HomeMy WebLinkAboutOrdinance 680Ot~DIN~NCE NO. 680
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$100,000 of Municipa~ STATE AID BONDS FOR THE
PURPOSE OF ESTABLISHING, LOCATING, RE-LOCATING,
CONSTRUCTING, RE-CONSTRUCTING OR IMPROVING STATE
AID HIGHWAYS OR STREETS iN T~ CDTY OF COLUMBIA
HEIGHTS, MINNESOTA.
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
Section 1. That it is necessary and expedient for the City of
Columbia Heights, to borrow the sum of $100,000 by
issuing and selling Municipal State Aid Bonds in that
amount and using the proceeds thereof exclusively for
the purpose of establishing, locating, relocating, constructing,
reconstructing, or improving state aid highways or streets within
the City of Columbia Heights in accordance with Law° That said bonds,
shall be issued sold and delivered as soon as may be after this ord-
inance takes effect, such bonds to bear date of issue, date 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. That the City of Columbia Heights irrevocably pledges to
the sinking fund from which said obligations are payabl,e,
that amount of their future State-Aid allotments as is
permissable by Law and needed to pay the principal and interest
thereon; which principal payments shall be made from the construction
account of such State-Aid Fund and the interest payments made from
their regular State-Aid Maintenance allotment.
Section 3. This ordinance shall take effect and be in force from
and after thirty (30) days after its passage.
First reading: September 9, 1968
Second reading:September 23,1968
Offered by - Land
Seconded by - Jeska
Roll Call - Ail Ayes.