St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1913-05-02

d. a jumping ground, ana
Whereas it seems to be for the best interest
Of the State to sell and dispose Of said land,
Be it enacted by the Legislature Of the State
OF Minnesota:
tbs sef gtst. !; THAT n upG m the S,+u payment ~ en- ,,i into
Of the sum Of TWO Hundred Dollars. the Gov.
ernor Of the State is hereby authorized and
half Of the state ats'ass deed ed Of conveyance % the
said City Of Faribault as grantee Of all the
right, title and interest Of the State Of Min
nesota in. and to the said land and premises,
and is hereby authorized to deliver said deed
to said City, and the said City Of yartbault
p~ropriate for such payment out of any avail
able moneys in the City Treasury Of such
and is sA1 authorized thor sa% and nd a empo Nandre to p eoceps
Il" Approved proved A zasa q 8, 1918.
CHAPTER 17s-H. F. No. TO.
AN ACT to amend Section 20 Of Chapter 3
as amended by Cha Chapter e1 s1isD Of The 'q aen nee0i
Laws OF Minnesota for 1911. relating to the
e CO bonos Of Nv city rsrtd finances oft;s, and m +t the a ,ssuanc'
Be it enacted by the Legislature Of the State
Section That sections 12e Of Chapter 9
Of General Laws Of Minnesota for 1895, as
amended by Chapter 1862 Of the General avs
Of o. Minnesota for 1911, be and the same here:
sec. i2e.-ne City council shall control
tAA0 PAOpC1ky ~ lluduCcS OIL the CITY. ana
shall have the power to appropriate money
for city purposes only, except as hereinafter
provided; to provide for the payment Of It's
debts and expenses; to borrow money on its
credit for city purposes. and to issue bonds
therefore, as herein provided. to issue bonds in
same;
Provided, that the total indebtedness, Of
shall not thereby be made to exceed avs
G) per cent Of the total value Of the taxable
rrnnarfHy n ouch <o1yo%}~- -11~ - IL.
where such limit has already been reached.
or expenditures have already been authorized
VIII Wy v cause Of the ehe SAID Rs0 iim,t Of to s 6e re sley; Which nFa.
debtedness issued for the creation and main
volving fund shall not be considered as q
portion Of the Indebtedness Of the city for tho
however, that in case Of any such city now
organized or territory. hereinafter to be or
fas'f time OF Of the insa passage saage'e Of this OF act Tn escee ds
five () per cent Of the total value of tax
able property Of said city, according to the
of taxation, when such city shall accept the
provisions Of this act, the city council Of
the floating Indebtedness then existing Of such
city, and any certificates Of indebtedness Of
purpose Of paying such Indebtedness; and
thereafter the city council of such city shall
cept as hereinafter provided, and except for
the purposes of paying maturing bonds q
city, except as hereinafter provided, shall
be reduced to an amount less than five
~ per cent OF the total value of the taxable
preceding assessment for the purposes Of tax
alton; and thereafter the city council Of such
city may issue bonds in accordance with the
in first prescribed.
Provided. further. that in any city having
a population Of less than 5000, an indebted
ness OF NOT to exceed ron nor cont nf f1n
total value of the taxable property of such
city. may be incurred by the issuing Of bonds
the mourning Indebtedness not to exceed Ave
~ per cent.
resolution authorizing the issuance of bonds
that would increase the bonded Indebtedness to
an amount exceeding five ~ per cent Of tho
city. shall be submitted for ratification to
the electors of the city at the next regular
for that purposes. the form of ballot to be-
used at which shall be prescribed by the
city council ,nna s,,c II o twg1thira a5,, Of vo al ,e e%le fs1os
dlnance or resolution shall take effect and
come null and void.
Provided further. however, that the city
existing sIsi under the provisions Of Chapter :
Of the general laws Of Minnesota for 1895
Which i, has as oa an % out Isnra mgv fl %ith'g ! indebted mdafd.
after passage of this act by resolution duly
adopted by the unanimous vote of the said
Proved by y the e-s vote Of the electors Of
said city voting on said question at a gen
in said city as herein before provided, au-
thorized issue and negotiate the negotiable
e0upon f nf 1inTn1 bonds nd a1 od f fa1a city any for Or t aIi
Of its outstanding floating Indebtedness, duo
or to become due within six months from the
The term, "Floating Indebtedness" as used
herein, shall be construed to include all debts
e sna 51201 pa5f DUE Hi 'q Sdnd Hity co OF sysFy li h191ii ea.
outstanding warrants or certificates OF In
debtedness and interest charges.
bear I Interest IT, at a rate not to exceed six per
cent per annum, principal and interest pay
able at such times and places as may be
Of such denominations as the council may,
not less than par value to the highest bid
der after notice published at least once in
each week for two consec ut e weeks osis7., prior nor
per of such city. Such bonds shall not be
limited by the restriction hereinbefore pro-
Provided, further, that any bonds or other
certificates Of indebtedness issued and sold.
Or to ,,1 be Issued eon snd sS1d' m by aag e1ty a eor
largerent or Improvement Of a water or
light plant, or local telephone exchange ;5
tion Of s't tho Indebtedness witch such city
Is IN this SeCtlOl IcTDlCuei Hldkc'
and any city organized and existing under this
charter is hereby expressly empowered to issue
| and sell bonds or other certificates Of indebt-
| edness, payable not less than ten nor mora
than thirty years from date Of issue. bearing
interest not to exceed six per cent per ann ann
struction, maintenance. enlargement or I'M
provement Of a water or light plant. or local
telephone exchange plant or system or either,
irrespective of the bond Limitations hereinbe-
fore or hereinafter prescribed:
tiated and sold in the same manner as other
city bonds, except that an ordinance or resolu-
ton authorizing such bonds shall require an
Of the council and shall then be ratified by an
affirmative vote of a majority of the electors
voting thereon at a regular city election or at
6. special election called for that purpose. The
principal and interest represented by said
bonds shall be first lien upon the water or
light plant. or local telephone exchange plant
or system, or either. as the case may be, pur-
chased, constructed or improved by the pro-
ceeds Of said bonds.
Provided, further that the city council by a
place OF. Or to supply means for paving ,natur-
ing bonds which have been issued for either Of
said purposes. or to be consolidated or fund
the same, and If any plant or plants acquired
which by their terms were not due at the time
Of such purchase and the city has assumed.
said bonds or has purchased the plant Or plants
subject thereto. the city council may at any
time exchange the bonds of said city for such
outstanding bonds of said plant or plants or
to bear any greater rate Of interest or to be
greater in amount than the rate Of interest Of
the amount Of the par value of such outstand-
ing bonds for which they are exchanged. and
said, or either of them. shall not be deemed a
part Of the total indebtedness of said city.