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HomeMy WebLinkAboutOrdinance 551PREAMBLE PREAMBLE TO ORDINANCE NO. 551, BEING AN ORDINANCE ENTITLED "AN ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASURER OF $40,000.00 E~IERGENCY DEBT CERTIFICATE." WHEREAS, it became necessary to properly carry on the functions of Municipal Government of the City of Columbia Heights, to pro- ceed with the public improVements; 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 due; THIS CITY COUNCIL HEREBY and under this Preamble declares an emergency exists for the preservation of the public safety and that in order to promply meet said emergency, it is necessary to pass Ordinance No.551 as an emergency ordinance. Passed this 24th day of September, 1962 Offered by: King Seconded by: McCline Roll Call - Ail Ayes. Secretary to City Council' MAYOR ~ - ~ - ORDINANCE NO. 551 AN ORDINANCE AUTHORIZING THE SALE BY THE CITY TREASURER OF $40,000 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 October 1, 1962 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 October 1~ 1963. That said certificate shall be in substantially the following form: UNITED sTATES DF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA CITY OF COLUMBIA HEIGHTS DOLLARS EMERGENCY CERTIFICATE OF INDEBTEDNESS THIS IS TO CERTIFY THAT THE CITY OF COLUMBIA HEIGHTS, in the County of Anoka, State of Minnesota, for value received hereby promises to pay bearer the sum of $40,000.00 ~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 principal and interest of this Certificate the full faith credit and resources of said City of Columbia Heights are hereby irrevoc- ably 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 countersigned by the City Clerk and sealed with the seal of said City, and has caused this Certificate to be dated as of the 1st day of October, 1962 Attested: City Clerk CITY MANAGER 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 performed 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 indebtedness of this City outstanding on the date hereof to not exceed any constitutional, statutory or charter limitation of indebtedness° IN WITNESS WHEREOF, The City of Columbia Heights, State of Minnesota, by its Council has caused this 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, and has caused this Certificate to be dated October 1, 1962. Section II. That this certificate shall be executed in behalf of said City by the Mayor and 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 s~id certificate when it becomes due. Section III. This ordinance being necessary for the immediate preservation of public peace, health, and safety hereby declares to be an emergency ordinance and shall take effect immediately upon its passage. Passed this 24th day of September, 1962 Offered by: Nawrocki Seconded by: King Roll Call - Ail Ayes. Secretary 'o City Council Mayor