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HomeMy WebLinkAboutOrdinance 516PREAMBLE PREAMBLE TO ORDINANCE NO. 516, BEING AN ORDINANCE ENTITLED "AN ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASURER OF $16~,000 EMERGENCY DEBT CERTIFICATE." WHEREAS, it became necessary to properly carry ~n the functions of Municipal Government of the City of Columbia Heights, to pro- ceed with the public improvements; an~ 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 due; THIS CITY COUNCIL HEREBY and under this Preamble declares an emergency exists for the p=~rvation of the public safety and that in order to promptly meet said emergency, it is necessary to ps, ss Ordinance No.516 as an emergency ordinance. Passed this 13th day of March, 1961 Offered by: King Seconded by: McCline Roll Call - Ail Ayes. M~YOR ~ /f ORDINANCE N0.516 AN ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASURER OF $165,000 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, an Emergency Debt Certificate, to be dated March 15, 1961 to bear interest at the rate of 4% per annum, interest to be payable at 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 September 15, 1961. That said certificate shall be in substantially the following form: