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HomeMy WebLinkAboutOrdinance 175 ORDINANCE NO_~ ~o O~OINA~O~ ~o _ ~ 7 ~ .... ~EREAS, It is necessary pursuant to Section 77 Ohatper 8 of the Oity Charter of this City to issue its Oertificate of Indeb~edness$ and,' WHEREAS, said section provides that the ordinance providing for the issuance of such certificates ma~v be passed audenacted as an emergency or- dinan ce: THIS COUNCIL hereby ~nd under this p~e~mble declares au emergency '~xists fot the immediate preservation of the public peace and safety and that in order to promptly meet such emergency it is necessary to pass ~rdi- nance No. t7.~_~__ as an emergency ordinance. Adqpted by the Council September Preamble Offered By. Roll C~l~ Secretary ~o ~he ~o~cil. .. . , 1941. ORD INA~CE NO /75 ~ ORDINANCE AUTHORIZING TEE ISSUANCE OF CERTIFICATES OF ~NDEBTEDNESS OF THE OITY OF COLUMBIA ~EIGHTS IN ~ AMOUNT OF. ~ TO DEFRAY THE EXPENSES INCURRED OR TO BE INCUREED IN MAKING LOCAL I!~PROVENENTS NOS. AND FIXING THE FOR~ THEREOF. TEE CITY OF OOLUMBIA MEIGHTS DOES ORDAIN: Section 1. That this Council hereby finds and determines that there were heretofore duly and legally ordered to be made certain local improvements, and that said improvements ~nd the expenses incurred or to be incurred in the making thereof are as follows: Local Improvement Nc. Local Improvement fi.g. ...... / Jo. ,,, ~, ~ ~ Section 2. That in order to defray in part the expenses incurred or to be incurred in the making of said local improvements it is necessary at this time to issue the Oity's Certificate of Iudebtedness in the ~gregate ~L~l~O~n t of , and this Council hereby determines to issue such certificates in said amount. That said certificates shall be dated the _./ ~;" day of ; : 1941, aud:~hall bear interest at a rate not to'exceed '?_~.~'[~r ~mn'~, payable semi-annu~lly of the first days of in number, numbered from one (1) to ... ( ) BoSh.,.~¢lusive,. shall be payable as to both principal and interest s~ the .~i~o~ ~a---~ '-' ~ in the City of ~, Minnesota, ~d shall be in the and shall mature in the order of their numbers, lowest number first as follows: Section ~S. That of said certificates ~he following amounts ahall be applicable to each of the several local improvements: Loca~ Improvement No. Amount Local Improvement No. ,1 7 / / Section 4. That said ~er~ificates of Indebtedness ~nd the coupons thereto annexed shall be substantially th? following form with the necessary variations as to ~umbers and maturities, which sa~d form is hereby approved and adopted: UNI'i~ED STATES OF AMERIOA STATE OF ~INNESOTA COUNTY OF ANOKA CITY OF COLU~BIA HEIGHTS CERTI FI CATE OF I~DEBTED~UESS KNOW ALL MEN BY THESE PRESEN~£S, t~at the City of Columbia Heights, Auoka County, Minnesota, certifies that it is indebted and for v~lue rec- eived hereby promises to pay to the bearer the sum of Dollars on the day of , 19 .... , togeth~ with inte~rest thereon at the rate of ~ per cent per aunum,~ payable semi-annually on the days of and in each year in accordance with and upon presentation and surrender of the attached interest coupons as they severally become_d~e. $o~h pri~c~a~a~t~rj~s~ of this Certificmte~are~ payable at the m~ ~.w~_~~.~,'~,~.~_~z ~,?_~ ............... Minnesota, in lawful money of the United States of America and to moneys for the prompt payment of such principal and interest sm the same be- come due the full faith, credit and resources of said City of Columbia Heights have been and are hereby irrevocably pledged. This Certificate of Indebtedness is issued by said City pursuant to and in full conformity with the Constitution' and laws of the State of Minnesota end the provisions of the Charter of said City thereunto enabling, and is issued for the purpos~/of defraying a part of the expense incurred or to be incurred in the maklng~of ~ocal improvements in said City, all as described and set forth in Ordinance NO., A~ -~1°f said City dully passed and enacted on the _~__~ day of I~ is hereby CERTIFIED and RECITED that all acts, conditions and' things required by the Constitution and laws of the State of Minnesota and the' 0harter of said City to have been done, to have happened and to have been performed pre- cedent to end in the issuance of this Certificate of Indebtedness have been done, have happened and have been performed~ in regular and due form, time and manner as required by law, and that this Certificate of Indebtedness, together with all other debts of S~id~¢iSy outstanding on the date hereof, does not exceed any $onstitutional, statutory or charter limitations of indebtedness. In Testimony W~ereof, the City of Columbia Heights, Anoka County, Minnesota, by its City Council, has caused this Certificate of Indebtedness to be signed by its Mayor and the City ~anager and countersigned by t~s City Clerk and sealed with the seal of said Cl~~' ~d the interest coupons hereto attached to be executed and authenttc~d by the facsimile signatures of the ~qayOrdated Sndas ofOitYeM~nagerth ,?)~.~i dayand haSof caused,~ this Certificate1941. of Indebtednessto be Countersi.gned~ Mayor City of Columbia Heights, Min~nesota City Clerk. Oity Manager (Form of Coupon) On the ~.d~y of ,(_ ~ ), 19 , the City of 0olumbia Heights, Anoka CoUnty, Minnesota, will pay to bearer at the First National Bank and Truct Company in the City of Minneapolis, Minnesota, the sum of Dollars being the semi-annual installment of interest then due on its 0ertificate of Indebtedness, dated , 1941, N~ ..... . City Manager~ Mayor. Section 5. That said Certificate of Indebtedness shall be signed by the Mayor and City Manager and countersigned by the City Clerk and sealed with the seal of said City and that said interest coupons thereto attached shall be executed ~ud authenticated by the pZinted, lithographed or engraved facsimile signatures of the Mayor and 0ity Manager. Section 6. That the f~ll faith, credit and resources of said City of Columbia Heights be and they are hereby irrevocably pledged to provide moneys for the prompt payment of the principal and interest of said 'certificates as such principal and interest respectively become due, and if the moneys received from assessments levied for such local improvements are insufficient to meet the payment of principal and interest of said aertificatss Of Indebtedness the Council shall provide the moneys for the payment of same. Section 7~ The City Council hereby finds that there is sufficient monyes in the Sinking Fund of the City of Oolumbia Heights to purchase the Certificates of Indebtedness herein authorized to be issued, and the City 01erk is hereby a~thorized and instructed to purchase the said Certificates on the date of their issuance with moneys now in the Sinking F~ud, and to place the proceeds Section 8.This Ordinance shall take effect and be in force inzmediatel~ ~ter its pass~ f - - ' -~~--~-'~f~s received from the sale of said Certificates in the · ~' ') Mayor. 'Secretary to the Council