The Detroit times., 1910-10-27

ELL &c amend Section of Chapter
vide Charter rn'e for the CIV aof OF Detroit nt
and TO repeal all acts and parts OF
acts In conflict Herewith" approved
June :. 1883. as amended:
The People OF the State of Michigan
and the People of the City OF Detroit
enact:
Section 1. That Section z of Chapter
~ 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 connict herewith. approved June
1888. as amended. be. and the same is
hereby amended to read follows:
Section Z. The Common Council stall
also have power by and with the con-
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-
rowing upon the faith and credit OF
said city. and upon the best terms that
can be made. such sums as shall be
deemed necessary and cxpedient. and TO
issue the bonds OF the city therefor in
lieu OF raising the same by taxation;
OF the city after deductinR the means
In the sinking fund of said city and
not Including the water debt or bouds
shall never exceed two and three.
fourths per cent or 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
thereof shall be void. Bonds issued by
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 at a rate
not exceeding four per cent per an
mum. All bonds issued by the City "
Detroit or for which il may be liable
shall bo exempt from taxation. All
bonds issued by the City of Detroit
corporation. signed by the Mayor and
countersisned 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 OF
the class OF Indebtedness to which they
belong, the number. date and amount
Of each bond, Its rate OF interest. when
and where the same is payable, and the
person, persons. hrm or corporation TO
whom IL Is issued. When the proceeds
Of the sale of any bonds shall have
principal thereof shall be credited to
the funds for which the bonds were is-
sued, and be applied exclusively for the
purpose for which said bonds are con-
stftuted. and the premiums and accrued
interest received. II any. shall be cred
tied to the sinking fund When any
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-
trolier shall prepare such an amount
Of the issue only as may be ordered
aration OF said bonds 20 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 the 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 I'm the books or
this office. 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.
"Detroits. .................p b."
.............s ..