The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-07-21
Continued from Preceding Page.)


bonds has been published as provided
by law, and by said resolution of this
board, in the Duluth News-Tribune,
a daily newspaper designated by this
board also finds and determines that
the joint bid of the Northern Ma
tional bank of Duluth and the First
and American National bank Of Du-
luth. dated June 26th, 1893, to pur-
mount of said bonds, maturing July
LIST. 1886, and their additional bid.
dated June 18th, 1888. to purchase
and pay for s500.000.o0 Of the said
bonds g sg5o oSS 90 on !ny
1888. paying for each of said ma
turtles of bonds a sum and price
of accrued interest from July 1st.
1888 to date of delivery, and sum
and price that will cost the county
of st. Louis maximum interest rate
of six per cent $50 per annum, for
and as the purchase price Of said
$3.50, 100000 maturing on July 1st.
1886 and for and as the purchase
price of $3.50, 100000 maturing on July
LIST, 1887, and for and as the pur-
chase price for $3.50, 100000 maturing
on July LIST, 1888, respectively, under
the provisions of chapters 43, 131 and
33S, laws of Minnesota for 1888, all
of said bonds bearing date of July
list, 1888, being for the sum of ST.
100000 each. bearing interest at the
rate of four and three quarters per
cent (4Aq6) per annum, interest pay
able semi annually on July list and
January list of each year until the
maturity thereof and all of said
bonds being due and payable in law
full money of the United States of
America, without option of prior pay
ment. and numbered serially 251 to
1000, both numbers inclusive, all of
said bonds being issued solely for the
nllrn0Sa W
ing and discharging any existing
overdraft or shortage in the poor
fund of said st. Louis county and for
funding any and all orders or war
or issued by the county poor COM
mission of said county upon said
poor fund, are the best bids submit
ted and are hereby determined by
this board. respectively, to comply
with the terms of the said bond sale
authorized and provided for by the
resolution of this board, duly adopt
ed and recorded by this board on
June 9Th, 1888, and to be the most
favorable bids submitted for the pur-
chase of said bonds. and the accept
ance of each of said bids is hereby
determined to be for the best inter-
ests of said county, and that each
of said bids be and hereby is ac-
copied and all of said bonds number
ed 251 to 1000 both numbers inclu-
sive, be and hereby are sold to the
First and American National bank of
Duluth and the Northern National
bank of Duluth, jointly, in accord
ance with and upon the conditions
specified in their said bids.
Be it therefore resolved, that the
chairman of the county board and
the county auditor of said county of
st. Louis be and they hereby are au-
thorized and directed to cause said
bonds to be signed by the chairman
of this board, and to be counter
signed by the county auditor of said
county, and to be sealed with the
seal of said county auditor, and
upon the final payment for said
bonds, the county treasurer of said
county is hereby authorized and di-
rected to deliver said bonds to said
First and American National bank
of Duluth and the Northern National
bank of Duluth. or to whomsoever
said purchasers shall direct, on re-
ceipt from said purchasers of the
full amount of said purchase price
and accrued interest on said bonds.
to the date of delivery thereof, as
specified in the said bids of said
First and American National bank of
Duluth and the Northern National
bank of Duluth, respectively. deliv
cry of and payment for said bonds
to be made at Duluth. Minnesota.
Be it further resolved. that for
the purpose of accommodating a bond
sinking and interest fund to pay
principal and interest on said bonds
herein authorized to be issued, when
and as the annual installments of
principal and interest mature. there
is hereby levied and assessed upon
all the taxable real and personal
property in said county of st. Louis.
the sum of $500, 100000 annually. for
principal and interest on said bonds.
which tax shall be irrepealable until
all such Indebtedness hereby created
shall be paid.
Commissioner Snyder moved the
adoption of the resolution and it was
declared adopted upon a unanimous
vote.
Adopted June 26. 1888.
BY Commissioner Newman for the
entire board:
Whereas, upon the opening of the
bids upon. this the twenty-sixth, day
of June. AID. 1888, at 1870 o'clock, in
the afternoon. pursuant to notice
duly given and published as required
by law, and as directed by the reso-
luton of this board on June 9th, 1888,
all seven members of this board be-
600, 100000 in amount of the poor re-
lief bonds of st. Louis county, Min
nesota, authorized and ordered to be
issued by this board for providing
any existing overdraft or shortage
in the poor fund of said county, and
for funding any and all orders or
warrants heretofore or hereafter to
be drawn or issued by the county
poor commission of said county, upon
said poor fund, proposal was re-
ceived from the N. ]. Upham COM
pany of Duluth, Minnesota, for the
purchase of such part of said bonds
as are not sold on this date by this
board for a better price, said bid
being at a sum or price below the
par value thereof, with accrued in
terest to the date of deliveries, which
shall not cost the county of st. Louis
per cent $500 per annum interest on
said bonds, payable mi-annually as
authorized by law, was received and
considered; and
Whereas. s75O.OOo.OO in amount of
said bonds offered for sale on bids
80 o'clock, in the afternoon, have
been sold, and $3.50, 100000 in amount
of said issue remains to be sold under
said notice of sale and call for bids.
and said proposal of said n. J. Up.
ham company may be in such form
and substance as will enable this
board to sell the remainder of said
issue in the amount of $780, 100000.
maturing July LIST, 1885, to said N. J.
Upham company on its said bid.
Now, therefore. be it resolved. that
this board hereby takes under ad-
visement until its next meeting on
July 10th, 1888. the bid OF said N. j
Upham company, at which meeting
the afternoon. this board will render
its decision whether or not to accept
said proposal of said N. J. Upham
company, for the purchase of said
$3.50. 100000 in amount of said bonds.
Commissioner Newman moved the
adoption of the resolution and it was
declared adopted upon the following
vote:
Yeas-Commissioner Eklund, Sny-
der, Anderson, Newman. Pasich.
Chairman Pete-6.
Nays-Commissioner Koski-1.
AdOOted Jl1na 96 1924