The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1921-03-03
ARTICLE >
R~EFUNDING BONDS

N'A D@'D
Section G419. Power to Fund or Refund
outstanding Indebtedness. Every municipal
corporation shall have power, by and
through its governing body, 10 issue It's
negotiable bonds for the purpose of fund
ing any floating Indebtedness or refundinE
any bonded indebtedness which is at the
time due and payable, or is about to hy-
come due and payable, or whenever such
Indebtedness can be funded or refunded
az a lower rate of interest.
section 6420. Form, Denomination, Inter
est. Each bond so issued shall recite upon
It's face the purpose for which 1t is issued
such bonds shall be In denomination OF
not less than one hundred dollars nor more
than one thousand dollars, shall be mum
bered consecutiyely, shall bear date and
shall show the date when payable, and MAY
be made payable in not less than five years
nor more than twenty years from th'I1
date; shall be made payable to the pur.
chaser or bearer and may be made pay
able anywhere in the United States; shall
bear interest at a rate not exceeding six por
cent per annum, payable annually or semi
annually as may be agreed upon, and shall
have interest coupons attached; and a COPY
Of this article shall be printed Or cngraE.I
on the back Of each bond.
Section 642l. Disposal. The bonds pro-
vided for in the two proceeding sections
may be issued and sold when AUTHORIZE
by a resolution passed by a majority vote
of all the members elected to the gov
crning body, but shall not be sold at a
price less than par value thereof. with an
crued interest, and the proceeds OF such
sale shall be applied solely to the paym,nJ
of the floating or bonded Indebtedness Of
such municipality so ordered to be funded
or refunded, or such bonds may be exchange
at not less than par value for not loss
than an equal amount at par value, Of such
original floating or bonded indebtcdno.
and no bond so issued shall be delivered 70
the purchaser until a like amount of out
standing warrants or bonds are surrendered
and cancelled.
Section 6422. Registration. Bonds IS
gllad a. urnyiIaI in tbiC ar,iCla CI.IF E~-
fore delivery thereof to the purchase, Ie
registered as provided in section 64lS
(NotatiOn-The above 10 be printed IN
each bondD
.. BE IT FURTHER RESOLVED, THAT
said bonds shall be signed by the Marnr
and attested by the City Auditor and seaIoj
with the official seal of said city and reg
istered by the City Treasurer as required
by law.
6 BE IT FURTHER RESOLVED. Tint
said bonds shall be delivered to the pur-
chaser thereof, upon payment OF the pur-
chase price which is not less than par and
accrued interest.
Z. BE 1T FURTHER RESOLVED. That
an equal amount OF outstanding warrant !u-
debtedness OF said City shall be taken up
as follows; sos, 900 OF warrants of SAID CITY
for water and sewer purposes, and $50, 600
of warrants for miscellaneous general IrIr-
poses. said warrants to be cancelled and
surrendered dollar for dollar lmultaneousl
with the issuance of said bonds. Said can
collation. TO be evidenced by the word can
celled' stamped on the face OF each Of
said warrants.
8. BE 1T FURTHER RESOLVED, That
the fun faith, credit and resources OF said
city of Brookings, in said County and state
are hereby irrevocably pledged for the
punctual payment of the principal and in
terest of these bonds when the same ma
ture.
Passed and approved November %. 1920.
T. l.. Flittie,
Attest: Mayor.
G.. II. Stoddart, City Auditor.