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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