The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1905-09-28
RESOLUTIONS ON BOND ISSUE.

At Special meeting of the City
Council of the City of Sank Centre, in
the County of Stearns and State of
Minnesota, held on Monday, 18th day
of August A. D. 1905, at which were
present President Pangburn, Alder
men Hilsdale, Richards and Marshall,
the following Resolution was offered
by Alderman Marshall:
WHEREAS, the City of Sank Centre,
in the County of Stearns and State of
Minnesota, has heretofore issued its
Ten Thousand Dollar refunded bonds
for purpose authorized by law, said
bonds bearing date July 1, A. D. 1895,
and payable July 1, 1905, with interest
at the rate of five per cent per annum,
interest payable semi-annually, which
bonds were on the 18th day of July,
1895, delivered by said City to the
bank of Sank Centre. said bank being
the purchaser for the entire issue of
said bonds at par with accrued in
terest to date of delivery, and
WHEREAS, said bonds thereupon
fbecame valid and lawful indebted
ness of said city and continue 80 to
be, and
WHEREAS, said bonds by their
terms matured July 1, 1905, and said
city is without the funds to pay the
same or any part thereof, and it is
deemed necessary and for the best
interests of said city to refund said
indebtedness by the issue of new
bonds at a lower rate of interest, and
WHEREAS, the Common Council of
said city of Sank Centre at an adj
iourned meeting legally called and
held on the 18th day of August, 1905,
accepted the offer of U. M. Stoddard
& Co. to purchase the proposed issue
OF new bonds at par, plus a premium
of Fifty (S50) Dollars, and furnish
without expense to said city the blank
bonds for it's execution, said bonds
to be in denomination of One Thous-
and Dollars ISL ,00O) each with interest
thereon at the rate of four and one
quarter (4H) per cent per annum,
interest payable semi-annually,..
...............sa said bonds to bear
date of July Is, 1905, and to mature
July Is, 1925.
| Now THEREFORE, BE 1T RESOLVED,
that there shall be, and there is, here
by ordered issued the Negotiable
Coupon bonds of said city of Sank
Centre to the aggregate amount of
Ten Thousand ($10,00O) dollars, for
the purpose of refunding the aforesaid
issue OF bonds dated July 1, 1895, and
due July l, 1905; that said bonds be
issued in denomination of One
Thousand $1,000 dollars each, bear
ing interest at the rate of four and
one-quarter (4H) per cent per annum,
interest thereon payable semi-annually
on the 18th days OF July and January
of each year; that said bonds be dated
July Is, 1905, and become due and
payable July Is, 1925;
RESOLVED FURTHER, that said
bonds be issued in accordance with
Chapter 148 of the General Laws of
Minnesota, 1893, and the several acts
amendatory thereof that said bonds
be designated as refunding bonds of
the city of Sank Centre, and shall be
PAYABLE to u, M. StOddard e. Co.. or
bearer, with coupons attached for the
semi-annual interest payments as
they severally mature, and shall be
executed in behalf of said city by the
Mayor and Clerk thereof; that the
Seal of said city shall be affixed to
the bonds, but not to the coupons
attached thereto; that the form of
said bonds shall be as follows:
UNITED STATES OF AMERICA,
STATE OF MINNESOTA,