Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1911-12-27

Whenever the Council shall pass
any ordinance to issue bonds pur-
suant to the provisions Of subdivis-ss
ions one, two, four or Eve Of THU.
section, such ordinance shall proviido
for the submission to the legal voters
Of the City, at some general or.spec
ial election to be called by the Coun-
Gil for that purpose, the proposition
for issuing such bonds, to an amount
deemed by said Council advisable.
Such election, whether general Or
special, shall be conducted IN tho
same manner and with the same for
malities as such elections are con-
Quoted under the general laws Of this
! State.
The ballot to be voted at such cleo.
ton shall read substantially as fol-
lows: "Shall bonds be issued BY tho
/ City Of Willmar under the provisions
Of Section IS, Chapter Y, Of the
Charter Of said City to the amount
Of - -.------ dollars, for the pur-
pose Of - -------" and no
such bonds shall be issued until such
ordinance has been approved by q
majority Of the legal voters voting at
such election.
The debt Of the City shall not be-
increased by bonds or otherwise be-.
yond eight (8) per cent Of the total.
value Of the taxable property Of tho
City, according to the last proceed
ing assessment for the purpose Of:
taxation; provided, that bonds may.
be issued as above provided in sub
divisions one, two, four and five, but
the total amount Of such bonds when.
added to the other Indebtedness Of
the City shall not exceed nine (9).
per cent of its taxable property as.
| above defined; and provided, further,
that bonds may be issued, as above
provided, for the funding Of the
City's bonded indebtedness whenever
required; and provided, further, that
certificates of indebtedness against
taxes levied and assessed may be is-.
sued as hereinafter provided.
! Bonds, certificates and other evi-
dences Of Indebtedness and obliga-
tons Of the City authorized by this
section shall in no event bear 8
greater rate Of interest than six per
cent per annum, and if they run for
more than five years shall not bear
a greater rate Of interest than five
per cent per annum, and shall in no
event be sold for less than the par
value thereof, and shall be sold in
accordance with the provisions Of
Section 785 of the Revised Laws Of
the State Of Minnesota. Except as
provided in this Charter, no war
rants, bonds, or other evidences Of
Indebtedness shall be issued by tho
, City or by any one in its behalf"
The purpose and object Of thepro
posed amendment is to confer upon
the City Of Willmar the right and au-
, thority to issue bonds Of the said City,
upon approval by the voters thereof,
for the purpose Of constructing,
maintaining, extending, charging or
improving a suitable fire station, en-
CINE house or City Hall, or for the
{ acquiring or praying for any real es-
tate or other property needed in con-
: nection Herewith, the amount Of said
bonds however not to exceed the sum
], of Nine Thousand ($9,000.00) Dol
lars; it being deemed expedient By
the Board of Freeholders that a suit
, able fire station and engine house be
: erected for the purpose Of properly
protecting the fire app..rtus, and
], there being no authority in the pres
ent Charter to issue bonds for such
purpose.