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.