HomeMy WebLinkAboutResolution 24-09 adoption.0~tr~nder offers the following resolution/and moves for its.
~Wnereas, the emergency Certificates a£ indebtedness heretnaft~
referred to are about t~ m~tu~e, an the City is with&ut funds to pay
the principal thereof, and to av~i~k default therein an emergrncy exists
V£hereas this city did under data of December I, 1922 duly
issue and sell its emergency Certificates of Indebtedness to the amount
of $ 20,00O,0O payable Decenber I,I923, with interest at the rate of 8
per centper annum~, payable at maturity,and the purchase price thereof ~ ~
was paid into the clty,s treasury and used for the purposes for which
said cretificates were issued, and · ~
Whereas,$ 8,000.00 of said Certificates are now outgtanding
and unpaid and cons2itute the city's valid obligations, and
.'ffhereas, m tax suffic~mnt .to redeem all such certificates at'
matu~rity ham been duly levied as part of the budget 'for the year follow
lng the issuance of said certificates ~nd has not been collected, ~nd
will not be available to pay such certificates until after maturity, ~u
and there will not be other funds in the city's t~easu.ry available w~-ith
which to pay the principal of such certificates on DecemberI,I923 and
Whereas, the owner and holder of said certificates has
expressed a willingness to forebear from enforcing payment of said certi
ficates until the proceedS, of the tax levied for their payment shall
have been realized,but not late~ than December I,I925, on condition
that the city Will give thirty days written notice in advance of its !:'.:
intention to pay said certificates prior to December !,I925 and 'that
on the payment of the princii~al of said certificates the city pay in
addition to the principal, interest thereon at the rate of 8per cent
per anntun, from December I, I924, and
~Vhereas, there will be mony in the city's t~easury on
December Z, I925 with which to pay,the~interest on said certificates
which will then be due, ~"
l~ow, therefore Be it resolved,
(~) That the proceeds of the tax heretofore levied for the
purpose, where recieved, be apFlied to the payment of the principal
of said certificates on or before December I, I925 t?~t thirty days
written notice of any intention to make such payment in advance of
December ~, I925 be given the Metropolitan National Bank of ~inneapolis
Minnesota, where such certificates are payable, and that on the payment
cE such certificates, there shall also be paid interest at 6 per cent
pe~ annum from December I, I92~, and that proper appropriations for such
payment be seasonably made;
(2) That a certified copy of this resolution be given the
said ~et2opolitan l~ational Bank for the owner and holder of said certifi
cates, to evidence the arrangement in reference in thereto.
(3) This resolution, begin necessaryi'or the i~ediate
preservationof the public peace,health, or safety, shall take effect
immediately on its passage,
~.Ifatt Ledwein seconded the motion to adopt said resolution
and the rollhbeing called, the same was adopted by the following
vote:
Nays none.
Signed this 9th day of December I924.
Mayor'