Loading...
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