HomeMy WebLinkAboutOrdinance 783CITY OF COLUMBIA HEIGHTS
ADMINISTRATIVE OFFICES
· COLUMBIA HEIGHTS, MINNESOTA 55421
ORDINANCE NO. 783
AN ORDI. NANCE PROVIDING FOR THE ISSUANCE OF
$500,000 GENERAL OBLIGATION CITY GARAGE BONDS
OF THE CI, TY.
THE CiTY OF COLUMBIA HEIGHTS DOES ORDAIN:
SectiOn 1.
It is necessary and expedient for the City of
ColumBia Heights to borrow the sum of $500,000
By issuing and sell~ng its negotiable coupon
general obligation bonds in such amount for the
purpose of prov[di, ng funds to construct a new
C~ty Garage build~ng; and subject to the referendum
powers of the people, said bonds shall be sold at
public sale and issued and delivered to the
purchaser thereof after this ordinance takes
effect, such bonds to bear a date of issue,
dates of serial maturities, and be in such
form as shall be prescribed by resolution of
the City Council, and shall bear i'nterest at
the rate or rates specified by such purchaser.
Sect[on 2.
Said Bonds shall be general obligations of the
City and shall be secured by a pledge of the full
faith and credit and unlimited taxing powers
of the City; but the City shall annually eliminate
or reduce the taxes otherwise required to be
levied for the payment of the principal and of
interest on said bonds By the amounts of moneys,
if any,pledged or appropriated to the payment of
such Bonds and interest by resolution of the
City Council.
Section 3.
This ordinance shall take effect from and
after thirty (30) days after its passage.
First reading: March 13, 1972
Second reading: March 27, 1972
Offered by: Heintz
Seconded by: Jeska
Roll Call: All Ayes
Bruc~'~--~. Nawrocki, Mayor