Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-05-07

CHAPTER los. +. No. 1873.
AN ACT relating to the indebte dness
and expenditures of certain coun-
ties, authorizing the funding and
payment of outstanding indebted
ness, validating certain warrants
SO to be funded and limiting and
controlling future expenditures and
prescribing penalties for violations
of its provisions.
: Be it enacted by the Legislature of
the State of Minnesota:
Section l. Any county in this state
having an assessed valuation OF tax
able property, inclusive of moneys
and credits, of not more than $1,000,
coo, and having a net debt, as de-
fined by Laws 1927, Chapter 131, not
exceeding $50, 900, as of December 81
1890, and having outstanding floating
: Indebtedness incurred prior to JAN
uary 1, 1881. represented by warrants
issued against ITS revenue and or poor
fund, aggregatlng in principal and
accrued interest a sum greater than
can be paid out of cash in said
respective funds plus the amount of
current taxes which have been levied
for such purposes payable during the
year 1881. and which floating debt
exceeds 100000 in principal and &C
crued interest, may fund or other
wise pay and discharge such indebt-
edness in the manner in this act pro-
vided; and in the event of the fund
ing provisions. of, this act being re-
sorted to, each and all of the pro-
visions, conditions and limitations of
this act shall apply and shall be con-
= trolling over those of any other act
inconsistent herewith.
Sec. 2. Any and all such outstand-
ing warrants which shall be fund
ed in the manner authorized by this
act, and which have been issued for
any lawful purpose properly charge
able to such respective funds, are
hereby declared to be valid and en-
forceable obligations of such county
= provided that the valuation hereby
effected shall not affect any war
rants, the validity of which is ques-
toned in any litigation now pending.
The determination the county board
of such county that any such out
standing warrants have been issued
for the purpose of funding the same
in the manner herein provided for
shall be final and conclusively bind
ing upon such county. The county
board is hereby authorized and en-
powered to issue the bonds of such
county in an amount not to exceed
he principal of such warrants and
interest thereon accrued up to the
late of such bonds, and not exceed
ng in any event $500, 000 without
ubmitting the question of such issue
the electors of such county and
without regard to the amount of any
md all other outstanding debts of
he county, the proceeds thereof to
,e used solely for the purpose of
aking up, paying, cancelling and
'etiring a like amount of principal
md interest of such warrants. Said
ponds shall be payable so that the
irst payment becomes due and pay
able not more than nine years from
he date of issuance of such bonds
md the last installment thereof shall
become due and payable not more
han twenty years from the date of
ISSUANCE of such bonds. They shall
De sold in conformity with Mason
Minnesota Statutes of 1927, Section
943, and shall be direct and general
obligations of the county issuing the
.ame. Nothing in this act shall be
cnstrued to require that the full
mount of such outstanding indebted
ess shall be retired by the issuance
nd sale of such bonds, but if SUCH
onds be issued and sold all valid
outstanding Indebtedness not retired
hereby shall be paid from the pro-
eeds of the taxes levied and payable
uring the year 1881 for such pur-
-)ses.
Sec. 3. The county board of any
,unty issuing bonds pursuant to the
Ithor;ty of this act shall before
,e issuance thereof levy for each
ar until the principal and interest
paid in full a direct annual tax
an amount not less than 10 per
mt in excess of the sum required
pay the principal and interest
-ereof when and as such principal
d interest become due Such tax
all be irrspealable until all such
debtedness is paid, and after the