HomeMy WebLinkAboutOrdinance 369· ORDINANCE NO. 369
AN 0RDIN~CE PROVID~G FOR THE ISSUANCE OF
$185,000 OF BO~DS FOR CREATING ~2'ID MAi~Y~AINING
THE CITY'S PEPd~NEt'~ IP~ROVEME~ REVOLVING FUND
THE COUNCIL OF THE CITY OF COLUMBIA HEIGHTS DOES ORDAiN:
Section 1. It is necessary and expedient for the City o£ Columbia
Heights to borrow the sum of $185,000 by issuing and selling its negotiable
coupon general obligation bonds in that amount and using the proceeds thereof
to create and maintain the City's Permanent Improvement Revolving Fund, and
thereby to provide funds for improvements of a lasting character, including
installation of paving, curbs, gutters,storm sewers, and water line and sewer
line extensions
and, subject to the referendum powers of the people, said bonds shall be issued,
sold, and delivered as soon as may be after this ordinance takes effect, such
bonds to bear date o£ issue, dates of serial maturities,and be in such form
and details as shall be prescribed by resolution of the City Council, and shall
bear interest at the lowest rate or average rate obtainable upon a public sale
thereof.
Section 2. Said bonds shall be the general obligations o£ the City and
secured by a pledge of the full faith and credit and umtimited taxing powers of
the City, but the City shall annually eliminate or reduce the tax levies
needed for such purpose by the imposition, collection, and appropriation of
special assessments on properties benefited by the improvements made with such
moneys as hereafter to be ordered and prescribed.
Section 3. This ordinance shoJ_l take effect thirty days after its
passage.
First reading August 28~ 1955
Second reading Septe~oer ,,,l!~~
Offered by Hoi~
Seconded by Hosch
Rollcali: Ayes: Ali