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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 ~ --