HomeMy WebLinkAboutOrdinance 433O E CE No.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$550,000 ~F BONDS FOR CREATING AND MAINTAINING
~HE CITY'S PEBNANENT IMPBOVEMENT REVOLVING FUND
THE COUNCIL OF THE CITY OF COLUMBIA HEIGHTS DOES ORDAINr
Section _1. It is necessary and expedient for the City of Columbia
Heights to borrow the sum of $550,000 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, street opening~ and
acquisitions, and water line and sewer line extensions and a trunk sanitary
sewer 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 of 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 of the
City and secured by a pledg~ of the full faith and credit and unlimited
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 im-
provements made with such moneys as hereafter to be ordered and prescribed.
Section
after its passage.
This or~ance shall take effect thirty (30) days
First Reading January 26tt~ ; 1959
Second R~ading','" February. 9th, 1959
Offered by Chios
Seconded by . Kin,q , , , '' ~-
Roll Call: Ayes:. All