The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24
CHAPTER so4-H. F. NO. 75e.

CHAPTER 304-H. F. NO. 756.
AN ACT entitled an act to authorize the
issuance of bonds by cities now or
hereafter having a population of over
fifty thousand inhabitants.
Be it enacted by the legislature of the
State Of Minnesota:
Section l. Any city of this state now or
hereafter having a population of over
fifty thousand inhabitants, is hereby au-
thorized and empowered, acting by and
through the common council of such city
by ordinance duly enacted, by an affirma-
tive vote of not less than three-fourthS
of all members elect of such common
councils, to issue the bonds of such city,
for the following purposes, viz:
% In any amount for the purpose of
refunding outstanding or maturing bonds.
C) For the purpose of defraying the
cost of construction of bridges and pub
lie school buildings and other buildings
for municipal purposes, and to aid in the
construction Of main sewers; provided,
that the amount of bonds issued under
the aggregate $6O0,000.00 par value and
not to exceed 100000 of said sum shall
be issued in any one year.
,S sec: q EVgFy Slt {b ISSUING any bonds
quired to levy each year thereafter tax
of at least one-half mill on the dollar of
all taxable property for the purpose of
creating sinking fund to pay the bonds
of such city as they mature, whether
such bonds be issued under the authority
of this city, or otherwise, until the en-
tire lDQ6DlSQn6SS OF SUCH PitV
shall be extinguished, and such sinking
fund shall not be diverted or used for
any other purpose.
Sec. 3. Bonds shall not be issued here
under by any city for any sum in excess
of three-fourths of the actual cost of
any such bridge, building, or main sewer,
and at least one-fourth of the cost of
any thereof shall be included in and paid
from the current annual tax levy next
made, or from funds in the city treasury
not otherwise appropriated.
Sec. 4. No ordinance authorizing the
issuance of any bonds under this act
shall be passed until the same shall have
been before the common council at least
ten days in the exact form in which il
passes, nor until the same shall have
been published in the form in which it
shall pass, at least three times in the Of
fetal paper of such city, the last puhIi-
cation to occur not less than five DAYS
previous to the meetings of the council
appointed to take action upon the same,
and such publication shall contain i'm
mediately following the proposed ordin
ance. a notice signed by the city clerk
stating when such ordinance will be pre-
scented to the common council for pas
sage.
Sec. .. No bonds shall be issued bv
any such city for the purposes herein
than thirty 900 years, nor bearing a
higher rate of interest than five (J1 per
cent per annum; but the place of nav
ment of the principal and interest there
Of and the denomination in which the
same shall be issued shall be such as
may be determined upon by the common
council and may be in the form of cou-
pom bonds or registered certificates. so
called; all such bonds shall, however. he
signed by the mayor, attested by the city
clerk and countersigned by the comptroi
the seal of such city, except that the,
signatures to the coupons attached 70
such bonds, if any, may be printed or
Autographed thereon, and none Of them