The Detroit times., 1910-11-05
Amendment Pertaining To Bonds.

Eit-L &c amend Section OF Chapter
II of an act entitled An act TO pro-
vide u Charter for-the city of Detroit
and to repeal ali acts and parts Of
acts IN conflict herewith" approved
June :. 1888, as amended
The People OF the State OF Michigan
ana the People or the city or Detroit
enact.
Section l. That Section OF Chapter
II OF an act entitled An act TO poo
vide Charter for the city OF Detroit
and 10 repeal all acts and parts OF acts
In conflict Herewith" approved June Z.
1888. as amended. be. and the same -
hereby amended TO read as follows.
Section 7. The Common Council shall
also have power by and with the cor =
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 hOr-
rowing upon the faith and credit OF
SAID clt%. and upon the best terms that
can be made. such sums as shall be
deemed necessary and cXpedient. and 20
issue the bonds OF the city therefor in
lieu Of raising the same by taxation
provided, however, that the gross debt
Ot the city after deducting the means
IN the sinking fund OF said city ana
not including the water debt or bouds
issued against special aSsessmert Is
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
debtedness issued or created In excess
authority Of this section shall be re-
spectively denominated public sewer
bonds" and public building bonds" ard
shall mature in thirty years from date
OF issue, and bear interest al a rate
not exceeding four per cent per an
mum. All bonds issued by the City II
Detroit or for which II may be Halle
shall be exempt from taxation All
bonds issued by the City OF Detroit
shall be issued under the seal of the
corporation, signed by the Mayor and
fsg.t mt. mNrrV. r.I I.ar -
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 OF
the class OF indebtedness 20 which they
belong the number, date and amount
of each bond, Its rate Of Interest, when
and where the same Is payable and the
whom IL is issued. When the proceeds
~ the sale OF any bonds shall have
been paid into the city treasury, the
principal thereof shall he credited TO
the funds for which the bonds were TO-
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 70
tied 10 the sinking fund. When any
issue OF bonds is duly authorized by
law the Controller shall advertise and
sell salu bOnNS IN SuCn manner as the
Common Council may direct, and when
the Common Council shall have au-
thorized the sale or said bonds the Con-
troller shall prepare such an amount
Of me issue only as may be ordered
sold II shall be his duty in the prem
aration OF said bonds TO cause to be
written or printed upon the bond on
the outside fold OF the same so that
the same may always be I'm plain sight
tho following words, 20 be signed by
the Treasurer OF the city, and the
bonds not 10 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
anne together with all the premiums
on sale and interest aCcruing before
delivery, have been paid into this o.
fee
nDetroit .--.-.-.-.-.......... IL