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HomeMy WebLinkAboutOrdinance 546ORDINANCE NO. 546 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $650,000 of Bonds FOR CREATING AND MAINTAIN- ING THE CITY'S PERMANENT IMPROVEMENT REVOLVING FUND. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. Section 2. Section 3~ It is necessary abd expedient for the City ~f Columbia Heights to borrow the sum of $650,000 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 improvement of a lasting character, including installation of paving,curbs, gutters, storm sewers, street opening s and acquisitions, and water line and sewer line extensions, And, subject th 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. Said bonds shall be 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 such purpose by the imposition, collection, and appropriation of special assessments on properties benefited by the improvement made with such moneys as hereafter to be ordered and prescribed. This ordinance shall take effect and be in force from and after, thirty (30) days after its passage. First reading: May 28, 1962 Second Reading: June 7, 1962 Offered by: Orendorff Seconded by: Nawrocki Roll Call - Ail Ayes. retary to City Cou'ncil