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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