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HomeMy WebLinkAboutOrdinance 1470RDINAN0qE NO. 14V An 0rdi~ance Authorizing the Issuance of Bonds of the City of Columbia Heights in the amount of 517,000.00. The City of Columbia Heights does ordain: Section !. ?nat the City Council does deters_line that it is expedient to issue bonds of the City of Columbia Heights, ~innesota, in the amount of Seventeen Thousand and no/tO0 (~t7,000.00) Dollars fop the purpose of furnishing its sponsor's share of the cost of the !%~orks Progress Administration project of constructing a combination field house and recreation building on the new city park site. That said bonds shall be issued as needed, for the financing of said project, shall bear date ~,~ay !, 1~8, shall be ~4 in number, numbered from t to S4, both inclusive, shall be of the denomination of $$00 each, shall bear no interest, and be payable at the Columbia Heights State Bank in the City of Columbia Heights, ~linnesota, and shall mature in order of their numbers, lowest numbers first, as follows: No. t to ~ No. 8 to !0 No. 1! to 1~ No. 17 to 22 No. 25 to 28 No. 29 to 34 - ~iay !, !939 - ~,~ay !, !940 - ~ay I, 1941 - ~,[ay !, i942 - ~.(ay i, 1943 - l,lay !, 1944 Section 2. ~at said bonds shall be in s~bstantialty the following form, with the necessary variations as to numbers and maturities, which said form is hereby approved and adopted: No ....... ;$500. O0 L~ITED STATES OF A~,~RICA STATE OF i'~INh~ESOTA COUI'~T¥ OF ANOKA CITY OF COLLU~IBiA HEIGHTS BOND KNO'.¥ ALL ~N ~ ~ESE P~SENTS that the City of Columbia Heights, in the County of Anoka and State of ilinnesota, acknow- ledges itself indebted, and for value received promises to pay to bearer on the day of , t. 9 , the su~ o~ Five Hundred and no/lO0 (~SO0.O0) Dollars, lawful money of the United Stat~s of America. This bond is issued without interest and is payable at the Columbia Heights State ~ank, in the City of Col- umbia Heights, :iinnesota, and for the prompt payment of the principal the full faith, credit, and resources of said City of Columbia Heig2~_ts, ~[in~esota, have been and are hereby irrevocably pledged. This bend is one of an issue of bonds, all of like date and tenor excepting as to maturities, and is issued by the City for the purpose of paying its sponsor's share of the ~,orks Progress Administration project of constructing a combination field house and recreation building, on the new park site in the ~i~y of Columbia Heights, and is issued pursuant to and in full conformity with the Constitution and laws of the State of I,iinnesota and the charter of said City. It is hereby CERTIFIED and RECITED that all acts, conditions and things required by the Constitution and laws of the State of ~,,iinnesota and the charter of said City to have been done, to have happened, and to have been performed precedent to and in the issu- ance of this bend have been done, have happened and have been per- formed in regular and due form, time and manner; that Qrior to the issuance hereof a direct annual tax has been levied upon all the taxable property in ~aid City in a sum not less than five (8) per cent in excess of the sum required to pay the principal hereof -When and as such principal becomes due; and that this bond, to- gether with all other indebtedness of said City o~tstanding on the date hereof, does not e~:ceed any constitutional, statutory or charter limitation of indebtedness. IN tTITNESS :o¥[iEREOF said City of Columbia Heights, Anoka County, i~'innesots, has caused this bond to be executed in its behalf by the ~'..~ayor and by the City i~[anager and countersigned by the City Clerk and sealed with its official seal, and has caused this bond to be dated as of . 5~ayor, City of Co!umbis Heights, [,~ini:esota Counter signed: ......................... City Clerk Section 3. That said bonds shall be executed in behalf of said City by the !,'[ayor and City ?,']anager and countersigned by the City Clerk, and sealed with the official seal of said City, and that the full faith, credit and resources of said City shall be and they are hereby irrevocably ?!edged to the prompt and full payment of each and all of said bonds as s~ch bonds become due. Section 4. That the proceeds derived from t~_e bonds herein authorized shall be applied by the Treasurer to the payment of the city's share as sponsor of the ',¥orks Progress Administration project of constructing a..~ew combination field house and recrea- tion building and for no other purpose. Section 5. That the City Treasurer is hereby a~thorized and directed to sell the entire issue of bonds herein authorized to the Sinking Fund of the City of Columbia Heights. Section 6. ~at pursuant to the provisions of Section 5, Chapter 131, La~/,~s, 1927, there be and hereby is levied on all the ta~able property in said City a direct cnnuai tax in an amount not less than 817~ in excess of the sum required to pay the said bonds as the same mature, as fo!io'~s: Ye ar Amc un t ! 939 :~3000. O0 ! 940 :$4500. O0 1941 45oo.co 1942 34500.00 1943 $4500.00 1944 ~4500.00 Section V. That this ordinance shall take effect and be in force from and after thirty (30) days after its passage. Seconded by ~ Nays Ma y o r Se,cret~a/~ to tlne Council RESOLUTI C~$ THE The Oity CO, moil of the City ef Columbia Heights by Ordinance Number 14V authorized the issuance of ~onds of the Oity of Columbia Heights in the amot~t of[%V~l ,000.00, and, Section Six (8) of said O~dinance levied on all the ~axable p~operty in s~id ~ity a d~rect annual ~sx to pay the said bonds as they mS~tme,~ £om tho yoars and in th,9 amounts a~ ibl!o~s: 1939 ~000,00 1940 ~4~00~00 ~*~? ~500'00 19.42 $4500,00 194~ lg4~ :i~4500.00 NOW TI{E,R.~FOHE BE IT R~$OLV~ED, that the County ;;udito~ of the Co%m~ of ~oka, State of Minnesota, ~ ~nd he h~e~, is author- izod, d~octed, ~d ~quested to to spread and le~ as m rex ~ ~1 t~able ~ope~ty in the City of Col~ble Meights, fm. t~ ~a~s above ~dicated ~e~o~ abowe :~dieated. Seconded ~ /~~ ~ssed J~e Roll Call - secfet~y'~o ~e octopi-;~''''