The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03

IS, and be attested by the district clerk
zee. >. Any independent school district
Board of Education of any town OF
~ desiring to obtain loan, shall SUB
ntially conform, as near as may be, &c
requirements of section two GU of this
&c. 4. When any city or village in this
tie desires to secure loan from sald
ads, the common council of the city OF
,age shall at a regular or special meet
adopt a resolution that the city OF
.age make an application to the state
L. loan of -- dollars. The report
resolution shall be approved by the
yor of the city or president of the
Incil and be atteSted by the city or VII
e clerk.
: Zee. ). When any township in this state
Tires to secure a loan from said tunds,
board of town supervisors shall at q
fular or special meeting adopt a resoiu-
n that the township make an appllca-
'>to1 a loan of -- dollars from the
=. The report and resolution shall be
groved by the chairman of the town
lrd of supervisors and be attestea py
# township clerk.
lee. 6. Ali resolutions making applica-
ms for loan from the state under TINS
n shall state in express terms the pur-
Sc for which the money Is TO De uSeu.
eth the application shall be turnshea q
Fitted copy of the resolution and 4
tnplete statement OF the existing bonded
floating Indebtedness, if any. Also by
at authority the applicant is author
"a to make the loan. Also certihcate
m the county auditor, showing the last
liable real and personal property Valua-
N of the territory affected by the loan.
= applications certificates, statements,
les of resolutions and other papers re-
red to be forwarded to the state au-
,r in connection with appllcatlohs
t,loans under this act shall by sald au-
be filed and preserved in his Office
II the loan to which they pertain has
ured and been fully paid and can
I'D.
l.. 7. No loan shall be made which
Il all other Indebtedness shall exceed
Sum of seven per cent 90 of the as
ed valuation of the taxable real prop
ii of such county school DIS
city, village or township, nor until
county school district. city,
uorized to issue bonds therefor in ac-
ance with the provisions of law APP
BILE thereto No loan shall be made
a shorter period than five years, nor
"a a longer period than twenty years.
~ change of boundary lines shall IN any
" relieve such county, school district.
" village or township from any uaDli-
4 for taxation to pay such bonds:
iec g. All loans made under the pro
ions of this act shall bear interest at
ID rate of four ID per cent per annum
yabIe annually All principal and in.
< est shall fall duo on the first QsD day OF
IN of the designated year, and no prin-
bal or interest shall be payable until
sficient time shall elapse after making
loan for tax to be levied and collected
erefor.
5ec. 9. The governor, the state auditor
ID the state treasurer are hereby con-
tuted an investment board for the pur-
k;es of this act, and shall meet at the
Slte capitol on the first Monday OF each
bnth for the purpose of considering ap-
cations for loans. The board shall have
r right to reject any or all applications
\ loans when it is deemed best for the
crest and protection of the state;
Pee. 10. Applications for loans shall be
mt to the state auditor, who shall act
secretary of the board created hereby,
ID keep a true record of its proceedings.
hen an application for Il loan shall be
repted, the proper officers OF the county,
hool district, city, village or township,
4 the case may be, shall execute and
lard of investment may determine, and
the presentation of such bonds to the
'lte auditor, he shall draw his warrant
. the state treasurer for the amount
iversity fund to the treasurer OF the
oper county school district. city, VIII
re or township. Said bonds shall be en-
rsed Minnesota School Fund Bond,
Minnesota University Fund bond as
a>lcase may be transferable only on
d state treasurer. The state auditor
all at once deposit such bonds with the
tie treasurer, taking his official receipt
erefor, and no money shall be paid by
e state trea Surer on account of such
nds until they shall be actually de-
cred to him.
Sec. IL No application shall be ac-
pied by the said investment board, and
4 bonds shall be purchased and paid for,
til the regularity of such application in
nformity with the law applicable there
/ and the legality of such bonds, shall
I've been approved by the attorney gen.
nj.
Sec. IL The state auditor shall annually
the time Of certifying the state tax to
e several county auditors, also certify
each county auditor the tax necessary
be levied to pay principal and interest
loans made under this act within the
unity. and it shall be the duty of every
oh county auditor forthwith to levy and
tend such tax upon all the taxable
.operty both real and personal, of the
unity. school district. city, village or
wnship that may be indebted for loans
/ herein provided. The amount so certi-
d and levied shall be thirty per cent
D%) in excess of the actual amount neces
.ry to pay for such accruing, prnGlPal
I'd interest. The tax so levied shall be
Elected and paid into the county and
ate treasures in the same manner as
ate taxes, and any excess collected over
e amount of such principal and interest
lyable in any given year snail be
edited to the general funds of the re-
,ectfve counties, school districts, cities,
llages or townships.
Sec. 10. This act shall take effect and
in force from and after its passage.
april l, 1897.