Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1910-07-13

HANS cUNDERsoN,
~s@~ g. . City clerk.
- Proposed Amendment.
Wepropose that section ninety five
of the said Charter of the said City be
amended to read as follows:
POWER TO BORROW
MONEY OR INCUR DEBT
"Sec. 95. The City of Willmar may
issue Bonds by ordinance as follows:
l. For the purpose of constructing,
regul ating, 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.
2 For the purpose of raising not
to exceed fifteen Thousand (l5,O0O)
dollars for a permanent Improvement
revolving fund provided for in this
CD arter, in order to provide money for
any contemplated local improvements,
and such bonds shall constitute first
lien upon all such local improvements,
and upon the property benefited
thereby and to be assessed therefor.
). 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, filtrating
plants, and other appurtenances per-
tanning to sewer system.
Such ordinance for the issuance of
bonds may provide thai 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
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 so
issued under subdivision two, above
mentioned, shall always be general
obligations of the City.
The City shall have authority to
protect itself by acquiring title to any
property subject to special assessment
for local improvements, and shall have
authority by ordinance to assign and
convey any property so acquired,
whether proceedings to acquire such
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 or
right of action, held by the City on
account of or arising out of any such
assessment, as security for the pay
ment of any bonds, certificates of in
debtness or other evidence of indeb-
tedness mentioned in this section, or
to provide that such bonds, certificates
or other evidence of Indebtedness
mentioned herein, may be collected out
OF any such property, liens or rights
of action.
Whenever the Council shall pass any
ordinance to issue bonds pursuant to
the provisions of subdivisions one, two
or four of this section, such ordinance
shall provide for the submission to the
legal voters of the City, at some gen.
eral or special election to be called by
the Council for that purpose, the pro-
position for issuing said bonds, to an
amount deemed by said Council advis-
able. Such election, whether general
or special, shall be conducted in the
same manner and with the same for
malities as such elections are conduct
ed under the general laws of this State
The ballot to be voted at such elec-
ton shall read substantially as fol-
lows "Shall bonds be issued by
the City of Willmar under the provi-
sions of section IS, Chapter ", of the
Charter of said City to the amount of
-dollars, for the purpose Of -
and no such bonds shall be issued un-
til such ordinance has been approved
by majority of the legal voters vot-
ing at such election.
The debt of the City shall not be in
creased by bonds or otherwise beyond
eight (8) percent of the total value of
the taxable property of the City, &C.
cording to the last preceding assess
ment for the purpose of taxation; pro-
vided, that bonds may be issued as
above provided in subdivisions one,
two and four, but the total amount
of such bonds when added to the other
Indebtedness of the City shall not ex-
coed nine (9) per cent of it's taxable
property as defined above; and pro-
vided, further, that bonds may be
issued, as above provided, for the
funding the City's bonded indebtedness
whenever required; and provided fur
ther, that certificates of Indebtedness
against taxes levied and assessed may
be issued as hereinafter provided.
! Bonds, certificates and other evil
dences of Indebtedness and obligations
OF the City authorized by this section
shall in no event bear greater rate
of interest than six percent per an
mum, and if they run for more than
five years shall not bear greater rate
ofinterest than five.per-cent per annum,
and shall in 10 event be sold for less
than the par value thereof, and shall
be sold in accordance with the provi-
siOns of section 785 of the Revised
Laws of the State of Minnesota. Ex-
cept as provided in this Charter, no
warrants, bonds or other evidence OF
Indebtedness shall be issued by the
|City or any one in it's behalf. -