Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-02-14
Ordinanee los.
Be it ordained by the Council of the
Town of Silver City:

Be it ordained by the Council Of the
Town Of Silver City:
SECrIoN 1. That all outstanding bonds
Of the town OF SilyerCity, for the sun OF
one hundred dollars, each, issued and dat
ed the first day OF November, 1882, and
issued by virtue Of al act Of the legisla-
tive assembly of the Territory of New
Mexico, entitled, "An act TO enable the
town OF Silver City, in the County uf
Grant, to aid in the construction OF a
railroad between Silver City and Deming
approved February 18th 1882, said bonds
being for a total amount of $4,000 bear
ing interest at ten per cent. per annum,
be called in, paid and cancelled, as pro-
vided for in section V Of said act.
SEC. III, That for the purpose Of pay
ing off SAID bonds, as also an additional
obligation OF four thousand dollars, for
which said sum the town Of Silver City
gave its note payable to the Silver City
Water Company or its trustee, bearing
Interest at the rate Of 8 per cent. per
annum, and for the further purpose of
refunding the debt evidenced by said
bonds andnote at a lower rate of inter
est, the mayor and council hereby au-
thorize the issuance OF, and the mayor
aud clerk of the town OF Silver City be,
and they are hereby authorized and en-
powered to make, sign and execute for
disposal thereof, in conformity with the
provisionsso of an act of the legislative
assembly Of the Territory Of New Mexi-
CO, entitled, San act enabling the uthor-
tiles having charge of the finances of any
town or city OF the Territory of New
Mexico TO refund any bonds OF other
obligations of said town or city, by the
issuance of similar obligations bearing a
less rate offnterest, approved February
11th 1891, one hundred bonds OF the
town OF Silver City, bearing date March
LIST 1893, numbered consecutiyely from l
TO 100 inclusive, in the sum OF five hun
bred dollars each, the coupons TO which
shall 10 signed by the mayor and treas
urer of said town OF Silver City, said
bonds TO be payable IN gold coin OF the
United States Of America Of the present
standard OF weight and fineness, thirty
years after the date of issuance thereof,
at the Hanover National Bank in the
city Of New York, together with interest
thereon at tho rate Of seven per cent
per annum, payable on the first day OF
July in each year, in like gold coin, TO
the bearer OF the coupons annexed to
said bonds, upon presentation thereof at
the time and place therein mentioned.
SEC III. The said town OF Silver City
hereby reserves tho right aU It's option,
in accordance with the provisions OF said
act OF February 18th 1891, to pay the
whole or any part OF said bonds at the
end OF twenty years from the date Of
issuance thereof, or on any interest pay
day thereafter; provided, however, that
all bonds shall be- called and redeemed
10 the order Of their numbers, beginning
with number ono, and that said town
shall give at least sixty days notice by
depositIng with said Hanover National
Bank a list OF the numbers of the bonds
called for payment and redemption at
the date therein mentioned, which date
shall be taken as the agreed and sufici-
emit notice TO the holders OF the bonds so
called, 20 present the same for payment,
at that date. and any Of such bonds so
called m, which shall not DO presented
orpaymebt within the tune specified 10
said notice, shall cease to bear interest
from and after the expiration OF said
specified time for redemption.
SIC. ~. All ordinances and parts OF
ordinances ia conflict with this ordi-
nance, are hereby repealed, and this
ordinance shall take effect and be In full
force from and after It's passage.
Passed and approved February 49,
1893.
lsEALl JoHN W. FLESEo,
Attest;
WIN r. LoRENz
Clerk