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HomeMy WebLinkAboutOrdinance No. 1615The City of Columbia Heights does ordain: Section 1. It is hereby determined that: (a) The City of Columbia Heights (the "City ") has proposed to construct a new public library in the City (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 (the "Charter "). (c) It is necessary and expedient to the sound financial management of the affairs of the City to issue its General Obligation Library Bonds, Series 2014A (the "Bonds "), in the maximum aggregate principal amount of $7,000,000, pursuant to the Charter, to provide financing for the Project. Section 2. Ehlers & Associates, Inc. is authorized to negotiate the sale of the Bonds in the maximum aggregate principal amount specified in Section 1(c), in accordance with terms of proposal approved by the Finance Director of the City. Provided no petition initiating a referendum on the issuance of the Bonds is received within thirty (30) days after publication of this ordinance, the City Council will meet on or before September 26, 2014, or such other date specified by the City Manager in accordance with the City Charter, to consider the sale of the Bonds and take any other appropriate action with respect to the Bonds. Section 3. The City hereby declares its official intent to reimburse itself for the costs of the Project from the proceeds of the Bonds, pursuant to Treasury Regulations, Section 1.150 -2, promulgated by the Internal Revenue Service. Section 4. This ordinance shall be in full force and effect from and after thirty (30) days after its passage. 444862v1 MNI CL162 -50 First Reading: June 9, 2014 Offered By: Diehm Seconded By: Schmitt Roll Call: Ayes: Diehm, Schmitt, Peterson Nay: Nawrocki Second Reading: June 23, 2014 Offered By: Diehm Seconded By: Williams Roll Call: Ayes: Diehm, Schmitt, Williams, Peterson Nay: Nawrocki Date of Passage: June 23, 2014 Attest: &," Katie Bruno City Clerk/Council Secretary 444862v MNI CLI62 -50 2