HomeMy WebLinkAboutOrdinance 5350RDI!'~AI~CE I~f0. 535.,.
AYT OZtDI$~ANCE PROVIDZ~¢G FOR THE ZSSUA~_~!'CE OF
~52~,000 OF BONDS FOR THE ACQUISITION OF
LA}~D A~D IMPROVEMEI'~T THEREOF AS PAPJCS WITH!H'
THE CITY OP COLUMBIA HEIGHTS.
THE CITY COUt'{C!L OF THE. CIiiY OP COLU~,~IA HEIGHTS DOES ORDAIN:
Section !. That it is necessary and expedient for the City
of Columbia Hez~:hts to borrow the sum of 2J,
{~5 000 by zssuing and
sell.tNT its negotiable coupon general obligation bonds in that
amount 'and using the proceeds thereof to acquire and improve certain
tracts of land as part of the Park System for said City, and,
subject to the referendum po~.,zers of the people, said bonds shall
be issued, sold, ae_d delivered as soon as may be after this ordinar.~ce
takes effect, such bonds to bear date of issue, date of se~'~iai
maturitios and be in such form and detail as shall be presc?ibed
by resolution of the city council, and shall bear i~xterest at the
lowest rate or average rate obtainable upon a public sale thereof.
Section 2. Said bonds shall be the general obligation of the
City of Columbia Heights and secured b~ a pledge of the full faith
and credit and unlimited taxing powers of the said City.
Section ~. This ordinance shall take effect and be in force
from and after thirty (50) days after its passage.
First Reading: November 13~ 1961
Second Reading: November 27, 1961~~2~.~~~~_~
Offered by Na~rO~ki.7 Mayor
Seconded by Mc.CLine
Roll Call - Ail Ayes.
Secretary to City Council