HomeMy WebLinkAboutOrdinance 154ORDINANCE NO. ~'4
PREA~ELE TO ORDINANCE NO. 154
EEING AN ORDtNA~CE E~iTLED" AN ORDINANCE
AUTHORIZING T~E SALE BY THE CITY TREASURER
OF $3000.00 E~ERGENCY tEBT CERTIFICATE".
V~HEREAS 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 in connection with the establish-
ment of a recreational center, and the City is without sufficient
funds to carry on and pay the costs of the establishment of such
recreational center, and the City is therefore without funds to
carry on and pay the costs of the City Government:
THIS COUNCIL hereby and under this preamble declares that an
emergency exists for the immediate preservation of the public peace
and safety and that in order to promptly meet such emergency it is
necessary to pass Ordinance No. 154 as an emergency ordinance.
Passed January 24, 1939.
Offered by
Seconded by: ~
Nays:
Secytary to the COuncil
ORDINANCE NO. 154
AN ORDINANCE AUTHORIZING THE SALE BY THE
CITY TREASURER OF $3000.00 EMERGENCY DEBT
CERTIFICATE.
THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN:
Section t. That the City Council of the City of Columbia
Heights, ~;~innesota, does hereby authorize the sale by the City
Treasurer of $3000.00 Emergency Debt Certificate, to be dated the
25th day of January, 1939, to bear interest at the rate of ~
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 Columbia Heights State Bank, in
the City of Columbia Heights, !'~.innesota, and shall mature on the
~t day of~/?~.
That said certificate shall be in substantially the following
UNITED STATES OF A!¥~qlCA
STATE OF MINh~ESOTA
COUNTY OF ANOKA
CITY OF COLU~TBIA HEIGHTS
No. 1. $3000.00
This is to certify that the City of Columbia Heights, in the
County of Anoka, State of ~innesota, is indebted toad-and for value
received hereby promises to pay to the bearer hereof on the
day of~, 19~0, the sum of ~000.00 at the Columbia Heights
State Bank, with interest thereon from the date hereof ~ntil paid
at the rate or--per cent per annum upon presentation and surren-
der of this certificate.
This certificate for $3000.00 is issued by said City of Colum-
bia Heights, .~.~innesota, to provide for temporary deficiencies in
the revenues of said City, the receipts from taxes and other sources
having from unforseen causes become insufficient for the ordinary
expenses of the City and is ~ssued pursuant to the Charter of the
said City aud the Constitution and laws of the State of ~innesota
there~nto enabling and in full conformity therewith in accordance
with the provisions of Ordinance No.
It is hereby Certified and Recited that all acts~ conditions
and things required by the Charter of said~ City ~nd by the Consti-
tution and laws of the State of ~Iinnesota, to have been done, to
havh happened and to have been performed, precedent to and in issu-
ance of this certificate have been done, have happened and have been
performed in regular and due form~ times and manner, and that this
certificate, together with all other indebtedness of the said City
outstanding on the date hereof does not exceed any constit~tional~
statutory or charter limitation of indebtedness.
In Witness Whereof, said City of Columbia Heights, Anoka Count~
~innesota, by its Council, has caused this certificate to be executed
in its behalf by the ~ayor ~nd City ~,~anager, and countersig~ued by the
City Clerk, and sealed with the official seal, and h~s caused this
certificate to be dated as of the ~$th day of January, 19~9.
Section ~. That this certificate shall be executed in behalf
of said City, by the ~ayor and City ~anager, and co~ntersi~ued by
the City Clerk, and sealed with the official seal of said City and
the full faith, credit and resources 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 O. That the City Treasurer be and she hereby is auth-
orized and directed to sell said certificate at not less than par
value and ~accrued interest.
Section ~. That this Council hereby declares that an e~ergency
exists for the prompt issuance of said Emergency Debt Certificate
owing to the fact that receipts from taxes and other sources have
fro~ ~nforseen causes become insufficient for the ordinary expenses
of the City.
Section 8. That this ordinance ~eing necessary for the
i~ediate preservation o£ the p~blic peace, health and safety is
hereby declared to be an emergency ordinance and shall take
e£~ect im~.~ediately upon its passage.
Passed January ~, 1939.
~ayor
Offered by: ~~
Nays
ycreta~y to the OounciI
RESOLUTION
?~q~EREAS, The City Treasurer has this day been duly authorized
to sell $3000.00 Emergency Debt Certificate to be dated the 25th
day of January, 1939, to bear interest at the rate of~ per cent
per annum, payable at the maturity of said certificate, and both
principal and interest to become due and payable on the ~-~st day
of~, 195~, and
~HEREAS, There is sufficient money in the Sinking Fund to
take care of the demands thereon, and it iS desirable and beneficial
to the City of Columbia Heights, ?~_innesota, to invest moneys in the
Sinking Fund in said Emergency Debt Certificate;
NOW, THEREFORE, BE IT RESOLVED By the City Council of the
City of Columbia Heights that .~3000.00 of the Sinking Fund be in-
vested in said Emergency Debt Certificate. Upon the ~.,~aturity of
said Certificate, the amount thereof and interest is to be returned
forthwith to the ~inking Fund.
Further Resolved that the City Treasurer be and she hereby is
authorized and directed to make the necessary investment in accord-
ance with this Resolution.
Be It Further Resolved that the proceeds fDom the sale of said
Emergency Debt Certificate be placed in the Park Fund.
Passed January ~4, 1939.
Seconded by:
Nays
Sec~ar~to 'the Council