The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-04-26

purposes specified above. win vote . ballot
containing the words:
In favor q che city OF Seattle Issuing bonds in
the sun OF nine hundred and ffsy -ive fbca-
sand dollars for water and sewerage purpossa
= set forth In ordinance No las OF the city of
Seattle.
Every vossr Who shall vote against the
proposition viii vote . ballot containing
the words:
Against the city Of seattle Issuing bonds IN
the sam Of nine hundred and ffty i've thousand
dosiau for water and sewerage purposes. - 90
forth in ordinance No. LxsS Of the city Of
Seattle
PORN OF THE BOMBS
IT three-fifths Of the voters of the city
shall vote in favor Of authorizing the city
OF Seattle to issue bonds In the sum of
$oS.oO. to Be expended in the manner
provided by this ordinance. the mayor of
said city and committee on finance of the
city council shall be authorized to have
printed and engraved bonds of the city to
the amount of $4,000, which shall be
styled Seattle Water Works and Sewer
Bonds" The bonds shall be payable
twenty years after their issue to -
or bearer. Al the Office of the treasurer of
Seattle, shall bear interest at the rate of 5
per cent per annum and have attached
thereto semi-annual coupons, payable at
the city of New York or at the Office of the
city treasurer OF Seattle, at the option of
the holder or holders OF said bonds, on the
LIST day of January and the first day of
July OF each year. The bonds shall be
H. 81 - \
nations of not less than 500 nor more
than 81 600; the bonds and each coupon
thereof shall be signed by the mayor and
attested by the clerk under the seal of said
city; shall he numbered consecutively
from number one upwards rs issued. and
bear the date OF their issue: shall be regis
tered by the city clerk in q book to be kept
especially for that purpose
INTEREST AND REDEMPTION OF BONDS
To provide for the payment of interest
on the bonds, there is by the ordinance
levied, set apart and specially appi opriated
an annual tax of 81. mills on each dollars
worth OF all property. real. personal and
mixed. within the city Of Seattle, not
exempt from taxation by the constitution
and laws Of the state; such tar TO be
assessed, to become due and collected an
nually until principal and interest of said
bonds are fully paol up and discharged
as other taxes are levied and collected for
general municipal purposes. Before seven
years prior to the maturity OF the bonds or
any Of them. an annual sinking fund tax
sufficient for the payment of the bonds at
maturity shall be levied and collected as
other taxes are levied and collected for gen.
eral municipal purposes. and if at any time
such tax shall be found insufficient to yield
tor the payment OF said interest and sinking
fund. annually, asum equal to 81 per cent
of ail bonds issued, it is made the duy OF
said city council to set apart and appro-
pirate such additional amount of the gen.
eral revenue as may be necessary and sufi-
cient to supply such insufiiciency.
1t is made the duty of the city treasurer
TO place all moneys collected and received
from the tax levied to pay the interest upon
bonds rs the same accrues to the credit of
the interest fund of the bonds, and after
the tax is levied and collected to pay the
interest and principal of the bonds at ma
turity, it is then the duty of the city treas
urer to place ail such moneys collected and
received from the tax levied to pay the in
terest and principal of said bonds at ma
turity to the credit of the interest aud
sinking fund, and he is required to divide
the revenue between the interest and sink
ing fund as follows, to-wit: Five-sevenths
of said revenue to the credit of the interest
fund and two-sevenths thereof 10 the credit
of the sinking fund.
The city council is required to cause the
sinking fund, and all accretions thereof. to
be invested in Seattle city bonds, in bonds
Of the state OF Washington, or in bonds OF
the United States, rs they may from time
TO time determine. upon the accumulation
of each two thousand dollars Of the fund.
The interest and sinking fund are by the
ordinance made special funds for the spec
ial purposes named. and are disbursable
only for the purposes for which they are
respectively created. Any officer OF the
city misapplying these funds shall be guilty
of misdemeanor, and shall be fined in
any sum not exceeding one hundred dol
lars and imprisoned in the city Jail for any
period not exceeding thirty days.
The mayor and committee on finance of
said city council are empowered to nego-
tiste and sell the bonds; but they must not
be issued at less than par nor the proceeds
be used for any other purpose than those
prescribed.
The city treasurer will. during the months
OF June and December of each year. not
later than the 2o.h OF each OF such months.
transmit sufficiency Of money in the in
terest fund to each National or other
bank or trust company - may b selected
by the city council for the purpose OF paw
ing the interest on each of said bonds in
the city of New York as the holders there
OF may desire, and in such manner rs the
mayor and committee on finance and rev.
enue may direct
1t will be the duty Of the city clerk to
note upon the face OF each bond as we'll ~
on the registry Of such, the purpose for
which said bonds were issued. towit: For
water works." or ''for sewers"
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