HomeMy WebLinkAboutOrdinance 602 ORDINANCE NO. 602
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
8900,000 OF BONDS FOR IMPROVEMENT OF
THE CITY*S WATER UTILITY
THE C~Y OF COLUMBIA HEIGHTS DOES ORDAIN:
Section 1. It is necessary and expedient for the City of
Columbia Heights to borrow the sum of $900,000 by issuing and selling
its negotiable coupon general obligation bonds in that amount and
using the proceeds thereof to improve the City's presently owned
water utility by proceeding with approved construction and leases
in conjunction with necessary expansion to the water supply and
distribution system, 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
upon a public sale thereof.
Section 2. Said bonds shall be the general obligations of the
City and secured by a pledge of the full faith and credit and un-
limited taxing powers of the City, but the City shall annually
eliminate or reduce the tax levies needed for such purpose by the
imposition, collection, and appropriation of earnings of said water
utility.
Section 3. This ordinance shall take effect and be in force
from and after ~hirty~ (30~r~days after its passage.
First reading:
Second Reading:
Offered by:
Seconded by:
Roll Call -
June 8, 1965
June 14,1965
Nawrocki
Orendorff
Ail Ayes.
Secretary to the Council ~ --