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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