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HomeMy WebLinkAboutOrdinance 586ORDINANCE NO. 586 BEING AN ORDINANCE PROVIDING FOR THE ISSUANCE OF 8350,000 of Bonds for CREATING AND MAINTAINING THE CITY'S STORM SEWER FUND. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. It is necessary and expedient for the City of Columbia Heights to borrow the sum of $350,000 by issuing and selling it's negotiable coupon general obligation bonds in that amount and using the proceeds thereof to create and maintain the city's Storm Sewer Fund, and thereby to provide funds for improvement of a lasting character, including installation of storm sewers and property acquisitions, in conjunction therewith. And, subject to 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 uppn 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 may annually eliminate or reduce the tax levies needed for such purpose by the imposition, collection, and appropriation of special assessments on properties benefited by the improve- ment made with such moneys as hereafter to be ordered and prescribed. Section 3. This ordinance shall take effect and be in force from and after thirty (30) days after its passage. First Reading: Second Reading: Offered by: Seconded by: Roll Call - August 24, 1964 September 14, 1964 Land King All Ayes Secretary to City Council MAYOR