Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1892-05-20

An ordinance TO provide for borrowing
seventy-hye thousand dollars G15,OOO for
municipal purposes, and authorizing the
Issuance of the negotiable coupon bonds of
the city therefor.
PREAMBLE
WHEREAS, By an ordinance passed and
approved at regular meeting OF the city
council of the City Of Fairhaven, held on the
sth day of April A. d. 1891, "a special election
was called for the purpose of submitting 90
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 It's
negotiable coupon bonds therefor; aud
WHEREAS, Said election was held as pro-
vided by law and the city charter, on the I'd
day Of May, A, ID. 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 Ia
the charter Of said city; and
WHEREAS, II appeared and was so found
by the council, that more than three-tifths
OF the votes cast at said election were In
favor Of borrowing the sum aforr said and
issuing the negotiable coupon bonds Of the
city therefor; and
WHEREAS, The sum Of one hundred and
fifty thousand dollars (Sl50,O00 has been, in
pursuance of the foregoing, borrowed by the
City of Fairhaven; and
WHEKEAS The additional sum Of seventy
FIVE thousand dollars $4,000 is by the city
council deemed necessary for the present
needs. Of the city for municipal purposes;
therefore
The city council of the City of Fairhayen do
ordain as follows:
SECTION /. That for municipal purposes
this council borrow on the credit Of the City
OF Ia iFhaVen, for q term OF twenty years, the
sum of seventy-tive thOusandd Ollars (S7j,000
at per cent, interest. payable semf-annu-
ally.
SEC. 2. That TO secure the payment of the
sum so borrowed aud the interest therefor,
the mayor is hereby authorized and directed
to issue in the name Of the City Of Fair
haven. signed by himself as such mayor, at
tested by the city clerk under the seal Of the
city, seventy-hve negotiable coupon bonds
OF one thousand dollars each. said bends
shall be numbered from one hundred and
hfty-One d5ii up to two hundred and twenty
five (225) both inclusive.
SEC 8 That the coupons attached to each
OF said bonds shall be forty ti0) in nun Der
and shall be numbered from one ~ to forty
40 both inclusive.
SEC 1. Said bonds shall bear date January
first 0st), 1902. and shall be made payable
twenty (2O) years after the date thereof;
both principal and interest thereof shall be
payable in gold coin OF the United States OF
America, and these bonds shall have printed
thereon copy OF an act, entitled IAN act to
authorize cities and towns to borrow money
for municipal purposes and to issue negO-
tiHble bonds therefor" which act was APP
proved March 7, A. ID. 1891 and shall also
have printed thereon ordinance No. l0i Of
the ordinances Of said city, together with a
statement for signature by the mayor and
clerk OF said city, showing the result Of the
election pursuant to which said bonds were
authorized TO be issued Said bonds shall be
made payable at such place as the mayor
and city council may designate in said
bonds and the interest thereupOn shall be
payable at the same place as the principal
emi-annually upon the surrender OF the re-
spectiye coupons a. MCKENZIE,
Attest: Mayor
+. II. ANDERSON, City Clerk
Date OF publication May 20, 1872.