New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29


SEQ. 8. All acts or parts Of acts herewith
are hereby repealed. This act shall take Of
feet from and after its passage.
Approved April 20 1891
CHAPTER Six. F. no. 49,.
An Act to create q funding commission 10 re-
deem and refund the Minnesota state rail-
road adjustment bonds and TO authorize the
transfer of internal improvement land con-
tracts and the issue Of new bonds and au-
thoIiaing q tax for the purpose of redeem
ing such new bonds.
Whereas, Chapter one hundred and two
C02) OF the. General Laws Of the State Of
Minnesota for the year one thousand eight
hundred and eighty.one qss1, as amended
said state for the year one thousand eight
provided for the adjustment Of certain al
legged claims against the State Of Minnesota,
and for the Issue OF the bonds Of said state
In payment Of such alleged claims, said
sae raosd 10 beeF m
terest at the rate OF four and one-half (4I2)
per cent per annu1n, and to mature in thirty
(30) years from July /, one Thousand eight
hundred and eighty-one (1ss1l, subject to the
Q0) years from said July first Qst), one
Thousand eight hundred and sighty-on
GesU.
And Whereas The state will have q right
to redeem said bonds On the first day of July,
one thousand eight hundred and ninety one
And Whereas, ch.pte. ono hundred and
Of Minnesota for the year one thousanGsaight
| and eighty-one 1ss1), as amended by chapter
two G) Of the General Laws OF said state for
the year one thousand eight hundred and
eighty GssD, extra session, provided for
the creation of sinking fund from the sale
Of Internal Improvement land, and for the
application Of the principal and interest de-
rived from said sales in the payment and
liquidation Of the said Minnesota state rail-
Eoad adjustment bonds; therefore
Be 1t enacted by the Legislature Of the state
Of Minnesota:
ehor1oN l.: The governor, auditor and
by constituted funding commission for the
purposes hereinafter specifically set forth.
-.sBo. e.. The said commission shall imme-
d.ately after the first day Of July, A. D. one
thousand eight hundred and ninety one
tiSyi J, catlse transfer to. be made on the
reoorda Of the stste l9nd commissioner of all
internal improvement land contracts c.the
permanent school fund of the state. amount
Ing in the aggregate to about one million
eight hundred thousand dollars, such trans
fers to be made by stamping opposite each
tract or lot SO transferred the following
words: Permanent School Fund. Such trans
fer shall have the effect to permanently set
apart such lot or tract and all moneys, prin-
c!pAl and interest that shall be paid in on
account OF said tract or lot to the school fund
OF the state as completely, and 1rrevocably as
are tho school lands of the state, and there
! efter there shall apply to the lands 30 trans
| ferred the same constitutional and legislative
restrictions and obligations as now apply to
the school lands of the state
SEC. J. The said funding commission shall
! also at tla same time transfer and set over to
| TIE permanent school fund all bonds now
| held In tho internal impl ovement land fund
| by stamping on said bonds the following
| words, minnesota School Fund Bonds''
SEC. 4 The transfer Of tho land contracts
and bonds az above provided shall have the
! effect and operate as a cancellation of q like
amount in value Of the Minnesota state rail
road adjustment bonds now held by the per
manent school fund. And 1t shall be the
further duty IF tho said funding commission
to destroy by burning the bonds 80 Cancelled,
| first making a record of each bond so de-
| Etroyed, which record shall note the date OF
| such destruction. together vito the demon
nation and number OF each bond, which
record shall De duly aEtested and officinlly
| commission.
SEQ s. The funding commission shall also
at any TING after January first, one thousand
eight hundred and ninety-two Q802). and
| from time to time thereafter whenever there
shall be Internal improvement land con.
| tracts to the amount of twenty-five thousand
dollars ISIS, OVO) on record in the Office of the
commissioner of the state land office, trans
fer said contracts to the university fund by
stamping opposite each tract or lot so trans
ferred the following words Permanent
| University Fund.- which transfer shall have
the effect Of permanently transferring said
! tracts or lots to the permanent university
| fund, together with all subsequent paymer IS
OF principal OF interest which shall become
due and be paid on account Of such tracts or
lots. It shall be the duty OF the said funding
! commission to cancel and destroy by burning,
as provided by section fourQ )of this act, of an
equivalent amount in value of the Minnesota
state railroad adjustment bonds, now held by
! the permanent university fund.
| mo irr fhn 81
| provided for there will still remain outstand.
| luz Of the Minnesota state railroad adjust.
| ment bonds an amount aggregating nearly
one million six hundred thousand dollars
! ($l,6OO,NpD. Authority therefore, is hereby
| given to the funding commission, if in theiI
| Judgment tho interests of the state will be
! subseryed thereby. to call in all outstanding
Mlnnes3ta state railroad adjustment bonds
! university fund, by giving the notice stipu
lated and required by said adjustment bonds
and issuing In lieu thereof IN equivalent
minnesota State Funding Bonds which
shall mature and be payable on July frs
(1stl, A. D. one thousand nine hundred anc
twenty,one dosp, The principal and inter
the interest to be payable semi-annually
The state, however. expressly reserves til,
right to call in bonds to an amount not ex
ceeding one ,I hundred and fifty thousand
years from the date Of issue Of said bonds
the bonds so called in to be designated b,
lot, and not in the numerical order Of issue
Sect. The bonds SO issued shall b.
signed by the governor and secretary of stat
and countersigned by the state auditor.
Sec. S. 1t shall be the duty Of the stat
auditor to levy tax Of one-tenth Q-1O) Of
mill on all the taxable property Of the state
commencing in the year one thousand eigh
hundred and ninety-two QS92) and annual,
thereafter until all Of the bonds go ISSUED
shall have been redeemed. Such tax shall
be- designated as the funding tax, whicl
shall be used and applied for no purpos
! whatever except for the payment Of the prin
cipal and interest Of said funding bonds.
SEC. 0. In making the transfers of the IN
ternal improvement land contracts provide,
for by this act, the funding commission ma,
draw from either the permanent school fun
or from the permanent university fund casl
SEC. TO- The funding commission Ehsl
! provide the form Of bond to be issued, ant
there is hereby appropriated from the rev
enue fund OF the state the sum OF five hun
dred dollars (s5oo), or 50 much thereof a
may be necessary, for the purpose Of carry
ing into effect the provisions of this act.
SEQ. II. This act shall take effect and b II
force from and after Its passage.
Approved April 20. 1891.
- CHAPTER 3c-H. F. NO. 1905 49,
| An Act relating to villages Of over three thou
sand Inhabitants and providing for munich
pal courts therein.
| tThis act provides form for increasing tn,
| mowers ef cornorata Vil1agae havin1s reanhef