HomeMy WebLinkAboutOrdinance 549ORDINANCE NO. 549
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
8400,000 of Bonds FOR CRE~TING AND MAINTAINING
THE CITY'S PERMANENT IMPROVEMENT REVOLVING FUND.
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
Section 1.
It is necessary and expedient Eor the City of Columbia
Heights to borrow the sum of $400,000 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 openings and
acquisitions, and water line and sewer line extensions.
And subject to the ~eferendum powers of the people,
said bonds shall be issued, sold and delivered as soon
as m~y 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 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
annually eliminate or reduce the tax levies needed for
such purpose by the imposition, collection, and approp-
ria~pn of special assessments on properties benefitted
by the improvement made with such moneys as hereafter to
be ordered and prescribed.
Section 3,
This ordinance shall take effect and belin force from
and after thirty (30) days after its passage.
First reading: ~eptember 10, 1962
Seconda~IReading: September 24, 1962
King
McCline
offered by:
Seconded by:
Roll Call - Ail Ayes
Secretary to City Council