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