The herald-advance. (Milbank, S.D.) 1890-1922, 1921-11-18

tlOAAdI A0dilk, minneapolis, MIME
sofa, being the semi-annual in
terest then due on it's Fundins
Bond dated as of the 1st day o.
November, 1921. No..
N. F. Nelson,
Mayor
A. A. Blomquist,
City Auditor
Countersigned
Phil c. Saunders. Treasurer.
Copy on back of bonds Art. 2,
Chap. 10-Part 4, title s, South
Dakota Revised Code, 1919.
8. Be It Further Resolved that on
the City's behalf, the Mayor and City
Auditor of said city be and they are
hereby authorized and directed to sign
said bonds and the City Treasurer to
countersign the same and the seal of
said City be attached thereto. The
printed, autographed, or engraved
facsimile signatures Of said officers
be attached to the coupons of said
bonds and that said bonds when so
prepared and executed shall be placed
in the custody Of the Treasurer to be
by him delivered to the purchaser
thereof upon payment of the purchase
price thereof.
8. BE TT FURTHER RESOLVED
that prior to or simultaneous with the
issuance and delivery OF said bonds,
an equal amount of floating indebted
ness represented by the registered
warrants of said City shall with the
proceeds of said bonds be taken up
and cancelled, said cancellation be
evidenced by the word Cancelled" be-
ing marked cro the face of each
of said warrants.
10. BE 1T FURTHER RESOLVED
that the full faith, credit and resour-
ces of said City of Milbank be and the
same are hereby ~irrevocably pledged
to provide the money for the payment
OF the principal and interest of said
bonds when and as tn. same become
due.
IL. BE IT FURTHER RESOLVED
that il at any time there is not suf-
ficient funds from the proceeds Of the
taxes levied for the payment Of the
PRINCIPAL and interest, that said money
shall he borrowed from the General
Fund until such a time as the money
shall be available in the Sinking Fund
provided for that purpose.
IL. BE IT FURTHER RESOLVED
that TIE bid Of the Drake Ballard
Company of Minneapolis to pay par
and accrued interest for said bonds
being the best bid for said bonds sub
mitted. be and the same is hereby ac-
cepted and the Mayor and City Audi. !
tor are hereby directed to enter into
q proper agreement with said Com
pany for the sale of said bonds.
Motion for the adoption of the fore 4
going resolution was duly seconded by
Alderman Brannon and adopted with
q record of votes as follows: Ayes
Aldermen Brannon, Goodman, Grams,
Jurgens. Riley; Nays--none.
Alderman Goodman offered the fol- |
Ordinance which was there
upon given its first reading.
ORDINANCE No. 12S.
IAN Ordinance providing for a
Sinking Fund and the Levy ct an an !
nual tax upon the taxable property in |
the City Of Milbank, Grant County, |
South Dakota, to pay the principal |
and interest upon the S25, 900. 30 |
Funding Bonds of said City dated Nc !
vember 1st, 1921"
BE IT ORDAINED by the City |
Council of the City Of Milbank, Grant
County, South Dakota,
Section l. That there is hereby |
levied en- all taxable property of the
City Of Milbank, Grant County. South |
Dakota. an additional tax of S3,166.1O !
the life of the $25 900. 90 Fund !
ing Bonds of said City dated Novem- |
Der list. 1921. bearing interest at the
rate Of six per cent. per annum inter-
payable s~emi-annually and matur- |
ing November 1st, 1896. That said
levy is made for the purpose of pay |
ing the principal and interest of said
bonds as the same become due and the
said tax hereby levied shall be kept
by the City Treasurer hereof in a sep
arate fund known as the Funding
Sinking Fund" and no none shall be
taken from said Sinking Fund except
for the payment of the principal and
interest of said bonds as the same
become due.
Section 9. Within 30 days after the
adoption and publication of this Or
dinance the City Auditor is hereby
directed to transmit to the County
Auditor of Grant County, South Da-
kota. a certified transcript of all pro-
ceedings relative to said levy.
Section 3. This Ordinance shall
take effect and be in force on and
after its first publication.
N. F. NELSON, Mayor.
A. A. BLOMQUIST, City Auditor.
Alderman Brannon offered the fol-
lowing resolution and moved it's adop-
ton:
/. RESOLVED that the City Coun-
Gil of the City of Milbank, Grant
County. South Dakota, offer for sale
it's City Auditorium Bonds in the a.
mount of 100000 DO, to be dated De-
cember 1st. 1921, to bear interest at
q rate not to exceed six per cent. per
annurn, interest payable semi-annually
on the 1st days of June and December
of each year, principal and interest to
be payable at the First National Bank,
Minneapolis, Mimi, Said bonds to he
due and payable as follows: to be pay
able in twenty years and redeemahle
after ten years.
2. RE 1T FURTHER RESOLVED
that the City Council Of the City Of
Milbank, Grant County. South Dakota, |