Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

tllCACOl dAlO AIdy AlnSC AAiCSASoV WV
pons attached, and shall be other
wise of such terms and form and
be made payable at such place as
will best aid in their negotiation.
The certificates of indebtedness is
sued hereunder shall be negotiable
instruments. The proceeds of the
tax assessed and collected as afore-
said on account Of such fund, and
the full faith and credit of such VII
lage shall be irrevocably pledged for
the redemption Of the certificates so
issued. Such certificates shall be
paid from the moneys derived from
the levy against which such certifi-
Gates were issued, or if they be not
sufficient for such purpose, from
other funds of the village. The
money derived from the sale OF such
certificates shall be credited to such
fund or funds for the calendar year
Immediately succeeding the making
of such levy and shall not be used
or spent except during such sue
ceeding year. No certificates for
any year shall be issued until all
certificates for prior years have been
paid, nor shall any certificates be
extended; provided that money de-
rived from the sale Of certificates
for any one year may, II necessary,
be used to redeem unpaid certifi-
Gates issued in prior year.
Section 4. In the event the village
is unable to sell such certificates
of indebtedness in the manner pres
cribed, it may issue said certificates
of Indebtedness to the village treas
urer or his order and deposit the
same with him. Certificates so is
sued shall be held by the treasurer
until they may be sold and shall
bear interest at six per cent per an
mum. The village may thereupon,
as long as such certificates are on
deposit with the treasurer, issue
warrants upon the funds against
which such certificates were issued,
the total principal amount Of such
warrants not to exceed the total
principal amount of the certificates
so held by the treasurer. Such war
rants shall bear interest at six per
cent per annum from and after the
date they are presented to the
treasurer and stamped mot paid for
want of funds, but protected by GER
tificates of Indebtedness now held
by me-" Such certificates may be
sold by the village council and the
proceeds of such sale shall be used
to take up such warrants in the
order presented for payment. Inter-
est upon such warrants shall stop
upon the date they are called by
the treasurer for payment. Such
certificates of indebtedness so held
by the treasurer shall be paid at the
same time and in the same manner
as if they had been issued to pur-
chaser thereof. All warrants at
tempted to be issued and all obliga-
lions or Indebtedness attempted to
be incurred under authority Of this
section in excess of the principal
amount of the certificates of in
debtedness so held by such treasur-
er shall be void.
Section S. From and after Janu-
airy 1, 1888, such village shall be
deemed for all purposes to be on a
cash basis and shall thereafter re-
main on a cash basis. All taxes
levied in 1887 shall be considered as
the tax revenue for the year 1888,
and thereafter in any such village
taxes shall be levied as now provid-
ed by law, but for the succeeding
year.
Section 6. May issue bonds to pay
floating Indebtedness. If any such
village prior to January 1, 1897, has
incurred by proper authority valid
Indebtedness, excluding bonds, in
excess Of its cash on hand not spe-
officially set aside for the retirement
Of bonds and interest thereon, such
village may for the purpose only of
paying and discharging such valid
Indebtedness and interest thereon,
issue its bonds in the manner now
provided by law, except that such
bonds may be issued on a vote of
the village council without a vote
of the electors; provided thar the
purchaser of such bonds shall not
be charged with notice Of the in
validity Of any Indebtedness funded
by such bonds, and bonds issued
hereunder in the total amount of
such Indebtedness as determined by
the resolution of the village council,
in the hands of any purchaser,
shall be valid obligations of the vii
1age, Notwithstanding any claim of
invalidity of any such indebtedness
funded thereby. If any moneys re-
ceived from taxes levied in 1886 and
payable in 1887, or income from local
sources received since January l,
1897, have been used prior to the is
suance Of bonds authorized by this
Act for the retirement of indebted
ness existing January 1, 1887, or in
terest thereon, such bond issue may
include the amount of such pay
ments for the purpose of reimburs-
ing the funds from which such mon
eys were paid.
Section 7. The Village Council of
any village issuing bonds pursuant
to the authority of this Act shall, at
the time of the issuance thereof,
by resolution, provide for a levy for
each year until the principal and
interest are paid in full, of a direct
annual tax in an amount sufficient
to pay the principal and interest
thereon when and as such principa.
and interest become due. Such tax
levy shall be irrepealable until all
OF such bonds are paid. Such all
nual tax for the payment of such
bonds shall be derived from two
sources: (a) 30qo of the amount
necessary to pay said funding bonds
and interest and no more shall be
levied as a special tax in addition