The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19
CHAPTER 1e3-s. r.. NO "a

AN ACT to amend section one of chapter
one hundred and forty-eight Q4S) Of
the General Laws Of 1893 enUitleo An
act authorizing public corporations,
created and existing under the laws of
this state, to refund their pOnueo in
debtedness,'' as amended by section one
OF chapter one hundred and twenty
nine (125) of tne General Laws or 1896,
entitled AN act to amend section one
"a OF chapter one hundred and forty
eight (148) of the General Laws OF 1888
reIating to municipal bonds" also to
amend section two CD OF said chapter
one hundred and forty-edght Of the
General Laws OF 1898.
Be it enacted by the Legislature OF the
State of Minnesota:
Section L. That section ono Of chapter
one hundred and forty-eight of the Cen
eral Laws Of 1893, approved April 1, 1893,
entitled AN act authorizing public cor
porat1Ons, created and existing under the
laws of this state, to refund Eneir bonded
indebtedness, as amended by section one
of chapter one hundred and tWenty-nine
Of the General Laws of 1885, approved
April 13, 1895, entitled "An act to amend
section one u OF cnapter one hundred
and forty-eig'ht l4S) of the General Laws
Of 1893, relating to municipal bonds" be
and the same is hereby amended, so as
to read as follows:
Section 1. That any county, town,
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
by law, which BONDS rave been. actually
sold and delivered to purchasers for
value, or otherwise disposed Of, so that
the same constitute q valid and existing
Indebtedness, may at any time after ma
turlty, or before maturity with the con-
sent of the holder and while said bonds
are a valid existing Indebtedness, against
such county, town, city, school district
or village, refund the same, either in
Guiding or not including any accrued in
terest due thereon, and issue and ne
gotlate new bonds for the amount of
such indebtedness, or any part thereof;
Provided. that such refunding bonds
thirty go years from the date the same
are issued, and shall not draw a higher
rate Of interest than the bonds refunded.
Section 2. That section two % of cha,o-
ter one Hundred and forty eight Of the
General Laws OF 1888 approved April 1.
1888, entitled IAN act authorizing public
corporations. created and existing under
the laws of this state, to refund their
bonded Indebtedness" be and the same
IS hereby amended SO as to read as fol-
Section 2. The necessity of issuing and
negotiating bonds under the provisions
of this act shall be determined as follows:
In case of countazs, by the board of
county commissioners
In case of towns, by the board of s11pe1-
visors.
In case of cities. by the city council.
In case Of villages. by the board OF
trustees.
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 cou-
pom bonds or registered bonds. and gen
orally may make such other provisions
relating to said bonds and the issuance
thereof as are not inconsistent with the
provisions of this act. Nothing herein s1aI
| be construed to compel the holder of any
bonds to accept payment thereof before
maturity. Any county, town, city, soho d
district or village issuing bonds under the
| provisions Of this act shall assess, lew
| 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. 3. This act Shall take effect and
| be. in force from and after its passage.
| Approved April 6, 1901.