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HomeMy WebLinkAboutOrdinance 714STATE OF MINNESOTA) )SS. COUntrY OF ~OKA ) ORDI:~ANCE ,,~ ~.. 714 I, Janet ~ristenson, b~ing th~ duly qualified and acting Secretary of the Council of ~/~e City of Columbia Heights, Anoka County, ~~inne~ota, h~reby c~rtify Attached hereto iz a full, true, and correct copy of Ordinance ~o. ~14 of th~ City of ColeS>ia ~eiqhts as finally pa~sed and approved by ~ Council of said City, and as recorded by me in the Ordinance Book of ~aid City; Said Ordinance was introduced in ~vriting and given its first reading at a me,ting of th~ City Council duIy called and held on Septem~er 8, 196~, at which a quorum was preset; Said Ordinance, as so proposed, was duly publishe(~ in the Columbia }~etghts ,' .~un, the official ne~.~spaper of the C~ty of Coted)ia Heights, on October i, !969; Said Ordinance wa~ given its second readi~g at a meeting of the City Council duly called and held on September 22, 1969, at which at least four-fifths of all me~i~er~ elected to ~he City Cotmc~l ~ere present, and all members present ~ure recorded as voting aye on its passage: and Said Ordinance as finally passed and approved was publtshe~ in the Columbia F.~lght~ Sun on October 1, 1969. WITNESS m~ hand and the official seal of said. City this 1st day of October, 1969. ORDINANCE NO. 7]4 AN ORDINANCE PROVIDING FOR THE ISSUAI~CE OF $650,000 OF BONDS FOR MAINTAINING THE CITY'S PERMANENT IMPROVEMENT REVOLVING FUND THE CITY OF COLUMBIA 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, genera.[ obligation bonds in the amount of $650,000 to maintain the city's Permanent Improvement Re- volving Fund, and thereby to provide funds for the construction of public improve- ments of a lasting character, including improvements to the city's water utility and acquisitions of property needed in connection therewith, the cost of which shall be payable from collections of special assessments to be levied upon prop- erties specially benefited thereby~ and in an amount not exceeding two percent of such principal amount to represent interest, as authorized by Minnesota Statutes, Section 475.56. Subject to the referendum powers of the people, the 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 lowest net average rate obtainable upon a public sale thereof. Section 2. The bonds shall be secured by a pledge of the full faith and credit and unlimited taxing powers of the Ctty~ but no taxes will be levied for the payment of such bonds and the interest thereon unless the collections of the special assessments and other sources pledged to their payment are not sufficient therefor and such taxes are required to be levied by Minnesota Statutes, Section 475.61, Subdivision 3. Section 3. This ordinance shall take effect and be in force from and after thirty (30) days after its passage. First reading: September 8, ]969 Second reading~ September 22, ]969 Offered by: J es ka Seconded by: K i m g Roll call: A]] Ayes Secretary to the Counci~ Mayor