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Home My WebLink About03-07-1933At 31_ nuies of . a special meeting of the'Common_ Council of the City of Rochester;, Minnesota, held in the,,,Council Chambers, in the City Hall, in said City, at 7:30 o'clock P.M.., on March 7ih,1933: Meeting called to.order by President Liddle. is Roll Call;; Present: Liddle, Amundsen, Dallman, Hicks, tiller, Moody. Absent: Norton. The call, for the special meeting was read; said meeting being called for the .purpose, of _..considerQt :on :of .,the financial situation of the citizens i �... �. of the City of Rochester;'' i nesotar, and any other by iness that the said Common Council might deem proper; rQ. ' Upon motion by Hicks, second by Moody, the Boy Life Bureau of the Knights of Columbus, was granted the free use of the Community Room, March 15th, 16th 18th, and 20th,1933. - Alderman Amundsen introduced ,the f ollowing resolution,which was p read: "WIiEE E AS, The budget division of the General Fund of the City of L,.. Rochester Minnesota for financial assistance In the operation of the City Hog Farm is without sufficient {funds to meet the demand thereon, and WID, AS, The, City Farm Fund was overdrawn •$1102,73 at the close .'' of . business February 28th,1933, (Net $102,73 after credit of March 2nd, 1933, ;7 per City Treasurer t s receipt No4,4822 ). and �- WHEREAS Sect ion .176 of the Home Rule Charter of the' City of Rochester, Minnesota, as amended March llth,19242 provides in part as follows: " - The Common Council may also provide for the issuance of bonds or certificate i ;.Y of indebtedness other than those authorized above, for the purpose of anticipating the collection of ' general taxes for the year in which they may be issued, without rr* submitting the proposition to the --legal -voters. of . ,the City, to the amount of twenty k {> five thous and dollars : $2b�,,000 400 )T >t o„ b F. `out st and ing and unpaid at any one time, :y payable not more than gone-year..:aft$r -.;-dete' thereof, out of the General or any ' other ;special. fund of the .Ci�ry with`'=interest-. thereg on at a rate not exceeding six x„> '' ' percent per annum. '= = - ° and': WHEREAS It is deemed expedient and neeessar' that a one thousand dollar ();1,000.00) certificate of indebtedness be issued and'sold at this time to provide funds for the financial assistance in the operation of the said City Hog Farm; + . + SO `.'HEREFORE, Be it resolved by the Common Council of the City of Rochester, Minnesota: That a one thousand dollar ($1,000.00) City of Rochester, Minnesota, four and one quarter percent (4j%) certifioate. of indebtedness dated April lst,1933, maturing April 1gt,1934, with interest thereon payable semiannually on the first days of October snd April, both prineIipal and interest payable at the office of the City Treasurer of said City, be issued and sold, such certificate of indebtedness to be numbered five (5'),, .and`' .• I. — J.. .. , F Be It. further: `resolved b8' the said Common Council: That the said certificate: of� indebtednwss•-shaQ] elfe 4-n:1!su'b6tant4ally the following form: 4 _ .. • ,,, y t S;'.iry. _.. -. L. ,. . i••�...C-.. - G-:-»_'Y.�.y R. _ �'.V,+ J. M�,1.a}m? # SeF '� '"�+s' Y'r_i.S Gn .. - , 316 "United ' Stat-es of America. .. - State of Minnesota County, of Olmsted,.City of Rochester. CERTIFICATE OF INDEBTEDNESS No. 5 1000,00 KNOW ALL -MEN BY: THESE. FRESEIC S: That the . City of Rochester, in the .County of Olmsted and State 'of .Minnesota, acknowledges and ' certifies that it is indebted _to,,.-. and.,'f-or ,value received, hereby promises to pay to the bearer, on April lst,1934, the sun of One Thousand Dollars 01000,00), together with interest on said suA from the date , hereof -until. paid at the rate of four and, one quarter WO) percent per. annum, payable - s emi-annually ,on the=ai'irst "dayd ' of October and April in each year hereafter, both principal -,,end_. interest payable in lawful money of the United States of America,- at the office of the City Treasurer of said City of Rochester,- Minn.es ta-, yont =;,Qf. tl a, ..General Fund of said City, and for the prompt payment , of `tthis certificate of indebtedness at maturity, with interest as aforesaid, -'the full faith, credit and resources of the said City of Rochester are hereby pledged; This Certificate of,;Indebtedneso is. issued for the purpose of �,.. _ maintaining the General Fund. of ,0616: * ty' ;and- fore the purpose of provid- i$g ftnd9tiura$v nae of, and .in .anticipst'lon of the : collect ion of moneys to be derived from tax levy-jto be_ made hin,�the year 1933, 'as set forth in resolution passed, and,adi� _cpte4--.t et jpmM n', .oune"il_,of said City on March 7th,1933.; In Testimony.-, eof.,said City: -.of Rochester has caused its corporate. -Beal to,, -be ,hereto,,affixed, and this certificate to be 'si-.gaed_by -its :Mayor, 'Qnd countersigned by its City. Clerk ..;won this :firs..t; :dam .of,. npril,; .A.D..1933. Mayor of said City. ` Counters igne'd ` City Clerk .of said , eitV .` and Be it further reso:l ' ds .��_li4,V_'te�saad...certifieate of indebted- . w ness shall .be executed in ,beha] i >oP< K-1A- ty by the, Mayor' and .attested y the City Clerk :and the, seal ;oPas:Cd Cisty lLi.,. tiier.ehto.-.And that the full faith, ,credit and :,of:.sud,C,�tye%ll and they hereby .::-- ' rresourees; re irrevocal , y pledged to the prompt, °and;: a]�], syment ".of the pr incIpal and interest thereon. A. B it f thbY bodlVbd by `thC HAI& Common.. Council: That the City Clerk of said City be and.'he is hereby ..dirgeted-_ to.. publish ,notice_ � f.the.meeting of the Common Council of said Clt which is._hereby. fixed o be held in the Council Chambers, in:the.,City.hall., in said City, on the Oth day of March, 1933;, -_at.; 7:30 o'_ol_oaksP�L.,,Por _the -,purpose of opening nd considering bids for, thesaid. of ;-indebtedness, in the ,certifoe.te ochester Post -Bulletin, a loc&l. newspaper1=printed-:a,nd: published in said ity, and the official newspaper the re.of:,__ in:-whieh said notice shall be ublished as required by law;,- the. `�said.,advert:ieement for bids for the sale f the said certificate o:e iad$ebtednessto..,be substantially as follows: "Notice'Mof''Ss'lel�'df7,-'$1;,Q06.,'00 City _ 'oP `Roche Bter,�ti9�esota,, 4� . `Certificate o ;Fndebted"rie41, ss"'." The Common Council of the CitB._of Ro.ahest,er ,.Minnesota, will eet:in its Council Chambers, ia,the;;Citar�$a ;1._, _isn aa;id; City; on the Oth: day. of March, 1933.9 ;at 7;:30;1o,'.elogX ILI o:jop n. and. consider sealed ' ids for the one thousand dollar ($1000iO.0) City of Rochester, Minnesota, four and one quarter (A -Id,) pereeit certificate of indebtedness then to be issued and sold, being an issue::authorized by..Seetion ,178 of the Home -Rine. Charter:,of ,said,YCity, �,. as amended March llth,1924, for the- purpose of.! realizing _Funds for :;finaneial assiatano in the operation -of the -City, Hag ?arm. of • said City, which said certificate, of indebted_ Hess will bear date April lst,1933, a+nd'-mature April lst,1934, with .:interest thereon 1; until paid at the rate of - Pour' end•-• ones quarter; (4q, �,) pereentp er annum payable: semi ti annually on the first days of October and April of each year after the date thereof. Beth principal and' interest on -'the esid certificate `of indebtedness will be payable at the office of the City Treasurer of. said City of ,Roehester,Minnesotap All bids must be "addressed to the undersigned City Clerk of2oehester, Minnesota, and be accompanied by a certified check fora- two (2%) pereelit . o,P the principal, of the certifi- Bate of indebtedness bid for_, pa�iable, without any condition, to the order of the City Treasurer of Rochester;' Minnesota;:_ which,`two (2%) percent will, if the. bid is 10�accepted,: be ..applied to the pur.c�h�gas�e., pr_ce of •the certificate oe' indebtedness, other- wise to be returned to the unsooes'sful ;bidd'er or bidders, and .such successful bidder will be required to accept deTivery.'and pay 'for' the said oprtiPicate= of indebtedness . on March 31st,1933, No bids will be considered -for less than the parr value of the t< said certificate of indebtedness',and' aecrued� interest" thereon. ' THE Common Council ,o`P said- City reserves" the right to reject any {_R and all bids. • Dated at` Rochester, Minnesota, this =day of March,4,.D.1933. City Clerk of the City of Rochester, Minnesota. " " upon motion by Hicks, seoord by -Amundsen, that the said resolutil be adopted as read, and all voting to Favor thereof, President Liddle declared the said resolution duly passed a;nd ,adopted: s t The Mayor, Mutt Fitzpatrick, Wm: A. Fitzgerald, Erwin Briese, S.O.Sanderson, idr. LIlulvihill, H.J.Har�°rick, C.F.Dabelste in, Lester J. Fiegel, and othersoffered various suggestions for the relief of the local financial situation , due to the nationuride bank holiday, -'running. from the issuance of script to the barte system for the necessities af' �Pey_gn� expression of the assembled citizens taken upon the motion of Earl A. -Vine, was that a citizens committee of seven serve with the members -of the Common Counc il. in making t:$; study and ,recommendations. for the issuance and use of script for local transactions. Upon motion by Hicks, second by Dallidan, the Common Council adjourned. O City Clerk