The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1924-09-11

however, that the interest coupons
may be executed with the facsimile
signatures of said officers, and when
SO executed the same shall be de-
livered to the purchaser thereof up
on payment into the City Treasury of
the purchase price thereof, which
shall be not less than the par value
and accrued interest Of said certifi-
Gates, and the purchaser shall not
be bound to see to the application
of the purchase price.
Z. That special assessment fund
shall be provided and is hereby Great
ed for the said Improvement and the
proceeds of the sale of the certificates
herein authorized to be issued shall
be placed in such fund which fund
shall be designated and known as
"The Fund for Special Paving I'M
provement No. L." The Council
shall provide moneys for the pay
ment of the principal and interest of
said certificates as they severally MAJ
ture out Of any moneys in the City
Treasury when the moneys on hand
in the appropriate special fund are
insufficient to meet the payment Of
principal or interest as the same ma
lures, but the fund from which such
moneys have been taken or used for
the payment of such principal or in
terest shall be- replenished with in
terest at the rate of six per cent &c
per cent? per annum from the COL
lection of unpaid assessments on
account of such improvement. That
the full faith, credit and resources
of said City of Sank Centre, Stearns
County, Minnesota and of the City
Council thereof as such be and the
same are hereby irrevocably pledged
to provide the money for the pay
ment of the principal and interest of
said certificates at maturity. Into
said fund shall also be paid all
moneys received from the payment of
any liens created or to be created
under the provision Of law for the
payment of said Improvement.
8. Be it further resolved that
sealed bids for the sale of said GER
tificates will be received by the City
Council Of said city until 2 o'clock
P. M. October LIST, 1924, at which
time they will be opened by said City
Council at the office of the City
Clerk in said city, and that notice of
the sale of said certificates shall be
published for two (2) consecutive
weeks, once in each week, prior to
the opening of bids in the Sank Cen
tire Herald, the official newspaper of
said city.
9. That notice of the sale of said
certificates in the following form
shall be given by the City Clerk who
shall cause said notice to be published
in said newspaper, to-wit:
NOTICE OF SALE OF CERTIFI.
GATES OF INDEBTEDNESS
The City Council of the City of
Sank Centre, Stearns County, Mn
nesota, will receive sealed bids until
........ o'clock. m. on Octo-
Der LIST, 1924 at the office of the
City Clerk in said city for the sale
of certificates of Indebtedness of said
City of Sank Centre in the aggregate
sum of Twenty-seven Thousand Dol
lars ($27,000, said certificates all
being dated October LIST, 1924 and be-
ing in denominations of Five Hun
dred Dollars ($500) and One Hun
dred Dollars ($100), three (3) of
said Five Hundred Dollar ($500)
denominations and five (5) of said
One Hundred Dollar ($100 denomi-
nations) being due on or before De-
cember LIST, 1925 and like number
of each Of said denominations being
due on the LIST day of December of
each year thereafter until all are ma.
tured, and all of said certificates
bearing interest at six per cent
C per cent? per annum, payable
June LIST, 1925 and semi-annually
thereafter on the first days of De-
cember and June in each year, both
principal and interest to be payable
at the office Of the Treasurer of
said city and to be registered as to
the pricipal only. Said certificates
provide that the segregation of the
principal and interest Of any or eth
er of said certificates in the office of
the City Treasurer and the deposit
of notice addressed to the regis
tered holder thereof in the postof-
flee at Sank Centre, Minnesota shall
terminate the accumulation of in
terest. The said certificates of in
debtedness are to be issued to pro-
vide part Of the funds for the inn
proving of portions of, Main and
Third streets in said city and. which
Improvement is known as Especial
Paving Improvement No. l." Each
bid must be unconditional and ac-
companied by check for One Thous-
and Dollars ($1000) payable to the
order Of B. F. Dubois, City Treas
urer. No bid for less than par and
accrued interest will be considered.
The City Council reserves the right
to reject any and all bids.
Dated September ........ 1924.
.......... 1850.
City Clerk.
Alderman Holme seconded the mo-
ton to adopt this resolution and it
was carried by all voting Aye.
Meeting adjourned.