HomeMy WebLinkAboutOrdinance 843CITY OF COLUMBIA HEIGHTS
ADMINISTRATIVE OFFICES
EQUAL OPPORTUNITY EMPLOYER
· COLUMBIA HEIGHTS, MINNESOTA 55421
ORDINANCE NO. 843
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$1,000,000 OF BONDS FOR ESTABLISHING
A CAPITAL INPROVEMENTS FUND.
THE CITY OF COLUHBIA 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, genera] obligation bonds in the
amount of $1,000,000 to establish a Capital Improvement
Fund, and thereby to provide funds for the capital
improvements of a lasting character, including construction
of a publfc safety building, park buildings, the purchase of
equipment, and such other public improvements of a lasting
character, the cost of which shall be payable from
collections of general tax levies upon taxable properties.
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 such 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 dnless the collections of moneys from
other sources pledged to their payment are not received
and such taxes are required to be levied by Minnesota
Statutes, Section 475.61, Subdivision 3.
Ordinance No. 843
page two
Section 3. This ordinance shall take effect and be in force
from and after thirty (30) days after its passage.
First Reading:
Second Reading:
Offered by:
Seconded by:
Roll Call:
December 22, 1975
January 12, 1976
Logacz
Heintz
All Ayes
Bruce i~. Nawrocki, Mayor