The Saint Paul globe., 1899-04-27

CHAPTER 3e7-S. f. NO. es2
AN ACI to authorize cities OF this state
haNiES a population of fifty thousand
t50-VJel or more, to issue and sell ceT-
tiiitates of indebtedness in authorization
Of Tie collection OF taxes for any de .3art-
mei-t or tunCs named in the annual tax
estimate mace by the proper oEicers of
s2lu CITY, Tor the purpose OF raising
funds for tie use ana maintenance OF
SUl II dcpal tIlelts or funds
Be i enacted by the Legislature of the
State Of Minnesota:
5see..en / The common council OF any
citS- IL the State of Minnesota at any
time having population OF Atty thou-
san" (9o00Y or more, according to the
last officially promulgated state census,
Is hereby authorized, as soon the an
rual GsS- -5H3tiO3 or estimate fOr any par
tictisSr Year. made b. said common C ,un-
ell CT other proper officers Of said city is
transmitted 90 the county auditor Cf the
county Wi.erein in such city is situated bv
ordnance, ias5@d BY a tWC-thirds vote Of
such common council. fist directing the
same, to issue and sell or c2usa to be
issued and SOLD from time to time as
money - needed. certificates o. indebted
ness in anticipation Of the collection of
taxes TOR any department. or fund named
in SAID annual tax estimate for the pur-
10 Sc OF fa-SlnE funds tor the use and
maintenance 81 such department or fund;
lut no power shall exist TO issue Certi;l-
cafes Ter any OF said dcpartm ex-
Cc,5-ns eighty (S0) per cent Of the am 1unt
n.lced lE said tex estimate to be collect
Ell for the use and benefit Of such d.
flss4 ti-.tl4 or tttl-Q ana remaining unpaid
'nsu t-e CITY treasury, and said cert1fi-
Gates may be issued as aforesaid and re-
s0ad fIo;a time 10 time, if neces=a airy.
bui uo certificate shall lie issued TO be-
Ce'1e due and payable later than Novem-
be- 18TH in the Year Succee ling the year
r in A lich satd tax estimate reported to
s-}lo aUcItor as aforesaid was made; and
s.. . cert -,irata.; shall not be sold for less
than Per and accrued interest and shall
NOT draw q greater rate of interest than
SIX 'b' per cent Fer aunum. Each certih
ca5e st:au state upon its face for which
OF SAID departments or funds the pro-
ceeds of -hc certificate shall be used, the
whole amount embt aced in said tax esti-
mate for that particular department, and
they shall be numbered conSecuJiVely and
Le of the denomination of one hundred
dollars lSi0el, or multiple thereof. h1t
not exceeding one thousand dollars (Sl,00O)
each and may have interest coupons at
t&ched and o. otherwise of such forms
ana terms and with the coupons be MADE
payable at such place, as will best aid In
their negotiation, and the proceeds OF the
Tx assessed ana collected as aforesaiu
pn account of said fund and the faith and
credit of the city by which they are is
sued shall be irreVocably pledged for the
redemption of the certificates SO issued,
and the proceeds of the tax assessed and
collected rs aforesaid on account of said
fund shall be HrSt applied in the payment
and redemption Of the certificates so Is
sued. Provided that the provisions of
this act shall apply to only such cities as
shall avail themselves of the provisions
OF an act OF the legislature or Minnesota,
entitled An act to authorize cities of
this state having a population OF more
than fifty thousand to issue and sell their
bonds 10 take up their floating indebted
ness and to prevent the subsequent Great
ing of 2 floating Indebtedness by such
cities approved March 10, 1899 And if
any city of the above named class shall
hereafter avail itself of the provisions of
said last mentioned act, such city shall
Notwithstanding have the right herea fter
to issue the certificates herein provided
for
Sec. .. This act shall take effect and be
in force from and after it's passage
Approved April 20th. 1899