The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-12

CHAPTER BOZ
An Ordinance for Issuinga a Highway Loan for the
City Ci Providence.
approved April G. ls)i)
1t Is ordained by the city Council Of the City OF
sEcTioS l. The city OF ProvId nee viii issue
the bonds OF said city 20 an amount not eNeeeilng
the sum OF Twelve hundred thousand dollars, nnde
and by virtue Of tho provisions of chapter stl OF
the Public Laws OF the State OF Rhode liland and
Providence Plantations, passed January, 1891, and
Chapter 1927 Of SAID Public Laws passed March, 1873
SIC. ?. The city Treasurer acting under the
direction OF the Joint standing Iommittee on
finance, shall sell and dispose OF such bonds when-
ever and at such prices, and IN such amounts, as
said committee shall determine; ana SAID treasurer
shall receive the proceeds arising from the sa,e OF
said bonds and said proceeds Shall be applied Tor
the purpose named in said Chapters OF the Public
Laws aud for no other purpose,
SIC. Upon the sale OF said bonds, or any part
thereof said city Treasurer shall, upon payment
therefor, issue cause 10 be Issued underthe cor
porate name and seal OF the ety ci Providence, TO
the person or persons purchashing the same, an
amount OF said bonds Of The city Of ovidenoe in ae
cordancC with such purchase purchases, In equal
amounts OF one thousand dollars each, payable at
the time hereinafter named, vita interest at the
rate OF four per centum per annum, payable semi
annually, on the first days OF May and November in
each year, after the date Thereof with interestwar
rants annexed % each bond for the several sums OF
interest 10 become due semi annually as atoresaio
or in registered bonds as hereinafter provided.
able on the first day OF May. in the year nineteen
hundred and twenty-four, and both principal and
interest shall be paid in gold coin Of the United
hneness and weight AT the National CITY Bank ot
New York, and all premiums surplus over aud
above the par value OF said bonds, which may be
received from the sale thereof shall be rrevoeably
pledged and appropriated TO sinking fund Tor the
redemption OF said bonds.
SEC. o. Said bonds shall be signed by the
Mayor and countersigned by the City Treasurer
and registered by the City Clerk who shall certify
the registry of each bond and the certificate OF the
City Clerk that said bonds have been duly regis
tered by him shall be conclusive evidence that said
bonds have been issued and sold under the diree-
ton OF the committee on hnaaCc. Toe interest
warrants or coupons shall be signed by the city
Treasurer only,
AT any time exchange the same Ton registered
bonds payable at the Office of the city treasurer.
SEC. Z. The said committee 90 finance shall, on
the first DAYS Of May and November In each year,
detach from all bonds notat said dates issued, the
coupons on said bonds then mdtured, and shall
mitini TO the City Council, at it, next meeting,
sfter said dates respectively, all their proceedings
under this section, until all salt
bonds are issued, and whenever any OF
said coupon bonds are surrendc.ed for exchange,
said treasurer shall cancel said bonds so sure n.
dered. by writing or stamping upon the same the
word 'cance led" together with his official sigma
ture and the date Of such surrender, and the cou-
pons all said bonds so surrendered. upon said
surrender, shall be delivered 20 said committee on
burned.
SECS. The City Council shall annually appro-
pirate the sum Of twenty-five thou and dollars for
the redemption OF said bonds a, maturity together
with sum spa'cient to pay the seml- annual inter-
est thereon as Such interest becomes due.
SIC 9. All ordinances and parts OF ordinances in
consistent herewith are hereby repealed.
A true eopy-witness;
WILLIAM +. CLARKE.
apriO-3t city Clerk