The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-10-25

DROVO CITY BONDS FOR SALE-ONE
L hundred and twenty thousand dollars OF
seven az per cent. municipal bonds for sale.
Inc undersigned in pursuance OF an order OF
the city council of Provo City, hereby adver-
tises that bids will be received at his office in
Provo City, Utah, at any time from the date
hereof until the hour OF II O'clock noon on the
l4th day of Nov mber, A. D. 1891, for the pur-
chase OF the bonds hereinafter mentioned,
namely; One hundred and twenty bonus, each
OF the denomination OF one thousand dollars,
of the engraved negotiable coupon bonds Of
Provo City, bearing seven per centum interest
per annum, payable semi-annually on the first
days Of April and October of each year. at the
First \ at1onal bank OF Provo, Provo City, or
the Chemical National bank of New rk, New
York city, at the option II the purchaser Of
said bonds. Said bonds are dated october |,
A. D. 1891, and bear interest from that date; the
principal OF said bonds is payable in gold coin
OF the United States within twenty years from
the date OF their issue, but redeemable at the
pleasure OF Provo City after ten years from
date. Provision is made in the ordinance
authorizing the issue of sad bonds. that at the
expiration of ten years from the date Of said
bonds there shall be set apart and appropriated
out Of the general funds in the city treasury Of
said city annually the sum OF S12 TO be
placed by the treasurer Of said city in fund
to be known as the redemption fund" for the
redemption of said bonds It is further pro-
yided that whenever, after the expiration OF
ten years from the date OF issuance of said
bonds, there ts available IN the 8 i'd ''redemp-
ton fund" the sum Of Sl2 $40 or more, it shall
amount OF money in said fund and the number
of bonds, numbering them in the order of their
issue, commencing at the highest number then
outstanding, which said fund Is set apart
to pay and discharge. and the date when
they will be paid and if such bonds so num-
bered in such advertisement shall not be pre-
sented for payment and cancellati at the
expiration of the date ment oned in such adver
t1sement, then such fund shall remain in the
city treasury to discharge such bond whenever
presented for payment. but sucn bond shall
draw no interest after the date mentioned in
such publication. The bids will be opened at
II o'clock noon, November IL, 1891, at the Office
of the undersigned, at Provo City Utah, but be-
+, re any sale and award is made security may
be reQui ed of the success III bidder for cornpli
ance with the terms of his bid, and the said
Provo City reserves the right to reject any and
all bids. Bids may be for all or any part OF said
bonds The bonds offered are issued TO con-
Struct system OF waterworkS for dome tic and
municipal purposes, and in pursuance OF an act
of the legislative assembly of Utah territory.
entitled AN act provid ng for the incorporation
OF cities" approved March IT, 1888 and Of an
dinance of Provo City, entitled AN ordinance
providing for the issuing and disposing of NUM-
ctpal bonds" passed September g. A. D. 1891
The city has no debt bonded otherwise; is
| restricted to creating any bonded Indebtedness.
except for the construction Of waterworks al d
other municipal purposes, and is limit ed in it's
power to create any Indebtedness for any pur.
pose exceeding per cent. Of its taxable vaua-
ton, as shown by the last assessment of its
poses. Any Indebtedness attempted to be cre-
ated in excess thereof is declared void. These
bonds are exempt from municipal taxation.
JAMES E. DANIELS.
Treasurer OF Provo City.
Provo OitI. October IL. 1891.