HomeMy WebLinkAboutOrdinance 534ORDINANCE NO. 534
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$190,000 OF MUNICIPAL STATE AID BONDS FOR
THE PURPOSE OF ESTABLISHING,LOCATING, RE-
LOCATING, CONSTRUCTINg, RECONSTRUCTING OR
IMPROVING STATE AID HIGHWAYS OR STREETS IN
THE CITY OF COLUMBIA HEIGHTS.
THE CITY COUNCIL,OF THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
~Section 1. That it is necessary and expedient for the City
of Columbia Heights to borrow the sum of $190,000 by issuing and
selling municipal state aid bonds in that amount and using the
proceeds thereof exclusively for the purpose of establishing,
locating, relocating, constructing, reconstructing, or improving
State Aid highways or streets within the City of Columbia Heights
in accordance with Law. That 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, date 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. That the City of Columbia Heights irrevocably
pledges to the sinking fund from which said obligations are payable,
that amount of their future State-Aid allotments as is permissable
by law and needed to pay the principal and interest thereon;which
principal payments shall be made from the construction account
of such State-Aid Fund and the interest payments made from their
regular State-Aid Maintenance allotment.
Section 3. This ordinance shall take effect and be in force
from and after thirty (30) days after its passage.
First Reading: November 13, 1961
Second Reading: November 27, 1961
Offered by Orendorff
Seconded by King
Roll Call - Ail Ayes.
Secretary to City Council