Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-16

said amount of six (6) cents per cubic
yard, as hereinbefore provided, to be paid
by said city, shall be assessed by the said
board of public works upon all the prop
erty benefited thereby, in case property
shall be found benefited to the whole
amount so assessed, and in case property
shall not be found benefited to the whole
amount thereof, therefor such amount
as said board shall find benefited and
properly chargeable Herewith, and the
same shall be assessed and collected in
the same manner and with like effect as
is now provided by the charter of said
city In cases of local Improvements. And
in case any portion of said expense shall
be found not properly assessable upon
property the residue thereof shall be paid
out of the proceeds of the bonds hereby
authorized.
Sec. IL. That the common council of
said city of Saint Paul are hereby author
lied to issue the bonds of said city for
the purposes in this act named, to an
amount IN the aggregate of not exceed
ing fifteen thousand Us ,000) dollars, said
bonds shall be issued in amounts or de-
nominations of one thousand 1,O0O) dol
lars each, and shall bear interest
at a rate not exceeding five (5)
per cent. per annum, payable semi
annually, on the first ~ days of March
and September, after issue, withior with
out interest coupons attached. They
shall be payable in twenty-five (25) years
from their date, and may be made pay
able in the city of New York or in the
city of Saint Paul, or in both said places,
as the said common council may direct, and
the said bonds shall not be sold at less
price than their par value and accrued in
terest, if any. That said common council
are empowered and required annually to
levy tax on all property in SAID city SUBJ
ject to taxation, sufficient to provide for
the punctual payment of the interest on
said bonds and to provide sinking fund
for the payment of the principal on said
bonds, and the fund so provided shall be
set apart and held Inviolate for the pur-
poses aforesaid; PROVIDED, That all &C
cumulations of said fund may be invested
by order of said common council in the
registered bonds of the United States
until needed for the payment of the prin-
cipal of said bonds or such accumula-
| tions may be used for the purchase of any
of the bonds of said city at rate not
exceeding three ~ per cent. above the
par value thereof.
Sec. IL. That said bonds may be issued
from time to time as the said work of said
improvement progresses and the proceeds
| thereof, or so much as may be necessary
for said purpose, shall be faithfully ap-
piled to the purpose aforesaid.
Sec. Is. Said city shall not be COM
PEELED to expend for said work any greater
sum than that provided for in this act.
Sec. IA. This act to take effect and
| be in force from and after It's passage.
Approved March 4th, A. D. 1881.
| STATE OF MINNESOTA,
DEPARTMENT OF STATE.
l hereby certify that have carefully
compared the foregoing with the original
ON file in this department, and that it is
true and correct copy thereof, and of the
| whole of the same
Witness my hand and the great seal of
GREAT SEAL the State, this 18th day
OF THE STATE. of March, A. D., 1881.
| FRED. Won BAUMBACH,
| Secretary of State.