HomeMy WebLinkAboutOrdinance 93 Being an Ordinance entitled" An Ordinance authorizing
the sale by the City Treasurer of~z,~ $00.00 Emergency Debt
Certificate."
Whereas owing to excessive delinquency in tt~e receipts
from taxes and other sources, the receipts fzom taxes a~d
other sources have for such unforseen causes become
insufficient for the ordinary expenses of the City and the
City is without f~ds to carry on and pay t~ cost of City
Gover~ent and to pay the awards made to ~opertv o~ers for
lands taken for the construction of Univez~sity Avenue N.E.
This Co~cit hereby and under this preamble declares
that ~ emergency exists for the i;~ediate preservation
or the public peace and safety and that in order to
pro~tly meet such emergency it is necessary to pass
Ordinance if~ber ~ as an~emer~jency Ordi~-~ance.
Adopted by the Co,oil
~iied ~d received this " d.y of ~ _ !~1
~yor
AN 0RDIiI~CE AUTi~ORIZii.{G T~ SALE BY THE CITY Tlil]ASURER OF
500.00 ~.qlqG ifCY DEBT
The City of Columbia Heights does Ordain:
~eot.ion 1. That the City Council of the City of
Columbia Heights, Minnesota, does hereby authorize the sale
by the City Treasurer of ~,500.00 Emergency debt Certifi¢:te
to be dated the :w~ day of 19~1, to
bear interest at the rate of JPie~ per annum, inte_~ezt to be
payable at the maturity of said Certificate, to be in n~mber
One (1) and shall be payable'as to both principal and interest
at the Columbia Natio:~ai Bank and shall mature'~ ~- . ~_:
That said certificate shall be in substantially the
following form:
tY:ITED STATES OF .42%ZRICA
STATE O?
COU_/TY OF
· CITY OF COLiP.~IA i~I~HTS
EI[ERGE:{CY DEBT ~T±F.~CAT~;
No. ! ~2,500.00
This is to certify that the City of Coltm~bia Heights,
in the County of Anoka a~d State of ~{i~neso~a, is indebted
to and for value received hereby promises to pay to the
bearer hereof the smsa of Twn Thousmmd Five H~ndred and
no-lO0 Dollars (~2,500.00), at Cot~nubia National Bank, v~th
interest thereon from the date hereof until paid at t~ rate
of six per cent per anntun, upon presentation and surrender
of this certificate.
This Certificate for ~2,500.C0 is issued by said City of
Coim,~bia Heights, ~innesota, to provide~.for ~emDorary
deficiencies in the rew~nues of said City, the receipts from
taxes and other sources having from unforseen causes become
insufficient for the ordinary expenses of the City and to
pay the awards made to property owners for lands taken for
the construction of University Avenue, ~.E., and is issued
pursuant to the Charter of the said City and the Constitution
and laws of the State .of ~£innesota thereur~to enabling a?_d in
full co~formity thez~ewith, in accordance with the provisions
of Ordinance ~f~amber ~ ~ .
It is hereby Certified and Recited that all acts,
conditions ann things required by the Cherter ofsaid City
and by the Constitution and laws of the State of ~{innesota,
to have been done, to have happened and to have been per-
formed pre.cedent to ~ad in issuance of this certificate have
been do~e, have ha:pened and hay. been perfo~nued in regular
and due form, ti~_es and manner and that this certificate,
w~ ali o onez indebtedness of tbs said Ci'ty out-
together "~ '~' -~
standing on the date he:?eof, does not exceed any constitutional
statutory or charter limitation o~ indebtedness.
In Witness Whereof, said City 'of Coltm~bia Heights, Anoka
County, ?.ianesota, by its Council, has caused this certific.'te
to be executed in its behalf by the ~fayor ann' City '~a~ nager~
and co,antersigned by the City Clerk, and sealed with ~s
official sea!, and has caused this c~rtificate to be dated
/~ .... 1931.
as of ' ~/'
Section 2. That this certificate s.z~±i be executed in
beh~f of said City by the }~,:ay.r and City ~fana~er and counter-
signed by the City Clerk, a~~d sealed ~ith the official seal
of said City and the full faith, credit and res~urces of
said City sh~!l be and hereby are irrevocably pledged to the
~rompt and full payment of both th~ principal and interest
of said certificate when it becomes due.
Section 3. That the City Treasurer be and she hereby
is authorized and directed to sell said certificate at not
less than par value and accrued interest.
Section 4. That thi~ Council hereby declares that an
emergency exists for the prompt issuance of gaid Emergency
Debt Certificate owing to the fact that the receipt s from
taxes ~nd other sources have fro'~ urn_for seen causes beconase
insufficient for the ordinary expenses of the City, and to
pay the awards ~'~ade to property ow,~ers for lands taken for
the construction of Unive~sity
Section ~. That this ordi~a~;~ce being necessary for the
i~:nuediate preservation of thc public peace, health and
safety is hereby declared to be an em~rgancy ordinanca and
shall take effect i_mediately u-con its passage.
Passed by the Cotuuci!
Filed and recorded
~Mayo r