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HomeMy WebLinkAboutOrdinance 114 Bekng an Ordinance entitled "An Ordiana~,.authorizing the sale by the City Treasurer o~ "-~=- Emergency Debt Certificate." Whereas owing to the exoessiv~ delinquency in ~the?~reoeipts from taxes and other sources, the receipts from taxes and other sources have for such unforseen causes become insuffi- cient for the ordinary e~enses of the Oity and the City is without fuuds to carry on and pay the cost of City Gover~ent. THIS COUNCIL,hereby and under this pre~ble declares thst an emergency exists for the immediate preservation of the public peace and safety and that in order to promptly meet suoh emergenoy it is neoessary to pass ordinance No. as an emergency ordinance. Dated ~' ' ' Offered by ~~ Secretary/~o the ~ounoit '2' .r ~ilnanc e Nu~b er An ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASUHE~OF ~E~RGEi,~CY DEBT CERTIFICATE. The City of Columbia Heights does Ordain: Sectionl. That the City COuncil of the City of Columbia Heights, ~Minnesota, does hereby authorize the sale by the City Tea ure[~o~ $ .' '~ %~mergenoy Debt Cer~ifzcate, to be ~at.d the ~ aa,¥ ~ 19~%,~ to bear interest at the rate of six peru cent per annum~ interest to be payable at the maturity of said Certificate, to be in n~unber one(l), and shall be payable as to both principal and interest at the Central i~ational Bank, and form: That said certificate sh~l be ins~uomtan~atly' ' the following UNITED STATES OF A~IERICA STATE OF EINNESOTA COUNTY OF ANOKA CITY OF COLUI~BIA HEIGHTS i $, This is to certi£y that the Oity of Coium~i~ Heights, 'in the County of Anoka and State of ~innesota, is indebted to and for value received hereby prommses to pay to the bearer hereof on the ay of ~-h, 193~, the sum of .$ ~.~ ~,~..~ at the Central National Bank, with interest thereon from the date hereof until paid at the rate of sixper cent per annum upon presentation and surrender of this certificate. This certf~ate for $?r.~f~-~O, ~0 is issued by said City of Coluxmbia Heights, ~innesota~ to'provide for temporary deficiancies in the revenues of said City, the receipts from taxes and other 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 Einnesota thereunto enabling and in full conformity therewith, in accordance with the provisions of Ordinance Number.. ~... It is hereby Certified and Recited that all acts, condition~ ~nd things required by the Charter of s~id City and by the Constitution and laws of the State of ~inn sota, to have been done, to have happened and to halve been performed precedent to and in issuance of this certificate hs~ve been done, have happened and have been performed in regular and due fo~, times and manner, snd that this c~rtificate, together with all other indebtedness of the said City outstanding on the ds~te hereof does not exceed s~ny constitutional, statutory or charter limitation of indebtedness. In ~itness whereof, said City of Co!~nbia Heights, Anoka County, ~innesota, b~ its Co~tucil, has caused this certificate to be executed ir~ its behalf by the ~yor and C~ty Hanage~, ~nd countersigned by the City clerk~ and sealed with.its official seal, and has caused this certificate to be dated as of the ~ ~ Section 2. That this certificate Shall be executed in behalf of said City by the Mayor and City ~anager, and countersigned by the City Clerk, and sealed with official seal of s~id City and the f~ll faith, credit and resources of said City shall be and hereby are irrevocably pledged to the prompt s~nd full pay- ment of both principal and interest of said certificate when it becomes due. Section 3. That the City Treasurer be and she hereby is authori- zed and directed to sell said certificate at not less than par value and accrued interest. Section 4. That this Council hereby declares that an emergency exists for the prompt issuance of said Emergency Debt Certi- ficate owing to the fact that the receipts from taxes and other sources have from unforseen c~usee become insufficient for the orglnary expenses of the City. Section 5. That this ordi~ce being necessary for the immediate preservation of the public peace, health and safety is hereby declared'to be an emergency ordinance and shall take effect immediately upon its passage. Passed by the Council ..... ~. , 1934. ~ Mayor Seconded by ~ Secretary tO the council' R~SOLUTIO~. ~,the City Treasurer has this ~4ay been 8ulv antTori~ad to sell ~ Emergency Debt Certificate, to be dated the t~ day of .~~ 19~;to bear interest at the rate of six per cent ~er annum,apyablc at the maturity of said Certificate,and both principal and interest to become t~xe and payable on the let day of December,1934,and ~,there i~ s~fficient money in the Sir~.:inE Fund to t~ke care of the d~ds thereon,mud it is desireable and beneficial to City of Columbia }{etg~ts,~.~Innesota,to invest moneys in the $inkinE Fun~ in said ~ Emergency Debt Certificate. NOW T~EFOME,BE IT BESOLVFD by the City Co~xctl of the City of Ce!nmbia Hetg~hts that $~0 be transferred from the Sim~ing~ Fund and inve~ted in said Emergency Debt 0ertiftc~te. Upon the maturity of s~id Certificate the amount thereof and interest is to be retnrned forthwith ~k~ to the Si~.lng Fund. Further Resolved that the City Treasurer be and she hereby is authorized aud directed to ~ake the necessary transfer and investment in accordance with this Resolution.