HomeMy WebLinkAboutOrdinance 616ORDINANCE NO, 616
BEING AN ORDINANCE PROVID~G FOR THE ISSUANCE OF
~50,0000F BO~'~S FOR CREATING AND MA]I~TAINING
THE CITY'S PERMANENT IMPROVEMENT REVOLVING FUND.
THE CITY OF COLUMB]L& HEIGHTS DOES ORDAIN:
Section 1. It is necessary and expedient for the City of Columbia
Heights to borrow money by issuing and selling its negotiable coupon~ general
obligation bonds in an amount not exceeding ~50,009to maintain the city's
Permanent Improvement Revolving Fund~ and thereby to provide funds for the
construction of public improvements of a lasting characters including install-
ation of storm sewers and acquisitions of property needed in connection therewith~,
the cost of which improvements is payable from collections of special assessments
to be levied upon properties especially benefited thereby; and, subject to the
referendum powers of the peoples said bonds shall be issueds sold and delivered
as soon as reasonably necessary smiter this ordinance takes effec% such bonds
to bear date of issue and dates of serial maturities~to be in such form aud
detail as shall be prescribed by resolution of the City Council~ and to bear
interest at the lowest net average rate obtainable upon a public sale thereof.
Section 2. Said bonds shall be secured by a pledge of the full faith
and credit and unlimbered taxing~-powers of the City; but the City may annually
eliminate or reduce the tax levies needed for such purposes if anys by
certifying to the county the amount then on hand in the sinking fund and appro-
priated in lieu of taxes for payment of the bonds in accordance with Minnesota
Statutess Section 475.61s Subdivision 3.
Section 3- This ordinance shall take effect and be in force from and
after thirty (30) days after its passage.
First Reading: February 14, 1966
Second Reading: February 28,1966
Offered by: Land
Seconded by: Jeska
I~oll Call: All Ayes.