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

| Take notice, that at the regular cleo
Monday, the End day of April, 1917. the
following proposition will be submitted
| for vote:
Shall Section 25 Of Chapter Is of
the Charter of the City of Owosso be
amended to read as follows:
Section 25. For any loan lawful
ly made the bonds of the City may
be issued, bearing legal rate of in
terest. When deemed necessary by
the Commission to extend the time Of
payment new bonds may be issued in
place of the former bonds falling
due, in such manner as merely to
change, but not increase the indebt-
edness of the City. Each bond shall
show upon it's face the class of in
debtedness to which it belongs and
from what fund it is payable. No
bonds shall be issued without provid-
ing sinking fund to pay them at
maturity; provided, that no sinking
fund shall he required in the case Of
serial bonds which fall due annual
ly. The Commission shall have the
right to use the moneys in such sink
ing fund to purchase bonds of the
City of OwOsso or special assessment
bonds of the City of Owosso and
such purchase shall not render such
bonds SO purchased discharged 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.
This election is authorized by resolu.
ton of the Commission of the City Of
said Commission held upon the 10th day
Of March, 1917, said resolution being as
follows:
Resolution No. 1906:
Resolved, by the Commission of the City
of Owosso, that at the regular election
Of, April, A: d. 1917, in addition to the
other questions to be submitted to the
electors Of this city at said election, the
poses to the electors Of the City of Owes
SO that Section 25 of Chapter IS of the
Charter of the City of Owosso be amend
ed to read as follows:
the bonds of the City may be issued bear
ing a legal rate Of interest. When deem
ed necessary by the Commission to ex-
tend the time of payment new bonds may
be issued in place of the former bonds
falling due, in such manner as merely to
change, but not increase the Indebtedness
its face the class Of Indebtedness to which
1t belongs and from what fund 1t is pay
able. No bonds shall be issued without
providing sinking fund to pay them at
maturity; provided, that no sinking fund
shall be required in the case of serial
bonds which fall due annually. The Com
moneys in such sinking fund to purchase
bonds Of the City Of Owosso or special
assessment bonds Of the City Of Owosso
bonds so purchased discharged or void
provided that no bond which natures at
a later date than the date Of the maturity
of the bond or bonds for which the sink
ing fund was provided shall be so pur-
chased, and provided further that all
nc 6n ths so a snCs be
re 1t further resolved that the form Of
the question to be submitted to the elect
or, Of this CITY as provided IN this reso-
City Clerk as follows:
Shall Section % 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 a legal rate Of interet When
deemed necessary by the Commission to
extend the time Of payment new bonds
may be issued in place of the former bonds
falling due, in such manner as merely to
change, but not increase the Indebted
ness of the City. Each bond shall show
upon It's face the class of Indebtedness to
which IL belongs and from what fund IL |
is payable. No bonds shall be issued with |
out providing sinking fund to pay them |
fund shall be required in the case Of ser,
ial bonds which fall due annually. The |
Commission shall have the right to use |
the moneys in such sinking fund to pur- |
chase bonds of the City of Owosso or |
special assessment bonds of the City of |
Owosso and such purchase shall not rem |
der such bonds so purchased discharged |
or void; provided that no bond which |
natures at a later date than the date of |
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 IL further resolved that the Clerk of |
the City Of. Owosso is hereby directed to
take the necessary steps In the prepare
foregoing question to the electors of said
City and he Is hereby directed to give
proper notice as required by law Of the
lime and place of holding said election
md the purpose of the same, said notice
% set forth fully the purposes and objects
II said election as fully as the same are II
,et forth In this resolution.
The polls of said election will be open
rom eight o'clock in the forenoon until II
light o'clock In the afternoon.
Dated March 2fst 1917