Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1912-01-24

providing however that bonds for
said purpose or purposes shall not
|'be issued to an amount exceeding
the sum of Nine Thousand { s., 600.
00) Dollars.
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 general 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 guarantee that the
City shall pay for the same, provid-
ed. 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 as
sessment for local improvements,
and shall have authority by ordin-
ance to assign and convey any prop
erty so acquired, whether proceed
ings to acquire such title have been
had prior to the time of the going
into effect of this Charter or there
after, and shall have the power in
like manner to assign any lien or
rigth of action, held by the City on
account of, or arising out Of, any
such assignment, as security for the
payment of any bonds, certificates
of indebtedness or other evidence
of Indebtedness mentioned in this
section, or to provide that such
bonds, certificates or other evidence
of indebtedness m entioned herein,
may be collected out of any such
property, liens or rights of action.
Whenever the Council sahll pass
any ordinance to ISSUE bonds pur-
suant tc the provision of subdivision
one, two, four or five OF this Sec
fion, such ordinance shall provide
for the submission to the legal vot-
ers of the City, at some general or
special election to be called by the
Council for that purpose, the pro-
position for issuing such bonds, to
an amount deemed by said Council
advisable. Such election, whether
general or special, shall be conduct
ed in the same manner and with
the same formalities as such elec-
Ftion are conducted under the general
laws of this State.
The ballot to be voted at such
election shall read substantially as
r follows: "Shall bonds be issued by
the City Of Willmar under the pro-
visions of Section 95. Chapter V, of
the Charter of said City to the
amount of dollars,
: or the purpose ii
and no such bonds shall be issued
until such ordinance has been ap-
proved by a majority of the legal
voters voting at such election.
The debt of the City shall not be
t increased by bonds or otherwise be-
: yond eight CD per cent of the total
value of the taxable property of the
City, according to the last proceed
ing assessment for the purpose of
taxation; provided, that bonds may
s be issued as above provided in SUBJ
j. divisions one, two, four and five,
but the total amount of such bonds
when added to the other indebted
ness of the City shall not exceed
:, nine go per cent of it's taxable
property as above defined; and pro-
= vided, further, that bonds may be
issued, as above provided, for the
= funding of the Ciy's bonded in
debtedness whenever required; and
provided, further, that certificates
of Indebtedness against taxes levied
and assessed may be issued as here
matter provided.
Bonds, certificates and other
. evidences of indebtedness and OBJ
J legations of the City authorized by
e this section shall in no event bear a
:, greater rate o. interest than six per
cent per annum, and if they run for
n 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 hall be sold in
accordance with the provisions of
j, Section 785 of the Revised Laws of
), the State of MINI 2sota. Except as
provided in this Charter, no war;
! rants, bonds, or other evidence of
indebtedness shall be isused by the
City or by any one in its behalf.''
The n,1rn0so and Ohiacf If tho