HomeMy WebLinkAboutOrdinance 486ORDINANCE NO. 486
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$750,000 of BONDS FOR CREATING AND MAINTAIN-
ING THE CITY'S PERMANENT IMPROVEMENT REVOLV-
ING FUND.
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 $750,000 by issuing and
selling its negotiable coupon general obligation bonds in that
amount and using the proceeds thereof to create and maintain the
City's Permanent Improvement Revolving Fund, and thereby to provide funds
for improvements of a lasting character, including installation of
paving, curbs, gutter~, storm sewers, street openings and acqui-
sitions, and water line and sewer line extensions and a trunk san-.
itary sewer and, subject to the referendum powers of the people,
said bonds shall be issued, sold and delivered as soon as may
be after this ordinance takes effect, such bonds to bear~date of
issue, dates of serial maturities, and be in such form and details
as shall be prescribed by resolution of the City Council, and shall
bear interest at the lowest rate or average rate obtainable upon s.
public sale thereof.
Section 2. Said bonds shall be the general obligations of the
City and secured by a pledge of the full faith and credit and unlimited
taxing powers of the City, but the City shall annually eliminate cr
reduce the tax levies needed for such purpose by the imposition,
collection an~ appropriation of special assessments on properties
benefited by the improvements made with such moneys as hereafter
to be Qrdered and prescribed.
Section 3. This ordinance shall take effect thirty days
after its passage.
First reading: April 11, 1960
Second reading: April 25, 1960
Offered by: King
Seconded by: McCline
Roll Call - All Ayes.
Secretary to City CounCil