The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1900-03-23
SOLD At Low RATE
RHfundil5 Bonds Of City for $4,000
We're Sold at Par and a Four
and a Half Rate.
Movement Started Here to Raise a
Fund of Money for India'S Fam
iue Sufferers.
City Election Will be Held on April
t7--Nen Whose Terms Have
Expired.
GOOD SALE OF CITY BONDS
City Council Was Able to Place Its
Refunding Bonds at a Lower
Rate of Interest.
Rate of Interest.

A special meeting of the city council
was held Monday evening to take some
action on disposing of the rounding
bonds which the city had offered for
sale. Two weeks ago the matter was
adjourned on account of the difference
of the bidders in submitting their bids,
and other propositions were made by
the city TO the bond houses. AT this
time there we're eight bids submitted
to the council and after they were read
and discussed the proposition of o. L.
Branson, of the First National Bank
of this cisy was considered as best for
the city. The bid Mr.. Branson pre-
sented is as follows:
For the legally issued refundine
water works bonds of your city to the
amount of forty thousand dollars, dated
April lst, 1900, bearing interest at a.
percent per annum, payable semi-an-
nually interest and principal pay
able at Mitchell, S. D., in denomina-
tiuns of one thousand dollars each. due
twenty years after date, containing q
reservation to the city, whereby it shall
have the right to pay and redeem on
or at any time after the following dates:
$1,000 years frsm date.
So, 900 6 years from date.
| $1,000 years from date.
s., 900 years from date.
$4,000 9 yeare from date.
! $1,000 10 years from date.
1000 ii years from date.
$4,000 II years from date.
$1,000 l3 years from date.
$1,000 IA years from date.
$1,000 Is years from date.
$1,000 l6 years from date.
$4,000 II years from date.
| $4,000 Is years from date.
$1,000 l9 years from date.
$4,000 20 years from date.
l. will pay you their par value (torty
thousand dollars) and in addition there
to will pay you all interest which may
accrue from date of said bonds up to
and including such date rs l shall make
the funds available for taking up the
old bonds to be refunded, and in ad
dition thereto | will undertake to furn-
ish the necessary blank bonds and
have my attorney give such advice and
guidance AS may be- necessary and con-
sistenu, for which the city shall allow
me the sum OF $500, such allowance for
attorneys fees and blanks, as above,
shall be- an entirely separate transaction
and be paid out Of the general fund of
the city after all the bonds have been
delivered and paid for as above.
| Under this contract the city can com
mence paying its bonded indebtedness
| five years from date of bonds and make
payment OF 50, 900 each year or it can
wait for period of twenty years before
making payment and let the coming
generation bear some of the burden.
The bonds are to draw interest at 4 J
per cent per annum and is quite a saw
ing from the rate of per cent which
| they have been drawing.
The issue was for $43,O 900 but tt e
council had the money on hand with
which to pay the So, 600 and it was de-
cided TO do this and save that much in
terest.
The total Indebtedness of the city
now, exclusive of the school bonds, will
be $50, 800, all of which is drawing in
terest &C the rate of A. per cent.
The sale Of the bonds was made by a
resolution passed by the council and
the new bonds will be issued IS soon ae
possible.
The city is certainly to be congratu.
lated on the outcome of it's bond sale az
the matter has been before the council
for some time, and until their legality
was established by carrying the ques.
to the supreme court it was q difficult
matter to sell them.