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HomeMy WebLinkAboutOrdinance 407PREAMBLE PREAMBLE TO ORDINANCE NO. 407 BEING AN ORDINANCE ENTITLED "AN ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASURER OF ~13~,000.00 EMERGENCY DEBT CERTIFICATE". WHEREAS, it became necessary to property carry on the functions of Municipal'Government, of the City of Columbia Heights to proceed with' the public improvements; 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 emergency exists for the preservation of the public safety and that in order to proDptly meet said emergency it is necessary to pass Ordinance No.407 as an emergency Ordinance. Passed this 12th day of May, 1958 Offered by: Chics Seconded by: King Roll Call - All Ayes Secretary to City Council ORDENANCE NO. 407 AN ORDINANCE AUTHORIZING THE SA~E BY THE CITY TREASURER OF $~130,000 EMERGENCY DEBT CERTIFICATE. THE CITY OF COLUMBIA HEIGHTS DOES ORDAIN: Section 1. That the City of Columbia Heights, Minneso'ha does hereby authorize the salve by the City Treasurer of Columbia Heights emergency debts certificate, to be dated M~ !3th . , 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 Heights State Bank in the City of Columbia Heights, Minnesota, and shall mature on or before Au~usb 10th , 1958 .. That said certificate shall be in substantially the following form: NUMBER DO~L~S UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS EMERGENCY CERTIFICATE OF INDEBTEDNESS THIS IS TO CERTIFY THAT THE CITY OF COLUMBIA HEIGHTS, in the County of Anoka, State of Minnesota, for value received hereby promises to pay bearer the sum of $30,000.00 at the Ci%y Offices Columbia Heights, Minnesota, upon surrender of this Certificate of indebtedness, on the rate of per cent per annum, interest payable at matursty 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 by the City Clerk and sealed with the seal of said City, and has caused this Certificate to be dated as of the May 13th , 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 haws 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 b~ been done, have happened and have been performed in regulation and due form, time and manner and that this certificate, together with all other in- debtednesses of this City outstanding on the date hereof to not exceed any constitutional, statutory or charter limitation of indebtedness. IN WITNESS WHEREOF 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 counter signed by the City clar Clerk and sealed with the seal of said City, and has caused this Certifi- cate to be dated ~4a? 1~ . , 1958. Section il. That this certificate shall be executed in behalf of said 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 of said City shall be and hereby are irrevoc~y 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 public peace, health and safet~ hereby declares to be an emergency ordinance and shall take effect immediately upon its passage. Passed this 12th day of May, 1958 Offered by~-- Seconded by: Roll Call - King Proft All Ayes. Secretary to City Council