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435.22 SPECIAL ASSESSMENT IMPROVEMENT BONDS, SALE BELOW PAR.
Each city of the first class in this state, in addition to all other powers and authorities
possessed by it, is hereby authorized and shall have power and authority, acting by and through
its council, to sell to the highest responsible bidder therefor for cash, for the par value thereof
or for less than the par value thereof, any special certificates of indebtedness or any special
street or parkway improvement bonds which the city is or shall be authorized by its charter or
by any law of this state to issue and sell for the purpose of realizing funds for the acquisition of
lands for and improvement of public streets, parks, or parkways in the city or for the purpose of
improving existing public streets, parks, or parkways in the city, notwithstanding any provision of
its charter or any provision of any law of this state providing for the sale of any such certificates
of indebtedness or special street or parkway bonds at not less than their par value. These special
certificates of indebtedness and special bonds may be made to bear interest not to exceed
five percent per annum, payable annually or semiannually, the rate of interest to be fixed and
determined by the council of the city issuing the same, and these certificates of indebtedness and
special bonds shall be sold only at public sale or by sealed proposals upon giving at least two
weeks' published notice of the sale.
History: (1625) 1921 c 226 s 1