HomeMy WebLinkAboutOrdinance 525ORDINANCE NO. 525
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
650,000 OF BONDS FOR CREATING AND P~INTAINING
~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 the sum of $~5~00~ by issuing and
selling its negotiable coupQn general obligation bonds
in that amount and using the proceeds thereof to create a
and maintain the City's Permanent Improvement Revolving Fund,
and thereby to provide funds for improvements of a lasting
character, indluding installation of paving, curbs gutters,
storm sewers, street openings and acquisitions, and water
line and sewer line extensions.anAnd, tsub~.ect 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
detail as shall be prescribed by resolution of the City
Council, and shall bear interest at the lowest rate or
average rate obtainable upon a public sale thereof.
Section 2.
Said bonds shal133be the general obligation 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 or reduce the tax levies needed for
such purpose by 'the imposition, collection and appropriation
of special assessments on properties benefitted by the
improvements made with such moneys as hereafter to be
ordered and prescribed.
Section 3.
This ordinance shall take effect and be in force from
and after thirty (30) days after its passage.
First Reading: May 22, 1961
Second Reading June 12, 1961
Offered by:
Seconded by:
Roll Call -
Orendorff
King
Ail Ayes.
SecretKry to City Council
MAYOR