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HomeMy WebLinkAboutOrdinance 484 ' PREA~BLE TO ORDinANCE NO. h8~ BEING AN ORD~_NCE .~' ENTITLED "AN ORDI~TANCE AUTHORZZ~G TY~ SALE BY TEE CITY TREASURER OF ~!00~000.00 E~.~RGENCY DEBT CERTIFICATE". ~¥HEREAS, it became necessary to properly carry on t, he functions of Municipal Government of the City of Columbia Heights, to pro- ceed with the public i~©rovements; and ';~E~EAs~ there are insufficient monies in the City Treasury to pay costs currently due, and the City is therefore without run, ds to pay for contract payments now due~ T~ITS COU~C!L 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 ~84 as an emergency ordinance. Passed this 23rd day of February, 1960 Offered by: Chies Seconded by: King Roll call - Ail Ayes. AN ORDINANCE AL~ORIZING ~ SALE BY THE CITY TREASURE~ OF $100,00OOO0 ~.~ERGENCY DEBT CERTIFZCATE THE CIT~ OF COL~BIA H~-.iGHTS DOES ORDAIN: Section.1. That the City of Columbia Heights, ~innesota does hereb~ authorize the sale by the City Treasurer of Columbia Heights, an EmergenSy Debt Certificate, to be dated ~arch 10, 1960 to 'bear interest at the rate o£ ~ per annum, interest to--be pay~bi'e a~ the maturity of said certificate to he numbered one (1) and shall be oayable as to both principal and interest at the Columbia Heights Stats Bank in the City of Columbia Heights, Minnesota, and shall mature on or before September lOth~ 1960. That said certificate shall be in substantially the following form: NU~BER DOLLARS L~ITED STATES OF ~ERICA STATE OF MInnESOTA COL~fTY OF i¥0KA CITY OF COL~IBIA HEIGHTS E~&ERGENCY CERTIFICATE OF ]3~DEBTEDNESS T~ItS IS TO CERTIFY THAT TH~ CITY OF COLU~,{BiA HEIGHTS in the County of Anoka, State of Minnesota, for value received hereby promises to pay bearer the sum of $!00,000.00 at the Columbia Heights State Bank, Columbia Heights, Minnesota, upon smu~render of this Certificate of indebtedness on the rate of 4 per cent per annum, interest payable at maturity and for th~ 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 ?gTNE~ ~&~E3~OF said City of Columbia Heights, Anoka County Minnesota has caused this Certificate to be signed by its Mayor sad City l{anager 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 10th day of March, 1960 Attested: City }~fanage'r ' '~'ity C'ler~ It is hereby certified and recited 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 perfo~ned precedent to and in issuance of this certifi- cate have been done, have happened and have been performed in regulation and due form, time and m~nner and that this certificate, together with all other indebtednesses of this City outstanding on the date hereof to not exueed any constitutional, statutory or charter limitation of inde bte due s s. i~ V~Ti~ESS VfHEREOF, the City of Columbia Heights, State of l~iranesota, by it4 Council has caused this certificate to be issued in its behalf by its City Manager and ~layor anR countersigned by the City Clerk and sealed ~vith the seal of said City, and has Caused this Certificate to be dated ~garch !Oth~ 1960. Section II That ~?is certificate shall be executed in behalf of said 'C'i%y b'y the ~ayor and City ~.'~anager and Countersigned by the City Clerk and sealed with the o£ficia! 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 ire becomss due. ~.~ection III. This ordinance being necessary for the i~.ediate preservatio'n ~f public peace, health, and safety hereby declares to be an emergency ordinance and shall take effect immediately upon its passage. Passed this 23rd day of Febr~ary, 1960 Offered by: Chies Seconded by: Orendorff Roll call: Ail Ayes. ~ yor , ~