The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-31
Amendment Pertaining To Bonds.

A BILL to amend Section 7 of Chapter
1! Oh an act entitled IAN act TO pro-
and to repeal ali acts and II parts OF
acts In conflict Herewith" approved
June 2. 1883. as amended:
The People of the State OF Michigan
enact:
Section 1. That Section 7 of Chapter
II OF an act entitled IAN act to pro-
vide Charter for the City OF Detroit
In conflict Herewith" approved June Z,
1883, as amended, be. and the same IL
hereby amended to read as follows:
Section 7. The 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 hor-
rowing upon the faith and credit "
said city. and upon the best terms that
can be made. such sums as shall be
deemed necessary and expedient. and to
issue the bonds OF the city therefor I'm
lieu OF raising the same by taxation
Provided, however, that the gross debt
Of the city after deductinR the means
not including the water debt or bonds
Issued against special assessments
shall never exceed two and three
fourths per cent OF the assessed value
said city: and ali bonds or other in.
deotedness Issued or created in excess
thereof shall be void. Bonds issued by
spectiveiy denominated public Sc wer
bonds" and public building bonds and
shall mature In thirty years from date
OF issue, and bear interest at a rate
mum. All bonds issued by the City of
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
DO negotiated at less than their par
c can1e @ sorr may Dc So In 5eslstsred or
an accurate record of all bonds and OF
the class OF Indebtedness TO which they
belong, the number, date and amount
OF each bond, It's rate of interest, when
and where the same IL payable, and the
person, persons, hrm or corporation 10
whom IL 10 issued. When the proceeds
Been paid into tSs eisy trea sail ave
principal thereof shall be credited to
the funds for which the bonds were Ia
sued, and be applied exclusively for the
purpose FOR which said bonds are con-
stituted. and the premiums and accrued
interest received. IL any. shall be cred
tied to the sinking fund. When any
law the controlisr shSIl advsytise and "a
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 the issue only as may be ordered
sold; Il shall be his duty in the prep
aration OF said bonds 10 cause TO he
written or printed upon the bond, on
the outside fold OF the came. 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: no -
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. -. G..........., H..
'c"..........ssss :. ss......
city Treasurer"
After having caused said bonds to he
AMY aNaqntad and roCOrd0d the