Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-12
LEGAL
ORDINANCE NO. liz

An ordinance 10 provide for borrowing one
hundred and fifty thousand dollars (sl5O,gOO
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-
ell of the City of Fairhaven, held on the sth
day OF April, A. ID. 1891, special electios
was called for the purpose OF submitting 10
the qualified electors of the CITY OF talr,
haven the question, whether said city should
borrow two hundred and fifty thousand dol
lars for municipal purposes ana issue It's ne
gotiable coupon bonds therefori and
Whereas, Said election was held as pro,
vided by law and the city charter, on the "a
day of May, n ID. 1891; and,
Whereas, The vote cast at said election
was duly canvassed on the 9th day OF May,
A. ID. 1891, by the city council as provided III
the charter of said city; and,
Whereas, Itappeared, and was SO found by
the council that more than three-hfths OF
| the votes cast at said election were In taVor
Of borrowing the sum Aforesaid ana tb rss1 city
! therefor; and, ma.
Whereas the sum of one hundred and fifty
| thousand dollars txl50,000l will fully meet the
present needs OF the city for municipal pur-
poses; and,
Whereas, The mayor and executive com
mittee OF tins COUNCIL wefe antSnrized tc
have properly Autographed negotiable cou-
pom bonds OF said city; therefore 49,
| The SAID council OF tine CITY oi nhhh"'Sh
| do ordain AS follows:
SECTION 1. That for municipal purposes
| the mayor and executive committee OF tnis
council are hereby authorized and directed
| 10 borrow on the credit of the CITY OF falf'
haven for a term OF twenty years, the sun
of one hundred and fifty 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
TO issue in the name of the Clty OF falr
haven, signed by himself as such mayor, AT
| tested by the city clerk, under the seal
the city. one hundred and nifty negotlaDi'
coupon bonds Of one thousand dollars each
of the character and form provided Tor II
Ordinance No. III of the ordinances OF salt
city, and In pursuance OF an act enulule'
AN act to authorize cities and towns 10 Dor
row money for municipal purposes ana u
issue negotiable bonds therefor, approved
May Z, A. ID. 1891"
SIC 3. The treasurer of said city shall
keep a register of all OF said bonds, whicl
register shall show the numbers; date
amount. interest, name OF payee. ana whel
and where payable of each and every OF SAT-
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 commute
of this council shall negotiate the sale OF IN
same. after having duly advertised the sam
. / for sale, in such manner as they may deef
, best. for a period of at least twenty GOD day
4 preceding the day of sale; provided SAT
. bonds shall not be sold for lcss than par an
accrued interest.
Passed June Sd, 1891.
f. M WILSON, Mayor.
: Attest:
q 1891 ID. DAUS EGAN, City Clerk.