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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 .... ~