Form of com tificate. the same is payable and becomes due at the times specified, and bears interest at the rate therein to be specified, and is so payable to the person therein to be named, or his order, at the office of the state treasurer. "Fifth-The certificates of said commissioner and of the board of managers may be in substance as follows, to wit: "'COMMISSIONER'S CERTIFICATE. en "To all men to whom these presents shall come-Greetmissioner's cer- ing: I, A. B., commissioner of the land office of the state of Minnesota, do hereby certify that the board of managers of the Minnesota State Reform School are by an act of the legislature of said state, approved............. titled "An act to amend Chapter two hundred and fiftyeight (258) of the General Laws of Minnesota for one thousand eight hundred and eighty-nine (1889)," authorized to negotiate and make a loan of the aggregate amount of $.............; and that they have duly set aside and designated the following described lots, blocks and tracts of land, situate in the county of Ramsey, in the state of Minnesota, to-wit: [Here describe the designated lands], and all proceeds to be derived from the sales thereof, to the state of Minnesota as security for the prompt and full payment of said loan; and that in consideration of such designation and setting aside of said lands and proceeds as aforesaid the state of Minnesota does hereby guarantee the payment of said loan and interest thereon. Certificate of board of managers. "I do further certify that under and by virtue of the act aforesaid the said board of managers of the Minnesota State Reform School are hereby authorized to borrow, upon this certificate and as a part of the said loan, the sum of $.., with interest thereon at the rate not exceeding six (6) per cent per annum, payable semi-annually; and that such interest and principal are so payable upon presentation of this certificate to the state treasurer, out of the proceeds derived from the sale of said lands, if the same be then sufficient therefor, and if not, then the deficiency shall be so paid out of any other moneys in the state treasury not otherwise appropriated. "In witness whereof, I have hereunto set my hand and affixed the seal of my office at the city of St. Paul, Minnesota, this..... ......day of..........., 189... 666 Commissioner of the land office 'CERTIFICATE OF THE BOARD OF MANAGERS. day of...... "'Issued and dated this............day of.......................A. D. 189... Board of managers of the "Countersigned and registered. Minnesota State Reform School. State Treasurer.' "Sec. 43. The said loan and loans herein provided for shall not in the aggregate exceed the sum of one hundred and fifty thousand dollars ($150,000). "They shall be so adjusted that not more than fifty thousand dollars ($50,000) thereof shall become payable in any one year, nor shall any part of the principal thereof be come payable within one (1) year nor after ten (10) years from the passage of this act, or bear interest at any rate exceeding six (6) per cent per annum, payable semiannually. Subject to these limitations, the said board of managers are hereby authorized to negotiate and make such loans upon such time, terms and in such amounts as they may deem expedient. "Sec. 44. Upon payment to the state treasury, by the person from whom any such loan is obtained, of the amount in such certificate stated, the said treasurer shall insert in the certificate of said board the date thereof and the name of the person to whom the same shall be payable, and shall number and countersign the same and deliver such certificate to such person. "Said treasurer shall make and keep in books, by him to be provided for that purpose, a register of said certificates and of any assignments thereof. Such certificate, when so countersigned and issued by said treasurer, shall for all purposes be conclusive evidence that all the requirements of law relative to the issuing of the same have been fully complied with, and that the owner thereof is lawfully entitled to receive the amount and interest therein specified from the state, in accordance with the terms and contents of such certificate. "Sec. 45. The moneys obtained upon such loans shall by the state treasurer be placed to the credit of the reform school fund, and is hereby set aside and appropriated for the purpose of the erection and completion of the necessary buildings for said school, and the equipment of the same, and the suitable preparation of the permanent site for said school in the county of Goodhue for the uses and Aggregate of made. loans to be To be adjusted not to be $50,000 in any Money loaned the state treasury. to be paid into To be placed to the credit of the fund. reform school Land set aside for security and sold for payment of loan. Certificates and interest to be paid by state treasurer, and appropriation therefor. Board of managers may sell lands when deemed expedi ent. purposes thereof. The state auditor, whenever so requested by the board of managers, shall draw and deliver to them his warrants upon the treasurer therefor, and said treasurer shall pay such warrants out of said funds delivered from said loans. "Sec. 46. Upon the issuance of the certificates aforesaid, the said lands in said resolutions described shall be thereby set aside as security, and shall be disposed of for the payment of the said loans so made. And all the proceeds hereafter arising from the sale of any of said lands shall be paid into the state treasury, and shall therein be held and used for the payment of the principal and interest of said loans, and also to reimburse the state for any moneys it may have at any time paid or advanced on account of said loans or interest thereon; Provided, however, That whenever the whole amount of such proceeds of such sales shall be more than sufficient to fully pay said loans and interest and all advances thereon made by the state, the excess of such proceeds shall by the treasurer be set aside and credited to the reform school fund, and shall be drawn, paid out and used in the same manner and for the same purposes as is provided in section forty-five (45) of this act; and Provided further, That the words 'proceeds of such sales,' as used in this section, shall be construed to mean and embrace the actual cash payments received at the time of such sales, and also the unpaid part of such purchase price of the land so sold. "Sec. 47. The state treasurer shall pay said certificates and the semi-annually accruing interest thereon, according to the terms thereof, upon presentation of the same, out of any moneys at that time in the treasury derived from the sale of said lands as aforesaid; and if at any time such moneys are insufficient for that purpose, he shall advance and pay the deficiency out of any other moneys in the treasury not otherwise appropriated; and an amount sufficient to meet such deficiency, if any such exist, is hereby appropriated for that purpose, such appropriation to be an annually continuing appropriation until such loans are fully paid. "Sec. 48. The board of managers, whenever they deem it expedient, may offer for sale and sell any or all of the said lands in said resolution and certificate described in manner as is provided for in sections seventeen (17), eighteen (18) and twenty (20) of the act hereby amended; and the said board shall once in each year hereafter offer for sale, as in said section seventeen (17) provided, all of the aforesaid lands, except such parts thereof as may have been by them reserved for the temporary uses of said school, as in section four (4) of said act is provided. "Sec. 49. Section twenty-seven (27) of said Chapter two hundred and fifty-eight (258) of General Laws for one thousand eight hundred and eighty-nine (1889) is hereby amended by striking out the proviso to said section and inserting in place thereof the words following, to-wit: 'Nothing in this act shall be so construed as to authorize the said board to make or incur in or about the erection and completion of said buildings any indebtedness or cost in excess of the aggregate amount ultimately derived from the sale of all of said lands as aforesaid.' "Sec. 50. Nothing in this act contained shall be so construed as to in any manner prevent or restrain the said board of managers from selling any of the lands in section one (1) of the act hereby amended described, or of disposing of the proceeds thereof, as is in said act provided, at any time before the loans herein provided for are made, nor to prevent or restrain the said board from so selling and disposing of the proceeds of any of said lands which may remain unsold after the said loans have been fully paid. Said board of managers are hereby authorized and directed to pay into the treasury of the city of St. Paul, from time to time, as same becomes due, all charges and assessments heretofore or hereafter made by the city of St. Paul for local assessments, and also for water tax, against any part of said Ingersoll's addition owned by the state of Minnesota or said managers as such. "Sec. 51. All acts and parts of acts inconsistent with this act are hereby repealed so far as they affect the provisions thereof. "Sec. 52. This act shall take effect and be in force from and after its passage." Approved April 17, 1891. CHAPTER 130. [S. F. No. 213.] AN ACT TO AMEND SECTION TWO (2) OF TITLE "K" OF Be it enacted by the Legislature of the State of Minnesota: SECTION 1. That section two (2) of title "K" of Chapter two hundred and seventy-one (271) of the General Laws of one thousand eight hundred and eighty-nine (1889), entitled "An act to appropriate money to aid in building bridges and draining lands in certain counties of the state,' be and the same is amended as follows: "Sec. 2. That J. E. Webster, John C. Fifield and E. J. Rice are hereby designated as a committee on the part of Relating to dis bursement for a General Laws of 1889, amending Chap. 236building, loan and savings associations doing a general busi ness. Manner of in purpose. the state, whose duty it shall be to examine all the bills and expenditures and make a report to the state auditor of the same, showing the character of said bridge, the material used in its construction and the cost of the same; and upon receipt of the said report the auditor shall draw his warrant upon the state treasurer in favor of the county treasurer of Olmsted county, Minnesota, for the amount herein appropriated, and the said moneys shall be disbursed by the said county treasurer, on the warrant of the county auditor, to the said committee, towards paying the expenses of constructing said bridge; Provided, That no money shall be paid out of the treasury therefor until the said bridge is fully completed and open for travel." SEC. 2. This act shall take effect and be in force from and after its passage. Approved March 16, 1891. CHAPTER 131. [S. F. No. 885.] AN ACT TO AMEND "AN ACT RELATIVE TO BUILDING, LOAN Be it enacted by the Legislature of the State of Minnesota: SECTION 1. That Chapter two hundred and thirty-six (236) of the General Laws of one thousand eight hundred and eighty-nine (1889) is hereby amended to read as follows: SEC. 1. Whenever any number of persons, not less than corporation and ten (10), desire to be incorporated as a building and loan association, for the purpose of accumulating the savings and funds of its members and lending them only the funds so accumulated, they shall make and execute a written declaration to that effect, in the form now provided by statute for the execution of deeds of real estate, to entitle the same to record. Said declaration shall state the name of such association, its principal place of business, which shall be within this state, the limit of capital to be accumulated, the time of its duration, the names and places of residence of such persons, and that it is organized under this act for the purposes herein expressed. When so executed, said declaration shall be filed and recorded in the office of the secretary of state, whereupon such officer shall issue a copy of such declaration under his certificate, in proper form, setting forth the time and place of filing and recording thereof in Filing of articles with secretary of state and register of deeds and publication. |