The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1917-01-04
RESOLUTION No. 213

A RESOLUTION PROVIDING FOR THE
EXECUTION AND ISSUANCE OF BONDS
TO REFUND CERTAIN BONDED INDEBT-
EDNES M FLOATING WARRANT Is
DEFICIENCIES OF Il CITY OF BROOK
INGS AND LEEITNG a TAX PROVIDING
Q PAYMENT OF SUCH BONDS.
BE IT RESOLVED BY THE l COUNCIL
OF THE CITY OF BROOKINGS, SOUTH
DAKOTA,
WHEREAS, The City of Brookings. South
Dakota has heretofore issued its bonds and
the same are now outstanding as follows:
Water works bonds S33, 000. 90, dated July
LIST, 1901. due July LIST, 1921, being payable
at the option of said City after ten years
from date. Rounding bonds $13, 500.0 dat
ed July 1st, 1903, due July LIST, 1928, being
payable at the option or said City after five
years from date. W~aterworks bonds $l5,-
600 90, dated July LIST, 1907, due July LIST,
1927; being payable any time after ten years
from date. All of said bonds bearing inter
est at five per cent per annum, payable semi
annually.
The city of Brookings also has a floating
indebtedness represented by registered war
rants aggregating SIG, 100000 in various de-
nominations all of which bear interest at
seven per cent per annum.
WHEREAS, 1t appears that said bonded
Indebtedness and said floating warrant in
debtedness can be refunded at a lower rate
Of interest than the existing rate of interest
on said Indebtedness under and by virtue OF
sections 1885 to 1890 inclusive of Political
Code OF 1903. or the state OF south DAKOTA
as amended by Chapter 81 Of the South Da-
kota Session laws of 1907.
IT Us HEREBY that it is
deemed in the judgment OF this Council to be
to the best interests of this City to issue its
negotiable bonds in the name Of the City of
Brookngs for the sole purpose of refunding
said bonded indebtedness and said floating
warrant indebtedness and there is hereby
authorized the execution and issuance Of
bonds to refund said Indebtedness; that
the bonds hereby authorized be SO in number,
numbered from one to SO both inclusive.
That there shall be ~ bonds of the denomin-
alton of One Thousand Dollars each, and II
bonds of the denomination of Five Hundred
Dollars each, all of said ponds to have inter-
est coupons attached and all of said bonds
shall be dated January goth, 1917, and bear
interest at the rate of four and one half per
cent per annum payable semi-annually on
the goth day of January and the Goth day OF
July of each year at The Minneapolis Trust
Co, at Minneapolis. MINI. All Of said bonds
shall become due twenty years from date but
SIS. 600 90 of sad bonds shall however be
payable at the option of the City of Brook
ings on any interest due date after five
years from date and all OF the rest of said
bonds shall be payable at the option of the
City of Brookings on any interest due date
after ten years from date. Said bonds shall
be known as Funding Bonds and the bonds
and coupons shall be in substantially the
following form. /,
United STATES or AMERICA,
State of South Dakota. City of Brookings.
Funding Bond, No. ........
Know All Men BY These Presents; That on
the goth day of January, 1887, the City Of
Bsookings of the State Of South Dakota. for
value received hereby promises to pay bearer
the sum Dollars law
full money of the United States with interest
thereon at the rate OF four and one half per
cent per annum payable semi annually upon
presentation and SURRENDER Of the annexed
coupons as they severally become due. both
principal and interest payable at The Mime
apolis Trust Co. at Minneapolis, Mnn.
THIS BOND is however payable at the
option of the City of Brookings on any inter-
est due date after ........,.y years from it's
date.
For the prompt payment OF both principal
and interest the full faith, credit and re-
sources of said City are hereby irrevocably
pied ged.
This Bond Is one Of SO bonds OF like date
aggregating the sum of ST., 500. 90 issued for
the purpose of funding outstanding bonded
Indebtedness and floating warrant indebted
ness of said City of Brookings, pursuant to a
resolution OF said City duly prepared in
strict compliance with the Constitution and
laws of the State of South Dakota. particu-
larry sections 1885 to 1890 inclusive of the
Political Code of South Dakota of 1903, as
by the Session Laws Of South Da-
kota of 1907.
1T Is HEREBY STIPULATED that all
acts and things required preced-
ent to and in the issuance of this Bond have
PAlSItu, HdDpeTtu anu sci ptIIoIEltu III
regular and due time. form and manner as
required by law; that the amount Of this
Bond. together with all other Indebtedness
of said City does not exceed any constitu-
tional or statutory Limitation and that pro-
vision has been made for the collection OF an
annual tax sufficient to pay interest hereof
and principal when due.
IN WITNESS WHEREOF, said City of
Brookings in the County of Brookings and
state of South Dakota, acting through its
City Council has caused this Bond to be
signed by its Mayor and attested by its City
Auditor and It's corporate seal affixed and has
caused the annexed interest coupons to be
executed with the fac-simile signatures of
said officers and this bond is dated this Goth
day of January, 1917.
H. B.. Mathews.
Mayor.
Attest:
G. II. Stoddart,
City Auditor.
The interest coupons attached to said bond
shall be substantially In the following form:
NO.. r..........
........... January goth, 1917
On the Goth day OF (January) tJuly). 49,.
the City Of Brookings, of Brookings County,
South Dakota, will pay bearer. .............
dollars. at The Minneapolis Trust Co. at
Minneapolis. Mimi, being the semi-annual
interest on its Funding Bond, dated Janu-
airy goth. 1917. number. ...........
NO. ...........
Fl. B. Mathews.
Mayor.
Attest:
G.. II. Stoddart,
City Auditor.
Said bonds shall be signed by the Mayor
aud ottected nv the Cir Auditor with the