Las Vegas free press. (East Las Vegas, N.M.) 1891-1???, 1892-03-14

nishing of the town buildings now under con-
( tract and in course of erection in said town
and for no other purpose, therefore;
BE 1t ordained by the Board OF Trustees OF
the town of East Las Vegas, New Mexico:
That there be issued bonds of the said town
of East Las Vegas to the amount of ten thou
sand dollars, (par valued, bearing interest at
the rate of six per cent per annum, interest
payable semi-annually on the first day of jan
uary and the first day OF July, of each and
every year, commencing the first day of jan
uary A. ID. 1898, until the full payment OF the
principal of said bonds be made as provided
for in this ordinance and said bonds to be des-
ignated and known as tho town hall compile
ton bonds.
said bonds to be issued and sold for the pur-
pose of raising money and means with which
to pay for the completion of the town hall
now under construction and the furnishing of
same when completed for the use of said
town.
Said bonds to be issued underthis ordinance
to run, mature and to become absolutely paya-
able i'm thirty years from the date of the issue
of same, but redeemeble and payable at the
option and will of said town ut any time after
the expiration of ten years from the date of
their issue upon the tender or payment OF the
face value of same or any of said bonds and
der of payment. Such payment to be made
in the legal tender of the United States, and
public notice In any newspaper pub |
iished and circulated in said town at any time
after the expiration of said ten years, for |
the period of thirty days, calling for the re-
demptiOn of all or any of SAID bonds, or in |
some newspaper at the place where said bonds |
are made payable, shall be construed to be |
full notice TO the holder or holders of said |
bonds of the desire and wish OF said town to |
redeem the same, and the same shall not draw |
interest after such notice and call for re |
demption by said town.
said bonds to be issued of such denomina- !
lions and for such amounts as the purchaser
or purchasers thereof may require or prefer, |
but only i'm multples of one hundred dollars, |
aud no bond to be issued for the face or par |
value of less than one hundred dollars
said bonds to be sold by the Town Trustees |
of said town to the highest bidder or bidder for
the entire issue of said bonds or for any portion
thereof, after due advertisement in some news
paper published and circulated in said town |
of the Intended sale of same, and on sealed !
bids to the Board of Trustees of said town for
the same or any portion, but no bid to be re-
ceived or considered, nor shall any OF said
bonds be sold for, price less than nincty-tive
cents of their par value.
The issuing of said bonds and the creating
of said Indebtedness by said town by reason
thereof to be subject to the ratification or re-
lection by the duly qualified electors and tax
payers of said town entitled to vote thereon
at the time of the annual election for town
which election will be held on the
those qualified to vote for or against the issu-
ing of said bonds for the purposes herein mem
toned, will be given an opportunity to vote
whether or not the said bonds shall he issueI
and said debt created by said town; and upon
n majority of such votes cast at said election
upon the question of whether or not said
bonds shall be issued being in the affirmative
and i'm favor of the issuing of said bonds here
in provided for, then this ordinance shall take
effect and be in full force, and said bonds be
issued and sold for the purposes
herein mentioned; but III the votes cast at
said election ben majority against the issuing
of said bonds then this ordinance shalt be of
no effect and said bonds shall not be issued or
said debt created.
Enacted this sth day of March, A d 1892.
j. NJ. CUNNNINGHAM, Mayor.
Attest: w Ii. KELLY, Recorder pro TEN.