Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-09
Ordinance ILL.,
BONDS
$3.50, 900 Non-Optional Twenty
Year Six Per Cent.
Gold Bonds
Fairhaven, State of Washington

On or about July LIST. A. ID. 1891, the city OF
Fairhaven, Whatcom county, State of Wash
ington, will issue sI5O,OOO twenty-year six per
cent. gold bonds. These bonds are OF the de-
nomination of 81 900 each. will be dated July
list, A. ID. 1891 mature in twenty years. Bear
interest at the rate of six per cent, payable
semi-annually, interest and principal. pay
able IN the City OF New York. The population
Of said city is 1000. The last assessment roll OF
said city, previous to the date hereof. equal
lied August lth, A. ID. 1890, shows that the as
sessed valuation OF the taxable property of
said city is S,437.4O9. The real valuation IS
about l2OO0,0O0 The entire existing aud
contract Indebtedness OF every form, evil
denced by warrants, current accounts and
contracts already awarded, including street,
sewer. salary and all other contracts that
are either an indebtedness or liability
against the City Of Fairhaven at the date of
the passage of the ordinance authorizing the
election for the purpose OF voting on the
question OF issuing said bonds, to-wit;
April sth, A. ID. 1891, was sll0,56ll -, and that
said Indebtedness has not been increased
This issue Of si5O,OOO is the first issue OF
bonds ever made by said city. and Is the
first issue OF the s25O,OOO authorized at said
election. The remaining 100000 OF said
t2jO,O0O will not be borrowed for several
months. Said bonds will bear date July 1st,
A. ID. 1891. and be ready for delivery on or
about August lst, A. ID. 1891. the purchaser TO
pay accrued interest from July LIST, 1891, TO
date of payment of sum bid. The interest Is
payable July LIST and January lst first inter
| est payment being January list, A. D. 1892
| Said bonds are issued for general municipal
| purposes, pursuant to an act OF the legisla-
| ture or said state, entitled An act TO au-
thorize cities and towns TO borrow money for
municipal purposes. and TO issue negotiable
| bonds therefor approved March 9TH, A. ID.
! 1891, said act, while general in It's terms, was
drafted expressly for the purpose of this
| issue. There has never been default In
either principal or interest In any obligation
of said city, and these bonds are issued by
virtue OF. and In strict conformity with, the
| constitutional and statutory provisions and
ordinances relative thereto. These bonds
! contain all necessary recitals and create an
obligation that cannot be resisted by said
city and may be taken In complete reliance
on their legality.
These bonds will not be sold at private
sale but will be sold In whole or In part TO
! the highest bidder. Sealed bids endorsed
| Z Bids for General Municipal Pur-
pose Bonds" will be received by the sec
rotary OF the undersigned at the First Ma
| tional Bank OF Fairhaven, Washington, UNI
I'll ~ O'Clock noon. June Goth. A. j. 1891, for
the purchase OF any or all OF said Issue of
sl5i,OO0 when the same will be opened and
allotment made as soon thereafter AS prac-
| A certified check. payable 10 the order OF
I. S. Richards, city treasurer, for FIVE per
cent. OF the par value of the bonds bid FOR
must accompany all bids. said bids 20 state
the price and terms Of delivery OF bonds and
| payment thereon.
Bids will be opened I'm the directors room
of the First National Bank. Fairhaven
| Washington. BY the UNDERSIGNED mayor and
executive committee on said June ~, A. ID
1891. at l2:l5 p m;
The right 10 reject any ana all Dlds IS re-
served.
Address all bids and correspondence to Y
w. Christopher. secretary, care OF First Ma
tional Bank, Fairhayen. Washington.
BY order OF the mayor and executive com
mittee OF the council of the City OF Fair
haven. . -
f. NJ. WILSON, Mavor.
y. W. CHRIsToPHKR,
j. NJ DARLING,
Il. J. KINGHORS.
Executive Committee,
Attest:
z. w. CHRISTOPHER, Secretary.
Dated June 9Th, A. d. 1891.