The Owosso times. (Owosso, Mich.) 1897-1926, 1917-03-23

Mr.. Rosevear moved that resolution No.
1905 be taken from the table, which pre-
vailed, ayes, DeYoung, Hanscom, Rosevear.
The vote on the resolution being, ayes,
| DeYoung, HanscOm, Rosevear, same pre-
vailed.
Resolution No. 1905:
| Resolved, by the Commission of the City
| Of Owosso, that at the regular election
to be held in this city upon the End day
Of April, 4; d. 1917, in addition to the
electors " Of this city at Said election the
Commission Of the City Of Owosso pro-
poses to the electors Of the City Of Owes
SO that Section 20 Of Chapter .1s Of the
ed to read as follows:
Section o. For any loan lawfully made
the bonds Of the City may be issued, bear
ing legal rate OF interest. When deem
tend the time Of payment new bonds may
be issued I'm place Of the former bonds
falling due IN such manner th as merely to
of the City. Each bond shall show upon
its face the class of Indebtedness. to which
belongs Ne S sna from sSa Yh Se issued Us
%Paturity; proVided that no 10 sinking fund
be in the ease Of serial
mission shall have the right to use the
moneys In such sinking fund to purchase
bonds of the City Of O%osso or special
and such purchase shall not render such
bonds so purchased discharged or void ;
provided that no bond which natures at
a later date than the date Of tte maturity
Of the bond or bonds for which the sink
| ing fund was provided shall be- so pur:
chased. and provided fnrther that all
at the par value Of such bonds.
Be 1t further resolved that tho form Of
the question to be submitted - the elect
ors OF this City as provided In his reso-
luton be printed upon the ballots by the
| City Clerk as follows:
Shall Section IS Of Chapter .1S Of the
Charter Of the City Of Owosso be amend
ed to read as follows:
Section 25 For any loan lawfully made
bearing legal rate Of interet;. When
deemed necessary by the Commission to
extend the time Of payment new bonds
falling due, in such manner as merely to
change, but not increase the indebted
ness of the City. Each bond shall show
which It belongs and from what fund 1t
is payable. No bonds shall be issued with
out providing a sinking fund to pay them
"a FUND s shall be required in the case Of ser,
| ial bonds which fall due annually. The
Commission shall have the right =. to use use
chase bonds Of the City Of Owosso or
special assessment bonds Of the City of
Ow osso and such purchase shall not rem,
or or void; provided that no bond which
natures at later date than the date OF
maturity of the bond or bonds for which
the sinking fund was provided shall be
so purchased, and provided further that
all bonds so purchased must be purchased
at the par value of such bonds.
| Be It further resolved that the Clerk Of
| the City of Owosso Is hereby directed to
take the necessary steps in the prepare
| ticn of ballots for the submission Of the
| foregoing question to the electors Of said
city and he is hereby directed to give
proper notice as required by law OF the
| time and place Of holding said election
and the purpose Of the same, said notice
to set forth fully the purposes and objects
| OF said election as fully as the same are
set forth in this resolution.