Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-04-29
be made in the franchise for making the vain.

be made in the franchise for making tn. vala
Sec. e. The holder of the franchise shah
file with the city clerk annual reports by ~.
corporation, from the beginning of the fran
ehise until Its termination, OF receipts and dis
bursements. Inventories. stock and bond issues
and there shall be an annual inspection oy tha
city of all property. books accounts. records
checks vouchers, contracts and documents ~
the corpora ton, and such further inspec.ion
thereof by the city as the franchise may pro-
vide.
Sec. s. The holder of the franchise shall no,
sell, dispose OF or pledges any shares of It's
capital stock, or issue any certificates therefor
par value nor until such shares shall have
been paid for In money, nor issue any bonds
except for money to the mari market value Of tie
iso%) of the par value thereof The proceeds
OF all stocks and bonds shall be devoted to
the lawful purposes Of the holder under such
Sec; o The power to grant a franchise un-
der this act shall be exercised only by orii.
nance adopted by a majority of all the mem
bers Of the council at regular meeting and
the ayes and NAYS shall be entered In the min
ordinance shall not be taken until the exnt hne
tion of at least fourteen l14l days after the
publication OF the proposed ordinance in its
city. The corporation shall have such time as
may be fixed By the ordinance, not less than
thirty 500 days after anal passage and uwb
be first authorized by the Board of Directors
OF the corporation and a copy of the resolp
with the acceptance in the office OF the Cit
Clerk The grant shall be fully effective when
made and accepted as aforesaid. and ratined
as provided In the next section.
Sec 7. No such franchise shall be eTecti"t,
until 1t shall have beep ratified by a majority
OF the votes Of the electors OF the city cast
upon the question at a general or special elac.
ton not less than ninety 100 days after the
fling Of the acceptance of the franchise Thf.
franchise shall provide for such submission
Sec 8. Fer the purpose of raising funds for
making the valuation provided for in Section
s. the Council Is hereby authorized to issue and
sell bonds OF the city to amount not ex.
ceedsns hfty thousand $3.50 ooo> dollars 10 par
value. Said bonds shall be issued only in
pursuance of resolution adopted by the af.
firnattve vote of a majority of all the mem
bers Of a city council or other governing body
of such city. The faith and credit OF the city
shall be pledged to the payment Of said bonds
and the interest thereon. The council or gov
ernins body aforesaid shah include in the tax
levy Of each year an amount sufficient 10 pay
the current interest on such bonds, and the
sinking fund of the city shall be pledged TO
their redemption at maturity.
Bonds issued under this act shall not run for
term longer than thirty years or bear
rate OF interest higher than four per cent per
annum. payable semi annually. The place of
payment Of principal and interest, and the de-
nominations Of said bonds, shall be fxed by
the resolution authorizing their issue. and all
or any Of them may be in the form of coupon
bonds ar of registered certificates so.called as
the purchaser may prefer.
All bonds or certificates so issued shall he
signed by the mayor. attested by the CITY
clerk, and countersignsd by the city comp
city seal, except that the signatures to the
coupons attached thereto. II any, may be
be sold at lees than ninety-fve per cent ts5qs,
Of their par value and accrued interest, or to
any but the highest responsible bidder there
Sec. q. This act shall take effect and be In
force from and after its passage.
Approved April u.s. 1915,