Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1910-07-06

POWER TO BORROW
MONEY OR INCUR DEBT
"Sec. IS. The City of Willmar may
issue Bonds by ordinance as follows:
l. For the purpose of constructing,
regulating, main aiming, extending,en
larging or improving suitable water
or light plants, or either of them, or
for the purpose of acquiring or paying
for any real estate or other property
needed in connection with any such
plant.
For the purpose of raising not
to exceed fifteen thousand ,000)
dollars for permanent Improvement
revolving fund provided for in this
charter, in order to provide money for
any contemplated local improv ements.
and such bonds shall constitute first
! lien upon all such local improvements,
and upon the property benefited
thereby and to be assessed therefor.
3. For the purpose of paying, fund
ing or refunding any bonded indebted
ness Of the City or the interest thereon,
existing at the time this Charter goes
into effect, or created at any time in
any mannerby said Charter authorized.
4. For the purpose of constructing
main sewers, septic tanks, fltrating
plants, and other appurtenances per-
tanning to sewer system.
Such ordinance for the issuance of
bonds may provide that the same shall
be general obligations of the City of
Willmar or that they shall not be gen.
eral obligations, but shall be payable
out of any assessed taxes, assessments,
funds, or liens held by the City, or
r may limit the City's liability thereon
in any other manner, or shall guaran
tee that the City shall pay for the
same, provided, that the bonds sc
issued under subdivision two, above
mentioned, shall always be general
5 obligations of the City.
The City shall have authority tC
, protect itself by acquiring title to any
property subject to special assessment
1 for local improvements, and shall have
authority by ordinance to assign an(
convey any property so acquired
whether proceedings to acquire sucl
title have been had prior to the time
of the going into effect of this Charter
or thereafter, and shall have the power
in like manner to assign any lien o.
right of action, held by the City OF
. account of or arising out of any sucl
assessment, as security for the pay
ment of any bonds, certificates of in
debtness or other evidence of indeb
tedness mentioned in this section, o.
to provide that such bonds, certificate
. or other evidence of indebtedness
mentioned herein, may be collected GU
of any such property, liens or right
of action.
Whenever the Council shall pass an,
\ ordinance to issue bonds pursuant t.
the provisions of subdivisions one, tw'
or four of this section, such Ordinanc
shall provide for the submission to tn
legal voters of the City, at some gen
? eral or special election to be called b.
:. the Council for that purpose, the pro
position for issuing said bonds, to al
amount deemed by said Council advis
}, able. Such election, whether genera
or special, shall be conducted in tn
same manner and with the same for
malities as such elections are conduc,
ed under the general laws of this State
The ballot to be voted at such cleo
y ton shall read substantially as fol
C. lows "Shall bonds be issued
the City of Willmar under the prov
sions of section 95, Chapter v, of tn
Charter of said City to the amount {
tc --dOllarS, for the purpose Of,
he and no such bonds shall be issued ur
=, til such ordinance has been approve
by a majority of the legal voters vo
- ing at such election.
- The debt of the City shall not be ir
creased by bonds or otherwise beyon
eight (S) percent nf the total value {
i the taxable property of the City, a.
cOrding to the last preceding asses:
ment for the purpose of taxation: prt
ar vided, that bonds may be issued a
above provided in subdivisions ON
two and four, but the total amour
i of such bonds when added to the Otht
a indebtedness of the City shall not e,
coed nine (9) per cent of its taxab
property as defined above: and pr
- vided. further, that bonds may /
issued, as above provided. for tt
nd funding the City's bonded indebtedne:
w.. whenever required; and provided flu
he ther, that certificates of indebtedne!
OF against taxes levied and assessed ms
ID be issued as hereinafter provided.
'p- Bonds, certificates and other ev
he dences of Indebtedness and obligatio,
ng of the City authorized by this sectit
~ snail LII uO eVeut Dedf d gfedber I'd
nv of interest than six percent per al
"a mum, and if they run for more tia
ng five years shall not bear a greater "a
Ist ofinterest than five percent per annun
st and shall in 10 event be sold for lie!
be than the par value thereof, and sha
be sold in accordance with the prov
sions of section 785 of the Revise
- Laws of the State of Minnesota. b.
cept as provided in this Charter, 4
warrants, bonds or other evidence
49, indebtedness shall be issued by u
tie City or any one in its behalf.
ny
On
ic-