Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-14
LEGAL
ORDINANCE NO. liz

An ordinance to provide for borrowing one
hundred and fifty thousand dollars Sl50,0OO
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 Bairhaven, held on the Sth
day of April, A. d. 1891 special electioH
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
gotiabe 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. d. 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, 1t appeared, and was so found by
the council that more than three ifths of
of borrowing the sum aforesaid and issuing
the negotiable coupon bonds OF the city
therefor; and,
thousand dollars GS15O,0O0 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
The said council of the city of Fairhaven
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 term Of twenty years, the sum
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 in the name of the City of Fair
haven. signed by himself 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
AN act to authorize cities and towns to bor-
row money for municipal purposes and to
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, and 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 hereinbefore pro-
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 may deem
best, for period of at least twenty (}0 days
preceding the day of sale; provided SAID
bonds shall not be sold for less than par and
accrued interest.
Passed June 30, 1891.
Approved June 4th, 1901.
Attest
1891 D. DAUS EGAN, CITY Clerk