HomeMy WebLinkAboutOrdinance 488PREAMBLE
PREAMBLE TO ORDINANCE NO. 488 BEING AN ORDINANCE
ENTITLED "AN ORDINANCE AUTHORIZING THE SALE BY
THE CITY TREASURER OF $100 000.00 ~mergency debt
CERTIF I CATE" . '
WHEREAS, it became necessary to proper~y carry on the functions of
Municipal Government of the City of Co!umbria Heights, to proceed
with the public improvementst 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 duei
THIS 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
No.488 as an emergency Ordinance.
Passed this 2~th day of June, 1960
Offered by: Chies
Seconded by: McCline
Roll Call - Ail Ayes.
cretary to City Council
ORDINANCE NO. 488
AN ORDINANCE AUTHORIZING THE SALE BY THE CITY
TREASURER OF $t00,000.00 EMERGENCY DEBT CERTIFICATE.
THE CiTY OF COLUMBIA HEIGHTS DOES ORDAIN:
Section 1. That the City of Columbia Heights, Minnesota does hereby
authorize the sale by the City Treasurer of Columbia Heights, and
Emergency Debt Certificate, to be dated June 2~, 1960 to bear interest
at the rate of 4% per annum, interest to--be payable ~t 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~e-~m~f ~0,196q.
That said certificate shall be in substantially the
following form:
NUMBER
DOLL~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 COLD~[BIA HEI~GHTS in the County of Anoka,
State of Minnesota, for value received hereby promises to pay bearer the sum of
$100,000.00 at the Columbia Heights State Bank, Columbia Heights, Minnesota,
upon surrender of this Certificate of indebtedness on the rate of 4 per cent
per annum, interest payable at maturity and for the prompt payment of the princi-
pal 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 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 20th day of June, 1960.
Attested:,
'City Clerk"
It is hereby certified and reci~d 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 per-
formed 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 to not exceed any constitutional, statutory or charter limita-
tion of indebtedness°
~IN WITNESS WHEREOF, the City of Columbia Heights, State of Minnesota, by its
Council has caused '~hi§ 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, snd has caused this Certificate to be dated J~un.e 2p~..19.60.
Section II. That this certificate shall be executed in behalf of said City
by th~M~o'r a~d 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 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 public ~eac~ health, and safety hereby declares to be an emergency ordinance
and shall take effect immediately upon its passage.
PRs'seddtl~'S2Oth day of June, 1960
Offered by: '~dCline
Seconded by: ~D~endo~Tf
Roll call: All Ayes
Secretary to t~e C~Unc~~ --
Mayor .... ~