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

BILL TO amend Section of Chapter
II or an act entitled An act to pro-
vide 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 7 OF Chapter
IL 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 conHtct Herewith" approved June 7,
1888, as amended be, and the same is
hereby amended to read as follows:
Section 7. rhe Common Council shall
also have power by and with the con-
sent or 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 Of
said city. and upon the beat terms that
can be made. such sums az shall be
deemed necessary and uxpedient, and to
issue the bonds OF the city therefor In
lieu or raising the same by taxation;
provided, however that the gross debt
of the city after deducting the means
In the sinking fund Of said city and
not including the water debt or bonds
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 I'm excess
thereof shall be void Bonds issued by
authority OF this section shall be re-
Spectively denominated public sewer
bonds" and public building bonds" and
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 Of
Detroit or for which 1t may be liable
snail 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
- u hn nd
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 20 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, firm or corporation to
whom II IL 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 tho
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 I'm such manner az 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; II shall be his duty In the prep
aration OF said bonds to cause to he
written or printed upon the bond. on
the outside fold Of the same. so that
the same may always be I'm plain sight.
the following words 10 be signed BY
the Treasurer OF the City, ana the
bonds not 10 be valid without hts
signature: This bond has been made
and issued in compliance with law has
been duly registered I'm the books OF
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.
"Detrott 10