The herald-advance. (Milbank, S.D.) 1890-1922, 1904-09-30
Ordinance No. 72

An Ordinance providing for the execution and
delivery of twenty three thousand dollars
$4,000 Of Water Works Bonds of the City of
Milbank, South Dakota, and IcvYing ali annual
tax for the payment of the principal and inter
est as the same become due, and amending
Ordinance No 90 of said city, and repeating the
portions thereof Inconsistent herewith.
WHEREAS, the City Council of the City of Mil.
bank have been and are duly and legally author
lied and empowered to Issue the bonds of the
said City of Milbank, South Dakota, In the az
gre ate amount OF S23 ,0C0, for the purpose of
constructing, equipplng, maintaining and oper~
ating d system o waterworks in and forsaid city,
for the purpose of providing water for domestic
uses therein;
council of the city of Mitbank, in the state of
South Dakota.
SECTION /. That there shall be and is hereby
ordered and directed to be issued the negotiable
coupon bonds of the city of Mubauk, Of the
state of South Dakota, in the aggregate amount
of $4,000, 10 be Issued solely for the purpose
OF constructings eqnipping, maintaining and
operating a system OF w~aterworks, for the yur-
pose of providing water for domestic uses In
and for said city.
SECTION ,. That said bouds shall be twenty
three in number,n numbered consecutivelv from
one to twenty-three, inclusive, each bond TO be
Of the denomination of one thousand dollars,
and TO be designated FWaterworks Bonds and
said bonds shall be dated the first day Of Oeto-
Der, 1904, payable to bearer, and drawing
interest from their date, at the rate OF five (5)
per cent per annum. payable semi-annuallv. on
the first day of April aud October in each wear,
and payable absolutely twenty years from their
date, but redeemable at the pleasure of said
city, afterten years from their date, and in ~
case shall said bonds, or The proceeds thereof,
be diverted from the object for which they are
Issued, or be disposed OF for less than their par
value.
SEcrroS 3 There shah be attached to each Of
the bonds appropriate coupons for each semi
annual interest i~nstailmeut OF said bonds, which
may be authenticated by the fac-simile litho-
graphed signatures OF the mayor and city
auditor. Both the principal and interest of said
bonds shall be payable IN lawful money of the
United states, at the office of the Minnesota
Loan aud Trust company, IN the city of Mime
apolis, Minnesota, and shall be in snch form
and contain such terms as shall be substantially
prescribed by the resolution of this council.
SECTION 1. Tn t said bonds shall be signed by
the mayor and attested by the clty auditor,
under the corporate seal of this city, and be
registered by the city treasurer and certified as.
required by law.
SECTION ). Said bonds shall be placed in the
hands of the city treasurer and be disposed Of
by him to the highest bidder, under the direc-
ton of this council, and in no case at less than
payment Of the construction Of the said water
works, and for no other purpose.
SECTION 8. That for the purpose of pay
ing the principal and interest of said bonds
a. the same respectively mature. there shall
be and ia hereby levied upon all the tax
able property of said city, in addition to
all other taxes, the following amounts. to-wit:
For the payment OF the principal aforesaid, the
sum of 81 $50 for the year 1904, and the same
afloint Tor each OF the years thereafter TO and
including the year 1923 ter the payment of the
interest upon said bonds, there is hereby levied
for the year 1904 the sum OF 81 $50 and the same
amount each year thereafter TO and including
the wear 1913: for The wear 1914. the sum of s600:
for 1915, $3.50: fer 1916. $500: for 1917. $3.50: for
1918, $3.50: for 1919, $500; for 1920, $3.50; for 1921,
$500; for 1922, $3.50; for 1928 800.
SECTION Z. Ordinance number 50. being IAN
ordinance providing for an Issue of bonds of the
city of Milbank, South Dakota. 10 the aggregate
amOuntot twenty-three thousand dollars Cs23. 0H0)
and providing for the levy Of an annual tag to
pay the principal and interest on the aame,3'
approved July 10. 1904. is hereby amended. in ac-
eordance with the foregoing ordinance. and al
provisions therein in conflict with this ordinance
are hereby repealed.
SECTION 3. This ordinance shall be in force
and effect from and after its pn publication.
Passed first reading September 10, 1904.
Passed second reading September 2S. 1904.
ADOPTED September - 1904.
Approved September %, 1904.
Attest: THos. l.. BoUCK.
ED. L. noRE. Mayor.
City Auditor.