Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-06-11
LEGAL
ORDINANCE NO. liz

An ordinance to provide for borrowing one
hundred and fifty thousand dollars el50.oOO
Tor municipal purposes, ana 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 Fairhayen, held on the sth
day of April, A. ID. 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 ifty thousand dol
lars for municipal purposes and issue It's ne
gotiable coupon bonds therefor; and
Whereas, Said election was held as pro,
vided by law and the city charter, on the "a
day of May, a. ID. 1891; and,
Whereas, The vote cast at said electlon
was duly canvassed on the 9th day or May,
A. ID. 1891, by the city council AS provided In
the charter Of said city and, 80 ,o,,na nv
the council that more than three-hfths OF
the votes cast at said election we're 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 Csl50.000 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, 70
wit, by Ordinance No. Ill. duly authorized 10
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 mum; ipal purposes
the mayor and executive committee or TINS
council are hereby authorized ana directed
to borrow on the credit of the City OF FAR
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. g 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 falf
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 m
| Ordinance No. Ill OF the ordinances or sald
| city, and in pursuance OF an act enIltleu
| 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 a register of all of said bonds, which
| register shall show the numbers; date
amount, interest, name Of payee, and whe1
| and where payable of each and every OF said
bonds, executed, issued or sold hereunder.
| SEGA When said bonds have been signed
| attested and sealed as hereinbefore pro
vided, the mayor and executive committed
| 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 c20 days
preceding the day OF sale; provided SAD
bonds shall not be sold for less than par anC
accrued interest.
| Passed June Sd, 1891.
| Approved June 4th, 1891.
f. NJ. WILSON, Mayor.
Attest:
| 1891 ID. DAUN EGAN, CITY Clerk.