The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-13

~
An Ordinance to authorize and provide
for the issuance and sale of One Hun
dred Thousand Dollars ($1oo,ooo), par
value, of the bonds of the City of ST.
Paul, Minnesota, to defray the expense
of constructing public school buildings.
Whereas. The City of st. Paul, Mime
sofa, did duly include and provide in its
levy of taxes for the year 1904 for the
construction of public school buildings
during said year the sum of One Hun
dred Two Thousand Five Hundred Dol
lars ($102, 5000; and
Whereas, The funds so provided by
taxation as aforesaid are Inadequate to
defray the necessary and actual cost of
constructing said school buildings now in
course of construction and those neceS-
sary to be constructed during the year
1904; and
ury of said city, derived from taxation as
aforesaid, sufficient funds applicable
thereto and not otherwise appropriated
to pay more than one-fourth of the actu-
al cost of all of said school buildings now
in course of construction and to be con-
structed from the proceeds of the bonds
hereinafter authorized, and the Common
Council of said city deems it necessary
that the sum of One Hundred Thousand
Dollars ($100,0 00), par value, of the bonds
of said city shall be issued to aid in de-
fraying the cost OF said improvements;
The Common Council of the City of the
City of st. Paul do ordaln as folloWS
SECTION 1.
That the proper city officers of the City
of ST Paul Minnesota be and they are
hereby authorized and directed to execute
and issue One Hundred Thousand Dollars
($100 0G0). par value. in and OF the bonds
of said City OF st. Paul: for the purpose
public school buildings in said city, 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 either
Five Hundred Dollars or One Thousand
Dollars each, as the purchasers may desire,
and each bearing date September I. 1904,
and bearing interest at the rate of 4
per cent per annum, payable semi-annu-
ally both principal and interest payable
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, 1884. the said bonds
to be issued for and their proceeds, in
Guiding any premiums realized thereon.
to be used and employed only for the
buildings in said city. all as provided for
and authorized IN and by the terms of
Chapter S04 OF the Laws Of the State of
Minnesota for the year 1903, approved
April 10th, 1908.
SECTION 2.
That said bonds when SO issued shall be
negotiated and sold by the Sinking Fund
Committee provided for in the charter
of said city. and the proceeds thereof
including any premiums thereon, shall be
credited to and placed In the School Ac-
commodation Account so-calied. which is
set aside in the Treasury OF said city for
the construction of public school build
ings; the proceeds OF said bonds TO be used
and employed for the purpose above nam
ed and in the manner provided by law.
SECTION 3.
This ordinance shall take effect and be
in force from and after its passage. APP
prevail and publication
The foregoing ordinance will be pre-
scented to the Common Council of the City
of ST. Paul Minnesota, for passage at
meeting of the Assembly appointed to be
held on the 21gt-day of July. A. D. 1901,
at 1850 O'Clock D. m, at the Council
Chamber, in the Court House and City
Hall Bailding in said city.
GEORGE r. REDINGTON,
City Clerk of said City.
july i1-1S-l3- i3oi-3t.