Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1901-04-19
CHAPTER 1875. f.. NO. SO,

AN .ACI to amend section one OIL clhapIeI
one hundred and forty-eight q4s2 Of
the General Laws OF 1893 entitled a
act authorizing public corporations,
created and existing under the laws OF
this state, to refund their bonded In
de%btedness," as amended by section one
Of chapter one hundred and twenty
nine C2Y of the General Laws OF 1890.
entitled IAN act to amen section one
eight Q4S) OF the General Laws of 1893
relating to municipal bonds;" also to
amend section two C0 Of said chapter
G z hnn d1%a and 1ad f1rty-eaght of the
Be 1t enacted by the Legislature OF one
State OF Minnesota:
Section 1. That section one Of chapter
one hundred and forty-eight of the Gen
entitled A act authorizing public cor
porations, created and existing under the
laws of this state. ito refund their bonded
indebtedness" as amended by section one
of chapter one hundred and twenty-1line
Of the General Laws of 1895, approved
April IL, 1895, entitled can act to amend
section one % of chapter one hundred
and forty-eigqht CAS- Of the General Laws
Of 1893, relating to municipal bonds" be
and the same Is hereby amended so as
to read as follows: g -.
city, school district, or village, in this
state that has heretofore issued, or shall
hereafter issue, bonds purporting to have
been issued for any. purpose authorized
ny ldW WlilCn. pOllQS lac 10 OSCl1 ud11S
sold and delivered to purchasers for
value, or, otherwise disposed Of, so that
the same constitute a valid and existing
Indebtedness. may at any time after ma
sent of the holder. and while said bonds
are a valid existing Indebtedness, against
such county, town, city, school district
o7,,d vllaag ge re re1q inc1, Gde SANE ans ac ec1nei IN IN
terest due thereon, and issue and ne
gotiate new bonds for the account of
such indebtedness, or any part thereof,
Provided, chat such %refunding bonds
shall not be made payable more than
thirty (3O) years from the date the same
ARE issued, and Shall not draw q higher
rate. of interest h a the bonds refunded.
ter one hundred and forty-eight Of the
General Laws of 1898, approved April 1,
1893, entitled "An act authorizing public
the laws Of this state, to refund their
bonded Indebtedness" be and the same
Is hereby amended SO as to read ,as fol-
lows:
Section 2. The necessity of issuing and
negotiating bonds under the provisions
of this act shall be determined as follows:
In. case, Of counties. by the board Of
county commissioners.
In case Of towns, by the board Of uper-
visors.
In case Of cities, by the city council.
In case of villages, by the board of
In case of school districts, by. the
board Of trustees.
Bonds issued under this act may be
attested the same as bonds refunded,
or may be sealed with the corporate seal
Of the corporation issuing them, and
signed by such officers Of such corpora
ton as may be designated In the ordi-
nance, resolution or order providing for
the issuance of the bonds. Such ordi-
nance, resolution or order may provide
that said bonds shall be negotiable oou-
pom bonds or registered bonds, and gen
orally may make such other provisions
relating to said bonds and the issuance
thereof aus are not inconsistent with the
provisions of this act. Nothing herein shall
be construed to compel the holder of any
bonds to aosept payment thereof before
maturity. Any county. town, city, school,
district or village issuing bonds under the
provisions Of this act shall assess, levy
and collect taxes upon all the taxable
property therein, sufficient to pay, the in
terest on such bonds as the same becomes
due, and also to pay the principal thereof
when the same becomes due.
Sec. 8. This act shall take effect and
be in force from and after it's passage.
Approved April 6, 1901.