North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1869-02-17
City Ordinance.

An Ordinance for negotiating loan to redeem the
outstanding Bonds OF the City OF McGregor.
Sec. i. Whereas the City Council, OF the City Of
McGregor, did Oh the fifth day OF April A. d. 1867
by Ordinance authorize the issue of the bonds oil
said City to the amount OF Six Thousand Onehundred
and Seventy and l7100 Dollars ofwhch the sum OF
-Four Thousand Seven Hundred Twenty-sx and 7l-l00
Dollars falls due May LIST, A. d. 1872 and the sum Of
One Thousand Four Hundred Forty.four and 1900
Dollars falls due November 1st, A. d. 1869.
And by an Ordinance passed May 18th, A, d. 1867
said city Council authorized the issue OF the bonds OF
said city, to the amount of Ten Thcusand dollars.
Five Thousand Dollars Of which falls due May LIST,
A. d. 1874
And also by an Ordinance passed May 18th, A. D.
1867 said city council authorized the issue of the
bonds of said city, to the amount of One Thousand
Dollars, which falls due LIST of May, A u. 1870.
And also by ordinance passed June 4th, A. D.
1885, said city council authorized the Issue of the
bonds Of said city, to the amount of Six Thousand
Dollars which falls due November 1st, A. d. 1878.
And also by an ordinance passed June 4th A. d.
1858. said city council authorized tho issue OF the
bonds of said city, to the amount of Five Hundred
Dollars, which falls due May LIST, 1875
And whereas said city council desires to redeem and
take up said several issues of its bonds Aforesaid
Now therefore be it ordained by the city council OF
the city Of Mcregor that the Mayor of said city be,
and he is hereby authorized and empowered TO nego-
tate Loan of Twenty-Five Thousand Dollars as here
matter directed bearing interest at tie rate Of ten
pr cent. per annum, payable semi.anually, and the
Mayor and Clerk of said city are hereby authorized
and empowered to sign and issue bonds as hereinafter
directed at less than One thonsand Dollars each,
with coupons attached to tnable the Mayor to nego-
tate said loan.
Said bonds shall bear date May 1st A.. D. 1850. and
redeeable at the pleasure of said city after the LIST
day Of May, A. D. 1874; the principal and interest to
be payable at the Importers Traders National Bank
of New York
Sec. 2. And be it further ordained that the
of said city, arising from the entire taxable
property of said city are hereby irrevocably pledged
fer the payment of said principal and interest when
due in preference to any other Indebtedness hereafter
contracted by said city.
Sec. 3d. Be it further ordained that said bonds shall
be issued for other purpose than the redemption OF
sal outstanding bonds herein described, and when
bonds to the amount of Five Thousand Dollars are
negotiated that shall be negotiated cntl
ey realized shall be expended in redeempg said out
standing bonds, and that often as bonds to the
amount Of Five Thousand Dollars are sold, the pro-
ceeds thereof shall be used in rcdeemng said outsand
ing bonds before additional amount of Five Thous-
and Dollars shall be Sold ln
Sec 4. Be it further ordained that said
outstanding bonds are redeemed that more of the
bonds herein authorized shall be negotiated sold
and all moneys received from the sale of said bonds
shall be used for the redemption. of said outstanding
bonds.
Passed Feb. 9th, 1860.
d. BAUGH, Cle.k. II. KENNEDY, Mayor.