HomeMy WebLinkAboutOrdinance 410PREAMBLE
PREAMBLE TO ORDINANdE NO.~ BEING AN
ORDINANCE ENTITLED "'~AN ORDINANCE AUTHORIZING
THE SALE BY THE CITY TREASURER OF $250,000.00
EMERGENCY DEBT CERTIFICATE."
WHEREAS, it became necessary to prope~rly carry on the
functions of Municipal GoVernment of the City of Columbia
Heights, to proceed with the public improuements; and,
Whereas; 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;
THIS COUNCIL hereby and under this preamble declares an
embrgency exists for the preservation of the public safety
and that in order to promptly meet said emergency it is
and that in order to promptly meet said emergency it is
necessary to pass OrdinanCe No.4~O as an emergency Ordinance.
Passed this 9th day of June, 1958
Offered by: King
Seconded by: Proft
Roll Call - Ail
ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE SALE BM THE
CITY TREASURER OF $250,000.00 EMERGENCY DEBT
CERTIFICATE.
THE CITY OF COLUMBIA HEIGHTS DOE~ ORDAIN:
Section 1. That the City of Columbia Heights, Minnesota
does hereby authorize the sale by the city Treasurer of
Columbia Heights nEm~gency debt certificate, to be dated
July 10th. , 1958, to bear interest at the rate of 4%
per annum, interest to be payable at the maturity of said certificate
to be numbered one (1) and shall be payable as to both principal
and interest at the Columbia Heigh$s State Bank in the City of
Columbia Heights, Minnesota, and shall mature on or before
July 10th 1959.
That said certificate shall be in substantially the
following form:
NUMBER
DOLLARS
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF Anoka
CITY OF COLUMBIA HEIGHTS
EMERGENCY CERTIFICATE OF INDEBTEDNESS
This IS TO CERTIFY TI~AT THE CITY OF COLUMBIA HEIGHTS in the
C?ounty of Anoka, State of Minnesota, for value received hereby
promises to pay bearer the sum of $250,000.00 at the
Columbia Heights, Minnesota, upon surrender of this Certificate of indebtednes
on 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 WITNESS WHEREOF said City of Columbia Heights, Anoka County,
Minnesota has caused this Certificate to be signed by its Mayor and
City Manager and countersigned bB the City Clerk and sealed with the
seal of said City, and has caused this Certificate to be dated as of
the 1958.
Attested:
City Manager
City Clerk
It is hereby certified and recited that all acts, conditions
and things required by the Charter of said City and by the Constitution
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 th~ City outstanding on the date hereof to
not exceed any constitutional, statutory or charter limitation
of indebtedness.
IN WITNESS NHEREOF the City of Columbia Heights, State of
Minnesota, by its council has caused this certificate to be issued in
its behalf by its City Manager and Mayor and countersigned by the City
Clerk and sealed with the seal of said City, and has caused this
Certificate to be dated July 10th , 1958
Section II That this certificate shall be executed in behalf of
s~id City by the Mayor and City Manager and countersigned by the City
Clerk and sealed with the official seal of said City and the full faith,
credit and resources df said City shall be ~nd hereby are irrevocably
pledged to the performance and full payment of both principal and
interest of said certificate when it becomes due.
Section III/ This Ordinance being necessary for the immediate
preservation of puhtiic peace, health and safety hereby declares to be
an emergency ordinance and shall take effect immediately upon its
~assage.
Passed this 9th day of June, 1958
Offered by:
Seconded by:
Roll Call -
Proft
King
Ail Ayes.
Secretary to City Council