The Detroit times., 1914-09-16

amendment shall, be submitted on the
ballot shall be as follows:
DO you favor authorizing the,
Common Council 20 nix the
compensation OF certain elect
the the city ofpetroit w STfHs ee 81
tain Limitations. also to TX the
compensation OF the subordi-
mates Of such Officials? YES { }
Do you favor authorizing the
Common Council TO nix the
compensation OF certain elect
I've and appolntiye officers OF
the city or Detroit within GER
tain Limitations. also TO nix the
compensation OF the subordi-
mates OF such officials3. NO coz
Laid on table 80 days. 5sr
by Aid, Allan ~
Resolved. That this body byea three
hfths vote OF the members elect propose
an amendment 10 the Charter OF the
hereafter issued, for the payment of
which the City OF Detroit Is. obligated.
shaii bear rate OF interest not ex-
ceedings nve per eentum per annum.
be IL further resolved that the pro-
posed amendment be In words and ms :
ures as followsi 4+v ss.s -.tfT
A BILL 90 amend Section z of Chapter
vide a essr,sr' forthe CITY OF De.
troit and 60 repeal all netr or parts
of acts in conflict therewitb y ap-
1,l PROVE pI,9 June o Isss; az shIcadsd: : !,
MICHIGAN AND THE PEOPLE OF
THE CITY OF DETROIT ENACT
section J. That Section or Chap
provide a charter Tor the city Of De- e.
troit and 10 repeal all acts and parts
OF acts in Conflict herewith" approved
June 3, 1883. as amended be and the
sane sane Is hereby amended TO read as fol-
Section q The Common Council shall
also have power by and with the con-
vide for the pubic sewer fund Tor the
construction OF trunk or public sewers.
pEd tho public building fund. and a
FUND Tor the purchase or construction
OF PUBLIC utilities, By borrowing upon
the faith and credit or said city and
upon the best terms that can be made
such sums OF money as shall be deemed
tho bonds OF the city therefor in lieu
OF raising the same by taxation; pro-
Nided, however, that the gross debt OF
the city. after deducting the means In
the sinking fund OF said city and not
including bonds already issued by the
board OF water commissioners (but
bonds hereafter Issued by said board OF
water commissioners shall be includ
ed, or bonds issued against special as
sessments. shall never exceed -four
per centum OF the assessed value OF all
s che r ead a a property q said
ness issued or credit created In excess
thereof shall be void Bonds issued 10y
authority of this section shall be re-
bonds" public building bonds" and
public utility bonds" and shall ma
lure In not more than 80 years from
the date OF issue. and bear interest at q
rate not exceeding i've per centum per
annum. All bonds issued by the City
or Detroit or for which Ii may be
liable shall be exempt from all taxa
ton. All bonds issued by the City OF
Detroit shall he iSSnaA a "a
OF the corporation. signed by the
mayor and countersigned by the con-
trolier. and except special assessmen,
vided for. shall be for the sums OF
$4,000 or multiple thereof and shall
not be negotiated at less than their
COUPON au fos smd may Tfn be n sh
keep an accurate record OF all bonds
and OF the class of Indebtedness &c
which they belong. the number, date
interest. when and where the same Is
payable. and the person. persons, firm
or corporation TO whom IL IL issued
When the proceeds. of the sale OF any
bonds shall have been paid into the
city treasury, the principal thereof
shall be credited to the funds for which
the bonds were issued. and be applied
said bonds are constituted ana ID the pre-.
miums and accrued interest received
II any. shall be credited 70 the sinking
fund. When any issue OF bonds is duly
authorized by law. and the controller
shall have first advertised In such
manner as the Common Council shall
direct for sealed proposals for the pur-
chase or such bonds. he shall report
the bids to the Common Council The
Common Council. having authorized the
sale OF such bonds, according TO the
proposals for the same. the controller
shall prepare such an amount OF the
issue only as may be ordered sold: IL
shall be his duty in the preparations
OF said bonds TO cause to be written
fold OF the same, so that the same may
always be In plain sight the following
words. TO be signed by the treasurer
OF the city. and the bonds not TO be
bond has been made and issued In com
pliance with law; has been duly regis
tered in the books of this Office. and
all the premiums on sale and interes,
acoruing before delivery, have beer
paid into this office.
Detroit .t.'........; al 1s, .,....;.....;.'
After having caused said bonds to b,
duly executed and recorded In tn,
books Of his Office. with all the par
shall transmit the same. with the nam,
or the purchaser, number. date. tim,
and denomination OF bonds, to the cit,
treasurer, taking his receipt for tn
transaction TO the Common Council a
It's next succeeding session. II shall
be the duty Of the city treasurer. OF
notify the parties to whom the bond
have been awarded. that the same ar
ready for delivery, and deliver to sal
parties the bonds according to thei
them with the premium. IL any is In
cluded In the proposals, and the inter
est accrued on the bonds at the dat
Of delivery. and further comply. wit
this al Inv rAaArHin4 solA
and signing the blank as aforesaid
and report to the Common Council a
Its next Following session the full par
which report, together with the repor
OF the controller. heretofore mentioned
shall be referred To the committee o.
ways and means, who shall coIhpar
OF the controller and report to tn
council upon the correctness OF tn
same, when IL shall have found ther
TO be correct. II shall be the duty Q
the city treasurer, whenever coupon
| are presented at his Office FOR pay
! rnent. to first examine his coupon bool
| to ascertain IL the bond from whicl
Issued. and the proceeds thereof hav
been regularly paid into the Treasury
and II the payment Of syeh interes
TX due. And u speh be found to o.
pons, with the certiicate OF their cor,
rectness. TO. the. city. controller l,
shall be the duty. OF the controllel
upon the receipt OF. said coupons and
certificate OF the treasurer, TO exam
Inc the same. comparing them with
records OF bonds In HIS officc and pre-
vious payments or coupons. and II
found correct. Issue his warrant on the
treasurer I'm payment OF the same,
whereupon he shall cause said coupons
10 be firmly pasted in a book for such
purpose which book shall be so pre-
pared and ruled, with spaces for each
coupon under a complete record OF
the bond from which said coupon Is