HomeMy WebLinkAboutOrdinance 368 ORDINANCE NO. 638
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$18,000 GENERAL OBLIGATION FIRE DEPARTMENT
BONDS OF THE CITY.
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
Section 1. It is necessary and expedient for the City of Columbia
Heights to borrow the sum of $18,000 by issuing and
selling its negotiable coupon general obligation bonds,
in such amount for the purpose of providing funds to
purchase a Fire Truck, 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 specified
by such purchaser.
Section 2. Said bonds 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 urincipal
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 - November 28, 1966
Second Reading - December 12, 1966
Offered by: Jeska ~
Roll Call - All Ayes. ~//
Secretary of 'the 'C'6uncil ·