Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-30
LEGAL
ORDINANCE NO. liz

An ordinance TO provide for borrowing one
hundred and fifty thousand dollars @f5U00JD
Tor municipal purposes, and authorizing
the issuance of the negotiable coupon
bonds OF the city therefor.
PREAMBLE
Whereas. BY an ordinance passed and ap-
proved at a regular meeting OF the city coun-
Gil OF the City Of Fairhaven, held on the sth
day Of April A. ID. 1891, special election
was called for the purpose of submitting to
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
gotiabie coupon bonds therefor; and
Whereas, said election was held as pro-
yided by law and the city charter, on the I'd
day of May, n. ID. 1891; and,
Whereas, The vote east at said election
was duly canyassed 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-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 (Si5O.00O 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
Inc sa1u council OF the city or falfhdNeH
do Ordafn as follows:
SECTION 1. That for municipal purposes
the mayor and executive committee of this
council are hereby authorized and directed
to 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.
SIC 2, That to secure the payment of the
sum so borrowed. and the interest therefor,
the mayor is hereby authorized and directed
TO Issue In the name of the CITY or FAR
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 for In
Ordinance No. III OF the ordinances of said
city, and in pursuance of an act entitled
IAN act to authorize cities and towns to Dor
row money for municipal purposes ana to
issue negotiable bonds therefor, approved
May T. A. ID. 1891"
SEC. 3. The treasurer of said city shall
keep register of all of said bonds, which
register shall show the number; date,
amount. interest, name Of payee. and when
and where payable of eGch and every of said
bonds, executed, issued or sold hereunder.
SEC. When said bonds have been signed,
vided, 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 at least twenty C2O) days
preceding the day of sale; provided SAID
bonds shall not be sold for less than par and
accrued interest.
Passed June 3D., 1891.
Approved June 4th, 1891.
f. NJ. WILSON, Mayor.
Attest
1891 ID. BAuS EGAS, City Clerk.