The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02
CHAPTER IS. F. No. So.

CHAPTER As. F. No. 62.* =
AN ACT entitled IAN act to amend Section
g. Chapter 40. Laws 1907. relating to
county bonds for state OF judicial bitches,
and legslizsng such. bonds which may ns
issued under proceedings heretofore. begun -
Be it ENACTED by the Legislature Of the
State of Minnesota. .s/ 49,
Section 1. Section %. Chapter 40. Laws
1907. is amended to read follows: q
Section 2s The County Board in each and
state or judicial ditch is proposed to ne
wholly or partly located and established,
shall issue the bonds of their respective ooun-
sessments against lands in such county as
evidenced by the statement provided for by
Sections IA and 15 of this act, to defray the
expenses incurred or to be incurred In locat-
ing, constructing and establishing as much
OF any ditch as may be located within such
county or in ouch relation to such county as
this act.
The word "expense' shall be construed to
mean and to cover every item of the cost OF
said ditch from its inception to its compile
ton, and all fees and expenses incurred in
pursuance thereof
Such bonds shall pledge the full faith,
credit and resources Of the county issuing
the same for the prompt payment OF the
principal and interest thereof, and shall be
payable at such time times not to exceed
twenty years from their date and shall bear
such rate of interest not to exceed six per
centum per annum. payable annually or semi
annually as the county board shall by resolu-
ton determine. .
Each bond shall contain recital that 1t Is
Issued by authority Of and in strict accord.
ance with the provisions of this act and
shall be signed by the Chairman Of said
board and countersigned by the county au
Said county board shall have power te
negotiate said bonds they shall deem io1
the best interest Of said county but not tol
less than their par value. The proceeds from
the sale Of such bonds when received by the
county treasurer shall be paid to the stat e
treasurer, and by him credited to the state
6roi roo fund ho1,t 10 boroh Sale
county board shall provide moneys for tne
payment Of the principal and interest OF SAID
shall be placed in the general county ditch
fund. into which fund IT may transfer any
surplus moneys remaining. in the genera
revenue fund or other funds Of the county
of this act into which fund shall also bt
paid all moneys received from the payment
this act and such board Is hereby author.
lied to pay said drainage bonds out OF any
available funds in the county treasury Whcr
the moneys hand in the general ditch
fund Of the county arc insufficient TO meet
the payment OF bonds issued In ditch proceed.
inss when the same mature. but the fund
used for the payment of bonds as they ma
ture shall be replenished with interest at the
rate of six per cent per annum from coilec-
lions of unpaid assessments for bitches
drains or water courses constructed under AN.
proceedings had hereunder
Whenever heretofore there shall have beer
filed with and recorded by the Register o.
Deeds of any county in this state state
ment In connection with the construction Of {
| state judicial ditch, as provided by Sec
ton IL Of this act. the county board Of suci
county is authorized to issue, negotiate ant
sell the bonds of such county to the amount
Tor the purposes and in the manner herelnoe
fore specified, and any bonds so issued shall
| be subject to all the provisions hereof, ant
are In all respects legalized and made bind
ing aud valid obligations Of the county 1ssu
ing the same and according to their terms:
Sec. .. This act shall take effect ant
be in force from and after its passage.
! Approved January %, 1913