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HomeMy WebLinkAboutOrdinance 666ORDINANCE NO. to AN ORDINANCE APPROPRIATING MONEYS ON HAND IN THE CITY'S STOP~ SEWER FUND TO PAY THE COST OF AN IMPROVEMENT TO THE CITY'S WATER DISTRIBUTION SYSTEM AND THE COST OF ACQUIRING CERTAIN FIRE FIGHTING EQUIPMENT The City of Columbia Heights does ordain: Section 1. The City has heretofore issued its general obligation Storm Sewer Bonds of 1965, dated October 1, 1965, in the total principal amount of $915,000, the proceeds of which have been deposited in the City's Storm Sewer Fund and used to pay the cost of improvements to the City's storm sewer system, and has levied ad valorem taxes on all taxable property in the City to pay the principal thereof and interest thereon when due. It is hereby found and deter- mined that there is now on hand in said Fund from the proceeds of said bonds, the sum of $118,650 which will not be ~eeded to pay the cost of improvements to the City's storm sewer system, and which is available for and may be devoted to another public use, pursuant to Minnesota Statutes, Section 475.65. Section 2. There is hereby appropriated from such proceeds the sum of $!00,650 to pay the cost of improving the City's water distribution system. A like principal amount of said Storm Sewer Bonds is hereby declared to be payable from the net revenues of the City's water utility on a parity with the $260,000 General Obligation Water Revenue Bonds of the City dated October 1, 1965, and the $50,000 General Obligation Water Revenue Bonds of the City dated April t, 1966 now outstanding; and there shall be transferred to the siPPing fund established for the payment of said Storm Sewer Bonds from the water utility fund on or before October l0 in each year, net revenues sufficient to pay a pro rata Portion, to-wit~ ll percentof the principal amount of the Storm Sewer Bonds coming due in the nez~ succeeding calendar yea~ and the interest thereon; and the taxes levied for such year to pay such principal and interest shall be reduced by the amount so trans- ferred~ and only the bslance thereof certified to the County Auditor. Section 3. There is also hereby appropriated from such proceeds the sum of $18,000 to pay the cost of acquiring fire fighting equipment for the City. Section 4. This ordinance shall take effect thirty (30) days after its passage. First Reading - October 9, 1967 Second Reading - October 23,1967 Offered by - Jeska Seconded by - Logacz Roll Call - All Ayes. Secretary to the Council 1 ~RUCE G NAW~OCKi, Mayo