The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-11

BID F No. 1906
An Ordinance to authorize and provide
for the issuance and sale of 500, 00o. ~
of the bonds of the City of st. PAU,
! Minnesota, to defray the expense OF
| constructing public school buildings;
| $50, 100000 Of the bonds of said city, to
defray the expense of the construction
of bridges, and $40, 000.0 900 of the bonds
of said city to aid in the construction
Whereas, The City of st. Paul. Mime
| sofa, did duly include and provide in It's
levy of taxes for the year 1908, the 1ol-
| lowing amounts for the respective pur-
poses hereinafter stated. during the year
1903, viz:
For the construction of public school
buildings the sum of $112,500.00:
For the construction of bridges, the
sum of $50 10000:
To aid in the construction of main sew
ers the sum of s60,000.00; and
Whereas, The funds so provided by tax
alton as aforesaid are inadequate TO de.
fray the necessary and actual cost OF
said improvements, or OF either class
thereof now in course of construction
and those necessary to be made during
the year 1903; and
Whereas, There is now in the treasury
of said city derived from taxation :, as
thereto and not otherwise appropriated, TO
pay more than one-fourth of the actuaI
cost of each and. all of said improve
ments to be constructed from the pro-
eeeds of the bonds hereinafter authorized,
and the Common Council deems 1t nee
essary that the sum of $500 ,000.00 par
value, of the bonds of said city shall be
issued to aid in defraying the cost OF
said improvements and to be appor-
toned respectively, as hereinafter stated;
therefore
The Common Council of the City of st.
Paul do ordain as follows:
SECTION l.
That the proper city officers of the
City of ST. Paul. Minnesota, be and they
are hereby authorized and directed to
execute and issue, Eonds of said City OF
St. Paul. in the following amounts and
for the following purposes. that is to
ID One Hundred Thousand ($1oo
000.00) Dollars. par value. in and of the
fTaying the cost of construction of pub
lie school buildings in said city.
CD Sixty Thousand ($6O. 000.00) Dol.
lars, par value. in and of the bonds of
cost OF construction of bridges in said
iS) Forty Thousand (s4o, 100000 Dol.
lars, par value, in and of the bonds OF
main sewers in said city
And in all, the aggregate amount of
$500. 100000, par value of said bonds, and
the same shall all be executed in form as
required by law and the charter of said
City, and under direction of its Sinking
Fund Committee, in denominations OF
and dollars each, as the purchasers may
desire, and each bearing date September
l., 1903, and bearing interest at the rate
of four per cent per annum, payable semi
annually, both principal and interest pay
able at the office of the financial agency
of the City of st. Paul in New York City,
New York, and the principal of each of
said bonds to be due and payable on the
31st day of August, 1888
The said bonds to be issued for, and
their proceeds, including any premiums
realized thereon, to be used and employed
only for the respective purposes and in
the respective amounts, as hereinbefore
stated.
All as provided for and authorized in and
by the terms of chapter three hundred
four GOD of the Laws of the State OF
Minnesota for the year 1903, approved
April 20, 1903.
SECTION 2.
That said bonds when so issued shall
be negotiated and sold by the Sinking
Fund Committee, provided for in the char
ter of said city, and the proceeds thereof,
including any premiums thereon, shall be
credited to and placed in the appropriate
funds and accounts in the treasury Of
said city. for which said bonds are re-
spectively issued as aforesaid. as soon as
realized, viz:
The proceeds of $780, 10000, par value,
OF said bonds and any premiums thereon
shall be credited to the School Accommo-
dalton Account, which is set apart for
building purposes.
The proceeds of $60,000.00. par value,
of said bonds. and any premiums thereon.
shall be credited to the Bridge Building
and Repair Fund.
The proceeds of sac, CC0.C0, par value. Of
said bonds, and any premiums thereon,
shall be credited to the Sewer Construe-
ton Account of the General Fund
The proceeds of all of said bonds to be
used and employed for the respective pur-
poses above named and in the manner
provided by law.
SECTION 8.
This ordinance shall take effect and be
in force from and after it's passage, ap-
prevail and publication.
Office of City Clerk, City of st. Paul, IS.
To Whom 1t May Concern:
Notice is hereby given that the annexed
and foregoing ordinance was introduced
in the Board of Aldermen, one of the
branches of the Common Council of the
City of ST. Paul, Minnesota, at It's meet
ing held on July Z, 1903, and is now on
file in this Office
Further notice is hereby given that said
ordinance will be presented to the Com
mon Council of said city for passage at
the regular meeting of said Board Of AL
dermen appointed to be held in the Coun-
Gil Chamber in the Court House and City
Hall Building, in said city, at 1880 o'clock
p. m. on July 81, 1908.
GEORGE T. REDINGTON,
City Clerk of Said City.
July 9-10-11-1903- st