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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