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HomeMy WebLinkAboutOrdinance 307PREA~$LE PHEAI~BLE TO ORDINANCE NO. 307 BEING ORDINANCE ENTITLED "AN ORDINANCE AUT.WORIZING THE SAI~ BY T~YE CITY TREASURER OF $t0,000. E~t~3ENCY DEBT CERTIFICATE". · ~$IEREAo, it became necessary to properly car~y on the functions of ~{uni- cipal Government of the City of Columbia Heights to proceed ~ith the Permanent Improvements ; and, V.~TEREAS, there are insufficient monies in the city treasury to pay costs currently due~ and the city is therefore without funds to pay for contract payments now due; T~[IS COUNCIL hereby and under this preamble declares an emergency exists for the preservation of the public safety and that in order to promptly meet said emergency it is necessary to pass Ordinance NOo_3OT.~_as an emergency ordinance. Passed this 23rd day of Decem~r 19~ 2 , · Offered by: Deeble Seconded by: Spe kutant Roll Call: Ayes: All Nays: None S cretary ~o ~be CoUnc~'i ~ ORDInaNCE NO. 307 AN ORDINANCE AUTHORIZ~[G THE SALE BY THE CITY TREASURER OF $10,000.O0 E~ERGE[~y DEBT CERTIFICATE. TI~ CITY OF COLUI~BIA HEIGHTS DOES ORDAIN: Section 1~ That the City of Columbia Heights, l~innesota does hereby-author- ize the sale by the City Treasurer of ~10,000.00 emergency debts certifi- cate, to be dated December 2hth ,!912, to bear interest at the rate of 3% per annum, interest to be payable at the maturity of said c '~' ertmimcate~ to be numbered one (1), and shall be payable as to both principal and interest at the Columbia Heights State Bank in the City of Columbia Heights, l~innesota, and shall mature December 2~th , 19~ 3. That said certificate shall be in substantially the following form: DOLLARS UNITED STATED OF A~RICA STATE OF }fIN~SOTA COI~TY OF ANOKA CITY OF COLII~BIA ~TE!GHTS E~ERGENCY CERTIFICATE OF I~EBTEDNESS ~{IS IS TO CERTIFY THAT T~ CITY OF COLUI~BIA HEIGHTS, in the County of Anoka, State of l~innesota, for value received hereby promises to pay bearer the sum of $ at the Columbia Heights, ~?innesota, upon surrender' of this' Certificate of' indebtedness, on the , with interest thereon from date hereof until paid at the rate of per cent per annum, interest payable at maturity and for the prompt payment of the principal and interest of this Certificate the full faith, credit and resources of said City of Columbia Heights are hereby irrevocably pledged° IN VgTNESS ll~REOF said City of Columbia Heights, Anoka County, 1,~innesota has caused this Certificate to be signed by its l~ayor and City ~{anager and counter-. signed by the City Clerk and sealed with the seal of said City, and has caused this Certificate to be dated as of the , 19~ o Attested: City l~anager City Clerk It is hereby certified and recited that all acts, conditions and things re- quired by the Charter of said City and by the Consitution 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 performed in regulation and due form, time and manner and that this certificate, together with all other indebtednesses of this city outstanding on the date hereof do not exceed any constitutional, statutory or charter limitation of indebtedness° IN WIT~SS %~ME~OF the City of Columbia Heights, State of l~innesota, by its council has caused this certificate to be issued in its behalf by its~ City ~anager and l~ayor and counter signed by the City Clerk and sealed with the seal of said city, and has caused this Certificate to be dated December 2~th ~, 19~2 o Section II o That this certificate shall be executed in behalf of sai8 City by the Mayor and City l~anager and countersigned by the City Clerk a~d sealed with the official seal of said City an~ the full faith, credit and resources of said City shall be and hereby are irrevocably pledged to the performance and full payment of both principal and interest of said certificate ¥~hen it becomes due° Section III. This Ordinance being necessary for the immediate preservation of public peace, health and safety hereby declares to be an emergency ordinance and shall take effect immediately upon its passage° Passed this 23 day of Offered by: HoLm Seconded by: Lange Roll Call: Ayes: All December , !9~ 3o Nays: None Secretary to 'the Council Na~6r - ~ ~