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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