The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1880-05-23

OU hgLNG III GGh ANNNi AA4AhSo VIZ
registered voters OF said city at said
special election; and,
Whereas, Said special election was
duly held On the said 9th day of April,
AID. 1880. and it appearing from the
returns Of SAID special election and
report of the boar1 of canVassers Of
said special election returns; that
more than twc-.hirds of the whole
number OF the votes ca or polled at
said special election we're in favor OF
said city mourning an indebted aess
III the said sum OF two hundred and
City thousand dollars, for the pur-
poses as in said notice OF said special
election specified; Therefore.
SECTION BE al re.Olced by the
City Council of Salt Lake City, That
there be issued by said city, coupon
bonds to an amount at their par
value; not 10 exceed the sum OF two
hundred and fifty thousand dollars,
subject to the provisions hereinafter
set forth.
SEC. 2-Said bonds shall be issued
in Gums of one hundred dollars each
and of fiVa hundred dollars each, and
shall draw interest at the rate OF seven
per cent. per annum from the date
thereof. The principal thereof shall
be made payable at g day to be
named in said bonds. which shall be
fifteen years after their date, at the
Office OF the Treasurer of said city,
subject nevertheless to redemption
after five yeard from their date at the
pleasure of the Council of said city.
SEC. 3-The principal and interes!
On said bonds shall be paid in lawful
money OF the United States. The
interest accruilg on said bonds shall
be due and payable on the first day OF
June and the first day of December,
in each year at the Tressurers office
OF said city.
SEC. 4-Ssid boads shall be signed
by the Mayor and Auditor OF said city
and registered in numerical order in
hooks to be kept for that purpose by
the Mayor, the Auditor and Treasurer
OF said city respectively, and when SC
signed shall be presented by the
Mayor to the Recorder OF said city,
who shall in the presence OF the
Mayor, attest and countersign the
same as such Recorder and impress
the corporate seal on each bond, and
re-1eliver them to the Mayor who
shall thereupon deposit taid bonds
with the Treasurer of said city and
take said Treasurer's receipt therefor
and file the same in the Office of the
Auditor of said city, and report to the
City Council at its next regular
meeting, the number. date and
amount of each bond so signed and
deposited, which report shall be en-
tered in full on the journals of said
Council.
SEC. 5-Ssid bonds, or any portion
thereof, may by majority vote ofsaid
Council, be sold, at not less than .heir
par value and accrued interest there
on, from time 10 time as said bonds
shall be required for the purposes
herein contemplated.
SEC. 6-Coupons for interest shall
be attached to each bond 90 that the
coupon may be removed without mu
tilstion of the bond, and said coupons
shall bear the signature OF the
Treasurer OF said city.
SEC. The Treasurer, upon the
presentation of the interest coupons
as they shall become due, shall pay,
cancel and deliver the same TO the
said Auditor, who shall issue bis war
rant therefor. And it shall be the
duty OF the Auditor to file such
coupons in his Office and to make
report thereof to the said Council at
it's next regular meeting.
SEC. 8-The Mayor of said city is
hereby authorized and empowered,
subject to the provisions herein teiore
contained, to negotiate said bends on
behalf of said city. He ehall receipt
to the Treasurer for all bonds received |
by him for GALE, and deposit all moneys
received on sale of bonds with said !
Treasurer and take said Treasurer's
receipt for the same and file such re-
ceipt in the Office OF said Auditor.
SEC. 9-And be it further resolved,
that to provide for the payment ofihe
interest aid principal of said bonds
so to be Issued, as aforesaid, as the
same shall become due and payable
as herein provided, a sinking fund is
hereby established.
SEC. 10-The Auditor of said city is
hereby authorized and required to
open and keep an account with seid
fund. He shall debit said fund
with all appropriations made
thereto and credit said fund with
ali payments made therefrom,
and no payments shall be made from
said fund only on the interest and
OF said bonds respectively, as
The same shall become due and pay
able as herein provided. He shall
make a report showing the true con-
iition of said fund on the 30th day oil
April and the S1st day Of October in
zach year and present the same to
laid Council within ten days there
after. He shall also present to said
Council at the same time, statement
If the entire revenue OF said city, col
ected during the six months next
preceding said Both day of April and
list day Of October in each year.
SEC. 11-And be it further resolved,
hat there be and the same ia hereby
appropriated and set apart to said
und an amount equal to one-6ith of
he entire revenue OF said city, col
ected during each period of six
months preceding the said 30th day
# April and 31st day OF October of
iaeh year, asshoWn by the statements
# said Auditor, during the time said
jonds shall be unredeemed.
SIC. 12-If the redemption of said
'ouds or any part thereof, shall be re-
Iuired by said Council prior to their
the same shall be redeemed
n their numerical order. and notice
# such redemption shall be given By
publication in some newspaper pub