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