Loading...
HomeMy WebLinkAboutOrdinance 106,:ein&~ an ~d~,nance entitled "~r_i Ordinance aut!~orizi~,~g the sale '-~y t~ e ~t~ Treasurer of '~/~,~tP~ Emer~ encTr De~. t Certificate." Lhereas owing to the excess!ye delinquinc7 in the recei :~ts from t;=xes and other sourcas, the rec-aivts from t:~:~ azzd other ~ourc~s have for~-~.ch ~',~en~~ causes ltt~ui'ficient for the ordinary e::pen~es of t S Cit~ s.:.d the '[overnment a~nd to furt~ish relief to the :~oor and deoende~t, This cou'acii here~:7 and u der this nreambte declares that ~ emeri:jet%c'.- e:zists for the itt edi_~,:e >reservaticn of the >a~,lic ~e ce and safet~ aad that in order to vromptl7 meet ~'~<'~ emer?enc~ it is necessar-~ to t~ass Ordi~.i~oce "uJnber ..... /m~ ~or City oe Coiu~f. ia He~'~, ..... . ~;2t the Czu., C~.uz.:,.il_ of the _~itv of .~olu:~bia a- ~- '~oes hera~'? ~,~,~..~c.~Ize tr~e ~a!e ~.' the City ~:r.t. .~ertiricate to be dk{2u tke ~_~_:-7~,c~k/~ %o bear interest at the rate of six z:er cent t~lu~+~ to be i~ "~ .... . ~. ~ ~.:.er or:e(l), a2e shall l.i sai'a¥1 ~s That said c:rt!f!~{~ ~ s~gli ~e in substantiail tie form: This is to cert~e~._., th:~t tke Cit-. of Co ur~l:ia iieishss, :~._1 ti~ Court of gm2ka and StaTe of :~ ~}u~esota, is i-riGhted to aha for value received hereby oromises to }aN to t:~e ~earer hereof cnX t~ ~g d%y of h[,~,-~_~ 193 ~ tl~e s~ of sii~ ~,ercen~ 'oep a~an-.-m upon vresentation aha suzro~u~er of the cert~ ~loate. T~is c.~t~.ca~e for . ~o is i~sue,"~ 'by said City of CoL,,.,~b[a rei.~_kts, '~in~o~,,~ ~- to _orovide for temporary deficiencies in the rePenues of said Cit, tke Pecei::~s ~ ..... =~ .... a otker soura~,o having ~ .... zr~..,~ unforeseen causes become insafficient ~.~ the ordinary e:,:~eases of tie Cizj aaa is issued ~uPsuant ts the Ch~rver of "-~.,e said Cit}. and the C';t~- az t~tiot~and l~,,s of She Stale of. ~n:esota t~,~r~ up, to enabi- in_ and i~ full coni'~rrait}- taere,;ith, in a,ccor~an~: 'v~it' the ~rovisio:~s of Ordinanca [un:bar r~ ~ . zzlea condit i_ons =~ is her:hr Cart .... at~d' ecited that all ac'ts, ~d thingsx reouired s: tke ChaPter of said Cit- and ~-', the Conatitutiom ~d tk,,s c-f the State cf }[innesota~ to have dc'~e, to have ~'~: ~'~' ;_~:_p .... ~a a-~d to h~v~ been verfor:~:eC pr:c~u=x~ to aad in ~csuance of tills certiff'icces P_ave bee:~ dore ~ ~nd ~ave haan ~errormad it regul_.r a~d aug f:rm, ti _es ~:~a that this cert:e~czZe~ indcbzeaness of the said Cit.. outsZandiag on the date hereof does t~ot s~zcced an~ constitutional, ~tazu~orv. or c~,~ter Lira ktation of ind~b}~dness. ~Lt of Coi~bia ]!eib:,~s, ..... ~ ..... '~'~inne so t a, '~oo.,~t~, . ': its Couacil, h.~s causea this to be e:aecuZed in its be~:al£ .'[: 'the ?'ayor and Cii-j ~'ana&er, and ccu:teraigned bi-' t~e City Clerh and ~e-]~d with its official seal, end has caused Z[~is certificate to be dated as Sectio~~. 2. ?hat tAis c~=tificate shall c~e executed in behalf of said '~' .... e ~ . ~ .......... - ~t~. :.~ t~.~ a-:or a~d Cit ~.n~.er and ccu~ter signed by the ~zt ~le~, end .~ealed wit the o!'~iciat aeal of ~aid CiZ~. and the fu. ll f~it~, cred<t a ~d resources of said Oit ~ -- ~a!l ~e ~d h~re~ ~ are irrevooail~ pledged to ~e 2rom~t a~d full pa}m~eat cf bot~ the certificate v,h~n it beoo~.es Section 3. That the Cit: Treasurer te and she hereb- is aut:~orized and dira~cted to eell said ~ertlficate at not less tha~ ~oar vatme a~d ~ccrued interest. ~ction 4. T:_a~ this .,ounc,_l hereby declares that an e~erge~_c¥ e~ists for t e i?rompt issuance of said ~er[ency Debt ~ : ~ ~ · ~ ~at the rec.3ipts from :~rt~f~c~te ow'zn~ to the f~ct t~ ta:~es a~id otr~er scurces ,ave fro~: unfforsee:~ causes beconase i~s~Lficient for tb.e ~'+~ - o~G~mr,~ e~per~ses of the City. Section 5. That this ordina-:_ce being necessary for the i:muemiate ~reserv~tion of the public Oeace, beaitaand safety is nereb~ declared to be an emerje:zc: ordi:~az~ce and shall take effect i:n~.ediately u.:o~, its ~a~sa~'e Yite~ a~d recorded A ,~,ou~,~_~.U:u .?J'~Ti(TORIZI:'~C AiTD DI¥.ECTI'TO T-'w pT~C::ASE BY '.i[LRE~-~S, t e Citv. . o£ Colm..bia. 7Teights has autkorimed the and s~.le ~e_~enc~ Debt Certific~te in the ~,~i~.~.~S, t[~ere is su~fic~,e~,t .... ;;~oney in the to ~urcnas~ said [?:O7,: m: mi)~,~o~m. ~ ......... ~E TT ~,~'~:'a,,,o.u~, ym~,, that said EmerGencTF. ~ Debt Curtif~cate in t~:e ~o~t of ~ ,~- be p~c~sed by t~e Szn~zn~ Fund. ~,rayor Seconded Roll Call ,t