Grand Rapids Herald-Review Newspaper, September 22, 1909, Page 7

GRAND RAPIDS HERALD-REVIEW WEDNESDAY, SEPTEMBER 22, 190¢ OFFICIAL PROCEEDINGS OF THE BOARD OF SUPERVISORS Township of Grand Rapids Minutes of Special Town Election Held July 20, 1909. At a special Town meeting, held in the town of Grand Rapids in the county of Itasca and state of Minne- sota, at the Town Hall in the village of Grand Rapids, in said township county and state, on the 20th day of July A. D. 1909, the meeting was callec to order by Chairman Nisbett, of the Town Board of Supervisors. Jos. H. MeMabon was chosen mod- erator to preside at said meeting. L. R. Root, V. H. Blood, and John Rush were chosen judges. Charles Kearney was chosen clerk. The moderator at the opening of the meeting, to-wit: at 9 o’colck a: m., read the notice of said Special meeting, which had been duly posted as required by law and which speci- fied that the purpose for which said Special meeting was to be held, and he stated that such business would be entertained in order as follows: To determine by ballot: First Shall the Town of Grand Rapids raise money by issuing and selling its bonds to be known and called “Road and Bridge Bonds,” in the sum of Six thousand five hundred dollars ($6,500.00) for the purpose of build- ing roads and bridges in said town and for the purpose of purchasing material and apparatus therefor; said bonds to be in denomi- nations of Five hundred dolalrs each to become due and payable fifteen years after date, to be dated July 1, 1909, and to draw interest at the rate not to exceed five per cent per annum, payable semi-annually at some convenient place as may be designated by the purchaser thereof or at Grand Rapids, Itasca county, Minnesota, as the purchase may elect To determine by ballot: Second Shall the town of Grand Rapids fund the floating debt of said Town of Grand Rapids in the sum of Twelve Thousand Five Hundred dollars and accrued interest thereon, by issuing and selling the bonds of said town of Grand Rapids in the sum of Thir- teen Thousand Five Hundred dollars ($13,500.00) such bonds to be known as ‘Funding Bonds,” to be in denomi- nations of Five hundred dollars each, to become due and payable fifteen years after date, to be dated July 1, 1909, and to bear interest at the rate of not to exceed five per cent per annum, payable semi-annually at some suitable place as the purchaser thereof may designate, or at the vil- lage of Grand Rapids, Minnesota, if the purchaser prefers, and to be ne- gotiated for raising such funds: The polls to be kept open through- out the day, and until 5’ oclock p. m. in the afternoon of said day. Proclamation of opening the polls was then made by the moderator and the polls opened and the election pro- ceeded. At 5 o'clock p. m. the polls were closed, proclamation thereof being made ‘by the Moderator. The Judges then proceeded to pub- licly canvass the votes, and the statement of the result was_ public- ly read by the Town Clerk to the meeting. The following is the statement of the result of the canvass of votes by ballot at the Special Town meeting of the Town of Grand Rapids, county of I ca and state of Minnesota, held July 20th, 1909, ag publicly canvass- ed by’ the Judges at said meeting. For the proposition to issue $6,500,- 00 “Road and Bridge Bonds’”—One hundred and ninety-two (192) ballots’ were cast “Yes” and in favor of the issuance of said bonds. Ninety (90) ballots were cast “No” and against the issuance of said bonds. The majority of ballots cast at said election being cast in favor of the issuance of said bonds the proposition was declared carried. For the proposition to issue $13,- 500 “Funding Floating Indebtedness Bonds:’ Two hundred and forty (204) ballots were cast “Yes” and in favor of the issuance\ of said bonds. Thirty-four (34) ballots were cast “No” and against the issuance of said bonds. The majority of ballots cast at said election being cast in favor of the issuance of said bonds the proposition was declared carried.’ On motion the meeting adjourned without date. L. R. ROOT, Vv. H. BLOOD, JOHN RUSH, Judges. Attest: CHARLES KEARNEY, Clerk. Attest: JOS. H. McMAHON, Moderator. Office of Town Clerk, Township of Grand Rapids, Itasca county, Minne sota, Village of Grand Rapids, Minn. July 20th, 1909. Pursuant to adjournment of July 10, 1909, the Town Board of the township of Grand Rapids, Itasca county, Minne sota, met in the Town hall, in the vil- lage of Grand Rapids, in said town- ship, this 20th day of July, 1909, at 8 o’clock p. m. McEwan and Chairman Nisbett, and Town Clerk McMahon. The minutes of the meeting of July 10th, 1909, and: the minutes of the Special Town meeting were read and upon a unanimous vote were approv- ed, and adopted: Supervisor McEwan dntrodneed Be necessary } following resolution and moved its neon esolution Designating Newspaper in Mower of Bond Issue of 1909.” “Whereas: The voters of the Town of Grand Rapids, Itasca county, Minnesota, did on the 20th day July, 1909, at a special election and town meeting; duly called according to law for that purpose, vote in favor of issuing,the bonds of the township of Grand Rapids, in the sum of Six Thousand Five hundred dollars ($6,- 500.00) for the purpose of building road and bridge and purchasing ma- terial therefore of said town of Grand Rapids, “Now, Therefore, the Clerk of said Town of Grand Rapids is hereby directed and instructed to advertise in the Grand Rapids Herald-Review, a legal newspaper printed and pub- lished at Grand Rapids, Itasca county Minnesota, and also in the Duluth Evening Herald, a legal newspaper printed and published in the city of Duluth, in the county of St. Louis, state of Minnesota, for at least two successive weeks for bids for the purchase of said bonds, such bids to be received by the Board of Super- visors of said Town of Grand Rapids up to and including the 12th day of August, 1909, on which day at the hour of 2 o’clock in the afternoon, the Town Board will meet to consider said bids and sell said bonds to the highest bidder for cash. Further, that the said clerk in said advertisements make a provisio that a certified check for 10 per cent of the amount of said bond issue shall accompany each bid and tendure to purchase said bonds, and “Further, that the Board of Super- visors reserve the right to reject any and all bids.” Supervisor McDonald seconded the motion to adopt the resolution, and upon a vote being had the following result was had. “Ayes”—Supervisors McDonald and McEwan and Chairman Nisbett. “Nays’’—None. Whereupon Chairman Nisbett de- clared the motion carried and the re- solution adopted, Supervisor McEwan introduced the following resolution and moved its adoption: “Resolution Designating Newspaper in the Matter of Bond Issues of 1909. “Whereas, the voters of the Town of Grand Rapids, Itasca county, Minnesota, did on the 20th day of July, 1909, at a Special election and Town meeting, duly called according to law for that purpose, vote in favor of issuing the bonds of said Town- ship of Grand Rapids in the sum of Thirteen Thousand Five hundred dol- lars ($13,500.00) for the purpose of Funding the Floating Indebtedness of said town of Grand Rapids, “Now, Therefore, the Clerk of said town of Grand Rapids is hereby directed and instructed to advertise in the Grand Rapids Herald-Review, a legal newspaper printed and pub- lished at the village of Grand Rapids Itasca county, Minnesota, and also in the Duluth Evening Herald, a legal newspaper printed and published in the city of Duluth, in the county of St. Louis, state of Minnesota, for at least two successive weeks, for bids for the purchase of said bonds, such bids to be received by the Board of Supervisors of said town of Grand Rapids up to and including the 12th day of August, 1909, on which day at the hour of 2 o’clock in the afternoon the town Board will meet to consider said bids and sell said bonds to the highest bidder for, cash. “Further, that said Clerk in said advertisements make a_ proviso that a certified check for ten per cent of the amount of said bond issue shall ad@fompany each bid and tendure to purchase said bonds, and “Further, that the Board of Super- visors reserves the right to reject any and all bids.” Supervisor McDonald seconded the motion to adopt the resolution, and upon roll cal] the following vote was had: “Ayes”—Supervisors McDonald and McEwan and Chafrman Nisbett. “Nays’’—None. Whereupon Chairman Nisbett de- clared the motion carried and the re- solution adopted. A road petition for the laying out and establishing of a town road, commencing at the corners of sec- tions 29, 30, 31 and 32, of township 55, north of range 25 west of the 4th P. M., thence running east on section line a distance of one-half mile to the one-quarter post of sec- tions 29 and 32, thence running north on the one-quarter line of section 29 a distance of three-quarters of a mile to the one-sixteenth post No. 2 of section 29 in Township 55 north of range 25 west 4th P. M., there to intersect an established and main- tained public highway known as the Pokegama lake road, and there to terminate, said road to extend one rod on each side of the line describ- ed heretofore, was presented and up- on motion duly seconded and carried the Board as a whole were instructed to meet at the starting point of said road on the 12th day of August, 1909, at 10 o’clock a. m., to inspect said proposed road and to hear and deter- mine all protests ape the es- tablishment thereof. The clerk was instructed to have notices of such meeting duly served upon the owners or occupants of the lands affected and to cause to be posted, five notices thereof. The surveyor was instructed to cause survey of the State Road, the Hill City road and the proposed Horse Shoe lake road. . Chairman Nisbett notified the Board that he had been served with a garnishee summons citing him to appear before the Clerk of Court on August 12, 1909, at 10 o’clock a. m., to answer such questions as would disclose the amount of money the township owes the Newman Bros. - Present—Supervisors McDonald and| plank for planking the two Prairie The Board then took up the matter of the indebtedness to the Newman Brothers and found that the New- man Brothers had furnished the township 9,337 feet of three inch river bridges, $186.54, but that there had been orders for $5.00 to Herman Blood and $19.00 to James Marden accepted by the Board before gar- nishment had: been served. It was therefor ordered that the bili of Newman Brothers for barbed for lumber be allowed; that for $5.00 be issued to Herman Blood and a warrant for $19.00 be issued to James Marden, said warrants to be delivered to said assignees of Newman Brothers, and further that a warrant for $162.54 be issued to Newman Bros. but that the same be not delivered until release of gar- nishee process was filed with the town clerk, or until the garnishee process be dismissed by the court having jurisdiction. Upon motion the road overseer was instructed to spend not to exceed $100 upon the Prairie river road, Overseer Bowden being instructed to do the work. Upon motion duly carried an ap- propriation of $50.00 was made to be expended upon the Blood road, the money to be expended under the sup- ervision of V. H. Blood. The bill of P. C. Warner for $150.00 for assessing was allowed and a war- rant for $60.00 ordered issued to him in full payment thereof, a warrant for $90.00 having heretofore been is- sued to him on account of same. The following bills were allowed and warrants issued on the contin- gent fund to pay same. Jame& Hewis, 10 days labor on Pokegama lake road .. a John Dufficy, 9 days labor on Pokegama $ 20 00 Take: road?) <0... sissies cee, 18 00 Albert Berg, 2 days labor on Poe lake road ei 00) Geo, Mooers, 5 8-4 days work on Pokegama lake road .. Andrew Ranger, 6 days labor on Pokegama lake road .. William’ Myers, 14 days labor on Pokegama Jake road with team Christ| Grove, 6 days labor on Pokegama lake road .. F. E. Bowden, 17 days labor on Pokegama lake road with two teams and two men aie eeeiaisiee LAO Rs S. Reed, 30% days labor on Pokegama lake road with team - 152 Frank LaSarge, Jr., eleven days labor on Pokegama Take TOQG? 2. coe. cvesecees 22 Frank LaSarge, 17 days labor on Pokegama lake road with man and Mike Hagen, 4 days labor on Pokegama e road with team only 42 Mike Hagen, 14 days labor on Pokegama 11 50 00 70 00 lake road as overseer 35 00 James! Marden, hauling timber .. ........ 3 50 E. Audette, 15 days work on Pokegama Wake TOOK. Hoe. s espe es 30 00 U., C.: Gravelle, 4 3-4 days labor on Pokegama lake road with man and PORE ont sas nae wicetirtis <= + 23°75 W.J.&H.D. Powers, dynamite and hardware .. 10 75 Jos, H. McMahon, Moderator special election and meals .. ............ 2 55 V. H. Blood, judge apesiat election and meals .. eivieieibisisine o's ois 2 55 L. R. Root, judge special election and meals .. 2 55 John Rush, judge special election and meals .. mee ig sueee peaes | 2.00 Chas. Kearney, — clerk special election and pals 53,2 . 2 55 F. E. Bowden, 17 days as overseer on Po- kegama lake road .. ...... 42 50 Carl Hunes, 16 days work on Pokegama ERS OGL is Wan 'ne'e cid vanes ¢ 32 00 H. Martinson, 7 days work on Pokegama lake road Sein ae ealns aoe 14 00 Jos. LaSarge, 17 days work on Pokegama Nake. POR: ) 2 ts sack yes ke oe oe 34 00 John, Smith, 11 days work on, Pokegama lake road .. .. .. yale, Sa 22 00 Roy Blood, 9 days work on Pokegama AGRO OGM | oot 5s cae gies Le 00 Mrs. P. C. Warner, 11 days as deputy assessor 33 Robert Lyons, blacksmith bills and build- WE, COG CAFE 5.9 9i. es oes 45 20 The Board then adjourned until August 12th, 1909, at 2.0’clock p. m. WILL NISBETT, Chairman Attest: / JOS. H. McMAHON, Clerk. Office of the Town Clerk, Township of Grand Rapids, Itasca county, Minnesota, Grand Rapids, Minn., August 12, 1909. Pursuant to adjournment of July 20 1909, a meeting of the Board of Sup- ervisors of the Town of Grand Rapids Itasca county, Minnesota, was held at the town hall in the village of Grand Rapids, in said township, county and state this 12th day of Au- gust, 1909, at 2 o’clock p. m. Present—Supervisors McDonald anc McEwan and Chairman Nisbett and Town Clerk McMahon, constituting a full Board. The minutes of the meeting of July 20th, 1909, were read and approved by a unanimous vote. The chairman announced that it was the time and plate for consider- ing sealed bids for the sale and pur- chase of certain bonds of the Town of egy pers and called for the opening o: is Uy the said position. a ane The clerk announced that he had received no sealed bids in the matter Upon motion, duly seconded and carried by unanimous vote, it was decided to receive bids at auction. Whereupon the following bids were received ;\ viz: The Commercial Investment Co., of Duluth, Minn., made a bid to purchase the $6,500.00 Road and Bridga Bonds and the $13,500.00. Funding Floating Indebtedness Bonds at par and ac- cured interest, provided the town eae alny: Po company a com- miss’ 1,500.00 for negotiatin chet cae e ity Trust ‘Company of St. Paul, ‘made like like offer for |. to be $1,475. The Central Investment Company of Fargo, N. D., made like offer, for both bond issues, their commission to be $1,450.00. The Commercial Investment Com- pany lowered their commission to $1,425.00. The Security Trust Company lower- ed their commission to $1,400.00. The Central Investment Company lowered their commission to$1,375.00. The Commercial Investment Com- pany lowered their commission to $1,350.00. The Security Trust Company lower- ed their commission to $1,325.00. The Central Investment Company lowered their commission to $1,300.00. This being the best bids and ten- ures received, the Board, upon motior duly seconded and carried, ‘postpon- ed action until 8 o’clock in the even- ing of this date. .At 8 o'clock p. m. of the same date (August 12, 1909), and pursuant to adjournment, full board re-assem- bled at the town: hall. The matter of the sale of the $6,- 500.00 Road and Bridge Bonds and the $13,500.00 Funding Floating In- debtedness Bonds was taken up, and _ after considerable dis- cussion, the Central Investment Com- panv of Fargo, N. D., madé offer and tendure to purchase the $13,500.00 Funding Floating Indebtedness Bonds at par plus the accrued _ interest thereon until the date of delivery, ani to purchase the $6,500.00 Road and Bridge Bonds at par plus the accrued interest thereon until the date of de- livery of said bonds. Supervisor McDonald thereupon of- fered the following resolution, and moved its adoption, viz: “Whereas, pursuant to notice duly given according to law, the Board of Supervisors of the Town of Grand Rapids are at the present time in meeting duly assembled, and, “Whereas, pursuant to said notice and call for meeting, bids were re- ceived for the sale of those certain yond issues of the said town, and among said bids are the bids of the Central Investment Company of Fargo N. D., to purchase the $13,500.00 Fund- ing Floating Indebtedness Bond issue at and for the par value thereof plus the accrued interest thereon until the date of delivery thereof, and to purchase the $6,500.00 Road and Bridge Bond issue of said town at and for the par value thereof plus the accrued interest thereon until the date of delivery, and “Whereas, the offer of the said Central Investment Company of Fargo N. D., for the purchase of all said certain issues of bonds at par with accrued interest is the only offer complying with the terms of said sale, and, “Whereas, the said Central Invest- ment Company of Fargo, N. D., has deposited with this Board two certain certified checks in the sum of $1,- 350.00 and $650.00 respectively, as is required in the notice of said sale, and, “Whereas, said offer is deemed by the Board of Supervisors to be the most favorable of any of said offers to the interests of said town. “Now, therefore, be it and it is hereby resolved, that a certain issue of the bonds of said town of Grand Rapids to the amount of $13,500.00 being designated “Funding Floating Indebtedness Bonds’ and comprising twenty-seven (27) bonds in the de- nominations of, Five hundred dollars ($500) each, all of said bonds to be issued and negotiated for the purpose of refunding certain floating indebt- edness included in certain town orders and that a certain other issue of the bonds of said town of Grand Rapids to the amount of $6,500.00, said bonds being designated as “Road and Bridge Bonds,” and comprising thirteen (13) bonds of the denomination of Five Hundred dollars $500( each, said bonds bonds to be issued and nego- tiated for the purpose of laying out and opening certain roads and the purchase of the necessary material and apparatus therefor: and all of said bonds in said series bearing date July 1st, 1909, due fifteen years from their date with interest at five (5) per cent per annum, payable semi-an- nually, both principal and interest being hereby made payable at the First National Bank, at Chicago, IIl., be, and all said bonds are hereby a- warded and sold to the Central In- vestment Company of Fargo, N. D., the offer of said company having seen deemed the most favorable to the interests of said town of Grand Rapids, as hereinbefore stated.” Supervisor McEwan seconded the motion to adopt the resolution, and upon roll call the following vote was had: “Ayes’”—Supervisors McDonald and McEwan and Chairman Nisbett. “Nays’’—None. Whereupon Chairman Nisbett de- clared the motion carried and the re- solution duly; adopted. Supervisor McEwan then offered the following resolution and moved its adoption, viz: “Whereas, at a Special election duly called and held in and for the Town of Grand Rapids, in the county of Itasca and state of Minnesota, on July 20th, 1909 more than a majority of the qualified electors of said town voting at said election did vote in favor’ of each of (2) certain pro- positions, said propositions being separately submitted at said election, to issue and pegotiate the bonds of said town, and for the following pur- poses, respectively, to-wit - An issue of the bonds of said town in the sum of Sixty-five Hundred dol- lars ($6,500.00), for the purpose of laying out and opening ‘up town roads in said town and for the purpose of purchasing necessary material and apparatus therefor, and a certain other issue of the bonds of said town of Grand Rapids in the sum of dollars ($13,500.00), for the purpose of funding certain indebtedness of said town, included im certain town said bonds were duly advertised for sale, as required by law, and “Whereas at the time and place specified in the said notice of sale and pursuant to said notice of sale, the Board of Supervisors of said town received and pire bids for all of ikea) pone, au Sana Company of Fargo, North Dakota for the purchase of all said bonds, was the only offer received complying with the terms of said sale, and, “Whereas further, said Board of Supervisors deem said offer most fav- yorable to the interests of said town, and did thereupon duly award and negotiate to the said Central Invest- ment Company, of Fargo, North Da- kota, all said certain issue of bonds, “Now, Therefore, Be it and it here- by is resolved that pursuant to said special election and the majority vote then and there had upon each of said bonding propositions so sep- erately submitted, the bonds of the town of Grand Rapids, Itasca county, Minnesota, shall be issued and nego- tiate* ag follows, to-wit: An issue of bonds of said town to be known as “Road and Bridge Bonds in the sum of six thousand five hun- dred dollars ($6,500) for the purpose of laying out and opening certain town roads and for the purchase of the necessary material and apparatus therefor: An issue of the bonds of said town to be known. as “Funding Floating Indebtedness Bonds,’ in the sum of Thirteen Thousand Five hundred dol- lars ($13,500.00), for the purpose of funding certain floating indebted- ness of said town, included in certain town orders, Further, that all of said bonds in each of said series shall be issued as of the date of July ist, 1909, and shall be payable in Fifteen (15) years from said date of issue, and that all said bonds shall bear interest at an annual rate of Five (5) per cent un- til fully paid, interest to be payable semi-annually, both principal and in- terest to be payable in standard gold coin of the United States of America, at the First National Bank of Chicago Illinois. Further, that said Road and Bridge Bonds shall consist of thirteen (13)- ponds, each of the denomination of Five Hundred dollars ($500) and that said Funding Floating Indebtedness Bonds shall consist of twenty-seven (27) bonds, each of the denomina- tion of Five Hundred dollars ($500) and that all of said bonds shall have interest coupons attached. Be it further resolved that the form of said bonds and said coupons, re- spectively, shall be substantially as follows, to-wit: United States of America. State of Minnesota, County of Itasca, Town of Grand Rapids. ae --0f 1909. Series.... No... $500.00 KNOW ALL MEN BY THESE PRE- SENTS, That the Town of Grand Rapids, County of Itasca and. State of Minnesota, acknowledges itself to ibe indebted, and for value receiv- ed, hereby promises to pay to bearer the sum of Five Hundred Dollars ($500.00) on the First (1st) day of July, A. D., 1924, together with in- terest thereon from date hereof until paid at the rate of Five (5) per cent Per annum, payable semi-annually on the First (1st) days of January and June in each year, as evidenced by, and upon presentation and surrender of the annexed interest coupons as the same may severally become due, both principal and interest to be pay- able in gold coin of the United States of America of or equal to the pre- sent standard of weight and fineness at the First National Bank in the City: of Chicago, and state of Illinois. And for the prompt payment of this bond at maturity, with in- terest as aforesaid, the full faith, credit and resources of the said town are) hereby irrevocably pledged. This bond is one of.a series of...... sia: sisisie es 9 o9-4o ee bonds of like date and maturity, aggregating the sum of :-Dollars ($. ean the purpose of with more than a majority of the legal voters of said town voting on the proposition at an election called and held therein on the Twentieth (20th) day of July, A. D., 1909, pur- suant to resolution duly adopted by the Board of Supervisors of said Town, and in all respects in full com- pliance with law, and in particular the provisions of Chapter Ten (10), Revised laws of Minnesota for 1905, and all acts amendatory thereof and suplemental thereof. And it is hereby certified and re- cited that all things, acts and condi- tions required by the Constitution or the laws of the state of Minne- sota to happen and be done and per- formed, precedent to and in the is- suance of this bond, have happened and have been properly done and per- formed in regular due form and time, as required by law, and that the total indebtedness of said Town, in- cluding this bond, does not exceed any constitutional or statutory limi- tation In Witness Whereof, The Town of Grand Rapids has caused this bond to be signed by the Chairman of the Board of Supervisors, and countersigned by the town clerk, and each of the coupons hereto attached to be executed by the original or lithographed facsimile signatures of said Chairman and Clerk, respective- ly, this First (so) day of July, A. D. 1909. Chairman Board of Supervisors Countersigned, eh pai On the First (st) BY OPS, 50 ois-0 A.D. 19. the Town of Grand Rapids in the county of Itasca and state of Minnesota, will pay to bearer the sum of Twelve and 50--100 dollars ($12.50), in gold coin of the United States of America, of or equal to the present standard of weight and fineness, at the First National Bank in the city of Chicago and state of Illinois, for semi-annual interest due that day on its bonds dated July 1st, A. D. i: "Ro: as faire as Series. Be it and it hereby is further re- solved that each of said bonds shall declare in the caption thereof the general purpose of the issue of that series of which said bond may be a part; also the number of the bond and the amount thereof... That in the body of said obligation there shall appear the amount of said bond, also the total number of bonds in the series of which said bonds may be a_ part, the aggre- gate amount of said series, and a statement of the purpose of the series with which said bond may be identified, the purpose of said series being respectively as follows, to-wit: The series ‘Road and Bridge Bonds” for the purpose of building roads and bridges within said town and for the purpose of purchasing material and apparatus therefor: The series “Fund ing Floating Indebtedness Bonds” for the purpose of funding certain float- ing indebtedness of the Town of Grand Rapids in the form of outstand- ing orders. Further, that each of said bonds shall bear a serial designation and number to corréspond with the serial designation and number of the bond to which the same may be attached, and! shall also state the amount of interest represented by said coupon, and the date when same becomes due and payable. Be it and it hereby is further re- solved, that all said bonds in each of said bond issues shall be signed by the Chairman of the said board of Supervisors and countersigned by the Town Clerk, and the coupons at- tached to said bonds shall be execut- ed by the original or lithographed fascimile signa- ture of said respective officials and said respective officials are here- by authorized to so execute all said {bonds and coupons of each of said issues for and in behalf of said Town. and after all said bonds and coupons have been so executed, to deliver the same to the purchaser thereof upon payment of the amount offered there- for by said successful bidder, and tha when all of said bonds have been so executed and delivered in considera- tion of said amount, the funds deriv- ed from the sale of each of said two bond issue shall be placed ina speci- al fund to be used for the purpose for which said respective bonds were issued: Be it and it hereby is further re- solved, that there shall be levied and in due form certified to the Auditor of said county of Itasca, and on or before October Ist, 1909, and on or before October 1st in each and every year thereafter during the life of said bonds, a sum sufficient to provide for the payment of the semi-annual interest of all of said bonds in each of said issues, and not less than five (5) per cent of the principal of all of said bonds in each of said issues, to provide a sinking fund to pay said bonds when they mature.| Be it and it hereby is further re- solved that all resolutions or parts of resolutions in conflict with the pro- visions hereof shall be, and the same are hereby repealed.” Supervisor McDonald seconded the motion to adopt the resolution, and upon roll call being had the follow- ing vote was had: “Ayes” Supervisors McDonald and McEwan and Chairman Nisbett. “‘Nays” None. Whereupon Chairman Nisbett de- clared the motion carried and the re- solution, duly adopted. Supervisor McEwan introduced the following resolution and moved its adoption. “Whereas, it is deemed expedient that the Township of Grand Rapids, Itasca county, Minnesota, make de- livery of its two separate issues of bonds this 12th day of August, 1909, sold to the Central Investment Com- pany of Fargo, N. D., for and at the following prices, viz: Par and accumulated interest on the issue of $6,500.00 Road and Bridge Bonds. Par and accumulated interest on the issue of $13,500.00 Funding Float- | ing Indebtedness Bonds. And, Whereas, the Central Invest- ment Company, the purchaser of said separate issues of bonds, are more familiar with the necessary steps necessary to be taken in having the necessary legal opinions secured at at an earlier date than the members of this board are in such matters, and are in closer touch with the printers of bonds than any member of this board is, and, Whereas, the members of this Board, with limited knowledge and experience in the securing of such legal services as is required in bond issues and in the matter of having blank bonds printed and gotten ready for signatures, feel that it is for the best interests of the taxpayers of the township that experienced hands be secured in having the proceedures had in the matter of issuing of said separate bonds reviewed and passed upon by competent legal talent such a; investors have knowledge and reliancé in, and further that experienced hands be intrusted with the securing of the blank bonds ready for signatures, Now, therefor, for and in consider- ation of the Central Investment Com- pany of Fargo, N. D., assuming all responsibility of having. the said pro- ceedures had in the matter of the issuing of the bonds referred to and passed upon by an attorney in whom investors in municipal and township bonds have reliance, and in the furth- er consideration of the said Central Investment Company furnishing the Township of Grand Rapids the re- quisite and necessary blank bonds, properly captioned and printed, ready for the signatures of the officers au- thorized to sign and issue said bonds without cost to the Township of Grand Rapids, Be it and it hereby is resolved, that the Township of Grand Rapids, Itasca county, Minnesota, hereby con- tracts to and with the said Central Investment Company of Fargo, N. D., to pay said company for said services the following sum, viz: For all such services in the matter of the issuing of the $6,500.00 Road and Bridge Bonds Issue, the sum of One Hundred Fifty dollars. For ajl such services in the matter of the issuing of the $13,500. .| Funding Floating Indebtedness Bonds the sum, of Three Hundred and Fifty Dollars. Further, that said sums and pay- ments shall become due and paya- ble immediately upon the performance of the said servics or either of them. And the chairman of the town board of Supervisors of the town of »| % i~ | | a | | * 1 4 “~~ | | ; =a *| 2 4. ] = ) a | - |