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HomeMy WebLinkAboutOrdinance 123 TO ORDINANCE Being an Ordinance entitled "An Ordinance Authoriaing the sale by the City Treasurer of $ ~/~ Emergency Debt tificate" WHEREAS, owing to the excessive delinquency in the receipts from taxes and other sourcse, the receipts from taxes and other sources have. for such unforseen causes, become insufficient for the ordinary expenses of the City, and the City is w~thout funds to carry on and pay the cost of City Government: THIS COUNCIL, hereby, and under this preamble declares that an emerg~e~cy exists for the immdeiate preservation of public peace and safety and that in order to promptly meet such emergenc~y it is necessaru to pass Odrinance No. ~_~_~ as an emergency ordinance. Passed October ~, 1938. Se c o~ded Roll Call Nays: ~' Secret~ry ~'~e'OounCil, ' ORDINANCE NO. l~ AN ORDINANCE AUTHORIZING THE SALE NY THE OF $~ _~ E~ERGENCY DEBT C EHTIFIC ATE. CITY TREASUR~ The City~0E~0o~mbia Heights does ordain: ~Secti..on ~,~ That the City Council of the City of Columbia Heights, Minnesota, does hereby authorize the sale ~y the City Treas- urer of $ ~-~'~D Emergency Debt Certificate, to be dated the ~/~ ..~day of ~~ ~ 19~8, to bear interest at the re~, of six per cent per annum, interest to be payable at the maturity of said Certificate, to be in number one (1), and shall be payable as to both principal and interest at the Central National Rank, in the City of Minneapolis, ~iinnesots, and shall mature on the ~e said ~ertificate shall ne substantially the following form: UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY ~ ANOKA CI~5~ OF COLU~BIA HEIGHTS This is to certify that the City of Columbia Heights, in the County of Anoka, State of Minnesota, is indebted to and for value received hereby promises to pay to the bearer hereof on the v%..~t.~.~;~' .,~ the sum of $~07.D5 at the Cent~l National Bank, with interest thereon f~om the date hereof until paid ~..the rate of s~ per cent per annum upon the presentation and su~- rende~ of this certificate. This certificate for $..~g,~ is issued by said City of Columbia ~eights, Minnesota, to provide for temporary deficiencies in the revenues of said ~ity, the receipts from taxes and other sources having f~om unforseen causes become insufficient for the or. dinary expenses of the City a~d is issued pursuant to the Charter of said City and the Constitution and laws of the State of I~linnesota thereunto enabling and in fall conformity therewith in accordance with the pro- visions of od~inance No. ~L~_ . It is hereby Certified and R~oi.tmed that all acts, conditions and things requi~ed by the Charter of said City and by the Constitution and lsws of the State of Minnesota,..to have been done, to have happened and to have been performed; prededent to and in issuance of this cer- tificate have been done, have happ.0ned: and have bea~ performed in regular and due form, times and manner, and that this certificate, together with all other indebtedness of said City outsta'fi'ding '.' on the date hereof, does not exceed any constitutional, Statutory or"Charter limitation of indebtedness. In Witness whereof, said Oity of Columbia 'Heights, Anoka County, State of ~iinnesota, by. its council, has caused this certi- fieete to be executed in its behalf bY the ~ayOr an~ City ~nager, and countersigned by the City' Clerk, and sealed with the official seal, ~d has caused this certificate to be dated as of the , Seett~on 2.That this certificate sha~l be executed in behalf of said City, By the Mayor and City Manager, and countersigned by the City Clerk, and sealed w~i~t~h the Sfficial seal of said City and the full faith, credit and res~rees of said City shall be and hereby are irrevocably pledged to the prompt and full payment of both prin- cipal and interest of said certificate when it becomes due.' Section 3.That the City Treasurer be and she hereby is authorized and ~irected to sell said certificate at not less than par value and accrued interest. $~ction 4~ That this Council hereby decleres that an emergency exists for the prompt is sua~nce of said Nmergency Debt Certificate owing to the fact that receipts fra~ taxes and other mou~ces have from unforseen causes become insufficient for the ordinary expenses of the ~City. Section ~. That this ordinance being necessary for the immediate preservation of the public peace ~ealth and safety is hereby declared to be an eme. rgency ordinance and shall t~ke effect imm~diately upon its passage. P~sed October 9, 19~5. Offered: ~ / Seconded: Ayes: /~%-~~ Nays: ~~ ~eCre~ary~'O th'e Council. RESOLUTION WHEREAS, the City Treasurer has this day been duly authorized to sell $~~ ~. 'Emergency Debt Certificate, to at the rate of six per cent per annum, payable at maturity of .said~e~tifio~e, and bo~h~p~in~ipSl~_and inte~est-~to become 'snd'payable on the /~ d~y o~ ~%g , fV3$, ~EAS, the~e~is s~fi0ient money in the Sinking to ~ako cape of the demands thereon, and it is desirable a~ beneficial to the City of Col~mbi~.~Heights, to ~invest moneys the Sinking ~nd in sai~ ~epgenoy ~bt Certificate; NOW T~REFO~ BE IT RESOL~D by the City C~noil of .the City of 0ol~mbia heights thst .$~_ of the Sinking ~nd be invested in s~id ~epgenoy ~bt Certificate. Uoon the maturity of s~id Certificate, tho amo~t~ thereof and interest, is to be p~t~pned ~opShwith 'to the Sin~ing ~ IT F~R RESOLED th~ t the City T~eas~pep be and she hereby ts aothopime~ an~ directed ..... to make the necessary investment in accordance with this resolution. Adopted 0otober 9, 1935~ Offered: Sec onded: Roll Call /~ , Ayes: Nays: ~ j / ry ~7o'