Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1914-02-06

that time due and payable: ratifying and
confirming the negotiable coupon bonds of
the City issued pursuant to said resolu.
ton in the aggregate amount of one
hundred thousand dollars. bearing date
the twenty first day of March, A. D.. 1910:
providing for the surrender and exchange
of said bonds by the issue of bonds in the
same amount and bearing the same date.
but in more approved form: and pro-
vidine for the levy and collection of a tax
sufficient to pay the principal of and the
interest upon such bonds at maturity.
Whereas. the city council of the city of
Hot Springs. South Dakota. by resolution
duly adopted on the 21st day of March,
A. D.. 1910, provided for the funding and
refunding of certain floating indebtedness
OF the city at that time outstanding. due and
payable. in the aggregate amount of one
hundred thousand dollars (s1oo,ooo. oo), by
issuing in exchange tn refor and in re.
demption thereof the negotiable coupon
bonds of the city in said aggregate amount
of one hundred thousand dollars $780,
600 oo). said bonds to bear date the 21st
day of March. A. D. 1910, to become due
and payable on the first day of January.
A. D. 1880, and to bear interest at the rate
OF four (4) per cent. per annum. payable |
semi annually on the first day. of January
and July in each year. said bonds and the
interest thereon to be payable in gold coin
and to be issued in the following denomi-
notions. viz:
Fifty (5o) bonds in the denomination of
one thousand dollars $4,000 oo) each:
Fifty (5o) bonds in the denomination of
five hundred dollars $500. .oo) each: and
Two hundred fifty (25o) bonds in the
denomination Of one hundred dollars
($Ioo.oo) each:
Said bonds and the interest thereon to
be made payable at the Office of the city
treasurer of the city Hot Springs, South
Dakota; and
Whereas. at the time of the adoption of
said resolution: no provision was made in
said resolution for the levy and collec.
tion OF tax upon the taxable property of
the city sufficient to pay the principal
thereof and the interest upon said bonds
at maturity: and.
Whereas, said resolution authorizing
the issue of said bonds failed to prescribe
the form thereof; and,
Whereas. bond forms were subsequent.
ly prepared. and certain bonds have here
totore been issued and are now outstand-
ing pursuant to said resolution: and.
Whereas, it now appears that confusion
has arisen with respect to the procedure
under which said bonds we're authorized.
and with respect to the form of said bonds.
which, in the opinion of the city council.
may affect the faith and credit of said city;
and
Whereas, the holders. or certain holders,
OF bonds now outstanding and issued pur.
suant to said resolution. are willing to
surrender the same and accept in lieu
thereof bonds of the same date and bear.
ing the same rate of interest, but re. issued
under this ordinance; and
Whereas. it is the opinion of the city
council that the surrender of said old
bonds and the reissue and re-delivery of
the same in the form set forth in this ordi.
nance. will be to the advantage of the city
and will strengthen its credit
Now therefore. be it ordained by the
city council of the city of Hot Springs
South Dakota:
Section 1. That all proceedings here
tofore taken in and about and with respect
to the issue and delivery of the negotiable
coupon bonds of the city. designated Hot
Springs Municipal Funding Four Per Cent
Gold Bonds. bearing date the 21st day of
March A. D 1910. issued pursuant to the
resolution of the city council of said city,
adopted and approved the z1st day of
March. A. D. 1910. be and the same are
hereby in all respects approved. ratified
and confirmed. and the indebtedness
evidenced thereby hereby declared to be
the valid Indebtedness of said city.
Section 2. That the mayor and auditor
OF the city of Hot Springs be and they are
hereby authorized and directed to call in
and cancel such bonds of the city of said
issue of March 81. 1910. as the holder or
holders thereof may be willing to surren-
der for cancellation upon the issue in lieu
thereof of bonds provided for by this or
dinance in like amount.
Section 3. That upon the surrender for
cancellation of any bond or bonds of said
issue of March III, 1910, the mayor and
auditor of the city Of Hot Spring. are
hereby authorized and directed to cancel
the bond or bonds so surrendered and
issue to the holder or holders of the bonds
SO surrendered and in lieu thereof, like
amount of the bonds provided for by this
ordinance.
Section 4. That the mayor and auditor
OF the city of Hot Springs are hereby
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