Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-28
LEGAL
ORDINANCE NO. ll2

An ordinance 10 provide for borrowing one
hundred aud fifty thousand dollars sl5O,0OW
for municipal purposes and S anthor hIn
bonds of the city therefor.
PREAMBLE
Whereas. BY an ordinance passed and APP
proved at a regular meeting Of the city cOun-
ell of the City of Fairhaven. held on the Sth
day Of April. A, d. 1891. "a special election
was called for the purpose of submitting 10
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-
yided By law and the city charter, on the I'd
day of May, n, ID. 1891; and
Whereas, The vote cast at said election
was duly canvassed on the 9th day of May,
A. d. 1891, by the city council as provided In
the charter of said city; and,
Whereas, ltappeared, and was so found by
the council that more than three-hfths 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 S15O.OO0 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 r.,.,o.
L
| do ordain as follows:
SECTION 1. 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 tenn of twenty years, the sun
of one hundred and fifty thousand dollars
/ at six per cent. interest payable semi.
| annually.
! SEC ?. That to secure the payment of the
| sum so borrowed. and the interest therefor
| the mayor is hereby authorized and directed
| to issue i'm 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
| Of the character and form provided for II
| Ordinance No. Ill of the ordinances of sale
! city, and in pursuance of an act entitled
| AN act to authorize cities and towns to Dor
row money for municipal purposes and t
issue negotiable bonds therefor, approved
| May Z, A. d. 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 wher
| and where payable of ecch and every of saiC
| bonds. executed, issued or sold hereunder.
| SEC. 4 When said bonds have been signed
attested and sealed. as hereinbefore pro
| vided, the mayor and executive COMMITTEES
Of this council shall negotiate the sale of tn,
4 same. after having duly advertised the SAINT
for sale, in such manner as they may deem
best, for "A period of at least twenty t20) day
preceding the day Of sale; provided salt
| bonds shall not be sold for less than par ant
accrued interest.
| Passed June Sd, 1891
| Approved June 4th. 1891.
E. NJ. WILSON, Mayor
Attest:
1891 d. DAUs EGAS, City Clerk.