The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-05-26
Motions and Resolutions.
BY Commissioner Koski for the er
firo hoard.

BY Commissioner koSh Tor the en-
tire board:
support and relief to the dependent
poor people of ST. Louis county, to
the extent legally required by each
such person from said county, as
provided in chapter Is, and in sec
lions 1896 and 8199. inclusive. Ma
sons Minnesota Statutes for 1927.
there now exists an overdraft or
shortage in the poor fund of said
county of more than nine hundred
seventy-five thousand dollars (S975,-
900. 00). not including interest on said
overdraft. and not including any or
ders or warrants on said poor fund
to be hereafter issued. all for the
sole purpose of furnishing support
and poor relief for the poor of said
county, in excess of all monies avail
able for the payment thereof; and
Whereas. in the Judgment. of the
board of county commissioners OF
said county of ST. Louis, it is neces-
sary and advisable. and for the best
interests of said county, that the
sum of one million, five hundred
thousand dollars ($1. 500. 000.00) in
amount should now be raised by the
issuance and sale of that amount OF
the poor fund bonds of said county
for the sole purpose of providing
funds for paying and discharging
said existing overdraft and shortage
in said poor fund of said county, and
for funding any and all orders or war;
rants heretofore or hereafter drawn
or issued by the poor commission of
said county upon said poor fund,
and for the purpose of furnishing
necessary support and poor relief for
the poor in said county.
Now. therefore. be 1t. and 1T is
solved. by the board of county COM
missioners of st. Louis county. Min
nesota in regular session duly as
sembled. as follows:
1. That by the issuance and sale
of said bonds of said county. in the
thousand dollars (s1,500. 00o.0o). the
aggregate net Indebtedness of said
county, inclusive of said issue of one
million. five hundred thousand dol
lars $1,000, 000.00) in amount. will
not at any time exceed fifteen per
of the taxable real property in said
county, according to the last Off
cial assessed valuation thereof.
2. That there now exists an over
draft and shortage in the poor fund
of st. Louis county of more than
dollars (s975. 100000, not including in
terest on said overdraft. and not in
Guiding any orders or warrants on
said poor fund to be hereafter issued
by the board of poor commissioners
of said county, all contracted for the
sole purpose of furnishing support
and poor relief for the poor of said
county. said amount being in excess
of all monies available for the pay
ment thereof. and as authorized by
law.
8. That in the Judgment Of the
said county. for the purpose of Dor
rowing said sum of one million. five
hundred thousand dollars ($1. $780,
00G.00) for the purposes aforesaid. 1t
is necessary and expedient, that the
bonds of said county should be pres
emily issued and sold in the amount
of one million five hundred thousand
dollars (s1, 100000 par value. as
authorized by chapter 43, Laws of
Minnesota for 1898. as amended by
chapter 131, Laws of Minnesota for
1888. which bonds shall be dated June
LIST. 1898: shall be consecutively num-
bered from one ID to one thousand
five hundred (1.500), both numbers
inclusive; shall be of the denomi-
nation of One Thousand dollars
(s1.ooo.0o) each; shall be due and
payable as follows, to,wit; Three
00O.0O) in amount on June LIST. 1885,
two hundred fifty thousand dollars
(S250, 000. 00) on June LIST of each of
the years 1886. 1897, 1898 and 1889.
and two hundred thousand dollars
(s2O0, 100000 on June LIST. 1910: all
bearing interest at the rate of four
and three-quarters per cent (4A96)
per annum. payable semi on
June LIST and December 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 signed
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 several
dates when such interest natures.
and that such coupons be signed by
said chairman and said county audi
tor by their fac-simile signatures.
which officers respectively shall by
the execution of said bonds adopt
as and for their respective and pro-
per signatures, their respective fac
simile signatures appearing on said
coupons.
4. That each of said bonds and
coupons be in substantially the fol-
lowing form:
UNITED STATES OF AMERICA
State of Minnesota. County of
County Poor Fund Bond.
KNOW ALL MEN BY THESE
PRESENTS, That the county of ST
Louis. in the State of Minnesota,
hereby acknowledges itself to owe
and for value received promises to
pay to the bearer the sum of One
Thousand Dollars (s1,000.00) in law
| full money of the United States oil
| America. on the first day of June
193-. with interest thereon at the
rate of four and three-quarters
per cent (4ATo) per annum, payable
semi-annually on the first day Of
June and December, of each year
on presentation and surrender of the
interest coupons hereto attached, as
they severally become due. Both prin-
] eipal hereof and interest hereon arr