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HomeMy WebLinkAboutOrdinance 178PREA~BLE TO OltOINANOE ~ER _ / 7 ~' Being an Ordinance entitled "An Ordinance Authorizing the Sale by the City Treasm~'er of ~,,000.00 ~mergency Debt Cer- tificate." WEERF~, An award of $2000.00 was made by the Commissioners appointed by the Court in the condemnation proceedings brought by the City of Columbia Heights for the taking of a right-of-way across Lot 8 Auditor's Subdivision No. $9, Anoka County, which said lot is the property of one Louise F. Dye; s~ud, WHEREAS, In order to settle the claim of the said Louise F. Dye and avoid au appesl to the District Court by the said Louise F. Dye it is necessary to i~mnediately settle the claim by immediately paying the said award; snd, WHEREAS, There are not at the present time sufficient monies on hand to p~y said award in zuy funds out of which said sum c~n be withdrawn; THIS COUNCIL, hereby, aud under this preamble ddcl~res that ~pubti~emergency~exists which subjects the city to the necessity of making an extraordinary ex~entiture, snd that in order to promptly meet such emergency it is necessary to~..~as~ Ordinance No.~ as an emergency ordinance. Offered By: SecondedBy,. Roll Call: Ayes: Mayor. 0 R D I if AN C E N0. The City of Columbia Heights does ordain: Section 1. T~at the City Council of the City of Columbia ~eights, a ~innesota, does hereby authorize the sale by the City Treasurer of/$2,000.00 Emergency Debt Certificate, to be dated the 26th day of ~ovember, 1941, to bear interest at the rate of ~ per cent per annum, interest to be pay- able s.t the maturity of said Certificate, to be in ntunber one (1), and shall be payable both as to interest and principal at the City Office of the City of Columbia Heights, Minnesota, and shall mature on the 25th day of November, That the said Certifics. te shall be substantially as fol!~wing form: ~ITED STATES OF ~V~ERICE STATE OF ~IN~ESOTA C0b~TY OF ANOKA CITY OF COL~%iBIA HEIGHTS ~o. t. $2,000.00 This is to certify that the City of Columbia Heights, in the County of Anoka, State of M~nnesota, is endebted to ~nd for value received hereby ~romises to pay to the bearer hereof on the 2~th day of November, 1941, the ;um of $2,000.00 at the City Office of the City of Columbia Heights, Minnesota, ~ith interest thereon from the date hereof until paid at the rate of ~ per cent per annum upon the presentation and surrende:t of this certificate. This certificate for $2,000.00 is issued by said City of Columbia Heights, Minnesota, to provide for a public emergency which has subjected the City to an extraordinary expenditure which the funds of the City are in- sufficient to meet, and is issued pursuant to the Charter of said City and the :onstitution and laws of the State of Minnesota thereunto enabling and in ~ull conformity therewith in accordance with the provisions of Ordinance It is hereby Certified ~nd Recited that all acts, conditions and things ~quired 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 per- ~ormed, precedent to and in issuance of this Certificate h~ve been done, have A~ 0RDINA~CE AUTHORIZING THE SALE BY THE CITY TREASURER OF A $2,000.00 E~ERGENCY DEBT CERTIFICATE. 1942. happened, and have been performed in reguzlar and due form, times and manner, and thatthis Certificate, together with all other indebtedness of said City outstanding on the date hereof, does not exceed any Qonstitutional, Statu- tory or Cha~.ter limitation of indebtedness. In Witness whereof, said City of Columbia Heights, A~oka County, State of Minnesota, by its council, has~ caused t~is Certificate to be ex- ecuted in its behalf by the Nayor and City Manager, and countersigned by the City Clerk, and sealed with the official seal, and has caused this Certificate to be dated as of the 25th day of ~ovember, Section 2. That this Certificate shall be executed in behalf of z~id City, by the Mayor and City Manager, and countersigned by the City Clerk, and sealed with the of~icial seal of said City and the full faith, credit a~d resources of ~aid City shall be and hereby are irrevocably pledged to .the prompt and full payment of both principal and interest of said Certificate when it becomes due. Section S. That the City Treasurer be and she hereby is authorized and directed to sell said Certificate at not less than par value and accraed interest. Section 4. That this Cotuacil hereby declar, s that an emergency exists for the prompt issuance of said Emergency Debt Certificate due to an extraor- dinary expenditure to which the City has bean subjected by the award of the Oon~aissioners referred to in the preamble to this ~dinance, and that the funds of the City ordinarily available for such an expenditure and insufficient to in~nediately meet the same. Section 5. That this ordinance being necessary by reason of the public emergency described i n thepre~ble herein, is hereby declared to be am emergency ordinance and shall t~ke effect immediately upon its pa.qsage. Passed November 25, 1941. econded By: C~, ~ ~k Roll Call: Ayes: RE S OLUT I O~ THE CITY COUNCIL OF TPI~ CITY OF COLU~&BIA P~IGHTS HEREBT RESOLVES: WI~AS, The City Treasurer has t~is day been duly authorized to sell a $2,000.00 Emergency Debt Certificate, to be dated the 25th day of November, 1941, to bear interest at the rate of .. ~ per cent p&yable at maturity of said certificate, and both interest and principal to become due and psyahle on the 25th day of November, 19425 and, WHEREAS, There is stufficient surplus monies in the Sinking Fund to take care of the demands thereon, and it is desirable and beneficial to the City of Columbia Heights to invest moneys in the Sinking Fund in said Emergency I~bt Certificate: ~OW T~KEREFORE BE IT RESOLVED: That $2,000.00 of the Sinking Fo_nd be invested in said Emergency D~bt Certificate. Upon the maturity of said Certificate, the amount thereof~.and interest, is to be returned forthwith to the Sinking Fund. BE IT F~RTHER RESOLVE~: That the City Treasurer be and she hereby is authorized and directed to make the necessary investment in accordance with t~is resolution. Passed ~ovember 28th, 194t. Offered By: ~ Seconded Roll Call: Ayes: Secretly to the Oo~c~l. Mayor.