The Detroit times., 1910-11-07
Amendment Pertaining To Bonds.

A BILL &c amend Section I OF Chapter
II or an act entitled "An act 10 pro-
and TO repeal all acts and parts OF
acts IN conflict Herewith" approved
June Z. 1889, as amended;
me People OF the State OF Michigan
and the People or the City OF Detroit
enact.
Section l. That Section 7 OF Chapter
II OF an act entitled AN act to pro-
vide Charter for the City OF Detroit
and TO repeal all acts and parts OF acts
In conflict herewith" approved June Z,
1883, as amended. be, and the same Is
hereby amended 10 read as follows
Section z rhe Common Council shall
sent OF the Board OF Estimates TO pro-
vide for the public sewer fund for the
construction OF trunk or public sewers
and the public building fund, by bor-
said city. and upon the best terms that
can be made. such sums AZ shall be
deemed necessary and eXpedient, and to
issue the bonds OF the city therefor In
lieu OF raising the same by taxation
Provided. however, that the gross debt
OF the city after deducting the means
In the sinking fund OF said city and
not including the water debt or bouds
issued against special assessment
shall never exceed two and three
fourths per cent OF the assessed value
OF all the real and personal property in
said city, and all bonds or other In
dcbtedness issued or created in excess
thereof shall be void. Bonds issued by
authority OF this section shall be re-
spectiveiy denoninatsd public Sc yer
bonds and public building bonds" ard
shall mature in thirty years from date
of issue and bear interest at a rate
not exceeding four per cent per an
mum. All bonds issued by the city vf
Detroit or for which II may be liable
shall be exempt from taxation. All
shall be issued under the seal of the
corporation, signed by the Mayor and
countersigned by the Controller and
except special assessment bonds. which
are by law otherwise provided for,
shall be for the sums OF not less than
one hundred dollars each, and shall not
be negotiated at less than their par
value, and may be in registered or
coupon form. The Controller shall keep
an accurate record of all bonds and or
the class OF indebtedness to which they
belong. the number. date and amount
or each bond, Its rate OF Interest when
and where the same Is payable, and the
person. persons. firm or corporation 20
whom IL is issued. When the proceeds
been paid into the city treasury. the
principal thereof shall he credited TO
the funds for which the bonds were is
sued and be applied exclusively for the
purpose for which said bonds are con-
stituted, and the premiums and accrued
interest received, II any, shall be cred
tied 90 the sinking fund. When any
issue OF bonds Is duly authorized nv
law the Controller shall advertise and
sell said bonds in such manner as the
Common Council may direct, and when
the Common Council shall have au-
thorized the sale OF said bonds the Con-
troller shall prepare such an amount
Of tho issue only as may be ordered
sold. ~ shall be his duty I'm the prem
aration OF said bonds to cause TO he
written or printed upon the bond, ON
the outside fold OF the same so that
the same may always be In plain sight,
the following words. TO be signed by
the Treasurer OF tine City, and the
bonds not TO be valid without his
signature: This bond has been made
and issued in compliance with law; has
been duly registered In the books OF
this ONCE. and the proceeds OF the
same. together with all the premiums
on sale and interest accruing before
delivery. have been paid into this Of
fee.
"Detroit. ...s...'s......... b..
''ss '.s''. go.
city Treasurer"
After having caused said bonds to re
duly executed and recorded i'm the
books OF his office, with all the partic-
uIars as required by the charter. he
shall transmit the same. with the name
OF the purchaser. number, date. time
and denomination OF bonds, 10 the city