The miners' express. (Dubuque, Iowa) 1849-1854, 1852-08-11
IN Ordnance providing for loan for public
improrements az the Cafyof Dubuque:


an Ordinance proriding for loan for public
improvements az the Caycf Dubuque:
Whereas al an election held or the 7th day Of
July 1852, on due notice according TO Section
"a, OF the act Incorporating the CITY OF Dn-
buqur, in pursuance of resolution OF the City
Council that in their opinion it was expecient t"
borrow on the Bonds Of seid City sum not
exceeding ten thousand Dollars at rate of
interest not exceeding ten per cent. for making
certain public improvements within said city
the electors by more than two thirds OF all the
votes polled at such election expressed Their
wishes tn reupon in the affirmative. There,
fore:
See. 1. De it ordained by the city Council OF
the City of Dubuque. That, there shall be
ISSUED under the zeal of said city twenty bon1s
for the payment OF five hundred dollars, each IN
such form as shall be most valid against said
citv and shall accord with Bonds Of similar
character usually issued by Incorporated cities
All of said Bonds shall bear date August LIST
A. D. 1852, shall be payable twenty years ION
dale with interest on the same at the rate OF ten
per centum per annum, payable hail yearly, on
the first day Of February, and August in each
year, the interest aud principal payable to the
order of---a e---and shall be
signed by the Mayor aud recorder, and mum
bered and registered by the Treasurer of the
City OF Dubuque. -8 ,
Ser. 2. That, said B ,n,ls when so issued shall
he delivered to Jesse r. Farley. who IS hereby
du'v authorized, and empowered to sell ana ne
,roti tie the same for any UNI not less than he
full amount ther.in stated, to any person, per-
sons, or Incorporation and on such sale and ne
rotiat,on, 10 insert therein the name OF the
purchaser or lender as payee TO whose order the
same shall be payable and the place OF payment
and thereupon to deliver the same to such per-
soa persons or corporation-and such Bonds
shall on such delivery and the receipt Of the
sum thereby provided by the sad Jesse r
Farley, be as valid against said City as it such
blanks had been duly filled up before execution
and shall be thereafter transferable by endorse
ment, and delivery.
Sec. 3 That, to secure the prompt payment
of the interest provided for in said Bends, the
city council IS hereby authorized ard required
and it is made their duty, if any time there
shall be any failure of current reven:e OF SAID
CITY to pay the same in whole or in part, as II
becomes due forthwith to levy and collect in
cash, on the assessment roll Of said city, such
rate Of tax on the taxable property thereon as
sessed us shall fully provide for, such interest
besides the cost and expenses of collection, and
the faith IF SAID city is hereby pledged for the
faithful and prompt payment thcreo'.
Sec. 4. That. TO secure the prompt payment
. of the principal provided for in said Bonds, the
property and revenues of said city are hereby
pledged and forever bound therefor, and from
and after the first day Of August in the Year
One Thousand Eight hundred and Sixty two,
there is hereby annually appropriated The sum
Of one thousand Dollars in cash, from the cur
rent revenue aforesaid in each year tn be secu-
rely kept as a sinking fund, to redeem and pay
up the principal aforesaid at maturity. And the
faith of the city is hereby pledged that the por-
ton Of the city---revenue, hereby APP
propriated Fur the purpose aforesaid shall not be
altered or reduced as 10 impair the security
hereby pledged for the payment of the Bonds
aforesaid at maturity.
Sec. 5. That, the money arising from the sale
and negotiation Of the Bonds, aforesaid shall be
loan on the part of the city for the special pur-
poses as specified in the resolution of the city
Council above mentioned, and shall be paid into
the city Treasury as separate fund especially
appropriated to those purposes, to be thence
drawn out, only 1.-The special order Of the city
council on such fund, fur money expended in
pursuance thereof or to pay the necessary and
reasonable charges and expenses, connected
with the negotiation and sale of said Bonds, and
tnc trnn sufissson Of funds arising from or con-
nec.ed herewith, And the Treasurer shall
omen scperate account with said fund and all
paymcnfs and expenditures connected there
with. which shall be kept seperate until such
Ian is finally closed up and discharged.
Passed August 2nd 1852.
JESSE P. FARLEY, Mayor.