Daily globe., 1881-03-19

AN ACT to authorize certain cities, boroughs and
villages to issue bonds for the erection OF PUBIC
buildings, and provide for the payment OF the
Be enacted by the Legislature of the State Of Min
Section 1. Whenever the council Of Any city, bor-
ough village in this State having population not
exceeding ten thousand inhabitants. and who are su-
horized erect buildings therefor and levy taxes to
pay for the same shall determine that ia for the in
terest Of such city, borough or village to erect 3
building for the purpose Of city hall, market
house, engine house. city offices or city prison, or ono
building for all or several Of these purposes COM
bned. it shall be lawful for them and they hereby
authorized and empo to ssue for that purpose
at any time, the bonds Of such city, borough or v-
sge hereinafter stated with interest coupons at
tached, to amount not exceeding two per cent Of
the total assessed valuation thereof as the same
pears by the assessment Of the preceding year, and
with the proceeds Of such bonds to erect any such
hail. market house, engine house, city Offices or city
prison or building for all several Of these purposes
combined: Provided that whenever the council OF
any city, borough or village IN this State contem-
plating the erection Of any such building the propo-
sition shall first be submitted to the legal voters
within the limits Of such city, borough village for
their approval rejection; and if majority Of the
electors present and voting Ia favor Of such prop
osition then such council shall proceed as herein
provided; but if such majority is opposed, then 1t
shall be Illegal for such council to issue any bonds
or other evidence Of indebtedness for any such
purpose.
Sec. 2. Any such council is hereby authorized and
empowered, If desired by them, to erect and con-
stuct any such building that there may be therein
hall suitableto be used by the public for exhibitions
lectures other public entertainments or purposes
aud to fix the rate Of and collect rent for the Of
the same from parties renting and using tho same for
any auoh exhibitions, entertainments or purposes.
AL rents, revenues or income received by any soch
city, borough village for account Of the use
rent Of said hall shall be set apart In the treasury
Of said city for the exclusive purpose Of paying the
interest upon said bonds; and IT, at the end Of each
year, when said bonds become due. there il found to
ha from 4 a
qured to pay the interest due upon said bonds the
said council shall such excess to be invested In
unquesttoned securities, or unquestioned bonds OF
such city, borough or village, or OF tho 6tste OF
Minnesota some city or county therein, to create
q sinking fund to pay said bonds ct maturity. After
the interest and principal Of said bonds have been
said hall shall belong to and bs part Of the general
revenue fund of SUCH city, borough or village.
Sec. .. Said bonds shall be issued'in such sum
es said council shall determine by resolution not ex-
ceeding i've hundred dollars each, with interest cou-
pons attached and payable In not less than ve nor
more than twenty years from the date Of issue, a.
such council shall determine, with interest at rate
not to exceed seven per cent Per annum, payable
semi-annua,ly.
sec 4. The council Of any such city, borough or
village In case there Is not sufficient revenue derived
from the rent Of any public hall as aforesaid, shall
annually levy and include in the general tax thereof
amount sufficient to pay al the interest on such
of said bonds as may be issued; and before the
principal any part thereof becomes due sufcient
emount 10 pay sucH Peincapai, o1 70 creo.o eAAne
fund to pay the same, or any part thereof
SEQ. 8. The bonds and coupons issued under this
act shall be signed by the mayer other chief exec
utve officer Of such city, borough or village, and be
attested by the recorder clerk thereof and said
bonds shall be sealed with the seal Of such city, bor-
ough OF village; and such recorder or clerk shall keep
true record Of all the bonds issued under the pro-
visions of this act.
Sec. 6. Such council shall not have authority to
negotiate said bonds at less than their par value.
Sec Z This act shall take effect and be in force
from and after its passage.
Approved March z, 1881.