HomeMy WebLinkAboutOrdinance 99 Being and Ordinance entitled, ",;~n Ordinance authorizing
the sale by the City Treasurer of :~ ~. ~o Emergency
Debt Certificate."
Whereas owing to the excessive delinquincy in the
receipt from taxes and other scurces, the receipts from
taxes and other sources have for such unforseen causes be¢onte
insufficient for the ordinary expem~es of the City and the
City is without funds to carry on and pay the cost of City
Government.
This Council hereby and under this preemble declares
that an emergency exists for the immediate preservation of
the public peace and safety and that in order to promptly
meet such emergency it is necessary to pass Ordinance
Number ~ as an emergency ordinance.
Offered by __ p~_~_,~,~,~ Seconded by~
Adopted by th~ Council, ~!~' /'~' 1932
Roll call, lyes ~-~-~- ~-~ ~~~ /~
Seo~etar /to the Council
j -
~ayor
AN 0RD!_._~2/C~ AL?HOR!ZING T!~ S~E BY T~Z CiTY T ~ASUR~ OF
~.~ERGENC¥ DEBT C~TIFICaTm.
The City of Col~uabia Heights does Ordain:
· Section 1. That tike City C~uncil of the City of
Columbia Heights, ~.~i~:nesota, does ~hereby authorize the
sale by the City Treasurer of~ ~.~ ~ ~ ~orgencY
Debt Certificate to be dated the ?~ d~y of ~'!932
to bear interest at the rate of six per cent per arffnum,
interest to be payable at the maZurity of said Certificate,
to be in number one (1), and shall be payable as to both
orincit~al and i~ter~st at t~Columbi~ National Bank, and
~hali m~ture ~ /~ 1932.
That sai~cer~ifi6gt~' si~atl be in substantially the
following f etna. ~
~ITED ST_<TES OF ~ERICA
STJ~TE OF ?~I~ES 0TA
COUNTY_ OF 'AN0t£A
This is to certify that the City of Cot~:~bia Heights,
in the Co~ty of ~oka, and State ~f ~innesota, is indebted~
to and for value received<~eby p~e~ises to p~y to the
bearer hereof the sum of~ .
Dollars at the Col~ubia ~ationai Bank, ~i~h i~t~rest thereon f~om
the date hereof until paid at the rate of six per cent ~r ann~
upon presentation and surrender of this certificate.
This certificate for $~8 ~O~ is issued by said City
Cot~bia Heights, ~innesota to ~pr0'v~ce for temporary deficiencies
in the revenues of said City, the receipts from taxes and ot~r
sources having from unforseen causes become insufficient for
the ordinary expenses of the City and is issued pursuant to the
Charter of the said City and the Constitution and laws of the
State of ~in~ sera thereunto enabling and in ~11 conformity
therewith,_in accordance with the provisions of Ordinance
It is hereby Certified and Recited that all acts, condi~i~
and thing~~ required by the Charter cf said City and by the
Constitution and laws of the State of ~in~ sera, to have been
done, to have happened and to have been performed precedent to
and in issuance of this certificate have been done, have
happened ~ud have been performed in regul~r and due form,
and manner and tha~ this certificate, together with ~ i other
indebtedness of the said City outstanding on the date hereof
does not exceed any constitutional, statutory or charter
limitation of indebtedness.
In Witness Whereof, said City of Columbia Heights, 2moka
County, ~rinnesota, by its Council, has caused this certif~ate
to be executed in its behalf by the ~fayor and City ~'anager, and
countersigned by the City Clerk, and sealed with its official
seal,..and.~has caused this certificate to be dated as of
~ r~_~.~_, i~''-~ ~' 1932.
° ~tion 2. That this certificate shall be executed in
behalf of said City by the ~ayor and City ~?an~ger and counter-
signed by the City Clerk, ~nd sealed with the official seal of
said City and the full faith, credit and resources of said
City shall be and hereby are irrevocably pledged to the prcmpt
and full pa~ent of both orincipal 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 this Council hereby decl..res that an
emergency exists for the prompt issuance of said Emergency
Debt Certific.te owing to the fact theft the rec~pts from taxes
and other sources have from unforseen causes become insufficient
for the ordinary expenses of the City.
Section 5. That t~is ordina-ace being necessary for the
i~mnediate preserv'tion of the public ~ace, he~th and safety
is hereby declared to ~e an emergency ordinance and shall
take effect i mediately upon its passage.
Passed by the Council, ~prT~/' ,/~ I~32
Filed and Recor~ed~ ~/ ~ 1932
Mayor
0ffer~:d by . '~-~) Seconded by
Secretar~to the Council. )