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