Mexico weekly ledger., 1881-09-15
AN ORDINANCE
Regulating the Funding of Six Thousand
Dollars of City Debt.
Be it enacted by the City Council OF
the City of Merico-

Be it enacted by the City Council Of.
the City Of Merico-
SECTION l. That the inhabitants Of
the City Of Mexico, Missouri, desir-
ing, as indicated by a vote of a ma
jority of the qualified voters, at a
special election held at the court
house in said city of Mexico, on the
10th day of August, 1881, of which
due notice had been given, to place
six thousand dollars of its outstand-
ing Indebtedness becoming due on
or about August 21st, 1881, under the
provisions OF articles two and three,
OF chapter eighty-three, entitled "Of
Municipal Bonds" in the second vol
ume of the revised statutes of Mis-
souri,, of 1879; there are hereby au-
thoriZed to be issued, for and on be-
half of the Inhabitants of the City OF
Mexico. Missouri, renewal bonds,
amounting in the aggregate to the
sum of six thousand dollars; said
bonds to be substituted for and to
take the place of the six thousand
dollars outstanding indebtedness
now existing against said city in
its corporate capacity, and due in
August, 1881.
SEC. 2. Said renewal bonds shall
each be of the denomination Of one
thousand dollars, and shall be due
and payable twenty years from the
date of their issue at the office of the
Treasurer for the City of Mexico,
Missouri; redeemable, however, at
the place aforesaid, at the pleasure
| of fl,n lN.tr Ncn{ of coil nt,, 40
any time after ten years from the
date of their issue; and each of said
bonds shall have forty interest cou-
pOns thereto annexed.
SEC. 3. The coupons attached to
said bonds shall each be signed by
the mayor of said city, and counter
signed by the clerk of the city coun-
ell. and the first of said coupons shall
be for the sum of twelve dollars and
fifty cents, and payable at the office
ofthe Treasurer, for the said City of
Mexico, OF the LIST day of January,
! 1882 and each ofthe remaining cou-
pons shall be for the sum of twenty.
five dollars and payable, successfully,
at the place last aforesaid, at the end
of each six months from the date last
aforesaid, during which said bonds
may run.
SEC. 4. That said bonds shall each
be signed by the Mayor of the City
Of Mexico, Missouri. the seal of said
city thereto attached, and shall each
be countersigned by the Clerk of the
City Council of said city, and by him
numbered, and they shall be, by the
Mayor of said City, when so made,
numbered and authenticated, deliy'
/ cred to the Treasurer of said City
who shall give his receipt therefor
to the Mayor.
SEC. 5. The Treasurer of said City
shall present said renewal bonds tt
the State Auditor for registration
: after which he shall dispose of sale
? bonds under the orders of the Cit,
, Council, and with the money arising
from the sale of the same, he shall
pay off the said six thousand dollar
of outstanding indebtedness now cx
listing against said city; provided
however, that said renewal bond
, shall not be disposed of at less thai
nlnety-seven cents on the dollar.
SEC. 6. On the redemption of eacl
: obligation the Treasurer shall writ
on its face the date of such redemp
. ton and the word "'cancelled," an,
retain the same in his office until tn
q whole of said six thousand dollar
shall be redeemed, after which sal,
& obligations shall be publicly burne,
q in the presence of the City Council
and the Clerk of said Council shaI
Il record in his office the date of sue
burning; but no obligation of til
y said City of Mexico shall be burne'
or destroyed until the Clerk of tn
City Council shall have recorded j
e his office a full description of cac
n obligation to be destroyed and tn
IS date of its redemption.
If SEC. Z. For the payment of tn
coupons aforesaid and the redemy
), ton of said bonds, there shall b
. levied and collected, by the said Cit
Il of Mexico, an annual tax of ten cen
on the n hundred dollars of IL
assessed value of all taxable prOpert
Y in said city; and onc-half of whic
j. tax, when collected, shall be set apal
f. by the City Treasurer for the pa,
: meut of the coupons aforesaid, ;
, they become due, and the other ha
ID of said tax, when collected, shall
q set apart by said City Treasurer as
sinking fund for the ultimate +
demptiOn of said six thousand do
l. lars of bonds and, as said sinkir
20 fund shall accumulate III the han,
of said City Treasurer, he shall inve
the same in such securities, for Il
benefit of said city, as said Gil
Council may direct.
SEC. 8. This ordinance shall tai
effect and be in force from and aft,
its publication.
j. Approved this 18th day of Septer
Der, 1881.
s. j, CeBASSFORD. MavOr.