The herald-advance. (Milbank, S.D.) 1890-1922, 1904-07-22
Ordinance No. SO

An ordinance providing for an issue of bonds of
the City of Milbank, South Dakota, to the aggre-
gate amount of twenty three thousand dollars
($23, OOO) and providing for the levy of an an
nual tax to pay the principal and interest on
the same.
WHEREAS, a petition was presented and filed,
signed by 1866 electors of the City of Milbank,
praying the said council of the City of Miibank
for a special election for the purpose of voting
ON the issuance of bonds for water works for
said city for domestic uses, and
WHIREAe. it appearing to and being the judg.
ment of the said city council. that there was no
water supply in the said city for domestic uses,
and and that ., AN a necessity ssas,G he EXISTS nrais 5neTe doi ana mat
for said city, and deeming 1t necessary to call
such election for the purpose of providing bonds
for waterworss to furnish said water supply for
issued to pay for the same in the sum OF twenty
three thousand dollars t$23 ,00O), and be within
the limitations made by the constitution and
general laws of the state, and
WHEREAS, a resolution was duly passed that a
special election be held on Tuesday, April 10,
1904, under the general election law, for the pur-
pose of voting on the question of issuing bonds
Of said city for the sum of $23, 900, to draw inter
est not to exceed five per cent per annum, which
bond ehall coneist of twenty three bonds of one
thousand dollars f$10O0.0O) each and shall run
for the period oftwenty years and be payable in
twenty years from the date of said bonds, with
option to pay any. or all of said bonds after ten
(1O) years from the date of said bonds, which
bonds shall be issued for the purpose of provid-
ing water for domestic uses in the said City of
Milbank, and which resolution was passed on
the 7th day of May, 1904, and
WHEREAS, pursuant to said resolutions so
passed on the nth day of May, 1904, by said City
Council, due notice was given that a special cleo
bonds In the sum of $23,Oc0 to provide for water
works in the said City of Milbank, would be held
on Tuesday, April 49,, 1904, at which time the
question of Issuing bonds to the extent of S23, 600
for the purpose of providing water for domestic
uses, would be voted upon, and
WHEREAS, said question was duly voted upon
held in said city on the said 18th day of April.
1904. for the purpose Of voting on the question of
issuing bonds in said cum of $2S,00O for the pnr-
pose OF providing waterworks for said city, and q
water supply for domestic uses, and the judges of
said election having canvassed said vote, the re-
of said election having been duly made by
duly canvassed, and it appearing that A7 votes
were cast on said question, OF which 21 votes
were in favor OF the issuance of said bonds and
20 votes were AGAINST the e, Issuance OF SAID bonds,
favor of issuing said bonds as aforesaid, and a
majority of all the votes cast for mayor of said
city cnlra e on sns sn aass ), pf Ieos' ans the s,sc aity co %nlfh h oc.
ing duly examined and canvassed said returns,
did by resolution passed by said city council on
t1s tS Ss' no ass % % c aps'l v ,sDsi Il oe savar II afs th = m issSsnes
OF said bonds OF said city, for the purposes herein
expressed.
council Of the city OF Milbank, in the State Of
Section /. That there shall be and there is
gotiable coupon bonds Of the City Of Milbank, of
the State Of South Dakota. to the aggregate
amount OF twenty-three thousand dollars
(S2s 700 to De issued solely for the purpose OF
providing waterworks and a water supply for
the City OF Milbsnk, for domestic purposes.
Sec. 2. That said bonds shall be twenty-three
In number, numbered con secutively from one to
twenty-three inclusive. each bond to be of the
denomination OF one thousand dollare and to be
designated . aterworks Blonde, and said bonds
shall be dated At the time the same ehall be
issued, made payable to bearer, and drawing
interest from and after their date At q rate mol
to exceed ave per cent per annum, payable semi,
annually on the 6rst days Of February and
period Of twenty yeare from he date of said
bonde, with option to pay any and all of said
bonds after ten yeare from the date thereof, and
In NO csse shall said bonds be diverted from the
object for which they were issued or be disposed
Of for less than their par value.
Sec. 8. There shall be attached to each ofthe
msnts Of interest due semi-annuaily thereon
from the date Of said bonds. to the respective
matuTities thereof, and both the PRINCIPAL and
intercst Of said bonds shall be payable in lawful
money OF the United States Of America, shall be
made payable q Hanover National Bank, OF New
York City. n. r. and shall be made in the form
BY Law prescribed.
signed BY the mayor and sttested BY the city
auditor under the corporate seal of said city,
and said bonds BY the delivery thereof to the
treasurer shall Be registered blythe city treasurer
Sec. 5. Said bonds shall be placed In the
hands Of the city treaeuref and be disposed OF
him 20 the highest bidder under the direction
Of the city mayor and the city auditor, and In no
caee % less than par. and the proceeds thereof De
applied IN payment for the construction. OF the
said w~atorwofke, and for no other purpose.
Seed. That In order to pay the principal and
interest on said bonds - the same respectively
natures there shall b and there ID hereby levied
upon I'll the taxable property Of said city in
addition to al other taxes for esch year during
the life Of said bonds such amount % shall be
sufheient 70 create Z sinkine fund 20 pay al
coming due during each AsceI ysar. which said
taxes shall be levied end c~olleetsd In the same
manner ~ other taxes, and when 20 collected
snsll e nsed for the purpose solely Ct paying
the prnctpal and interest On aal6 bonds.
sec.7. That this ordinances oheI b In force
ana eject twenty days eftss ~ passage, ap-
prevail and publication.
Passed Afet reading Juno5, i'm.
Paeeod second reading July -. 1924.
ADOPTED and approved July i. leOl;
ED +. OoR1, Mayor.
City Auditor.
Published Julv a. 1904.