Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1910-07-20

SAv0 civ TO De HELD IN TUES.
DAY, the 2nd DAY OF AUGUST, a. D.
1910. r. 5.= Sd
HANS cuMDERsoM.
City Clerk.
Proposed Amendment
WeprOpose that section ninety-fve
OF the said Charter of the said City be
amended to read as follows:
POWER TO BORROW
- MONEY Or INCUR DEBT.
"Sec. IS. The City of willmar may
issue Bonds by ordinance as follows:
+ l. For the purpose of constructing,
regul ating, main aiming, extending, en
larging or improving suitable water
or Ii ht plants, or either of them, or
for the purpose of acquiring or paying
for any real estate or other property
needed in connection with any such
plant. s.=<:... ~.
2. For the purpose of raising not
to exceed fifteen thousand (l5, O0O)
dollars for permanent Improvement
revolving fund provided for in this
charter, in order to provide money for
any contemplated local improvements,
and such bonds shall constitute first
lien upon all such local Improvements,
and upon the property benefited
thereby and to be assessed therefor.
j., For the purpose of paying, fund
ing or refunding any bonded indebted
ness of the City or the interest thereon,
existing at the time this Charter goes
into effect, or created at any time in
any manner by said Charter authorized.
4: For the purpose Of constructing
main sewers, septic tanks, filtrating
plants, and other appurtenances per-
talnlngeto sewer system.
Such ordinance for the issuance of
bonds may provide that the same shall
be general obligations of the City of
Willmar or that they shall not be gen.
eral obligations, but shall be pay able
out OF any assessed taxes, assessments,
funds, or liens held by the City, or
may limit the City's liability thereon
in any other manner, or shall guaran-
tee that the City shall pay for the
same, provided, that the bonds so
issued under subdivision two, above
mentioned, shall always be general
obligations of the City.
The City shall have authority to
protect itself by acquiring title to any
property subject to special assessment
for local improvements, and shall have
authority by ordinance to assign and
convey any property so acquired,
whether proceedings to acquire such
title have been had prior to the time
of the going into effect of this Charter
or thereafter, and shall have the power
in like manner to assign any lien or
right of action, held by the City on
account of or arising out of any such
assessment, as security for the pay
ment OF any bonds, certificates of in
debtness or other evidence of indeb
tedness mentioned in this section, or
to provide that such bonds, certificates
or other evidence of Indebtedness
mentioned herein, may be collected out
OF any such property, liens or rights
of action.
Whenever the Council shall pass any
ordinance to issue bonds pursuant tc
the provisions of subdivisions one, two
or four of this section, such ordinance
shall provide for the submission to the
legal voters of the City, at some gen
eral or speci al election to be called by
the Council for that purpose, the pro.
position for issuing said bonds, to an
amount deemed by said Council advis.
able. Such election, whether general
or special, shall be conducted in the
same manner and with the same for.
ed under the general laws of this State
The ballot to be voted at such cleo.
ton shall read substantially as fol.
| hon le 114 L.
the City of Willmar under the provi.
sions of section IS, Chapter ", of the
Charter of said City to the amount Of
--dollars, for the purpose Of
and no such bonds shall be issued un.
til such ordinance has been approved
by majority of the legal voters vot
ing at such election. -~..
The debt of the City shall not be in
creased by bonds or otherwise beyond
eight (8) percent of the total value O.
the taxable property of the City, &C
cording to the last preceding assess
ment for the purpose of taxation; pro
vided, that bonds may be issued a.
above provided in subdivisions one
two and four, but the total amour
of such bonds when added to the othel
Indebtedness of the City shall not ex
coed nine 10y per cent of it's taxabl,
property as defined above; and pro
vided, further, that bonds may b
issued, as above provided, for tn
funding the City's bonded indebtedness
whenever required; and provided fur
ther, that certificates of indebtedness
against taxes levied and assessed ma,
be issued as hereinafter provided.
Bonds, certificates and other evi
dences of Indebtedness and obligation
of the City authorized by this section
shall in no event bear q greater rat
; OF interest than six percent per- an
| mum, and if they run for more thai
l five years shall not bear greater rat
ofinterest tn an five percent per annum
and shall in no event be sold for les
!, than the par value thereof, and shall
be sold in accordance with the provi
sions of section 1855 of the Revise
. Laws of the State of Minnesota. Elk
cept as provided in this Charter, n
warrants, bonds or other evidence q
Indebtedness shall be issued by tn
City Or any one in it's behalf.
The purpose of the proposed amend
r ment is to confer upon the City of Will
mar tho riuht md authority IN isan