Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-04-29
,e made in the franchis. for making u. wi,

be made in the franchise for making the vain.
Sec. 4 The holder OF the franchise ..sY,
{ nis with the city clerk annual reports by III
/ corporation. from the beginning OF the frans
bursements inventories. stock and bond Issues
and there shall be an annual inspection nv ~
city OF sia property. books. accounts records,
the corpora ton, and such further inspeetlas
thereof by the city as the franchise may pro-
vide. fS-
Sec s, The holder Of the franchise shan M.
sell, dispese Of pledge any shares Of H.
capital stock, or issue any certificates therefor
for less than ninety-aye per ceat 1851 OF ths1-
par value nor until such shares shall haye
been PAID Tor In money nor issue any bonds
sanep 5os e ss man value Of ne
5000 OF the par value thereof. The procesas
OF all stocks and bonds shall be devoted -
me lawful purposes OF the holder under such
Sec; 9, The power to gran. franchise IN.
DER this act shall be exercised only BY ordi.
nance adopted by a majority of all the MAN
bers OF the council at regular meeting and
the ayes and nass shall be entered In the min.
ordinance shall not be taken ,,ps ss sks 2, the
tion OF at least fourteen "a, days after The
publication Of the proposed ordinance ia les
city The corporation shall have such time a.
may be Axed by the ordnance, not ess thar
, thirty ts1 days after final passage and pub:
be first authorized by the Board OF Director
OF the corporation and copy OF the resoln
with the acceptance in the office OF the fgty
Clerk. The grant shall be fully effective when
made and accepted as aforesaid, and ratif,1
as provided In the next section
Sec. Z. No such franchise shall be esfert;rs
until 1t shah have been ratified by a ma tority
OF the votes of the electors Of the city eaxt
upon the question at a general or speeiai sIee
ton not less than ninety 100, days after fhe
filing Of the acceptance Of the franchise The
franchise shall provide for such susmissien
See, s.. For the purpose of raising funds for
making the valuation provided for in Section
8, the Council Is hereby authorized TO issue ana
sell bonds OF the city 70 an amount not Elk.
seeding nfty thousand, $3.50. ooo) dollars ID par
value. Said bonds shall be issued only in
pursuance of resolution adopted by the AZ
hrfnatfve vote OF majority of all the mem
bers of city council or other governing BODY
of such city The faith and credit OF the citv
shall be pledged to the payment of said bonds
and the interest thereon, The council or gov
ernfng body aforesaid shall include In the tax
the current interest on such bonds, and the
sinking fund OF the city shall be pledred 10
their redemption at maturity.
Bonds issued under this act shall not run for
term longer than thirty years or bear q
rate of interest higher than four per cent per
annuni, payable semi annually. The place of
nominations Of said bonds shall BE- aa s saa d bv
the resolution authorizing their issue and ali
or any OF them may be In the form OF coupon
nopds or OF registered certificates, so,calied as
the purchaser may prefer
All bonds or certificates so issued shall he
signed by the mayor. sttested by the city
s sl ard cot. sountsrsigned by the city comp
coupons attached thereto, II any may be
Autographed. None OF such obligations shall
OF their par value and accrued interest, or to
any but the highest responsible bidder there.
Sec o. This act shall take effect and be IN
force from and after Its passage
Approved April 10. 1915,