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