Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06
CHAPTER 259-H. F. No. lib
A BILL

FOR AN ACT to amend MasOn's
Minnesota Statutes of 1927, Sec
ton 1867, as amended by Laws
of 1888, Chapter 431, as amended
by Extra Session Laws of 1893,
Chapter As, relating to the sale
of bonds by the Board of Educa-
ton of unOrganized school terri
tory in certain counties.
Be it enacted by the Legislature OF
the State of Minnesota:
Section l. That Mason's Mime
sofa Statutes Of 1927, Section 1857,
as amended by Laws of 1888, Chap
ter 431, as amended by Extra Ses-
sion Laws of 1888, Chapter As, be
amended so as to read as follows:
"2867. The board of education OF
any unorganized territory in the
state is hereby authorized and fully
empowered by unanimous vote OF
such board to issue and sell bonds
of such unorganized territory for
the purpose Of providing school sites
and school buildings, and teacher
ages, for paying any Judgment law
fully rendered against them or for
refunding outstanding bonds or
floating Indebtedness, in such
amounts and at such periods as the
board may decide; said bonds to
be payable in such amounts and at
such times, not exceeding twenty
years, as the board may determine,
with interest thereon not to exceed
six per cent (64o) per annum, which
bonds shall be signed by the chair
man and the treasurer of said board
and counterSigned by the clerk
thereof; provided that the total
bonded Indebtedness Of such unor-
gained territory shall at no time
exceed seven and one-half per cent
(71s9o) of its assessed valuation
Any bonds issued hereunder shall
be sold conformable to the pro-
visions of Section 1856, General
Statutes 1918. Provided that in any
county of this state now or here
after having unorganized territory
with an assessed valuation Of all
taxable real and personal property
including money and credits OF more
than $2,25O,0O0, and having at any
time an area of more than $500
square miles, and in any county in
this state having population &C
cording to the 1880 federal census
of not more than $1,000 nor less
than $4,000, and having not more
than IT nor less than IS full ano
fractional congressional townships
and having not more than 2,10s
nor less than 2,103 square miles
in land area, the board Of educa-
ton of such unorganized territory
shall have authority, and IS hereby
empowered, by the unanimous vote
Of such board, to issue and sci
the bonds of such unorganized ter.
ritory as above provided, for the
purpose Of providing school site!
and school buildings, funding OF
refunding any floating indebtedness:
or bonds now or hereafter existing
as authorized by the provisions Of
this section, not exceeding fifteer
per cent Q5%) Of the assessed
valuation OF said unorganized ter
ritory, and not exceeding $350,00t
in the aggregate of such bonds. the
sale Of said bonds to be conform
able to the provisions Of Section
1943, Mason's Minnesota Statute!
for 1927, or by contracting with
the United States Government fol
the p,1rchase Of said bonds without
calling for bids therefor. Provided
that no bonds shall be authorized
or sold under the provisions Of thi!
Act, unless notice shall have frs
been given to the electors Of such
unorganized school district setting
forth the proposal to issue such
bonds. the amount thereof, the rat
OF interest, the maturity date
thereof, and the purpose for which