction of public
waterworks or for the enlargement of the same and for the protection and distribution of the
water supply; for the establishment of public lighting, heating, or power plants, and for their
acquisition and equipment by purchase or otherwise; for the acquisition or construction of street
railways, telegraph or telephone lines, or any other public convenience from which a revenue is
or may be derived; for the creation or maintenance of a penuanent improvement fund; for the
purchase or erection of needful public buildings; for establishing and maintaining garbage
crematories, or other means of garbage disposal; for the establishment and maintenance of
hospitals, schools, libraries, museums, art galleries and cemeteries; for the construction of
sewers, subways, streets, sidewalks, pavements, culverts, and parks and parkways and play
grounds; for changing, controlling or bridging streams and other waterways within the corporate
limits and constructing and repairing roads and bridges within two miles of the corporate limits
thereof; for the purpose of refunding outstanding bonds; for the purpose of funding floating
indebtedness; and for all purposes which may be authorized by the laws of the State of
Minnesota; the right of the city to issue bonds under the authority of any law heretofore and this
section of the city's charter shall not be construed to limit the passed and adopted by the State of
Minnesota, but no bonds shall ever be issued to pay current expenses or to refund emergency
debt certificates. The total bonded indebtedness of the city shall never exceed ten percent of the
last assessed valuation of the taxable property therein, including monies and credits, but in
computing the total bonded indebtedness, emergency debt certificates and certificates of
indebtedness shall not be included in or counted as part of the such bonded indebtedness, if (1)
held in a sinking fund maintained by the city, (2) issued for the acquisition of equipment;
purchase, construction, maintenance, extension, enlargements or improvement of street railways,
telegraph or telephone lines, water, lighting, heating and power plants, or either of them, or any
other public convenience, from which revenue is or may be derived, owned and operated by the
city, or the acquisition of property needed in connection therewith; or for the construction of
sewers, public drainage ditches, or the acquisition of lands, or for improvements of streets, parks,
or other public improvements, to the extent that they are payable from the proceeds of
assessments levied upon the property specially benefitted by such ditches or improvements, or
(3) for the purpose of anticipating the collection of general taxes for the year in which issued. In
no case shall bonds be issued to run for more than thirty years. The purpose for which bonds are
issued shall be set forth in the ordinance authorizing them and the proceeds from such bonds
shall not be diverted to any other purpose.
Before any bonds are sold, there shall be a four -fifths vote of the council authorizing the
issuance of the bonds by ordinance. However, bonds to be sold for the refinancing of any
existing bonds shall be authorized by four fifths vote of the council by resolution. Following its
passage, the ordinance shall be published at least once by publication in a legal newspaper
having general circulation in the city. The registered voters of the city shall have thirty days
from the date of publication to initiate a referendum on the ordinance authorizing the issuance.
Subsequent to the passage of the authorizing ordinance, its publication, and the thirty -day period,
the bond sale shall occur within sixty days. During said sixty day period, the City Manager shall
have the authority to establish a special meeting upon at least seventy -two (72) hours advance
notice to each member of the council. At that special meeting, the City Manager is authorized to
receive the actual bid(s) or sale of the bonds to be negotiated. The actual award or sale of the
bonds shall be approved by a resolution passed by a four -fifths vote of the council. (Ordinance
No. 1492; passed September 12, 2005)(Ordinance No. 1284, passed June 13, 1994)
Section 72a. In addition to all powers specifically granted in that regard by its charter or
amendments thereto, the city shall have all the powers in reference to the issuance of bonds or
certificates of indebtedness provided by statute. (Ordinance No. 1114, passed February 10,
1986)
Section 72b. BONDED DEBT AND DEBT LIMIT. No bond shall ever be issued to
pay current expenses or to refund certificates of indebtedness issued to provide for temporary
deficiencies in the revenues to cover current expenses, but bonds may be issued by a four -fifths
vote of the council, subject to the referendum powers of the people, for the purchase of real
estate, for new equipment, and for all improvements of a lasting character. The total bonded
debt of the city shall never exceed ten percent of the assessed valuation of all the taxable
property in the city, but in computing the total bonded debt, emergency debt certificates, and
bonds issued prior to the adoption of the charter and either held in a sinking fund or issued for
the purchase, construction, maintenance, extension, enlargement, or improvement or water,
heating plants, or either, or any other public convenience from which a revenue is or may be
derived, owned and operated by such city or village, or the acquisition of property needed in
connection therewith, or for the improvement of streets, parks or other public improvements, to
the extent that they are payable from the proceeds of assessments levied upon property especially
benefitted thereby, and obligations issued for the improvements which are payable, wholly or
partly, from the collections of special assessments levied on property benefitted thereby, or for
the creation or maintenance of a permanent improvement revolving fund shall not count as part
of such total bonded debt. In no case will bonds be issued to run for more than thirty years. The
purpose for which bonds are issued shall be set forth in the ordinance authorizing them and the
proceeds from such bonds shall not be diverted to any other purposes. (Ordinance No. 1284,
passed June 13, 1994)
IS HEREWITH AMENDED TO READ AS FOLLOWS:
Section 72. BONDED DEBT AND DEBT LIMIT. E : • : • . . - .. .. - -
the council without the previous approval of the voters of the said city, but subject to the
= .': -- ; :: - - - - . . ' • • aracter; for the purchase or construction of public
. :.•:: . • - _ •. . . . .• . , . -.i .• • . . • e •.
debt certificates. The total bonded indebtedness of the city shall never exceed ten percent of the
_ - >
shall not be diverted to any other purpose. .
Sew - °„n: No bond shall ever be issued to pay current expenses or to refund certificates of
indebtedness issued to provide for temporary deficiencies in the revenues to cover current
expenses, but bonds may be issued by a four -fifths vote of the council, subject to the referendum
powers of the people, for the purchase of real estate, for new equipment, and for all
improvements of a lasting character. The total bonded debt of the city shall never exceed ten
percent of the assessed valuation of all the taxable property in the city, but in computing the total
bonded debt, emergency debt certificates, and bonds issued prior to the adoption of the charter
and either held in a sinking fund or issued for the purchase, construction, maintenance,
extension, enlargement, or improvement or water, heating plants, or either, or any other public
convenience from which a revenue is or may be derived, owned and operated by such city or
village, or the acquisition of property needed in connection therewith, or for the improvement of
streets, parks or other public improvements, to the extent that they are payable from the proceeds
of assessments levied upon property especially benefitted thereby, and obligations issued for the
improvements which are payable, wholly or partly, from the collections of special assessments
levied on property benefitted thereby, or for the creation or maintenance of a permanent
improvement revolving fund shall not count as part of such total bonded debt. In no case will
bonds be issued to run for more than thirty years. The purpose for which bonds are issued shall
be set forth in the ordinance authorizing them and the proceeds from such bonds shall not be
diverted to any other purposes. (Ordinance No. 1284, passed June 13, 1994)
Before any bonds are sold, there shall be a four -fifths vote of the council authorizing the
issuance of the bonds by ordinance. However, bonds to be sold for the refinancing of any
existing bonds shall be authorized by four fifths vote of the council by resolution. Following its
passage, the ordinance shall be published at least once by publication in a legal newspaper
having general circulation in the city. The registered voters of the city shall have thirty days
from the date of publication to initiate a referendum on the ordinance authorizing the issuance.
Subsequent to the passage of the authorizing ordinance, its publication, and the thirty -day period,
the bond sale shall occur within sixty days. During said sixty day period, the City Manager shall
have the authority to establish a special meeting upon at least seventy -two (72) hours advance
notice to each member of the council. At that special meeting, the City Manager is authorized to
receive the actual bid(s) or sale of the bonds to be negotiated. The actual award or sale of the
bonds shall be approved by a resolution passed by a four -fifths vote of the council. (Ordinance
No. 1492; passed September 12, 2005)(Ordinance No. 1284, passed June 13, 1994)
Section -tea. In addition to all powers specifically granted in that regard by its charter or
amendments thereto, the city shall have all the powers in reference to the issuance of bonds or
certificates of indebtedness provided by statute. (Ordinance No. 1114, passed February 10,
1986)
Section 2:
This Ordinance shall be in full force and effect from and after ninety (90) days after its
passage.
First Reading: August 9, 2010
Second Reading: August 23, 2010
Date of Passage: August 23, 2010
Offered By: Kelzenberg
Seconded By: Williams
Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Kelzenberg
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Mayor Gary L: Peterson
_1 1 _
'atricia Muscovitz, C Cii Clerk