Askov American., 1942-01-22

interest payment date.
Thereupon Mrs. H. E. johnson, a
of said Board, introduced the
following resolution and moved its
adoption:
RESOLUTION
WHEREAS, this District did under
date of October l, 1884, duly and
legally issue its bonds in the amount
of $4,000 for the purpose of re-
funding like principal amount OF
bonded indebtedness then existing,
which bonds were to mature serial
ly and were callable at the option of
the District on any interest payment
date at par and accrued interest,
and
WHEREAS, there are now outstand-
ing $4,000 of said bonds, and it ap-
pears that saving in interest can
be effected by calling the remaining
$4,000 of such bonds and issuing
refunding bonds to provide the funds
therefor,
NOW, THEREFORE, Be it RE-
SOLVED by the School Board of
Consolidated School District No. 81,
Pine County, Minnesota, as follows:
(l) That this Board hereby deems
it advisable, expedient and necessary
to issue and there are hereby author
lied and directed to be issued the
negotiable coupon bonds of said Dis
trict in the aggregate principal
amount of $4,000 for the purpose of
refunding a like amount of the Re-
funding Bonds of said District issued
October l, 1884, which bonds are
callable at the option of the District
at par and accrued interest on any in
terest payment date; said bonds are
dated April 1st, 1912, are to be known
as ''Refunding Bonds, to be in the
denomination of $1,000 each, to ma
ture in the order of their numbers,
lowest numbers first, $4,000 on April
1st in each of the years from 1943
through 1860, both inclusive, and
$4,000 in each of the years 1861 and
1862, to bear interest at a rate not eX-
ceeding $40 per annum, payable
semi-annually on the First days of
April and October in each year, and to
be payable as to both principal and
semi-annual interest at the First Ma
tional Bank of Saint Paul, in the City
of st. Paul, Minnesota, and the School
District agrees to pay the reasonable
and usual charges of such paying
agent for receipt and disbursement Of
the principal and interest moneys.
(2) That this Board will meet on
the Oath day of February, 1912, at
800 o'clock P. M. at the School house
in said District in the Village of Will
low River, Minnesota, for the purpose
of receiving and considering bids for
said $4,000 Refunding Bonds, each
bid being accompanied by a certi-
fed check in the amount of SO of the
bonds bid for, and the Clerk is here
by authorized and directed to give
due notice thereof by publishing a
notice thereof once in each week for
two successive weeks in Askov
American, legal newspaper pub
lished in the Village of Askov, Min
neSota.
(3) The bonds and the coupons to
be thereto attached shall be in sub
stantially the following form:
UNITED STATES OF AMERICA
STATE OF MINNESOTA
COUNTY OF PINE
CONSOLIDATED SCHOOL DIS
TRICT NO. 81
No. REFUNDING BOND $1,000
KNOW ALL MEN BY THESE
PRESENTS that Consolidated School
District No. 81, Pine County, pub
lie school corporation at Willow River,
Minnesota, acknowledges itself to be
indebted and for value received
promises to pay to bearer on the
First day of April, d., without
option of prior payment, the sum IF
ONE THOUSAND DOLLARS, and to
pay interest thereon from the date
hereof until paid at the rate of ---
per cent per annum, payable semi
annually on the First day of October
and the First day of April in each
year, interest to maturity being pay
dOlC III dSSOlOdliCC Will dllO QpOIl
presentation and surrender of the
interest coupons hereto attached as
they severally become due; both
principal and interest are payable at
The First National Bank of Saint
Paul, in the City of Saint Paul, Min
nesota, in any coin or currency of the
United States of America, which on
the date of payment is legal tender
for public and private debts, and for
the prompt and full payment of such
principal and interest as the same be-
come due, the full faith, credit, and
taxing powers of the District have
been and are hereby irrevocably
pledged.
This bond is one of an issue of
bonds in the aggregate principal
amount of $4,000, all of like date
and tenor except as to maturity, all
issued by said School District for
the purpose of refunding like prin-
cipal amount of outstanding valid
I4l I'D =.