The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1938-03-31
PROCEEDINGS OF THE
SCHOOL BOARD
Ely. Minnesota, March %, 1888.
DISTRICT NO. Il.

Ely. Minnesota, March %, 1888.
Pursuant to notice, special meeting
of the Board of Education of Indepen-
dent School District No. II was called
to order at three o'clock P. M. by the
Chairman, Anton F. Kotchevar. ON
roll call, the following members were
found to be present: Ahola, Glamour, |
Jones, Kotchevar, Richards and Tauzeil. |
Absent: None. All members OF the
Board being present, the Chairman an
nounced that the meeting was called Tor
the purpose of resembling the resolution
of March IA, 1888 for the refunding OF
bonds and adopting new resolution
for that purpose. All present unanl-
mously acknowledged notice OF the
meeting.
Moved by Tauzell, supported by Ahola,
that the resolution for the refundlng
of $500 900 coupon bonds adopted at the
regular meeting on March IA, 1888 be
rescinded. Ayes: Ahola, Gianotti,
Jones, Kotchevar, Richards and Tau
zeH. Nays: None. Motion carried I'M
animouSly.
Mr.. Ivan Tauzeu offered the follow
ing resolution and moved its adoption:
WHEREAS, The Independent School
District No. II, st. Louis County, Min
nesota, under date of June 1st, 1928, did
duly issue its 100000 of outstanding
bonds, said bonds being in the denom-
ination of $1,000 each, half Of which
OF 10 Nf OF.
half at the rate of $40 per annum,
and being payable as to principal on
the first day Of June, 1888. and
WHEREAS, all of said bonds are still
outstanding and unpaid; and
WHEREAS, this School District is
without funds to pay said bonds at ma
turity, and it is to the public interest, in
the judgment of this Board, that the
same should be refunded by the issu-
anoe of new bonds of this school dis
trict for said purpose:
NOW THEREFORE, BE 1T RE-
SOLVED: That this school district duly
issue its negotiable coupon bonds in the
aggregate amount of 100000 for the
purpose of refunding like amount of
its outstanding bonds, dated June LIST,
1923, under the authority of and in full
compliance with the Constitution and
Statutes of the State of Minnesota
That said bonds shall be 400 in num-
Der, numbered l to 400, inclusive, be in
the denomination of $1,000 each, bear
date of the LIST day of June, 1888, and
shall bear interest at not to exceed
per cent per annum, payable semi-an-
nually on the first days of February
and August in each year, which interest
shall be evidenced by appropriate in
tereSt coupons attached to each of said
bonds. The interest for the period
from June LIST, 1888 to August LIST, 1888
shall be evidenced by separate coupon
attached to said bond which coupon
shall be payable on August LIST, 1888
That said bonds and the interest
coupons thereto attached shall be pay
States of America at such fiscal in
stitution in the United States as shall
be designated by the successful bidder
or bidders in their bids, or, in the event
Of the failure of the successful bidders
to unanimously designate such place
of payment, then at the First and
American National Bank in the
City of Duluth, Minnesota. That said
bonds shall mature as to the principa.
as follows: Bonds numbered l to 40
inclusive, on the LIST day of August
1899, and forty bonds, in the order o.
their numbers, lowest numbers first, OF
the LIST day of August in each of thu
years 1910 to 1913, inclusive. That eacf
of said bonds shall be substantially tn,
following FORM with the necessary vari
ations as to numbers, maturities, place
of payment and interest rate, which
said form is hereby approved ane
adopted:
No.. $1,0Ot
United States of America, State of Min.
nesota, County of st. Louis, Indepen-
dent School District No. Il.
KNOW ALL MEN BY THESE
PRESENTS, That Independent Schoo
District No. II, st Louis County
State of Minnesota acknowledge
itself to owe and for value re-
ceived promises to pay to bearer One
Thousand Dollars lawful money
of the United States of America, on the
first day of August, 1889, with Interest
thereon from the date hereof until
paid, at the rate Of ...... per cent PEI
annum, payable semi-annually on the
first day of February and the first day
of August in each year, upon preSen-
tation and surrender of the annexed
interest coupons as they severally be-
come due. The interest for the period
from June LIST, 1888 to August LIST, 1885
shall be payable on August LIST, 1885
upon presentation and surrender of the
separate coupon hereto attached. Both
principal and interest of this bond are
hereby made payable at the ..........
......... in the City of ..............
This bond is issued for the purpose
of refunding outstanding bonds of said
School District dated June LIST, 1928
under the authority of and in full COM
pliance with the provisions of the laws
and statutes of the State of Minnesota
thereunto enabling, and pursuant to
resolutions duly adopted by the Board
of Education thereof.
1t is hereby certified and recited that
all acts, conditions, and things required
to exist and to be done precedent to
and in the issuance of this bond by the
laws and constitution of the State OF
Minnesota have duly happened and
been performed; that provision has been
made for the levying and collection of
a direct annual tax upon all of the
taxable property within said Indepen-