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SECTION 1. Cities allowed to incur indebtedness. --The various cities, towns and villiages in this state, whether organized by special charter or under the general laws of the state, may contract a debt or debts in excess of the annual income and revenue for any such year, for any purpose authorized in the charter of such city, town or village, or by any general law of the state, upon the assent of two-thirds of the legal voters of such city, town or village voting at an election held for that purpose: Provided, such indebtedness so to be contracted shall not, with the existing indebtedness of such city, town or village, exceed in the aggregate five per cent on the value of the taxable property therein, to be ascertained by the assessment next before the last assessment for state and county purposes previous to the incurring of such indebtedness; and provided further, that the proper authorities of every such city, town or village incurring such indebtedness shall, before or at the time of doing so, provide for the collection of an annual tax sufficient to pay the interest on such indebtedness as it falls due, and also to constitute a sinking fund for the payment of the principal thereof, within twenty years from the time of contracting same. [R. S. 1889, Sec. 1947.
SEC. 2. Election to be held, notice.-For the purpose of testing the sense of the voters of any incorporated city,
town or village upon a proposition to become indebted or to increase the debt thereof, as contemplated in the next preceding section, the council, trustees or other proper authority of such municipality shall order a special election to be held, of which they shall give not less than fifteen days previous notice, by publication in some newspaper published therein, or if there be no such newspaper, then by posting up ten written or printed hand bills in ten public places in such city, town or village. Such election shall be held and judges thereof appointed as in case of other elections in such municipalities. [R. S. 1889, Sec. 1948.
SEC. 3. Ballots, form of.-The council, trustees or other proper officers of such city, town or village shall prepare and cause to be printed ballots to be used at such election, which shall be in the following form: "For increase of debtYes;"For increase of debt--No;" the former of which shall be taken as a vote assenting to such increase of debt, and the latter as dissenting therefrom. [R. S. 1889, Sec. 1949.
SEC. 4. Bonds to issue, when, and terms of.Upon the result of such election being certified by the judges thereof to the council, trustees, or other proper officials of such city, town or village, such council or trustees, if the proposition for the incurring or increasing of such debt be carried, may by proper ordinance declare such result, and cause bonds of such city, town or village to be issued, covering the amount of such debt, payable to bearer, and in denominations of not less than $100 nor more than $1,000 each, payable within twenty years from date or within five years, at the option of such city, town or village, with interest from date not exceeding eight per cent per annum, payable semi-annually; which bonds shall have interest coupons attached to conform to the face of the bond. All such bonds shall be attested by the sig nature of the mayor or other chief officer of such city, town or village, and of the clerk thereof, and each bond shall have affixed thereto the corporate seal of such municipal corpora
tion. Such bonds may be negotiated and sold, but in no case shall they be sold for less than par. [R. S. 1889, Sec. 1950.
SEC. 5. Provisions of this article, scope of.— The provisions of the preceding four sections shall apply to all cities, towns and villages in this state, whether organized by special charter or under the general laws of the state, any provision in any special charter of any city, town or village in the state to the contrary notwithstanding. [R. S. 1889, Sec. 1951.
limit. No money shall be borrowed or indebtedness incurred for a longer period than one year, on the faith and credit of any city of the second class, by the issue and sale of bonds, except as in this article provided, and then only to an amount, including indebtedness of the city existing at the time of the issue of the bonds, in the aggregate not exceeding five per centum of the value of the taxable property in the city, to be ascertained by the assessment next before the last assessment for state and county purposes previous to the incurring of such indebtedness. [R. S. 1889, Sec. 1304.
SEC. 7. May issue bonds.-Any such city may, by ordinance passed by its common council and approved by its mayor, provide for the issue and sale of bonds of the city, either to borrow money thereon to pay for any public work, improvement or improvements for which it may legally appropriate and pay out money in its treasury, or to pay in whole or in part for any such work, improvement or improvements. The ordinance shall specify such public work, improvement or improvements so to be paid for in some reasonably definite manner to enlighten voters, and the amount of bonds proposed to be issued for such public work, improvement or improvements. [R. S. 1889, Sec. 1305.
Ordinance to contain, what.-Such ordinance shall provide that such bonds shall bear date to be deemed the date of issue thereof, which shall not be later than
ninety days from the approval of the ordinance; also, that the bonds shall bear interest at a rate to be specified, not exceeding six per cent per annum, payable semi-annually on presentation and surrender of the coupons therewith; also, that the city shall collect an annual tax sufficient to pay the interest on such bonds as it falls due, and also to constitute a sinking fund for the payment of the principal thereof within twenty years from the time of issue thereof, pursuant to the constitution and laws of the state; also, the time at which the principal of the bonds shall be payable, not exceeding twenty years from issue, subject to payment of any or all thereof before that time out of the sinking fund constituted for that purpose, and also specify a day on which an election shall be held for the purpose of voting on the proposition to issue such bonds. [R. S. 1889, Sec. 1306.
SEC. 9. Ordinance referred to circuit judge.After passage and approval of such ordinance, the city counselor and city comptroller shall present the same to a judge of the circuit court of the county in which the city is situate, and submit to him a sworn statement of the city comptroller, showing the then existing indebtedness of the city, of every nature and description, and amount thereof, and what such indebtedness will be, as near as he can calculate, at the date of issue of the bonds. There shall also be submitted to such judge proof satisfactory to him of the value of the taxable property in the city, ascertained by the assessment next before the last assessment for state and county purposes. Such other proofs as the judge may require shall be submitted, and if, after full examination, he be satisfied that the amount of bonds proposed to be issued can be issued without violation of the constitution or laws of the state, he shall so certify over his hand on the back of the original ordinance. [R. S. 1889, Sec. 1307.
SEC. 10. Notice of election.-After such certificate the city shall cause to be published in two or more newspapers, printed and published in the city, for at least thirty successive
days prior to the time for election, in each issue of the papers during the time, a copy of such ordinance and certificate, with a proclamation according to law, that an election will be held at the time appointed in the ordinance for the voters of the city to vote on the proposition for the issue of bonds as proposed by the ordinance. [R. S. 1889, Sec. 1308.
SEC. 11. Election, form of ballot.-Any elector or voter desiring at such election to assent to the incurring of indebtedness by such issue of bonds, may cast a ballot having written or printed thereon, " for issue of bonds," but if he does not desire to assent to incurring indebtedness by such issue of bonds, he may cast a ballot having written or printed thereon, against issue of bonds." Such election shall be conducted, and the result ascertained and declared as near as may be, as in case of other special city elections, and the city may pass and enforce all ordinances proper to conduct the election and learn the sense of the voters as to the issue of bonds. 1889, Sec. 1309.
SEC. 12. If adopted, certificate of circuit judge to be procured.-If two-thirds of the voters of the city. voting at such election shall assent to the city becoming indebted by the issue of such bonds, the city shall apply to the judge of the circuit court in which the city is situate, for a certificate that at the date of the issue of such bonds the city can legally become indebted for the amount of the bonds as proposed by the ordinance, and that the indebtedness incurred by such bonds, together with all other indebtedness of the city, of every nature and description, existing at the date of such issue, does not, in the aggregate, exceed five per centum on the value of the taxable property in the city, ascertained by the assessment next before the last assessment for state and county purposes, previous to the incurring of such indebtedness by said bonds, issued according to the ordinance. Such certificate shall also state the aggregate amount of all indebtedness of the city of every nature and description, including such bonds at the