The herald-advance. (Milbank, S.D.) 1890-1922, 1921-11-18
5. Whereas, the CITY, Council

5. Whereas, the City Counci
of said City deems it expedien
and necessary and to the best. IN
terest Of said City to take up an,
fund said warrants by the is
suance and sale of it's fundin,
bonds.
s. Now Therefor, Be 1t Re
solved by the City Council o.
the City of Milbank, Grant
County, South Dakota, duly con
vened in regular session this
seventh day of November, 1921
that for the purpose Of funding
the City's outstanding warrants
amounting to not less than the
sum of S25, 100000, it is hereby
deemed expedient and necessary
to issue and there are hereby
authorized and directed to be is
sued the Funding Bonds of
said City of Milbank in the
amount of $25, 900. 90, said bonds
to be dated as Of the LIST day of
November, 1921, to be in the
denomination of $1,000, each, to
be Is in number. numbered from
l to % inclusive and to be due
and payable as to principal as
follows without option of prior
payments: November 1st, 1886.
That all OF said bonds shall bear
interest at the rate of six per-
cent per annum, payable seml-an-
nually on the first days of May
and November Of each year. SAID
interest to be represented by in
terest coupons attached to each
of said bonds, both principal and
interest of said bonds to be pay
able in gold coin of the United
States Of the present standard of
weight and fineness at the First
National Bank, Minneapolis, Min
nesota.
Z. Be It Further Resolved,
That the bonds hereby authoriz-
ed to be issued shall be in sub
stantially the following from
with the necessary variations as
to number, which said form is
hereby approved and adopted;
State of South Dakota
City of Milbank, Grant County
Funding Bond
No. 81, 10000
Know All Men By These Pre-
sents, That the City of Milbank,
County, South Dakota, ac-
knowledges itself indebted and
for value received hereby prom
ises to pay to the bearer the sum
of 100000 in gold coin of the
United States of the present
of weight and ineness
at the First National Bank, Min
Minnesota, on the 1st
day of November. 1886, with m
terest thereon from the date
until paid at the rate of
six percent per annum, interest
payable semi-annually on the 1st
of May and November of
each year, interest to maturity
represented by appropriate
coupons hereto attached, each
for a semiannual installment of
interest.
This bond is issued by said
of Milbank for the purpose
of taking up and funding the
floating indebtedness represent !
ed by the leagally issued war
rants of said City and is issued
PURSUANT to a resolution of the
City Council of said City duly
and regularly adopted on the 7th
day of November, 1921, and is is
sued by virtue of and in full con-
with the constitution
and laws of the state of South
1t Is Certified and Recited,
That all acts, conditions and
things required by the ~constitu-
ton and laws. Of the state of
Dakota to be done preced-
ent to and in the issue of this
bond have been properly done,
have happened and been per-
formed in regular and due form
and time as required by law and
that simultaneous with the is
suance of this bond, an equal
amount of floating Indebtedness
of said City has been taken up
and returned and cancelled and
that the total indebtedness of
said City, including this bond,
does not exceed any statutory
limitations, nor did the indebted
ness funded hereby at the time
the same was included exceed
any constitutional or statutory
limits.
The Full Faith, Credit And Re-
sources Of The City OF Milbank,
Grant County, South Dakota, are
herebv nledppd for the nrnct,a1