The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-27
Amendment Pertaining To Bonds.

BILL to amend Section of Chapter
vide a Charter for the city of Detroit
and to repeal all acts and parts Of
acts In conflict Herewith" approved
June Z. 1883. as amended.
The People OF the State Of Michigan
and the People of the City OF Detroit
enact:
Section /. That Section Z OF Chapter
IL of an act entitled AN act to pro-
vide a Charter for the City OF Detroit
and to repeal all acts and parts OF acts
In conflict Herewith" approved June !,
1854. as amended, be. and the same Is
hereby amended TO read as follows:
Section 7. The Common Council shall
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. AMI upon the beat terms that
can be made. such sums az 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 deducting the means
In the sinking fund OF said city and
not including the water debt or bouds
issued against special assessments
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
thereof shall be void Bonds issued by
authority of this section shall be re-
spectiveiy denominated public sewer
bonds" and public building bonds" and
shall mature In thirty years from date
OF issue. and bear interest at rate
not exceeding four per cent per an
num- All bonds issued by the City VI
Detroit or for which IL may be liable
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
rSiUnad hx the CnntrnlIer 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
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. firm or corporation TO
whom IL Is issued When the proceeds
OF 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 L.
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 to the sinking fund When any
Issue Of bonds IL duly authorized by
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 the issue only as may he ordered
sold II shall be his duty In the prep
aration OF said bonds to cause TO he
'-ritten or printed upon the bond. on
the outside fold OF the same so that
the same may always he I'm plain sight,
the following words, TO be signed By
the Treasurer OF the, city. and the
bonds not to be valid without his
signatures: This bond has been made
and issued In compliance with law: has
been duly registered in the books or
this Office. and the proceeds of the
same, together with all the premiums
on sale and interest accrulng before
delivery. have been paid into this Of
fee.
DetTOlt. ..s...s..... w..
sssssss' sssssss s...sss .. ssss.s... -.