Vol. I, Laws     (Compiled to December 1, 1902)

Compiled and edited by Charles J. Kappler. Washington : Government Printing Office, 1904.

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CHAP. 134 | CHAP. 276 | CHAP. 816 | CHAP. 888 | CHAP. 946 | CHAP. 1137 | CHAP. 1156 | J.R. 24

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Chapter 816
Sections 2 | 3

Margin Notes
Chap. 816 Indian Territory. Certain towns authorized to issue bonds, etc., for public improvements.
Chap. 816 Limit of issue.
Chap. 816 Assent of two-thirds of voters required.
Chap. 816 Provisos. Restrictions.
Chap. 816 Census to be taken before election.
Sec. 2 Bonds.
Sec. 2 Interest.
Sec. 3 Annual tax.
Sec. 3 Proviso.
Sec. 3 Limit of additional bonds.

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Chapter 816
    May 19, 1902. | 32 Stat., 200.
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An act for the protection of cities and towns in the Indian Territory, and for other purposes.

Be it enacted, &c., That any incorporated city or town in the Indian Territory having a population of two thousand or more is hereby authorized to issue bonds and borrow money thereon, to be used for the construction of sewers and waterworks and the building of schoolhouses; such bonds not to exceed an amount, the interest on which at five per centum per annum would be liquidated by a tax of five mills upon the dollar of the valuation of the taxable property in such city or town, to be ascertained by the last assessment for purposes of taxation; that before such bonds shall be issued the same shall be authorized by a two-thirds majority of the qualified

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voters of such city or town voting at an election held for that purpose, notice of which shall be published for four consecutive weeks prior thereto in a newspaper of general circulation published in such municipality: Provided, That such bonds shall not be issued until it shall be made to appear to the satisfaction of the judge of the United States court for the judicial district in which such municipality is located, by petition of the mayor and council thereof, that all the requirements of this section have been complied with, who shall thereupon cause to be entered upon the minutes of his court a judgment or decree reciting the facts as he finds them to be: Provided, however, That before any election shall be held for the purposes herein named a census shall be taken and the population of said municipality ascertained by some suitable person, or persons, appointed for that purpose by the said judge of the district court, who shall make a sworn return to said judge showing the number of inhabitants thereof, and that the judgment or decree shall set forth the population and taxable wealth of the municipality, and said order or decree shall be printed on said bond and made a part thereof and shall be final and conclusive against said municipality in any litigation on said bonds.

SEC. 2

That such bonds shall contain all necessary and usual provisions expressing the contract, shall be signed by the mayor, and countersigned by the treasurer of such municipality, who shall keep a proper record of such bonds. Said bonds shall not bear a rate of interest exceeding five per centum per annum, payable semiannually, and none of said bonds shall be sold at less than their par value.

SEC. 3

That any municipality incurring any indebtedness for the purposes provided for in this Act shall, by ordinance which shall be irrepealable, provide for the collection of an annual tax sufficient to pay the interest on such bonds, as the same falls due, and also to pay and discharge the principal thereof within twenty years from the date of contracting the same: Provided, That if any municipality shall have the authority under any special Act to issue its bonds, the amount of the bonds issued under the special Act shall be first deducted, and there shall only be issued under this Act such additional bonds as shall not exceed the limit provided in this Act. [May 19, 1902.]

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