Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1907-09-27
RESOLUTION NO. 6

To loan the water sinking fund and the
gas sinking fluid to the artesian we'll sink
ing fund, and invest the same in artesian
we'll bonds issued by the said city of De
Snlet;
BE it resolved by the city council of the
city OF De Snlet, K~iugsbury county, South
Dakota, that
Whereas, there has accumulated in the
water sinking fund the sum of sixteen
hundred seventy one and 1900 dollars
(Sl67l.!3) and in the gas sinking fund
seven hundred ninety two and 20-1OO
dollars ($792.25) or a total of twenty four
hundred sixty three and 3S-10O dollars
~($2463.3S) which said sums are in the
hands of the city treasurer aud no part of
the same can be used before January LIST
and May Goth, 1913, respectively, when
the said water and gas bonds respective
~ can be paid and that the said city de-
riyes no interest or income theretrom,
and hat
Whereas. the said city of De Smet has
issued artesian well bonds of which thir-
ty five hundred dollars (35OO.OO) are now
outstanding, evidenced by seven ca bonds
of five hundred dollars ($5OO.OO) each,
bearing seven per cent "a interest. pay
able annually, which bond can be secur-
ed and purchased at any interest paying
date, and that
Whereas, it is for the best interest of the
said city of De Snet, and of the general
public benefit that the said water sinking
fund and the said gas fund be loaned to
said artesian we'll sinking fund, and in
vested in said artesian we'll bonds and
save to the city the interest thereon, now
Therefore, be it resolved by the city
council of the city of De Smet. and it is
hereby so resolved, that the city water
sinking fund amounting to fifteen hun
dred dollars ($150O,00) and the gas sink
ing fund amounting to five hundred dol
lars 5000 or u total sun of two thous-
and dollars $4,000. 00) be loaned to the
city artesian we'll sinking fund, and to be
invested in said artesian we'll bonds as
soon as possible to-wit: at their next in
terest paying date, and that the said sum
so loaned aud invested shall bear interest
at the rate of interest payable on said
bond so invested in, and from the date of
such Investment ana that laid sums to-
gether with interest thereon shall be
repaid and returned to said water sink
ing fund on or before the 1st day of Jan
1913, and to the gas sinking fund
on or before the goth day of May, 1913,
and that the treasurer of the city of De
Sinet Is hereby authorized and empowered
and directed to make such investments
and loans as provided for i'm the said reso
luton. and 1T is
Further resolved, that the said resolu.
ton shall be published in the official paper
cessive weeks before the 7th day of Octo-
Der, 1907, at . o'clock y. M, which time is
hereby fixed for the hearing of the final
passage of said resolution at the council
chamber Of said city council;
1t IL further resolved, that the said TeSo-
luton shall be put in force and effect from
and after it's final passage and approval;
one by order of the city council of the
city Of De smet, this 10th day of septem.
(SEAL) THOS. p. GOODWIN,
Attest: Mayor
J.. II. KANE, City Auditor.
Approved this 10th day of September
A, d., 1907.
(sEALl THos. p. GOODWIN.
Attest: Mayor.
J.. III. KANE, City Auditor.