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HomeMy WebLinkAboutOrdinance 97 _ ,,za_.~ance authorizing Being an 0~dimance entitled t'he sale b~ the City ~reasurer of ~.,~,000 O0 E,.uer:ency ~e~t~ficate" Debt ~ ~ ' . Whereas cwinc to the excessive aelinquincv in the receipts from taxes ~d other ~u_c~s, recei.vt s from tastes and ot~,SL~ so'drces ~ave for such insufficient for the ordinary e~:oe:,_ses of the City and the City is ~:ithout ~u~ds to c:.~r~ on and pay the cost:of City Gover~ent ~nd to furnish re! ~ to the your .... ' de-~e':dant, This Council that an embrgency exists for the i:,~uedia~te oreservaticn of the public '2eec. ce '.i?~d safety xnd t.~.: in otter to ~:rom-2~!¥ meet such emergency it is necessary to vass Ur~n~=nce Number ~ as an emergency ordz~ ~ce. Off ar.sd by ~-~-' ' ': Second Adopted bv the Council Filed and received D /~( 193~ $2,000.00 The City of ColUmbia Heights does Ordain: Section'!. That the City Council of th~ City of Col~abia Heights, ~. r_nesota, doe~ hereby authorize the sale by the City Treasurer of ;~2,000~O0~aerAency Debt Certificate to be dated the ~/.. day of (,.f~ ,~ 19,!7' to bear int~r~st ~t the rate of six ~er qent per annmm, interest to be payable at the maturity of sa~d Certificate -- to be in n~aber, one (!), and shall %e :.~ayable as to both ~rincipa! und ~terest at the Coi~_m~bia ?aticxa! Bank, e~nd shall mature . .-~ :., /~ !93~. That s~iC/certifi3ate shell be in su~;.stui~zia!tV Zhe foilowi;~g form: CiTY ~ COL!~!~iA KE!ONTS No 1 82 000 O0 This is vo certify that vhe City of Ccttu4bia in the Cou~.ty cf .eno:ca and SZa~te of ~i~neseta, is znae~:~ted to aha f~r v lue received hereby ~cmis.~s to pa~ to the bearer hereof the sram of Tv, o Thba:::~and ~" 000 0 Ci) DO]lars' at zho Coiu~ubia National Ban; , ~:ibh inte:~est thereon z_'o,~ the date hereof u:~til 3aia a'~i 'he :~,t~t,3 of six p~r cent ?er annu:u, u:3on presentation aha surrender of this certific'::~te.~ . This Certi~lc~xt.~ for ~ 000 O0 is is~uea Co!~mP~b&a i~ei kts~ ~'i-cnesot~ to vrovio, e for temporary deficiencies in the revenues of ~a'kd City, the receivts from taxes axe other sources havin{x~ fror~ unfors{en insufficient for the ordinary ex'}enses of tl~e City and is ' ~ty and the issued lursuant to the Charter of tho ~ami w= Constitution and l~iws of the State of ~'ilnesota thereunto enab!i~6 end in full co!for_ ity therev~ith~ in a':cord~':nce with the provisions of Ordi.lance ?umber ~2 · It is hereby CoPt!lined and Recited ~t i~ acts, coqditions and things reouired_ by th~ Cheroot of C Co~stitutizn c:nd !:scs of the o~ate of ,~znnesota~ s.~ been doue~ to have hag~oned and; to have been perforr,ed 3Pecedent to and in issuance of this certificate kayo been aha have been performed in regute, r and due form, ti:zes and v~a~ner and that this certifLcr, te, together with all other indebtedness of the sold City outst:andixE orz Zh3 ~"te hereof; does ~ot exceed .... hatter liz..it~::'tion o~ any constitutional, sb~:~tutozy or o indebtedness. -In Witness '?ihereof, said City of Coltu~bia H~ir~hts, County, ~i.unesota, by its Counci]~, Las c~used th~s certificate to he executed in its behalf by tho ~ ~-yor ~,~nd City countersigned by the C~t'~= ~ Clerk, s. nd sealed ~vith its official seai,~and has c.~tused this certificate to b.e dated as of Seotio~ 2. Theft this certificate s~:.~:li be ezecute2 behalf of said City by the ~:~:yor t~nd City ~%naCer and c~,u~.~r- signed by the City Clerk, ~nd sealed v, ith the official se~t of z~zth, credit and resourc=~ c~ s~id City said City and the full ..... ~ sh~lt be and here%y are irrevocably pledged to the pro~t ~nd full payz~ent of both the principal and interest of s:aid certificate when it beco~es due. Section 3. That the City Treasurer be and she hereby is authorized and directed to sell a'aid certificate ~t not less Zh~n par v~!ue and accrued interest. Section 4. Th~-~t this Council he. reby dec!ar'~s that an emergency exists for the prompt issuance of said E~nergency Debt Certific~ te owing to the fact thu. t the re~:ei?ts from ta~es aha other sources .have from t~:~fcrs~er~ causss insufficient for the ordLaary e::penses of the City. Section 5. That this ordinau~ce belnE~ necessary for the iz~nediate preservctio~% of tl;e public 9~ace, health and saZety is hereby declared to be .un emergency o~,di:~_~=nce ~.nd shall effect L.~ediately upon its vazsaoe. ~dayor