The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1909-04-30
CHAPTER 18Th. F. NO. 321.

4.
AN ACT providing for the issuance OF
interest-bearing certificates of indeht-
edness to aid in the erection, con-
house. county JAIN and other county
buildings, or either or any. Of them, in
counties in this state having property
of an assessed valuation OF not less
than 5000, OOO, 600, and having a bonded
Indebtedness Of not more than ST.
100000.
Be it enacted by the Legislature of the
Section l. That the board Of county
commissioners of any county in this state
having property therein OF an assessed
and having a bonded Indebtedness Of not
more than 81 AGO. 900, is hereby author
lied and empowered to borrow moneys
erect and furnish a court house, jail and
other county buildings previously duly
authorized such sums of money not ex-
seeding $4,000 as may be sufficient 10
moneys available for that purpose to SO
complete, erect and furnish such build
ing or buildings, or any smaller SUM
bearing certificates of Indebtedness of said
county, pursuant to the provisions or
Sec. 3 Said certificates of Indebted
ness shall be of such denomination and
in such sums as the board of county COM
missioners shall determine, and shall bear
per cent per annum, payable semi anni-
ally. The principal Of said certificates
of Indebtedness shall become due and
payable at such time or times as the
termine. except that they shall not be
issued for period exceeding ten years:
said board Of county comm1ssioners may
Gates shall IA. due In each successive
year after the date Of their issue.
Sec: 8. The certificates Of indebted
by the chairman Of the board Of county
commissioners and attested by the county
auditor, and sealed with his official seal.
board Of county commissioners shall by
resolution determine. There shall be at
tached to each certificate coupons EVIL
interest to fall due on the same, and
which interest coupons shall be attested
by the fac smile Of the signature Of the
chairman of the, board OF county COM
Sec 4. The board of county COM
n1issioners shall annually, after the date
of the issuance of said certificates of
Indebtedness levy a tax upon the tax
able property of the county In addition
to all other taxes levied sufficient to pay
the interest annually accruing upon the
suance of this act, and in advance of the
maturity of the principal of any Of said
certificates shall in like manner levy a
tax upon the taxable property of said
county, suficient to pay such principal
when due.
Sec. s. Before any such county shall
be authorized to issue any certificates of
county auditor shall give notice by ad-
vertisement, published for at least one
issue in each of at least two consecutive
weeks in one daily newspaper published
in said county that bids will be re-
ceived at his Office for the sale of such
certificates at the time named in such ad.
vertisement. The county auditor shall
sell such certificate to the highest bidder
or bidders, but in no case for less than
the par value thereof, after deducting all
commissions, If any, that may be neces-
So rily paid upon the sale thereof.
Sec. g. This act shall take effect and
be in force from and after its passage.
Approved Feb. 16, 1903.