Loading...
HomeMy WebLinkAboutNov 6, 1923 A special meeting of the city council was beht in the Columbia school Tues- day evening, Nov. 6th, 1923, .for the purpose of' reading the emergency res- oration to take care of the certificates coming due. Meeting called to order by 5~ayor Morton. Roll call. found all members present but George Burgoyne. Mr. Morton explained_the purpose of the meeting anc~ t~itroduced Mr. Nelson representatiYe'bf the ~Ibrrison people, who in .turn explained.the proposition and read the resolution.'x Resolution. Matt Ledwein offered the following resolution and II. W.. Karrow moved its ad~)ption: Whereas, the Emergency Certifi- '~cates of Indebtedness hereinafter re- ferred to are about to mature, and ~he city is without funds to_ piy the prin- cipal thereof~ and to avoid default itberein an emergency exists. ; Whereas this city did under date of :December 1, 1922, duly issue and sell its Emergency Certificates of Indebted-I :ness to the amount, of $20,000 payable! ;December 1, 1923, with interest at'. the rate of 6'per cent per annum, pay-~ able 'at maturity,' and the purchase~, price thereof was piid into the city'sl treasm'y and used for the purposes.! for wh~bh sa'id certificates 'were is-'. sued, and ' ' ~Vhereas, skid certificates are now! outstanding and unpaid, and constitute! the city's valid obligations, and Whereas, a tax sufficient to redeeml all such c6rtificktes at maturity hasl been duly levied.as part of the bud-t !get for the year following thc issuanceI of said certificates, but-said~taxqs:not. ,-as-'yetI due.and has not been collected, and will not be available to pay such l certificates until after nmturity, andl there will not b~ ~other 'funds in th.el city's treasury available with which to pay the principal of such certificates on Dece~nber 1, 1923, and : Whereas, the owner and holder .of 'said certificates, has expressed a will- :ingness to forebekr from' enforcing payment of said certificates until the iproceeds of fhe tax levied for their payment Mmll ha.x:e been realized, but not later than ~C~,ru.~t 1, 1924, on con- dition (1) that the annual interest on said certificates anmUnting to' $1,200 ;which will be.due on December 1', 1~'23 'shall be prondpt!y paid, (2) that the ~city ~ill give .it-thirty-days' written notice in advance;of its intention to 'pay said cei'ttficates.prior to August .1, 1924,. and (3) that on the: payment ' of the principal of said certificates thd , city pay .in addition to the principal, 'interest thereon at the rate of 6 . cent' per ann'mn/ from December [1, ,..z92~:.a..na: ........................... ,ith which t& pay fife interest on said rtificates, .which ;,viii ihen be due,'{ ,. Now,'Therefore Be it. R'EsOLyED, (1)' That the p~oper officers pay~ ' interest which will fall du~i on said, certificates-on December 1, 192~, to- wit, the sum of $1,200, out o:~ the in- terest fund, taking an appropriate re- ceipt, therefor: i2) That the rroceeds of the tax~ heretofore levied for the purpose, when received, bo applied to the pay, ment of. the pmnmpal of-said certifi- cates on or before Augu.st.1, 1924, that tliirt~ days', written notice o1: any in- tention to .r~al(e 'such payment in ad-i vance of (c~Ck'~l/1924, be given the Metropolit~tu National Bank of Minne- apolis, Minnesota, where such certifi- cates are payable, anti thai on the pay- ment-of such certificates, there, shall! also be paid interdst at ~ per cent peri mnnum f~o6i December 1, 1923, and, ithat proi)er appropriations l:or such1 [Payment be seasonably made. :,. (3) .That a certified copy' of 'this' ~resolution be given the said Metro-i !politau National, Bank for th~ owner! l&nd holder of said certificates, to evi-! :lence the arrangement in reference. thereto. ' ..'. (4) This resolution, betng neces-~ sary for th'e: immediate preservation! of the public peace, health or safety,[ shall take effect immediately On its~, pa:~sage. - ' . · Ava M. Os~/rander seconded the.mo-' ti0n to adopt said resolution and the! roli being called, the same was adopt-' ecl.by the following vote: ~. Ayes, four (4). -' Nays, None. ' Signed this 6th day of November, 1923. F. II. Morton, Mayor. M. Ostrander moved that thei emergendy, defined and declared in! the preamble to said resolution be] ~greed to and declared to exist. H. W. Karrow seconded dm motion! and on roll call the motion was adopt- ed by the following vote: Aye's, four (4). Nays, None. The 'motion was declared' carried. ~otioa by' Ledwein, se. conded Ostrander, that' the compensation one (1) per cent to the Morrison peo- ple be allowed to the amount of $200.' Carried unanimously· . Mr. I(elsh, an attorney ~2d resident of. Columbia Heights, offered his ser- vices as city attorney free gratis nntil such time as the city Of Columbia! Heights was in a position tO pay one., Council took no action and tlm matter was~ laid over to the next regular! meeting.. ' Being no further business, it ;moved and seconded that the meeting. : adjourn. MRS. J. GOULD, Sec.