Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1921-09-07

Gates represented by its share ~ thS
levy and: COLI of % tax therefor,,
on All the taxable prop IL said
City. That there be and hereby Isl
created separate fund for said I'M
provement. That into this fund shall
be pad the proceeds of the sale Of
said certificates applicable to- such
Improvement, that into this fund
there Shall also BE paid :a!l moneys
arising from liens created on account
of such Improvement and all MONEYS
raised by general taxation to paw The
City's share Of the cost thereof as
hereinbefore specified, that out Of
this fund shall be paid all expenses
INCURRED and to be incurred in con-
nection. with said Improvement, that
any moneys being in such fund at
the maturity of any interest or prin-
cipal Of any certificates, whether
such moneys be the proceeds of as
sessments paid. or of taxation Or be
from other sources derived, be appli-
ed to the payment Of such interest
and principal That II at the matur-
;ty Of any such interest or principal
there is not in such fund money suf-
ficient to meet the payment thereof,
the proper officers Of the City shall
provide the necessary money for the
purpose out Of the general fund .or
out of any other fund and pay the
same into the appropriate improve
ment fund in. the amount needed
That when thereafter there shall De
in such improvement fund so replen-
;shed, moneys derived of the collec-
ton of assessments on account Of
such improvement which are available
for the purpose, they shall be paid
back out, of such Improvement fund
with interest at, the rate of six per
which they shall have been taken or
City's share of the cost. of such i'm
provement as 'hereinbefore fixed and
specified SO paid into any such fund
for the. purpose Of. interest or princi-
pal payment, shall not be repaid from
said Improvement fund, but shall he
provided for out of the proceeds OF
general taxation. The intent hereof
is hereby declared to be that the cost
of said Improvement shall be paid out
of said improvement fund, that the
proceeds of assessments made On
benefited property .. on account OF
said Improvement: shall be applied
as far as they wilt avail for the pur.
pose, to discharge the interest: and
principal of said certificates, that the
City shall from time to time, contri
butte out Of the proceeds Of genera
taxation to the payment Of the inter
est and principal Of said certificates
it's share as hereinbefore fixed anC
specified, and that if, at any time
when any interest or principal of any
Of said certificates, falls due, the func
SO: made upssis unequal to pay the
same out Of the proceeds Of assess
ments collected and the >City's nay.
ment of its share Of the cost of such
improvement, the City shall pay into
such fund, if so deficient; money:
enough to supply such deficiency out
of the general fund or out OF any
other fund having moneys available
and that the Improvement fund s.
refreshed shall, except for the City.
share, replenish the1 fund from wn.c q
such moneys are taken with interes
at six per cent peri annum out of thu
proceeds Of subsequent collections. O.
assessments. That The Clerk ane
Treasurer keep this Council formed
Jas to the condition of said improve
ment fund and of the fnanc ns fro,r
time to time needed, that there ma;
be at all times available moneys II
the treasury to promptly pay thu
interest and principal falling due oil
any of said certificates, and> thu:
council hereby undertakes to take
such proceedings and to do such fur
Their acts. from time, to-; time as arr
necessary or proper to-. secure the
prompt payment of such interest an(
principal on their respective matur
tiles.
Be it further
RESOLVED that said certificate:
shall be signed by the Mayor ant
Treasurer and countersigned by tne
City Clerk who shall record same enc
attest same with the City's seal, sne
that the coupons attached to said Ger
tifcates shall be authenticated by t!,<
fac. smile Signature Of the Mayor ane
City Clerk printed, Autographed o.
engraved thereon, and s. -, = - -~'~
4 Whereas: Gates, White & Co., agents
have heretofore offered to purchase
said certificates and this councl
deems It for the best interest of sait
City to accept said offer, and Same
has been and hereby is accepted,
Now Therefore, = II .. -. -, -
! BE IT RESOLVED that said Ger
tificates when SO executed shall be
placed in; the custody Of the treasurer
! and Shall by him. be delivered to SAID
EGates, White l. Co., Agents, or order
upon their paying into the treasury
the amount of their bid therefor. ! :
/ Resolved further that the proceeds
of the sale Of said certificates shall
be used as hereinbefore provided and
not other wise. - ,,ssa-i
RESOLVED further that the full
faith, credit and resources of the
City of Willmar. Minnesota, and, Of
this Council as such, be, land the same
are hereby irrevocably pledged foi
the pune tual payment of the princi.
pal and interest of said certificates
at maturity: ..~-.> -,
Alderman p: C. Peterson secondei
the motion to adopt said resolution
and the roll being called the same
was adopted by the following vote:
i Ayes Aldermen Johnson, FREDERICK
son, emit. Peterson, NeEon, sMagnu
son, Freeberg and ,Sandin, s; Nays
= :sn.E.., 49, - i no.. = 3 -.