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HomeMy WebLinkAboutOrdinance 609 ORDINANCE NO. 609 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $90,000 GENERAL OBLIGATION LIBRARY BONDS OF THE CITY, THE CiTY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. tt is necessary and expedient for the City of Columbia Heights to borrow the sum of $90,000 by issuing and selling its negotiable coupon general obligation bonds in such amount for the purpose of providing funds to remodel and construct, furnish, and equip an addition to the City library building and, subject to the referendum powers of the people, said bonds shall be sold at public sale and issued and delivered to the purchaser thereof after this ordinance takes effect, such bonds to bear a date of issue, dates of serial maturities, and be in such form as shall be prescribed by resolution of City Council, and shall bear interest at the rate or rates spec- ified by such purchaser. Section 2. Sai~dbonds shall be general obligations of the City and shall be 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 taxes otherwise required to be levied for the payment of the principal of and interest on said bonds by the amounts of moneys, if any, pledged or appropriated to the payment of such bonds and interest by resolution of the City Council. Section 3. This ordinance shall take effect from and after thirty (30) days after its passage. First reading - October 11, 1965 Second reading - October 25, 1965 Offered by King Seconded by Jeska Roll Secretary of the Council