HomeMy WebLinkAboutOrdinance 617ORDINANCE ]'~0. 617
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$ 50,000 OF BONDS FOR IMPRO~T OF
THE CITY'S WATER UTILITY
THE CITY OF COLL~4BIA 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 water revenue bonds pursuant to Minnesota Statutes~ Section 444.075~
in an amount not exceeding ~0,000~ to provide funds to improve the City's
presently owned water utility by proceeding with approved construction and leases
for the necessary expansion of 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 reasonably necessary after this ordinance takes effect~
such bonds to bear date of issue and dates of serial maturities~ to be in
such form and detail as shall be prescribed by resolution of the City Council~
and to bear interest at the l~¢est net average rate obtainable upon a public
sale thereof.
Section 2. Said bonds shall be secu~-ed by a pledge of the full faith
and credit"' and unl~imited taxing powers OF the City; but said bonds shall be
payable primarily from the net revenues of the City's water utility~ the
estimated collections of which are estimated to be sufficient to provide funds
at the times and in the amounts required by Minnesota Sta. tutes~ Section 475.61~
Subdivision l~ to pay the principal and interest when due and to maintain an
adequate reserve for that purpose.
Section 3. This ordinance shall take effect and be in force from ~nd
after thirty (30) days after its passage.
First reading: February 14, 1966
Second readings. February 28,1966
Offered by: Jeska
Seconded by: King ~.- 7 /
Secretary ~o the Council