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Home My WebLink About93-1914 - ADMIN Ordinance - City Council - 1993/05/03i ORDINANCE NO. 93-1914 AN ORDINANCE AMENDING THE ST. LOUIS PARK HOME RULE CHARTER, SECTION 6.15, BONDED DEBT AND DEBT LIMIT; SECTION 6.16, FORM AND REPAYMENT OF BONDS; AND SECTION 6.18, BONDS OUTSIDE THE DEBT LIMIT THE CITY OF ST. LOUIS PARK DOES ORDAIN: SECTION 1. THE ST. LOUIS PARK HOME RULE CHARTER IS HEREBY AMENDED TO READ: Section 6.15. Bonds and Debt Limit. (a) In addition to the power to borrow and issue bonds and other securities for the payment of money specifically or impliedly granted by this Charter, the City shall have the powers granted to cities of its same class by the laws of the State of Minnesota. The City shall have the power to issue and sell its bonds to the State of Minnesota and to comply with all provisions of law relative to loans to municipalities from the permanent State funds. The City shall also have such powers as are necessary to obtain loans or funds from the Government of the United States and any of its instrumentalities, and to comply with all provisions of law applicable to obtaining such loans or funds. The powers granted in this paragraph are in addition to and separate from the powers granted by any other provisions of this Charter. Notwithstanding Section 1.04 of this Charter, if the provisions of any laws referred to in this paragraph are inconsistent with other provisions of this Charter, the provisions of such laws shall be controlling as to powers granted by such laws. (b) The Council, by a vote of at least six (6) of its members, may authorize a bond issue to provide funds for any public purpose not prohibited by law or may, in its discretion, by a majority vote of all of its members, submit the question whether to issue such bonds to the voters. When such a question is submitted to the voters, no bonds or other term obligations of the City may be issued except upon the favorable vote of a majority of those voters who vote on their issuance. Bonds may include special limitations to provide for their payment out of earnings from the activity financed by the bond proceeds, may restrict payments partially from such earnings and make the remaining amounts due payable out of tax funds. Such limitations may be created by notice given during the proceedings authorizing the -issuance of the bonds by the terms of the bonds or by separate agreement with the purchasers of the bonds. To the extent that they are payable out of earnings or from sources other than tax funds, such bonds, shall not be paid out of taxes. '"'' 4N, (c) The total bonded debt of the City at the time any bonds are issued shall not exceed the limit authorized by State law for cities of the same class. Section 6.16 Form and Repayment of Bonds. (a) No bonds which pledge the full faith and credit of the City to their payment shall be issued to run for longer than the reasonable life expectancy of the property or improvement for which such bonds are authorized, as ascertained and set forth in the resolution authorizing such bonds, and in no case shall such bonds be issued to run for more than thirty (30) years. The purposes for which bonds are authorized shall be set forth in the resolution authorizing them, and the proceeds from such bonds which pledge the full faith and credit of the City to their payment shall not be diverted to any other purpose. (b) It shall be the duty of the City Manager to include estimates in each year's budget of the sums necessary to pay the interest on and principal of any bonds payable in the coming fiscal year constituting expenditures to be included in the budget and payable from revenues to be included in the budget. It shall be the duty of the Council, enforceable by mandamus upon the suit of any bondholder or taxpayer, to include such sum or sums as may be necessary for this purpose in the approved annual budget. Section 6.18. Bonds Outside the Debt Limit. The Council may authorize the issuance of bonds for lawful purposes outside of the debt limit without limitation on their amount: (a) for the creation and maintenance of a permanent improvement revolving fund, (b) for extending, enlarging, or improving revenue-producing public utilities of whatever nature, owned and operated by the City, or of acquiring property needed in connection therewith, (c) for public improvements payable from special assessments, and (d) for any authorized purpose pursuant to the powers of the City pursuant to Section 6.15(a) of this Charter. The Council may also authorize the lease purchase of equipment or the purchase of equipment on conditional sale contracts, provided that the lease or installment payments do not extend beyond the estimated useful life of the equipment so leased or purchased, as ascertained and set forth in the resolution authorizing such lease or conditional sales contract. Section 2. Effective Date. This ordinance shall be in force and take effect in the City Charter on August 11, 1993 ifter its publication). Adopted by the City Counci May 3, 1993 A tes • City Clerk Reviewed for administration: C May 1, 'j1 Approved as to form and execution: YOMIALL feearZe,_ City Attorney STATE OF MINNESOTA) COUNTY OF HENNEPIN) hidMINNESOTA SUPUBLICAN AFFIDAVIT OF PUBLICATION SS. 932 466-' L.J. Canning , being duly sworn on an oath says that he/she is the publisher or authorized agent and employee of the publisher of the newspaper known City of St. Louis Park (Official Publication) ORDINANCE NO. 93-1914 AN ORDINANCE AMENDING THE ST. LOUIS PARK HOME RULE CHARTER, SECTION 6.15, BONDED DEBT AND DEBT LIMIT. SECTION 6.16, FORM AND REPAYMENT OF BONDS, AND SECTION 618, BONDS OUTSIDE THE DEBT LIMIT THE CITY OF ST LOUIS PARK DOES ORDAIN - SECTION 1 THE ST LOUIS PARK HOME RULE CHARTER 1S HEREBY AMENDED TO READ Section 6.15 Bonds and Debt Limit. (a) In addition to the power to borrow and issue bonds and other securities for the payment of money specifically or implied- lygranted Charter the shall have he powers granted to cities of its same class by the laws of the State of Min- as uras nesota The City shall have the power to issue and sell its bonds to the State of Min- nesota and to comply with all ons of law relative to,loans to muuilcipalities from the permanent State funds. The City shall also have such powers as are necessary to obtain loans or funds from the Government of the United States and any of its instrumentalities, and to com- ply with all provisions of law applicable to obtaining such loans or funds The powers granted m this paragraph are m addition to and separate from the powers granted by any other provisions of this Charter Notwithstanding Section 104 of this Charter, if the provisions of any laws referred to in this paragraph are inconsistent with other provunons of this Charter, the provisions of such laws shall be controlling as to powers granted by such laws (b) The Council, by a vote of at least six (6) of its members; may authorize a bond issue to provide funds for any public pur- pase not prohibited by law or may in its discretion, by a majonty vote of all of Its members, submit the question whether to issue such bonds to the voters. when such a question is submitted to the voters, no bonds or other term obligations of the City may be issued wept upon the favorable vote of a majority ofthose votes who vote on their issuance. Bonds may include special limitations to provide for their payment out of earnings from the actin- - restrictfincpaed mentsby the panel roceom such - payments y from each earnings and ma a the remaining amounts due payable out of tax funds Such limitations may be created by notice given during the proceedings authorizing the issuance of the bonds by the terms 01 the bonds or by separate agreement with the purchasers of the bonds lb orient that they are eearningsor from sources other than tax funds, such bonds shall not be paid out of taxes. (c) The total bonded debt of the City at the time any bonds are issued shall not exceed the hmit authorized by State law for cities of the same class Section 6 16 Form and Repayment of Bonds. t (a) No bonds which pledge the full faith and credit of the City to their payment shall be issued to run for longer than the reasonable life expectancy of the proper- ty or Improvement for which such bonds are au o6 nr as ascertained and set forth m the resolution authorizing such bonds and m no case shall such bonds be issued to run for more than thirty (30) years The purpaees for which bonds are authorized shall be set forth m the resolu- tion authorising them, and the proceeds from such bonds which pledge, the full faith and credit of the City to their pay - ment a - muernt shallenot be diverted to any other (b) tI shall be the duty of the City Mane to include estunates m each year's of the sums necessary to pay the interest on and principal of any bonds payable m the coming fiscal year conshtulung expen- ditures to be included m the budget and payable eID revedues to be included in thebudg11 shall be the duty of the Council, enforceable by mandamus upon the suit of any bondholder or taxpayer, to include such sum or sums as may be annual necessary the purpose m approved budget Section 6.18 Bonds Outside the Debt Limit The Council may authorize the issuance of bobs for lawful purposes outside of the debt limit without limitation on their amount (a) for the creation and maintenance of a per- manent improvement revolving hind, (b) for extendin, por improng revenue-producingung public vi utilities o whatever nature,��owned and operated by 1m cthe ou�t=m 88otherewitb,property needed (c) for public improvements payable from special assessments, and (d) for a-Vauthorized * _.ousuanttothe S t . Louis Park Sun -Sailor , and has full knowledge of the facts which are stated below. (A) The newspaper has complied with all of the requirements constituting qualification as a qualified newspaper, as provided by Minnesota Statute 331A.02, 331A.07, and other applicable laws, as amended (B)Theprinted Ordinance No. 93-1914 which is attached was cut from the columns of said newspaper, and was pnnted and published once each week, for 0 n e successive weeks; it was first published on Wednesday , the 12 day 40 May , 19 93 , and was thereafter printed and published on every to and including , the day of , 19 ; and pnnted below is a copy of the lower case alphabet from A to Z, both inclusive, which is hereby acknowledged as being the size and kind of type used in the composition and publication of the notice abcdefghgklmnopgrstuvwxyz Acknowledged before me on this Nota 12 day of a May 19 93 Public MERIDE M HEDBLOM `- Notary Public Minnesota \St` I'll 4, HENNEPIN COUNTY 5�i000000uc,�, �, '.miaow. BY• �eca.ipies;s44, TIRE' Genera I Manager RATE INFORMATION (1) Lowest classified rate paid by commercial users for comparable space (2) Maximum rate allowed by law for the above matter (3) Rate actually charged for the above matter $ 160 per hire (Line, word, or inch rate) $ 96.8i per line (Line, word, or inch rate) $ 724 per line (Line, word, or inch rate) • mRepl MINIM M RIM /9/ C661 'S de311 1►aano0 sato aql 4q Paldo°q (uogeaggnd S I Ja%Jm) S66I 'ai lsn8ny uo ramgo Atlq aql u1 Pelle WI Pae a3ro3 in aq ►legs aoaearpm srgl,'MG aMfaU3 Z aoflaaS a1384003te SORB teaopipaoa m _ ;as pre se'Pasegamd m Paesal OS luamdmbe aqt yo apt inlasn pelemgsa aql puotaq paaarm lou op sluam Sed ltiaommsul .10 areal aql vim papreo.zd 'slaeilaoa ales poogrpuoo uo luamdinba 3o asegamd am Jo laaardmba 3 asegamd areal an azuoglne Date Aem pomp atu, I oo zalivg3 SRI 30 (8)519 D W laensmd ,C a v =mod d'Is(Sse1 'zt 4e➢6)