HomeMy WebLinkAboutOrdinance 128 PREAMBLE TO ORDINANCE NO../~ ~
· Beimg am Ordinance entitled "An Ordinance Authorizing
the sale by the City Treasurer of $ ~ o o.~mergency Debt Certificate"
;
WHEREA8, owing to the excessive delinquency in the
receipts from taxes and other' sources, 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 without funds to carry
on and pay the cost of City Government:
T~XS CQ~UNCIL, hereby, and under this preamble, declares
that an emergency exists for the immediate preservation of public peace
and safety and that in order to promptly meet such emergency, it is
necessary to pass Ordinance No. /~ as an emergency ordinance.
Passed March 1~,~936.
Offe~od ~ ~.YOR
Seconded._~~
Roll Call
Nays:
Secre
ORDIN~CE
AN ORDINANCE AU!~ORIZI~G THE SALE BY THE CITY
TREASURER OF $_ ~ D-~-~O, ~ EMERGENCY DEBT CERTIFICATE.
The C~ty o~f Columbia Heights does ordain:
Section 1. That the City Council of the City of
Columbia Heights, ~t~nesota, does hereby authorize the sale by the C~ty
Treasurer of
· ~ Emergency Debt Certificate, to be dated ~he
per cent per annum, interest to be payable at the maturity of said
Certificate, to.be in n~ber one (1), ~d shell be payable as to both
principal and interest at the Central Nati~al ~nk, in the City of
Minneapolis, Minnesota, and shall mature on the
193 ,
following form:
That the said Certifisate shall be substantially the
UNITED STATES OF A ~ME~,RICA,
STATE OF MINNESOTA
COUNTY OF ANOKA
C! TY OF C ~LUMBIA 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_ /~ ~
National Bank, with interest ~hereon from the dst)
e hereof until paid
at the rate of six per cent per annum upon the presentation and sur-
~,emder of this certificate.
This certificate for $~ ~ ~ is issued by said City
of Columbia Heights, Minnesota, to provide for temporary deficiencl, es in
the revenues of said City, the receipts from taxes and other sources
having from unforseen causes become insufficient for the ordinary ex-
penses of the City and i~sssued pursuant to the Charter of the said
City and the Constitution and laws of the State of Minnesota thereunto
enabling and in full conformity therewith in accordance with the provisions
of Ordinance No.~.
It is hereby Sertified and Recited that all acts,
conditions and things required by the Charter of said City and by the
Constitution and laws of the State of Minnesota, to have been done, to
have happened and to have been Performed, precedent to and in issuance
of this certificate have been done, have happened, and have been per-
formed in regular and due form, times and manner, and that this Certifi-
cate, together with all other indebtedness of said City outstanding on
the date hereof, does not exceed any constitutional, Statutory or Charter
limitation of indebtedness.
In V~itness whereof, said City of Columbia Heights, Anoka
County, 8tare cf Minnesota, by ~ts council, bas caused this certificate
to be executed in its behalf by the Mayor and City Manager and c~unter-
signed by the City Clerk, and sealed with the official seal, and has
Bection 2. That this certificate shall be executed
in behalf of said City, by the Mayor and City Manager, and countersigned
by the City Clerk, and sealed with the official seal of said City and
the full faith, credit amd resources of said Cit~y shall be and hereby
are irrevocable pledged to the prompt and full payment of both principal
and interest of said certificate when it becomes due.
S~.ecti.on 3.. That the City Treasurer be and she hereby
is authorized 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 Sertifi-
cate owing to the fact that receipts from taxes and other sources have
from unforseen causes become insufficient for the ordinary expenses of
the City.
Section 5. That this ordinance 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 March l~h, 1936
Offered ~
Nays: ~
Socretar~/to tho Council
MAYOR