Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-23
IEoAI
ORDINANCE NO. ll2


An ordinance to provide for borrowing one
hundred and fifty thousand dollars 8l5ooOO
for 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 a regular meeting OF the city coun-
oil OF the City of Fairhaven. held on the 18Th
day OF April. A. ID. 1891. special electios
was called for the purpose OF submitting u
the qualified electors OF the City OF fair
haven the question, whether sa Id city should
borrow two hundred and fifty thousand dol
lars for municipal purposes and issue It's 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,
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 80 found by
the council that more than three~tifths OF
the votes cast at said election were In favor
OF borrowing the sum aforesaid and Issuing
the negotiable coupon bonds OF the city
therefor; and,
Whereas the sum OF one hundred and fifty
thousand dollars Csi5O,OO0 Will fully meet the
present needs OF the city for municipal pur-
poses; and
Whereas. The mayor and executive COM
mlttee Of this council were heretofore, To-
wit, by Ordinance No. III. duly authorized u
have properly Autographed negotiable cou-
pom bonds OF said city therefore
The said council OF the city OF Fairhaven
do ordain AS follows;
SECTION 1. That for municipal purposes
the mayor and executive committee or 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 fifty thousand dollars
at six per cent. interest payable semi
annually.
SEC 9. That TO secure the payment OF the
sum so borrowed. and the interest therefor,
the mayor Is hereby authorized ana directed
TO issue In the name OF the City OF falr
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.
OF the character and form provided Tor ~
Ordinance No Ill OF the ordinances or said
city, and In pursuance OF an act entitled
AN act TO authorize cities and towns TO Dor
row money for municipal purposes ana 10
issue negotiable bonds therefor, approved
May Z, A. ID. 1891"
SEC. 3. The treasurer OF said city shall
keep "A register OF all OF said bonds, which
register shall show the number; date,
amount, interest, name OF payee, ana when
and where payable OF each and every OF said
bonds executed, issued or sold hereunder.
SEC. When said bonds have been signed,
attested and sealed, as bereinbefore pro
vlded, the mayor and executive committee
of this council shall negotiate the sale OF the
same. after having duly advertised the same
for sale In such manner as they NAV deem
best, for period OF ut least twenty CSO) days
preceding the day OF salei provided SAID
bonds shall not be sold for less than par and
accrued interest.
Passed June 3D. 1891
Approved June sth, 1891
f. NJ. WILSON, Mayor.
Attest:
1891 ID. DAus EGAs, City Clerk.