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
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