The Ely miner., 1936-04-09
FOR THE MONTH
OF MARCH, 1886.

o,
the purchase of Three Hundred thou
sand dollars ($300, 000. .00) in amount
of the Poor Fund bonds of st. Louis
County, authorized and ordered to
be issued by this board by it's reso-
luton duly adopted on February 8.
1886 under authority of Chapter 120,
Laws Of Minnesota for 1888. as amend
ed by Chapter 48, Laws of Minnesota
for 1885. for the sole purpose of pro-
yiding funds and for paying and dis
charging the overdraft or shortage in
the Poor Fund of said County exist
ing as of February l, 1886, this Board
finds and determines that due and
regular notice of the receiving of pro-
posals for the purchase of said 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 for that purpose; and this
the joint bid of A. G. Becker & Co..
The Milwaukee Company and First
of Michigan Corporation, dated March
T., 1886, to purchase and pay for all
of said Three Hundred thousand dol
| lars ($300. .000.0O) in amount of said
bonds dated March 1. 1896. bearing
| interest at the rate of two and one
| quarter (2A&o) per cent per annum,
payable semi-annually on the first
day of March and September in each
! year, both principal and interest to
be payable at the office of the County
Treasurer of st. Louis County. at
| Duluth. Minnesota, or at the Irving
| Trust Company in the City of New
York. New York. said bonds to be in
Dollars ($1.O00.00) each, and to mature
follows: OTe twenty y Thousand rou and % Dollars rs
(s20, on March first in each of
the years 1897 to 1941 inclusive. and
Fifty Thousand Dollars (S50, 600. .00)
on March first in each of the years
1912 to 1945 inclusive, paying for all
of said bonds of said maturities the
int
from March l. 1896 to the date of the
| delivery of said bonds to said pur-
chasers and in addition thereto a
premium of One Thousand six hun
dred and ten dollars ($1,610.0O) for
and as the purchase price of all of
| said bonds. all of said bonds being
due and payable in any coin or cur
rency, which on the respective dates
| of payment thereof. is legal tender
for the payment of public and private
| debts and all numbered serially from
one ID to three hundred 5000. both
numbers inclusive. all of said bonds
| being issued solely for the purpose
of providing, funds for paying and
discharging the overdraft or shortage
| in the Poor Fund of said County of st.
Louis, existing as of February /.
1886. is hereby found and determined
| to be the best bid submitted for the
purchase of all of said bonds and is
| Board to comply with the terms of
said bond sale authorized and pro-
| vided for by the resolution of this
Board. duly adopted and recorded in
the proceedings of this Board on
| February s, 1886. and to be the most
! favorable bid submitted for the pur-
chase of said bonds and the ac-
ceptance of said bid is hereby deter
mined to be for the best interests of
said County.
Now. Therefore, Be 1t Resolved. That
said joint bid of said a. G.. Becker
& Co.. The Milwaukee Company and
| First of Michigan Corporation be and
| hereby is accepted, and all of said
bonds numbered one I'D to three
| hundred (300) both numbers inclusive
| be and they are hereby sold to A. c..
Becker & Co.. The Milwaukee Com
pany and First of Michigan Corpora
tion Jointly, in accordance with and
upon the conditions specified in their
| said bid.
Be 1t Further Resolved, That the
Chairman of the County Board and
the County Auditor of said County
of ST. Louis be and they hereby ara
| authorized and directed to cause said
bonds to be duly prepared in the
form as heretofore prescribed by this
Board. to be signed by the Chairman
of this Board and to be countersigned
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 in accordance
with said bid. the County Treasurer
of said County is hereby authorized
and directed to- deliver all of said
/ bonds to said a. q. Becker & Com
/ pany, the Milwaukee Company and
First of Michigan Corporation, jointly.
or to whomsoever said purchasers
shall direct, on receipt from said pur-
chasers 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 bid
of said purchasers, delivery of and
payment for said bonds to be made at
| Duluth. Minnesota.
! Be 1t Further Resolved, That for
the purpose of accommodating a Bond
Sinking and Interest Fund to pay the
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 prop
erty in the County of St. Louis the
total amount of Three Hundred thou
sand dollars (S300. .000.00) for principal
and interest thereon at two and one
quarter (2Afo per cent per annum.
plus not less than five per cent (5F)
in excess of the annual installments
due on said principal and interest.
said taxes for principal and interest
to be levied and extended for said
installments of principal and interest
in the following amounts annually
to-wit: Twenty eight thousand Two
Hundred and Fifty dollars (S2S, ,25O.0O)
to be included in the 1896 tax levy
for 1887 purposes: Twenty-eight thou
sand dollars (S2S. OOO OO) to be in
cluded in the 1897 tax levy for 1888
purposes; Twenty-seven thousand two
hundred and fifty dollars (s27, ,250-0oD
levy for 1889 purposes; Twenty
seven Thousand Dollars (S27. 7.000.OOb
to be included in the 1899 tax levy
for 1910 purposes: Twenty-six thou
sand two hundred and fifty dollars
(s26, ,250.00) to be included in the 1910
tax levy for 1871 purposes; Fifty
seven thousand two hundred and fifty
dollars 1851, ,250.OO) to be included in
! ! ha
Fifty-six Thousand two hundred and
fifty Dollars (S56. .250.00) to be in
! cluded in the 1912 tax levy for 1913
purposes: Fifty-five Thousand Dollars
: tax levy for 1914 purposes and Fifty
four Thousand Dollars 1854, ,00O.O0) to
be included in the 1914 tax levy for
1945 purposes.
! Be 1t Further Resolved. That be-
! fore any obligations as described in
the above resolution shall be delivered
to any purchaser thereof, the County
; Auditor of said st. Louis County shall
I file with this Board a certificate to
] the effect that said bond issue above
J authorized to be issued and sold. has
been entered in the Bond Register
maintained in the office of said Coun-
: ty Auditor. and that said taxes herein
. levied have been levied by the proper
: officials of said St. Louis County as
u required by law.
e Commissioner Pasich moved the
adoption of the resolution and it was
/, declared adopted upon the following
vote:
Schadewald. Anderson. Newman, Muir
ray. Pasich and Chairman Veranth-7.
I'll NayS-NOne.
! Adopted March 6. 1886.
4 To the County Board:
{ l. Your Committee on Claims and Ac-
e counts to whom were referred the
q miscellaneous expense bills and coun-