The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-08-18

board, for the purpose of borrowing
the additional sum of seven hundred
fifty thousand dollars ($750, 900. 00) in
addition to seven hundred fifty thou
sand dollars ($750, 000.00) previously
borrowed by the issuance of said
bonds sold by this board, at it's meet
ing on June 26th, 1888, and for the
purposes specified in said resolution
of June 9Th, 1888, it is necessary and
expedient that the remainder of the
poor fund bonds of said county au-
thorized by said laws above men
toned, should be presently issued and
sold in the amount of seven hundred
fifty thousand dollars ($750, 600. 0O)
par value as authorized by chapter
43, chapter 131 and chapter 1888, all
laws of Minnesota for 1888, which
bonds shall be all dated July LIST,
1893; shall be numbered from l to
$50 and from 1,001 to 1900, both
numbers inclusive; all to be of the
denomination of one thousand dol
lars (S1,OO0.00) each; to be due and
payable as follows, to-wit: two hun
0O0O0l in amount on July LIST, 1895;
two hundred fifty thousand dollars
($250, 000.00) in amount on July LIST,
1889, and two hundred fifty thou
sand dollars (s250,00000) in amount
on July LIST, 1910, all bearing interest
ters per cent (4A@o) per annum,
interest payable semi-annually on
July LIST and January 1st of each
year until paid; that both principal
and interest shall be payable at the
Irving Trust company of New York,
New York. That the bonds be sign
ed by the chairman of the county
board and countersigned and sealed
by the county auditor of said county;
that the interest accruing on said
bonds be evidenced by coupons there
to attached, maturing on the sew
eral dates when such interest mat
ures, and that said coupons be sign
ed by the said chairman of the
county board and the county auditor
by their fac-simile signatures APP
pearing on said coupons.
2. That each of said bonds and
Gifted in said resolution herein re-
ferred to and adopted by this board
on June 9th, 1888.
8. That the chairman of said
county board and the county auditor
are hereby expressly authorized to
in the manner and form aforesaid.
4. That the county auditor of said
county is hereby authorized and di-
rected to make arrangements for the
sale of said seven hundred fifty
Of sad bonds IN
secutively from l to $50, and num-
bered 1,001 to 1900, both numbers
inclusive, all dated July list, 1888,
by published notice thereof in the
Duluth News Tribune, a daily news
paper published in, the city of Du--
luth, Minnesota, hereby designated
for that purpose, at regular inter-
walls once each week for two success
sive weeks, of a meeting of this
board to open and consider proposals
for the purchase of all of said bonds
hereinbefore specified to be sold,
is hereby fixed to be held at the
county board room, in the county
court house, in the city of Duluth,
Minnesota, at 1870 o'clock, p. M, on
July 9th, 1888, for the purpose of
opening and considering, said bids.
proposals for the purchase of said
seven hundred fifty thousand dol
lars $3.50, 100000 in amount of said
bonds shall reserve to this board the
right to reject any and all bids re-
ceived on said proposals.
5. That as authorized by law, this
board will receive and consider bids
for the purchase of all or any part
of said issue of bonds at a price be-
low the par value thereof, but not
at a price that will cost the county
of st. Louis a higher interest rate
payable semi-annually.
6. That any and all proposals by
any bidder must be accompanied by
a certified check on a national bank
in the amount of two per cent (29o)
of the par value of said bonds so
bid on, payable Internationally to
the order of the treasurer of st.
Louis county, Minnesota, and to be
forfeited to said county in case the
successful bidder fails or refuses to
take and pay the bid price submitted
by him or it for said bonds, within
a reasonable time after the opening
of said bids and notice that said
bonds are ready for delivery.
Z. That for the purpose of accumu-
lating a bond sinking and interest
fund to pay principal and interest
on said bonds herein authorized to
be issued, when and as the annual
installment of principal and interest
natures, there is hereby levied and
assessed upon the taxable real and
personal property in the county of
st. Louis the further sum of two
hundred thousand dollars (S200, 000.00)
annually, in addition to the sum of
three hundred thousand dollars (S300,
100000 annually previously levied by
this board, for payment of principal
and interest on said bonds, which
tax levy shall be irrepealable until
all such Indebtedness hereby created
shall be paid.
8. That the provisions of said
resolution adopted by this board on
June 9th, 1888, in so far as the same
shall be in conflict with the provi-
sions of the within and foregoing
resolution are hereby amended.
Commissioner Newman moved the
adoption of the resolution and It was
declared adopted upon a unanimous
vote.
Adopted July 18th, 1888.