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HomeMy WebLinkAboutOrdinance 782CITY OF COLUMBIA HEIGHTS ADMINISTRATIVE OFFICES · COLUMBIA HEIGHTS, MINNESOTA 55421 ORDINANCE NO. 782 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $450,000 OF BONDS FOR MAINTAINING THE CITY'S PERMANENT IMPROVEMENT REVOLVING FUND. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. It is necessary and expedient for the City of Columbia Heights to borrow money by issuing and selling its negotiable coupon, general obligation bonds in the amount of $450,000 to maintain the City's Permanent Improvement Revolving Fund, and thereby to provide funds for the construction of public improvements of a lasting character, including improvements to the City's water utility, sanitary sewers, storm sewers, curbs, alley paving, street surfacing, and acquisitions of property needed in connection therewith, the cost of which shall be payable from collections of special assessments to be levied upon properties specially benefited thereby; and in an amou ~ not exceeding two percent of such pri~[pal amount to represent interest, as authorized By Minnesota Statutes, Section 475.56. Subject to the referendum powers of the people, the bonds shall be issued, sold and delivered as soon as reasonably necessary after this ordinance takes effect, such bonds to bear date of issue and dates of serial maturities to be in ~ch form and detail as shall be prescribed by resolution of the City Council, and to bear interest at the lowest net average rate obtainable upon a public sale thereof. Section 2. The bonds shall be secured by a pledge of the full faith and credit and unlimited taxing powers of the City, but no'taxes will be levied for the payment of such bonds and the interest thereon unless the collections of the special assessments and other sources pledged to their payment are not sufficient therefor and such taxes are required to be levied by Minnesota Statutes, Section 475.61, Subdivision 3. Section 3. This ordinance shall take effect and be in force from and after thirty [30) days after its passage. First reading: March 13, 1972 Second reading: March 27, 1972 Nor6erg L~nd Al1 Ayes Offered by: Seconded by: Roll Call: Bruce G. Naw'ro~ck-i, Mayor ~.S~/~etary~'~c~ the 'Cou~ncil