14. Form — Sale^Tax: — ^Said bonds shall be known as
' 'Internal Improvement Bonds' ' and shall be issued in amounts
of not less than five hundred dollars each, bear interest at a
rate not exceeding seven per cent, payable annually or semi-
annually, with interest coupons attached, and payable in New
York city, or the city issuing the same, in not less than twenty
years. They shall be signed by the mayor and countersigned
by the auditor, who shall fix the official seal of the city thereto,
and keep an accurate record of all bonds issued, in a book pro-
vided for that purpose. The bonds shall be sold at not less than
ninety-five per cent of their face value. All moneys arising
from assessments levied in the matter of any such improve-
ments shall constitute a fund for the payment of said bonds.
(996 to 999 ; passed in 1887.)

15. Sewerage Bonds : — The city council of any incor-
porated city, for the purpose of raising funds for the establish-
ment, construction and maintenance of a system of sewerage,
is authorized to issue bonds of the city to an amount not
exceeding the sum of one hundred thousand dollars, payable in



252 DAKOTA — ^TOWN BONDS.
