HomeMy WebLinkAboutOrdinance 1284ORDINANCE NO. 1284
BEING AN ORDINANCE AMENDING CHAPTER 7, SECTION 72 OF THE CHARTER OF THE CITY OF COLUMBIA HEIGHTS PERTAINING TO THE 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 permanent 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 a 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 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 property specially benefitted by such ditches or improvements, or [3]for the purpose of anticipating the collection of general taxesfor 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, at least one week's published notice shall be given of a meeting of the city council to open and consider bids therefore. The time and place of said meeting shall be fixed and the newspaper in which the notice shall be published shall be designated by a resolution duly passed, which may provide for additional notice. At the time and place so fixed, the bids shall be opened and the offer complying with the terms of such sale and deemed most favorable shall be accepted; PROVIDED, that the council may reject any and all such offers and award said bonds to a more favorable bidder or-upon like notice, it may invite other bids. Bids may be asked on the basis of a rate of interest specified in the proposals and on the net interest basis on which the bidder will pay par for the same.
is herewith amended to read,
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 permanent 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 a 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 bond1;1 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 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 f rem the proceeds of assessments levied upon property specially benefitted by such ditches or improvements, or [3]for the purpose of anticipating the collection of general taxesfor the year in which issued. In no case shall bonds be issued torun for more than thirty years. The purpose for which bonds areissued 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, at least one weeJt' s publieked notice okall be given of a meeting ef the city council to open and consider bids tkerefore. The time and place of said meeting shall be fi*ed and the newspaper in wkich the notice skall be p:ublisked shall be designated by a !?eselution duly passed, wkiek fftaY prO7+"ide fer additional notice. At tke time and plaee so fined, tke bids shall be opened a-l'½d the offer complying witk the terff'ts of suek sale and deemed moot favorable shall be aeeepted, PRE)llIDED, that ·the eouneil may rejee:t: any and all sueh offers and award said bonds to a more far+"orable bidder O!? l:1'.l)On like notice, it may invite otker bids. Bias fflay be aslced en tke basis of a Fate of interest specified in tke preposals and on tke net in:t:ereet basis on wsieh the bidder will pay par fer the saffle. Before any bonds are sold, there shall be a four-fifths vote of the council authorizing the
issua nce of the bonds by ordinance. Following its passage, the ordinance sha ll be published at least once by publication i n a legal newspaper ha ving general circulation in the city. The registered voters of the city sh all have thi rty days from the date
of public at ion to initiate a referend um on the ord in ance
authori zing the is suance, subsequent to the passage o f the autho rizin g ordinance, its publication , and the thirty-day perio d, the b ond s ale shall occ ur within sixty days, During said sixty day period, the City Manager shall have the authority to establish a sp ecial meeting upon at le ast seventy-tw o C72) hours advance not ice 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 b e negoti ated. The act ual award or sale of the bonds
shall be approved by a resolution passed by a four-fifths vote of the council.
Section 2: Chapter 7, Section 72b, of the Charter of the City of Columbia Heights which currently reads as follows, to wit:
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.
is herewith amended to read,
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.
Section 3: This Ordinance shall be in full force and effect from and after ninety (90) days after its passage.
First Reading: May 23. 1994 Second Reading: June 13, 1994 Date of Passage: June 13, 1994
Offered By: Ruettimann Seconded By: Peterson Roll Call: A 11 ayes
ne Student, Council Secretary