The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1922-08-10

to adopt said resolution and thereup-
on the following vote was taken and
recorded:
4 Those voting in the Affirmative:
II j. A. Brown, C. E. Bohall, HI. G.
Rydholm, A. L. Blk and C. R. Gray
4 Those voting in the negative:
i None.
4 Whereupon said resolution was de-
4 clared duly adopted.
4 The President of Council then an
nounced that this was the time to
open and consider bids for the sale of
$2500.0O Storm Sewer Bonds of said
4 City.
i The City Clerk presented the affi-
davit of publication for three success
sive weeks of the notice of sale of
said bonds in Sank Centre Herald, a
| legal newspaper of the official organ
of said City, and said affidavit was
ordered filed.
i The following bids were received.
Name of Bidder Amt. of Bid
First National Bank
! of Sank Centre, MINI ..$2575.00
/ After consideration of the bids, c..
4 E. Bohall moved the adoption of the
| following resolution, which was duly
lseconded by alderman A. L. Blk, and
upon being put to vote, was unan-
limously adopted.
4 Be It Resolved by the City Council
i of the City of Sank Centre, Stearns
1, County, Minnesota, that the bid of
| First National Bank of Sank Cen
| ire, Mimi, for twenty-five hundred
| dollars ($2,500y Storm Sewer Bonds
! of the City Of Sank Centre, Stearns
!. County, Minnesota, which bid is the
sum of par and accrued interest at
/ 6 per cent per annum plus prem
| ium Of $500 is the highest bid re-
| ceived for said bonds and is deem
]. ed to be for the best Interests of said
| City, and is hereby accepted, and
! the officers Of said City are hereby
i required and directed to deliver
said bonds, when duly executed, to
said purchaser thereof, upon pay
ment into the treasury of said City
j of the purchase price thereof, the
/ same being not Jess than par and
accrued interest, and the purchaser
/ shalltnot be obliged to see to the ap-
| plication of. the proceeds thereof.
/ A. L. Blk offered the following
resolution, in writing, and moved it's
adoption,
Resolution providing a Sinking Fund
and levying a tax for payment Of
/ principal and interest of $500
Storm Sewer Bonds and fixing the
rate of interest thereon.
WHEREAS, by Chapter Number 14s
of the Ordinances Of the City of
Sank Centre, Stearns County, Min
nesota, $1,000 in bonds of said City
were provided to be issued for the
purpose Of laying and providing a
Storm Sewer or. drain over certain
courses ard districts in said City
duly adopted at a meeting of the
/ City Council held on, July, 9Th, 1922,
said bonds were ordered to be sold,
and,
WHEREAS, said resolution provid-
ed that at the time of sale of said
| bonds a tax be levied for the pur-
pose of paying the principal and
interest thereof, and that the rate
Of interest thereon be then determ-
ind and fixed.
NOW THEREFORE,, Be it Resolved
| by the City Council of the City of
Sank Centre, Stearps County, Min
.nesota, that the full faith and cred
| it of said City be, and its hereby
pledged for the payment of said
bonds and interest thereon as the
| same shall become due, and that
the rate of interest which said
bonds shall bear and which shall
| be paid thereon, be and the same
1 is hereby determined and fixed to be
| the rate of six per cent per an
4 mum.
BE IT. FURTHER RESOLVED,
| That there be and is hereby levied
| upon all the taxable property in
said City,, in addition to all other
/ {. City taxes, a direct annual tax
| sufficient to. pay the interest OF
/ said bonds when due, and to pro-
| vide a Sinking Fund for the pay
ment of principal thereof at ma
| turity, and that the proceeds from
said tax shall be used solely for
| said purpose and shall be placed
! in Sinking Fund to be known as
4 Sinking Fund for Storm Sewer
| Bonds, dated June 18th, 1922
which tax for each Of the years
4 1922 to 1927 inclusive, is as follows:
Year Interest Principal TIL. Tax
1922 $500 $500 $500
| 1923 100 500 $40
1924 90 500 500
| 1925 60 500 $50
l1926 80 500 $50
1927 500 500
/ c. R. Gray seconded the motion to
adopt said resolution and thereupon