HomeMy WebLinkAboutOrdinance 94 Being an Ordinance e~_t!~ted An Ordinance authorizing
the sai~ by i..ha City Treasuer of ~,500.00 E~P~ergency Debt
Certificate".
Whereas owing to the excessive deii~_~quency in the receipts
from taxes and other sources, the receipts from ta~zes and
other sources h~ve for such uuforseen causes became
insufficient for the o~d~n=ry expenses of thc~ City :nc the
City is without funds to carry on .and pay the cost of City
Goverm~ent u. nd to pay the awards ~:'~-de to .r op~rty or:nets for
lands taken for the construction of Univeraity A~enue i~i.E.
This Cou:~cil hereby and u~zder this presa'~bie declares
z~.~edla~e preservation of
that an emergenc~~ e~zists for the ' ' '~ ~
the public puace and safety and that. in order to promptly
meet such emergency it is necessary to pass 0rd?ta:~_ce .... er
~ as an emcr2~ency ordi::ance.
Adopted by the Cou~cit " - ~.~ ~ -
Wiled and receiw~d this ~ ~ day of "~
Nayes
ieSi
May~
AN ~RD±~:Pz,:~E AL'THORiZiliC TI61 Sfdll BY THi. CITY TRE~kSUF.~R OF
~8,500.00 i!~Oi{CY D~T CERTiF!C TE
The City of Col'~abia Heights does Ordain:
Section !. That the City Counoit of the City of
Col'umbia Heights, .~ i~n=:sota, does he:-eby autlhcrize the
sale by the City Tre:.surer of ,:~£,500.00 ~ikaergency 3cbt
Certificate to be ds. tod the ~ m-' day of ~ -~ 1931, to
bear interest at the rate of six per cent per annum, interest
to be payable at the maturity of said Certificate, to be in
nvm~ber, One (t) and skaii be paF b!e as tc both _}ri-acip~l and
interest at the Columbia National Bank, ~nd skat! ~a~ur,~
That said certificate shall be in substantially the
fot!~ing form:
D!~iTEi. i STATES OF ~U. iR!CA
STALE OF MINNESOTA
COUfTY OF ~2~OilA
CITY OF COL~31A PL~E!GHTS
Z~G~CY DEBT C~TiFiCATE
No. ! {8,500.00
This is to certify that the City of Co!'~abia Heights,
in the County of ~m_oka and Svase of Mixne~ta, is inae~ted
to and for value received hereby promises to pay ~ the
bearer hereof the sum of Two thousand five hundred and no/lee
Doltar~, (~ ~00.00) at the Cotm~bia Nation~ Bank, with
interest thereon fro~z the date hereof until paid at the rate
of six per cent per annum, upon presentation and surrender of
this certificate.
This gertificate for %~,~00.00 is issued by said City of
Columbia Heights, }[innesota, to provide for temporary
deficiencies in the revenues of said City, the receipts from
taxes and other sources having from ~forseen causes become
insufficient for the ordinary expenses of the City ana ~
pay the awards made to property owners for lands taken for
the construction of University Aw~nue }[.E. and i~ issued
pursuant to the Cxarter of the said City and the Constitution
and laws of the State of Hi~nesota ther6unt~ cna!ling and in
full conformity the2ewit.~, in accordance with the provisions
of Ordinance ~,~tm~ber ~ .
It is hereby Certified and Recited that all acts,
conditions and things required by tied C[~arter of said City
and by the Constitution and laws of the State of Minnesota,
to have been done, to have happened and to have bean per-
formed 1orecedent to and in issuance of this certificate
been done, have happened and have been'performed in relier
and due form, times end manner and that this certificate,
together with all other indebtedness of the said City ~ut-
standing on the date hereof, does not exceed any constitutional
statutory or charter iimita~ion of indebtedness.
~' ~oka
In Witness Whereof, said City of Colu~bia n~zghts,
County, Minnesota, by its Council, has caused this certi~ cate
to be executed in its behalf by the Mayor and City
and co~tersign~d by the City Clerk, and sealed with its
official sea~, ~_d has caused this certificate to be dated
as of ~-~ , / ~,~' 1931.
/
Section 2. That t}'.is certificate shall be executed in
behalf of said Oity by the }~{ayor and City '~ ~ -
signed by the City Clerk, and sealed with the official seal
or said City and the full faith, credit and resources ~ of
said City shall be ~nd hereby are irrevocably pledged to the
prompt and full pay:;~ent of both the principal and interest
of said certificate when it becomes due.
Section 3. Th:~.t the City Tre:surer be and she hereby
is authorized and directed to sell said certificate at not
less than par value and accrued inter,st.
Section 4. That this Council hereby declur.3s that aa
emergency exists for the prompt issuance of said Emergency
Debt Certificate owing to the fact that the receipts from
taxes and other sources have fror~ unfar seen causes beco~'.~
insufficient for the ordinary expenses of the City, and to
pay the awards made to property owners for lands taken for
the co~struction of University Avenue, ~. .
Passed by the Council
Filed amd R~corded
Section 5. That this ordinance being necessary for ~he
~ea!th and
i~.iediate preservation of the public peace, ~.
safety is hereby declared to be an emergency ordinance s~d
shall take effect i~r~ediately u'~on its passace.
~ayor