The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-05-29

in July, 1895, was and is S3,113, 230;
that the total bonded Indebtedness OF
the city is S197 800 upon which the an
nual interest is S10.520. A detailed
statement of the bonds issued is given.
and the order further says:
"That the city is also indebted to
divers and sundry banks and other
creditors of said city, as well as to
certain funds of said city, from which
said city has borrowed and expended
money, all amounting in the aggre-
gate to 500. 1872 81, the sum of $39, 45l. %
thereof being evidenced by bills pay
able which bear interest at the rate of
eight per cent per annum, and all of
which Indebtedness is now past due
and payable.
THAT the present bonded indebted
ness of said city, being the indebted
ness of said city for which it's city
bonds are now outstanding, is equal to
six andthirty-four one hundredths per
centum Of the total assessed and
eQualiZed valuation of all Of the tax
able real and personal property in said
city, and that the total per cent in
debtedness of said city is equal to
seven and nine-tenthS per cent of all
the taxable real and personal property
in said city Of Mankato."
1t further reciteS that the tax levy
for 1895 amounted in the aggregate to
$40, 900, and that Notwithstanding said
levy, there will be large deficiency
in the funds required to pay the neces-
sary current operating expenses of
said city, and that the total floating
Indebtedness of the city will reach at
least SCI 900: that the current operat-
ing and running expenses of said city
for the present year, exclusive Of in
terest payments amounts to $4,000,
and that the said expenses for the
years to come exclusive of the ex-
pense of erecting and operating a
lighting plant, and interest on bonded
and other Indebtedness, will reach at
least that sum. 1t further says:
THAT in order to pay the indebted
ness OF said city, now past due and
unpaid and to fall due during the
year 1897, and to pay the annual in
tereSt on the Indebtedness of said city
not yet due or to fall due, in said year
1897, which interest must be paid in
said year 1897, and to pay the current
running and operating expenses of
said city, in and for said year 1897, eX-
elusive OF any amount for the payment
of electric light bonds, or the interest
thereon, or the costs of erecting an
electric light plant, or any lighting
plant, or the interest thereon, or the
costs and expenses of operating the
same, it will be necessary for said city
to raise at least Sl0l, sos, by taxation
upon the taxable, real and personal
property of said city, in said year
1897, which it will be necessary to
| levy and extend against the taxable
property in said city, in the year 1896,
and which will create tax upon the
taxable property Of said city amount
ing to and Clio per centum upon all
the taxable property therein at the
present assessed value thereof"
1t further sets forth that the city is
well and properly supplied with facili-
ties for lighting said city both public
and private, and that the defendants
knowing all this, in wilful viola
tion are about to wrongfully enter in
to contract for the erection and con-
struction of lighting plant, and
pledge the credit of the city for the
cost thereof, and thereby involve the
| city in a debt so great as to render
necessary and unavoidable great and
unwarranted and illegal rate of taxa
tion upon the taxable property of the
city for many years to come. That to
carry out this unlawful purpose they
are about to issue unlawfully $4,000
in bonds with interest thereon at five
per cent, to unlawfully sell such bonds
to innocent purchasers, and render
necessary an unwarranted and illegal
rate of taxation upon taxable prop
erty for years to come to the irrepar-
able damage of property owners and
taxpayers.
And because of these facts it is
asked that the defendants be re-
strained from contracting for any
electric lighting plant, that they
be forever restrained from CONTRACT
ing to pay any person or persons any
sum Of money for erection of any such
plant, or pledging the credit OF the
city therefor; or from negotiating any
bond, or from levying any taxes there
for.