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HomeMy WebLinkAboutOrdinance 138PREAMBLE TO OPD!NANCE NUMBER Being a n Ordinance entitled "And Or%inance authorizing the sale by the City Treasurer of $ ~ O. ,__~o Emb~ergency Debt Certificate." Whereas owing to the excessive delinquency in the receipts from taxes and other sources, the receipts from t~xes and other sources h~ve for such unforseen causes insufficient for the or- dinary expenses of the City and the City is without funds to carry on and pay the cost of City Government. THIS COUNCIL, hereby a~i under this preamble declares that an emergency exists for the immediate preservation of the pub- lic pe~ce ~nd safety ~nd that in order to promptly meet such em- ergency it is necessary to pass Ordinance No. t '~"~ as an emergency ordinance. 0 ffered by Seconded by Toll C~tl AN 0RDINA},~CE AUTHORIZ~-NG THE SALE BY T.~~ CITY TREASURER OF $...~,~ ~J~. EMERGEYC¥ DEBT CERTIFICATE. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section !. That the City Council of the City of Columbia Heights, Minnesota, Does hereby authorize the' sale by the C~ty Treasurer of ~ ~tz~O.'~ Emergency Debt Certificate, to be dated the day of , 193 , to bear interest at the rate of six per cent per annum, interest to be payable at the maturity of said Certificate, to be in number o~2e.~13_.~~ and shall be. payable as to both principal and interest at the N~-~ ~.~%- in the City of Minneapolis Minnesota, and shall mature on the day of , 195 That said certificate shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF MINRrF, SOTA COUNTY OF A}[OKA CITY OF COLUMBIA HEIGHTS 1fO. 1 This is to certify that the City of Columbia Heights, in the County of Anoka and State of Minnesota, is indebted to and for value received hereby promises to pay to the bearer hereof on the .day of ._ , 193 ,,, the sum of $ ~-0.~2 ~t' the~i~l B~nlc, with interest thereon from the dat'e hereof until paid at the rate of ~tx pc? cent per annum upon presentation and surrender of this cert- i fi cat e. This certificate for $ ~ct.~O...e,~¢ is issued by said City of Columbia Heights, ~,{innesota, to provide for tempory deficia_ncies in ~S the revenues of said City, 'the ~eceipts from taxes and other sources~ having from unforseen causes become insufficient for the ordinary ex- penses of the City and is issued 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 pro- visions of Ordinance Number ! ~ q . I~ is hereby Certified and Recited that all acts, coniitions and thin~s required by the Charter of said City and by the Constition and Laws of the State of 5{innesota, to have been done, to have happened and to have been performed precedent to and in issuance of this cert- ificate have been done, have happened and have been performed in regu- lar and Aue form, times and manner, and that this certificate, together with all others inlebtedness of the said City outstanding on the date hereof does not exceed any constitutional, statutory or charter lim- itation of indebtedness. In Witness whereof, said City of Columbia Heights, Anoka County, Minnesota, by its Council, has caused this certificate .to be executed in its behalf by the Mayor and City Manager, and countersigned by the City Clerk, and sealed with its official seal, and has caused 'this cert- ificate to be dated as of the day of 193 , Section 2. That this certificate shall be executed in behalf of said City M~nager, and oountersio~ned by the City Clerk~ and sealed with official seal of said City and the full faith, credit ant resources of said City shall be and hereby are irrevocably p!sdged to the prompt and full payment of both principal and interest of said certifio.ate when i't becomes due. Section 5. That the City Treasurer be and she hereby is ~uth- orized and ~direct~d to sell said certificate at hot lest than par value ~nd ~ccrude interest. Section 4. That this council hereby d~clares that ~n emergency exists for the~prompt issuance of said Emergency Debt C~rtific~t~ owing to the f~ct that r~c~ipts from t~xes ~n& other~,~ourcss h~v~ from~ unforseen c~uses b~come insufficisnt for the ordinary expenses of th~ City. S~ct~on 5. That this ordinance being necessary for the immed- iate preservation of ths public pe~ce, health ~nA s~fety is hereby d~clar~d to be ~n emergency ordin~ce ~d sh~ll t~ke effect immediately Secreta~ to the Council