The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1904-06-08
RESOLUTIONS.

Alderman i. i. JACOBSON introduced
the following resolutions and moved
their adoption, seconded by Alderman
VIM. Heatherton, Jr.:
WHEREAS, The City of Minot has an
outstanding Indebtedness amounting to
$4,000 as follows:
City of Minot Waterworks bonds Nos.
l to 8 inclusive of 100000 each; total
$4,000, dated May 18th, 1894, due May
18th. 1904, drawing seven ~ per cent
interest, payable semi-annually.
WHEREAS, There is no money in the
Treasury available for the payment of
the above described outstanding indebt-
edness which is now due and payable
and an undisputed legal and valid out
standing obligation of the City of Minot,
and
WHEREAS, In the judgment of the city
council it IS deemed to be necessary and
to the best interests of the City of Minot
to issue refunding bonds as hereinafter
provided, which shall draw lower rate
OF interest than the waterworks bonds
heretofore issued and hereinbefore des-
cribed, which bonds are now due and
payable and are an undisputed, legal
and valid obligation of this city, and
WHEREAS, Such refunding bonds can
be issued in exchange for said existing
bonds but not delivered until an equal
amount of said old bonds are surren-
.dered and cancelled without increasing
the Indebtedness of said city.
Now THEREFORE BE IT RESOLVED by
the City Council of the City of Minot in
the County of Ward and State of North
Dakota, that pursuant to and in full
compliance with the Constitution and
Laws of the State of North Dakota and
especially with reference to the provis-
ions of Sections 2476 to 1882 both inclu-
sive of the Revised Codes of the State of
North Dakota of 1895 and 1899, the City
Council of the City of Minot proceed to
and do issue the negotiable bonds of the
City of Minot in the aggregate sum OF
Eight Thousand (S9OOOOO) Dollars. The
proceeds of such bonds to be used for
the sole purpose of refunding and pay
ing like amount of the outstanding in
debtedness of the City of Minot herein
before referred to- which is now due and
payable and drawing seven (7 per cent
interest and is an undisputed, legal and
valid outstanding Indebtedness OF the
said City of Minot.
Such bonds to be in denominations OF
One Thousand (s1OOO.0O) Dollars EACH
to be numbered consecutively from nine
(9) to sixteen Q6) inclusive, to bear date
June 18th, A. D. 1904, to become due
June 18th, A. D. 1924, to be pay able
to G.. G.. Gowran g. Co., or bearer, tc
draw interest at the rate of five ~ pei
cent per annum, payable semi annually
on the 18th day of June and December
in each year, which interest shall be evi
denced by interest coupons attached tx
each bond; the principal and interest O
said bonds to be payable at the FRS
National Bank of Minneapolis, in thu
City of Minneapolis and State of Mime
sofa, and such bonds shall be designated
"City Of Minot Refunding Bonds o
1904"
AND BE IT FURTHER RESOLVED, Iha
the proper officers of this City, to-wit
The Mayor and City Auditor be ant
they are hereby authorized and directed
to execute such bonds with full recital
under the seal of the City of Minot il
substantially the following form:
UNITED STATES OF AMERICA.
STATE OF NORTH DAKOTA.
CITY Of Minot Refunding Bond of 1904.
KNOW ALL MEN BY THESE PRESENTS, Tha
the City of Minot, in the County of Ward. Stat
of North Dakota, a body corporate and polite
with capacity under existing laws to sue an
be sued and to execute this bond hereby az
knowledges itself to owe and for the full fac
value of this bond received, promises to pay
C. Gowran & Co. or bearer, the sum Of On
Thousand Dsllars which sum the said City !
Minot hereby promises to pay to the said G. {
Gowran Co, or bearer. at the First Nation;
Bank Of Minneapolis, in the City Of MinneaPol
and State of Minnesota on the 18th day OF Jun
A, d. 1924 together with interest on said sui
from the date hereof until fully paid at the rat
Of five (5) per centum per annum. payable sem
annually on the 18th day OF June and Decemb'
in each year upon presentation and surrendt
Of the interest coupons heroto attached, nun
berod from ono to forty inclusive as they seve
ally become due.
the sole purpose 81 refunding and paying . III
amount Of is legal and valid outstanding i
dsbtednsss. rsIes9eatsd By the Watsrysrl
sblo, and n sejof6 snGs with resolutions du