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HomeMy WebLinkAboutOrdinance 100Being an Ordinance entitled "~ Ordinance authorizing the sale by the City Treasurer of 35,000.00 w~uergency Debt Certificate." Whereas o~ing to the excessive delinquincy in the receipts from taxes and other sources, the receipts from taxes and other sources have for such unforsee~z causes become insufficient for the ordinary expenses of the City and the City is without funds to carry on and pay the cost of City~ Govern~ient and to furnish relief to the poor and dependent. This Oouacil hereby and under this preamble declares that an emergency exists for the iFmtediate preservation of the public peace and safety and that in order to promptly meet such emergency it is necessary to pass Ordin~ce l~er /~ as an emergency ordinance. Offered oy~ seconded by Adopted by the uo~_~c~±, ~-~ ~-'-~, · Secretary to the Co~cil ,L yet AN ORDI!~D2~CE ~iUTHORIZ~G TI~ SfdLE 'BY TPz~E CITY. TREA?b~RER O? ~,000.00 ~gRI~G~fCY DEBT C~TIFICATE. The City of Columbia Heights does Ordain: Section 1. That the City Council of the City of Colu~.~ia Heitnts, ~innesota, does hereby authorize the sale by the City Treasurer of..~DO.O00.O~O ~er~ency Debt uert~f~cate to be dated the ~ ~ ~~ /~a~ to bear interest at the rate of six per cen~~ per ann~m, interest to be payable at the maturity of said Certificate, to be in no~ber one (1), and shall be payable as to both principal and 2nterest at. the Central ~ National Bank, shall mature ~~-~ ~ /~ J~ That said cer~tizicate shall be in substantially the following form: L~_~ITED STATES O-F ~J~ERICA STi~_TE OF t~Ik~ESOTA COIR(TY OF ~fO/~'_A CITY OF COLIR.,.~_3IA ~IG_HTS No. 1 ~5,000.00 This is to certify that the City of Columbia Heights, in the County of ~moka and State of Yinnesota, is indebted ~o and for v~lu.~e~ve~ he~~arom~aes to cay to t~e bearer ~ereo_'Z~:te ~'¢"~f,ccJF_z~&nF¢~"~5,000oO0) Dollars at the~entm~l.. ~.a~iona! Bank,.with interest thereon from the date hereof ~ti! paid at the ~ate of six per cent per ann~ upon presentation and surre~der of the certificate. This certificate for q~,O00.O0 is issued by said City of Cot~bia 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 e~enses of the City a:~d is issued p~suant to the Charter of the said City and the Constitution and laws of the State of ~innesota there unto enabling and in full conformity therewith, in accordance v~th the provisions of Ordinance ~[~ber/~o · It is hereby Certified and Recited that all acts, conditions and things r~quired by t[~e Charter of said City and by the Constitution az~d laws of the State of Yinnesota, 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 and have been performed in regular and due form, t~es and manner and that this certificate, together with all other indebtedness of the said City outstandi~g on th~ date hereof does not exceed any constitutional, statutory or charter limitation of indebtedness. In Witness , hereof, said City of Co!'~bia Heights, ~aoka Cou~lty, ~innesota, by its Co'~u~cil, has causea this certificate to be executed in its behalf by vi~e !layer and City [~anager, and countersigned by the City Clerk, aha sealed ~;ith its official seal, and has caused this certificate to be dated as of Section 2. That this certificate shall be executed in behalf of said City by the ?ayor a~zd City ~ anager and counter- signed by the City olerk, and sealed with the official seal of said City ~nd the full faith, credit and resources of said City shall be and hereby are irrevocably pledged to the prompt and full pavement of both the principal and interest of said certificate when it becomes due. ~zo:~ $. That tr~e City Treasurer be and she hereby is authorized and directed to sell said certificate at not less than par value and accrued interest. Section G. That this Council hereby deotares that an emergency exists for the prompt issuance of said =mergency Debt Certificate owing to the fact that the receipts from taxes and other sources have from unforseen causes become insufficient for tee ordinary expenses oi' t~e City. Section b. That this ordi~ance being necessary for ti~e i~mmeaiate preservation of the public peace, health and safety is hereby declared to be an emergency orainance and shall take effect im~ediate!y upon its passage. Filed and recorded ' Offered Roll Call, N aye s; ~:~~ Secretar~y to the Council RE':~OLUTIO~ A i~esc!ution authorizing the purchase by the Sinking F~ad of an Emergency Debt Certific.:~te. bH~:.=D~S, tae City of Columbia Heights has a~thorized the issuance and sale of an Emergency Debt Uertificate in the amount of @5,000.00, and V~REAS, there is sufficient money available in the Sinking Fund to purchase said Certificate, NOL' T~i~F0kE BE IT i~ESOL~D, that the Sinking purchase the ~ergency Debt Certificate dated August 25, 1~32, due in one year, in the ~ount of ~5,000.00, at par and accrued interest. offered bt marrow, Seconded by Stin~n, Roll Call: Ayes: Tjosvold, Gsnnon, Stinson, ~farrow Eayo r Seoretary ~o the