HomeMy WebLinkAboutOrdinance 115 Being ~. Ordinance entitled" An Ordinance authorizing the sale by the
City Treasurer of $_ _~3~00-O Emergency Debt Certificate"
WAereas owing to the excessive delinquency in the receipts from t~.~xes
and other source~ receipts from taxes and other sources have for such
unforseen causes~lnsbfficient for the ordinary expenses of the City and the
City is without funds to carry on and pay the cost of City Government.
THIS CO~iCiL, hereby an~under this preamble declares that an emergency
exists for the immediate preservation of the public peace and safety and that
in order to pro~ptly meet such emergency it is necess~ry to pass Ordinance
No. //~'-as an emergency ordinance.
Offered by ~ '~ , '
Seconded By ~~.4.,~..¢~--.~
Secre~/ary to the Council J
0RDINAI~CE 1TU~[BER ~
~'~ ORDItCJ~TCE AUTHORIZING T~ S~. BY THE CITY TREASUP~ OF $.,
E~ERGENCY DEBT CERTIFICATE.
CITY OF COL~iBIA HEIGHTS DOES ORDAIN:
Section 1. That the City Coun. cil of the City of Columbia Hei~hts,Minnes .
D ~ · , ' . _ _ ora.
~oes hereby autnormze the sale by the C.~ty Treask~rer of
~ebt Ce~'tificate, to be dated the 1~-~ of ~J -
in,erect at the rate of s~ per cent ~e~ ~,-~teres~'~t bo be 'p~2~abl~e~tu~
~t~iDy of said Certificate, to be in nEnber on~ (1), ~d shall be p~able
as to both principal ~d in~erest at the Central Nati~n~ B~ in th
~inneapolis, l~i~esota, ~d s~ll ~t~e on the
That said certificate shall be tn subst~tially the follow~ng fo~:
~IT~ STATES OF
STA~ OF MInneSOTA
CO~TY OF ~0~
CITY OF COL~,~!A ~IGHTS
This is to certify that the City of Col~mbia Heights, in the County of
~.uok~ and State of ~innesota, is indebted to and for va~e received hereby
pro~ises to pay to the bearer Hereof on the ~ d%v of ~rgS the
at. t. he Central National B~, with i
t paza at the rate of Six per cent per ~unum upon presentation
eon from the
,and surrender of this certificate.
This certificate for $ ~,('-'-~'~, ~ is issued by said City of Columbia
Heights, ~innesota, to provide for temP~ry deficiancies in the revenues of s~d
City, the receipts f~om taxes and other sources ~ving from ~forseen
causes become insufficient for the ordinary e~qoenses of the City and is issued
pursuant to the Charter of the s~id City and the Constitution and laws of tthe
State of Ninnesota thereunto enabling and in full conformity therewith in ~ccor-
d~uce with the provisions of Ordinance Number _~.
It is hereby Certified and Recited that all zcts, conditions and things
required by the Charter of said City and by the Constition and laws of the State
of ~iinnesota, to have been done, to h~ve happened and to have been performed
precedent to and in issuance of this certifiaate have been done, ~,ve happened
s_ud have been performed in reg-~lar and due form, times and manner, and thatthis
mertificate, together with all others indebtedness of the said City outstanding
on the date hereof does not exceed any constitutional, statutory or charter
limitation of indebtedness
*
In Witness. whereof, said City of Columbia Heights, Anok~ County, Ninnesota,
by its Council, has caused this certificate ~o be executed in its behalf by tSe
~ayor and City N~uager, and countersigned by the City Clerk, and sealed with .~
its offig~al seal, and has caused this certificate to be dated as of the /7 -
day of ~~ 19S~- '
d~tion 2;" Thd/t~is certlficate shall be executed in behalf of said City by N~,vor &
City ~an~ger, and countersigned by the City Clerk, and sealed with official
, . seal of
said City and the full faith, credit a~d resources of s~id City shall be and
hereby ~re irrevocably pledged to the promp~ and full pa~ent of boSh princlpal
a~d interest of said certificate when it becomes due.
Section 3. That the City ~reasurer be and she hereby is authorized and
directed to sell said certificate at not less th~u par value and accrude
terest.
SeCtion 4. That this council hereby declares that an emergency exists
for the prompt issuance of ~aidEmergency Debt Certificate owing to the fact
that receipts from taxes and other souroes have from unforseen causes become
insufficient for the ordinary expenses of the City.
Section 5. That this ordinance being necessary for the i~mediate
preservation of the public peace, health and safety is hereby declared to
be an emergency ordinance and shall take effect immediately upon its
passage.
Offere~ by_ /~/l~ J
Seconded By ~
seeret~ry to th'e C~cil ~-
R~SOLU~I 01~.
~VfH~REAS,the City Treasurer has this d~ been duly authorized to sell
$ ~O~'~ ~'°~Emergency Debt Certificate, to be dated the
..' %.~'~-~t/~,~_~19~o bear interest at the rate ~of Six~oent per
an?~u~-,paYable ~he maturity of sa, id certificate, and b~h ~rincipal and
inet%rest to bec~me due an~ payable on the _~__ day
W'~IE~, there is sufficient money in the Sinking Fund to tak~--care of
the demands thereon, and it is desireable and beneficial to the City of Col~nbia
Heights, l~innesota, to invest moneys in the Sinking Fund in said Emergency
Debt Certificate.
NOW TEEREFOR~_ BE IT~SOLVED by the City Cou~'~l~.of the Oity of~olumbia
Heights that $ ~..,. .~ be
~ ' ~ ~ ~' ' ' ~ '21 ' ~ ~--~,~t~i~'~iug ~ ~vested
in said ~ergency Debt Certificate. Upon the ~at~ity of said Certificate
the ~o~t thereof ~d interest is to be ret~ned forthwith to the SiCcing ~d.
F~ther Resolved t~t the City Treas~er be ~d she hereby is authorized
and ~rected to ~ke the necessa~ ~ 'nvestment in accord~ce with
this Resolution.
Sgc~tary to the CouncilJ.
Filed this .../.~. day of ~Jc~-.~~_~-
~ ' ,
Seconded by I"/~_~~
Roll Call
~es