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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