Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-26
LEGAL
ORDINANCE NO. ll2

An ordinance to provide for borrowing one
hundred and fifty thousand dollars (sl50,10D
Tor municipal purposes, and authorizing
the issuance OF the negotiable coupon
bonds OF the city therefor.
PREAMBLE
Whereas, BY an ordinance passed and APP
proved at regular meeting OF he city coun-
ell OF the City Of Fairbaven, held on The sth
day OF April. A. ID. 1891. a special electios
was called for the purpose of submitting u
the qualified electors OF the city OF Fair
haven the question, whether said city should
borrow two hundred and fifty thousand dol
lars for municipal purposes and issue its ne
gotiable coupon bonds therefor; and
whereas, Said election was held AS pro-
vided by law and the city charter, on the I'd
day of May, n. ID. 1891; and.
whereas, The vote cast nj said election
was duly canvassed on the 9th day OF May,
a. ID; 1891, by the city council as provided In
the charter OF said city; and,
Whereas 1t appeared, and was SO found by
the council that more than three-tfths of
the votes cast at said election were In favor
OF borrowing the sum aforesaid and issuing
therefor; and,
Whereas, the sum of one hundred and fifty
thousand dollars ls15O.UN will fully meet the
present needs of the city for municipal pur-
poses; and,
Whereas. The mayor and executive com
mittee OF this council were heretofore, to-
wit, by Ordinance No. III. duly authorized to
have properly Autographed negotiable cou-
pom bonds of said city; therefore
The said council of the city OF Fairhaven
DO ordain MS follows:
SECTION I. That for municipal purposes
the mayor and executive committee OF this
council are hereby authorized and directed
10 borrow on the credit of the City of Fair
haven. for a term of twenty years, the sum
OF one hundred and dfty thousand dollars
at SIX per cent. interest, payable semi
annually
SEC. 2. That to secure the payment of the
sum so borrowed. and the interest therefor,
the mayor Is hereby authorized and directed
10 issue in the name of the City of Fair
haven, signed by himself as such mayor, at
tested by the city clerk, under the seal OF
the city. one hundred and fifty negotiable
coupon bonds Of one thousand dollars each,
Ordinance No III of the ordinances of said
city, and In pursuance of an act entitled
AN act to authorize cities and towns to bor-
row money for municipal purposes and to
issue negotiable bonds therefor, approved
May Z, A. ID. 1891"
keep register of all OF said bonds, which
register shall show the numbers; date,
amount, interest, name Of payee, and when
and where payable of e2ch and every of said
bonds, executed, issued or sold hereunder.
SEC. When said bonds have been signed
attested and sealed, as hereinbefore pro-
vlded, the mayor and executive committee
of this council shall negotiate the sale OF the
same. after having duly advertised the same
Tor sale, In such manner as they NAV deem
best, for period of at least twenty C20) days
preceding the day of sale; provided SAID
bonds shall not be sold for less than par and
accrued interest.
Passed June Sd, 1891.
Approved Jane 4th, 1891.
f. NJ. WILSON, Mayor.
Attest:
1891 d. DAUS EGAN, City Clerk.