The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1882-06-11
AN ORDINANCE.

"AeA h1NSl WI luo CAlluB ulSllultul VI
fires, and to supply the inhabitants
thereof with water for domestic, man
~ufacturing and for other purposes.
The city council of the city of Cheyenne
do ordain
Section l. That in pursuance Of the
authority conferred upon the city of
Cheyenne by the legislative assembly of
the territory of Wyoming, at its sew
enth session, by an act entitled An act
to enable the city of Cheyenne to pro-
vide a water supply for the Inhabitants
thereof, to extinguish fires and for other
purposes" approved March 9, 1882,
there shall be issued the bonds of the
city of Cheyenne in the necessary
amount, not exceeding seventy-Gve
thousand dollars 1876, 0OO), for the pur-
pose of constructing and maintaining
a system of water works to.supply the
city of Cheyenne with water for the ex-
tinguishment of fires and to supply the
inhabitants thereof with water for do
nestle, manufacturing and other pur-
poses.
Sec. 2. The bonds issued in pursu-
ance of the provisionsof this ordinance,
and said act. shall be numbered from
one upward and shall be of the denom-
ination of five hundred dollars (S5OO).
The bonds shall be issued from the first
day of August, A. d, 1882, andEmade
payable in twenty years from the date
of their issue, OF sooner, as hereinafter
provided. They shall bear interest at
the rate of seven ~ per cent per au-
mum, payable on the first day of Janu-
airy in each year. The bonds shall be
signed by the mayor and countersigned
by the city clerk and city treasurer, and
shall have stated in the body thereof in
general terms the authority under
which they are issued, and shall pledge
the taxable property and credit of the
city for their payment.
Sec. 3. The city treasurer shall keep
a book in which shall be registered all
of said bonds, showing the number of
the bond, the date OF issue, to whom
issued, amount, date of redemption
and payment of interest, which book
shall be open to any and all persons de-
sirlng to examine the same during bus
mess hours; any person holding any of
said bonds may have the same so in
dorsed on the face of the bond by the
city treasurer, that such bonds shall
be only transferable by registration on
Lllo pOOho VI IIlo ClI1 bledAulGI.
Sec. 4. The bonds issued in pursuance
of the provisions of this ordinance shall
have coupons attached representing
each installment of interest to be paid,
and said coupons shall be detached from
the bond before the payment of the in
terest represented thereby. and the city
treasurer shall forthwith cancel the
same by cutting out with a stamp the
word INV morocco tho fnap 4IpraNf
and as rapidly as the said bonds are
paid shall cause the words paid" and
cancelled" to be cut in the body of the
bond.
Sec. 4. The city council shall have
authority to negotiate the sale of the
said bonds for cash at the best price
obtainable; provided, said bonds shall
not be sold at a rate less than ninety
five per centum of their par value, and
the proceeds realized from the sale
thereof shall be used for the purpose of
paying the cost and expense of con
structing and maintaing said system of
water works.
Sec. 6. In each year from the sixth
to the tenth year, both inclusive, in ad-
dltion to the interest to be paid, there
shall be redeemed by the city at least
n twenty-tifth of all the bonds issued;
each year from the eleventh to the lif-
tenth, both inclusive, i'll addition to
the interest to be paid there shall be
redeemed by the city at least one fif-
teenth of all the bonds issued: each
year from the sixteenth to the TWEEN
Uieth years, both inclusive, in addition
to the interest to be paid, there shall be
redeemed by the city at least one fifth
of all the bonds outstanding at the
commencement of the last named
period. Said bonds shall be redeemed
i'll the order in which they are issued,
beginning with number one and pro-
ceeding consecutively upwards, by pay
ing the interest and principal due, and
cancelling the same in the manner
hereinbefore provided.
Sec. 7. The interest and principal
shall be payable at the city treasurer's
office i'll the City of Cheyenne at the
time when due or made redeemable. 1t
shall be the duty of the city council, as
soon as practicable after the annual col
lection OF taxes in each year, to prOXide
for the redemption of the bonds AS
hereinbefore provided, and by resolution
direct the city treasur to pay or redeem
the portion thereof redeemable in such
year, and it shall be the duty of the
city treasurer thereupon to notify the
holders of the bonds to be redeemed by
personal notice, when the same can be
given, or by publication in some news
paper published in the City of Chey-
enne for ten consecutive days, that the
bonds, numbering them and giving the
amount, will be paid IN presentation to
the city treasurer. II said bonds are
not presented within thirty days from
such personal notice, or the completion
of the publication as herein provided,
they shall cease to draw interest there
after, land the surplus fund may be
used to retire other bonds than those
noticed or advertised, and Immediately
in the order succeeding; and If byEsO
doing not enough money remains, the
bonds advertised or noticed need not
be paid until the next year.
Sec. 8. There shall be annually levied
by the city council a sufficient amount
of tax to pay the interest on said bonds
and to redeem the portion thereof re-
deemable in such year; the money col
lected by such tax shall be know as
the water bond tax and shall be
used for the payment of the interest
and principal of said bonds and for no
other purpose.
Sec. g.. The said bonds shall be put
in form and issued under the direction
Of the mayor and city council, and the
city treasurer is hereby declared to he
the custodian of the bonds and the
moneys arising from the sale of bonds
and the moneys collected from said an
nual tax for the purpose of paying the
interest and principal of SAID bonds.