Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1907-09-20
RESOLUTION 40. 6

To loan the water sinking fund and the
gas sinking fund to the artesian well sink
ing fund, and invest the same in artesian
we'll bonds issued by the said city of De
Smet;
Be it resolved by the city council of the
city OF De Smet, kingsbury county, South
Whereas, there has accumulated in the
water sinking fund the sum of sixteen
SIGH. 49, and in the gas sinking fund
seven hundred ninety two and 2J-lOO
dollars (S792.25) or a total of twenty four
hundred sixty three and 3S-lOO dollars
($2463. 3Sl which said sums are in the
hands of the city treasurer and no part of
the same can be used before January LIST
and May goth, 1919, respectively, when
the said water and gas bonds respective
ly can be paid and that the said city de-
riyes no interest or income theretrom,
and that
Whereas. the said city of De Smet has
issued artesian we'll bonds of which thir-
ty five hundred dollars (35OO.OO) are now
outstanding, evidenced by seven ca bonds
of five hundred dollars $500. 00) each,
bearing seven per cent % interest, pay
able annually, which bond can be secur.
ed and purchased at any interest paying
date, and that
Whereas, 1t is for the best interest of the
said city of De Smet, and of the general
public benefit that the said water sinking
fund and the said gas fund be loaned to
SAID artesian well sinking fund, and in
vested in said artesian we'll bonds, and
save to the city the interest thereon, now
Therefore, be il resolved by the city
council of the city of De Smet, and it is
hereby 40 resolved, that the city water
sinking fund amounting to fifteen hun
dred dollars t$l5OO,OO) and the gas sink
ing fund to five hundred dol
lars (S5OO.OO) or n total sum of two thous-
and dollars $4,000. O0) be loaned to the
| city arteSian we'll sinking fund, and to be
invested in said artesian well bonds as
soon as possible tO-wit: at their next in
terest paying date, and that the said sum
so loaned and 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 .aid 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
uary, 1913, and to the gas sinking fund
on or before the 10th day of May, 1913,
and that the treasurer of the city of De
Smetis hereby authorized and empowered
and directed to make such investments
and loans as provided for in the said reso.
Hutton, and ii is
Further resolved, that the said resolu-
ton shall be published in the official paper
| of the said city of De Snlet for three sue
cessive weeks before the 9TH day of OCto-
Der, 1907, at o'clock p. 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 is further resolved, that the said reso-
luton shall be put in force and effect from
and after its final passage and approval:
Done by order Of the city council of the
ber, A. ID. 1907.
(SEAL) THOS. p. GOODWIN,
Attest: Mayor,
j. II. KANE, City Auditor.
Approved this 18th day of September
A, d., 1907.
SEAL THos. p. GOODWIN,
Attest: Mayor.
III. KANE, City Auditor.