HomeMy WebLinkAboutOrdinance 553O~DINANCE NO. ~3
AN 0~DINANC~ PROVIDING FOR THE ISSUANCE OF
i~120~000.00 in Municipal State Aid Street Bonds.
CITY OF COLU~IA t~!GHTS DOES ORDAIN:
Section !. It is necessary and e×pediant fo~ the City of
Columbia Heights to borrow the sum of ~t20~000.00~
by issuing and selling its Municipal State Aid general obligation
bonds in that amount and using ~he proceeds thereof to maintain
the City's Municipal State Aid Street Fund~ and thereby to provide
funds for improvements of a lasting character~ including installation
of paving~ street openings and acquisitions. 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 details as shall be prescribed
by resolution of the City Counci!~ and shall bear interest at the
lowest rate or a~erage rate obtainable upon a public sale thereof.
Section 2. Said bonds shall be issued pursuant to the provisions
of Minnesota Statutes~ Section i62.!8~ and shall
be general obligations of the City. The City shall annually eliminate
or reduce any ad: valorem tax levy made for the payment o£ principal
and interest on such bonds to the extent permitted by the use of
funds received from the State of Minnesota as the City's municipal
state aid allotment.
Section 3. This ordinance shall take effect and be in force
from and after thirty (30) days after its passage.
~irst reading: 22nd day of October, 1962
Second reading: 26th day of October, 1962
Offered by Kin~
Seconded by Orendorff
Roll Call - Ail Ayes.
Secretary
MAYOR