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