The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1894-01-13
ORDINANCE No. a..

u Stuf Il Aiehe as IoitOWS, to-Wu.
Whereas, 1t appears from the records.
files and official reports OF the officers
OF the village OF Cnur d'Alene that
said village is indebted in the aggre-
gate sum OF $l1,27l9o, and that OF
said sum there are now, on January l,
1894, outstanding warrants duly issued
by the proper officers OF said village to
the amount OF 1852 A, and the inter
est thereon at said date is the further
sum Of 1892. 40; and also the further
sum Of 800 owing by said village, not
evidenced by warrants but debts duly
Misunderstanding in all said aggregate
sum OF $ll ,27l 90, constituting on Jan.
l, 1894, the said outstanding indebted
ness OF said village, As aforesaid. and
OF which said warrants and indebted
ness are drawing interest at Il rate in
excess OF six per cent. per annum, and
there are no funds in the treasury OF
said village available to pay the same,
nor has any provision been made IN
der the revenue laws to pay the same
as expeditiuosly as the same should be
paid; and it is necessary and desirable
to have the outstanding indebtedness
as aforesaid funded, paid, purchased and
redeemed, respectively, and the said
village placed upon cash basis; and
Whereas, The same can be so funded,
paid, purchased and redeemed to the
great profit and benefit OF said village
OF CPur d'Alene, without mourning
any additional liability upon the part
OF said village; and
Whereas, The realestate valuation OF
the real estate Of said village as shown
by the assessment roll for the year
1898 OF the county assessor OF Koote-
mai county is in the sum Of $l5S, APO,
as shown by the records of said coun.
ty, and it appears that the said total
Indebtedness does not exceed, and did
not on January l, 1898, exceed Is per
cent. OF the real-estate value OF the
real estate being in and assessed with
in the limits OF said village; now,
therefore, be it ordained by the Chair
man and Board OF Trustees OF the vii
lage OF Coeur Alene, as aforesaid, as
follows, to-wit:
SECTION l. That the village OF Ceur
d'Alene, by and through its chairman
and bo.rd OF trustees, be and is hereby
authorized and empowered to issue the
municipal coupon bonds OF said incorpo-
rated village, or town, in the aggregate
sum OF $l1 ,27l.90 and not exceeding Is
per cent. OF the real-estate value OF said
village, or town. according to the assess
ment OF the real estate OF said village, or
town, for the year 1898. for the purpose
OF funding, purchasing and redeeming
the outstanding indebtedness oil said vii
lage, or town, OF every kind and nature,
with the accrued interest thereon, as
provided for and authorized by subdivis-
ion 4 OF section OF an act OF the legisla-
ture OF the state of Idaho entitled "An
Act to provide for the issue and sale Of
municipal bonds by incorporated cities
and towns, and to provide for the pay
ment OF the principal and interest there
Of" approved Feb. "a, 1891 as also by
a further act amendatory thereof emit
tied "An Act to amend section of the
Aforesaid act" approved Feb. II, 1898;
and also by an act OF the legislature of
the state OF Idaho amendatory OF and
supplemental to the aforesaid acts, en-
titled IAN Act to amend an Act entitled
: An Ac. to provide for the issue and sale
OF municipal coupon bonds by ircor-
porate1 cities and towns, and to pro-
vide for the payment Of the principal
and interest thereof approved Feb. "a,
1891, and to authorize cities and towrs
IN certain cases to pass ordinances to !
provide for the collection Of an annual |
tax to pay interest on such bonds and to |
constitute sinking fund, as required by |
said act and by the constitution, and in
certain cases to issue new bonds in place |
Of the old bonds" approved March 4th,
1898; and that said bonds be issued ard |
sold as hereinafter provided and the pro
leeds applied to the payment, funding
and redemption OF the outstanding in
iebtedness OF said village, or town, as
existing on January l, 1894, without ere
lting or mourning thereby any addition
II liability to said village, or town.
SIC. 2. That said bonds shall be
Known a. "the muni, ipal bonds Of the
Tillage Of Ceur 'Alene, an incorporated
own, or village" and shall be issued, as
lear as practicable, in denominations OF
me ih1usand dollars each but bonds Of
500 and 400 may be issued within and
IS part OF said aggregate issue if found
Necessary or desirable. And each and
very bond issued by reason of this ordi-
lance shall be made payable in twenty
ears from the date OF its issuance and
'ear interest at the rate Of six per cent.
'er annun from Jan. ], 1894, said inter
st to be paid on the 1st day Of January
md the lst day OF July in each year af-
he issuance thereof, either at the office
Il the treasurer OF the village Of Ceur d.
Alene, Kootenai county, Idaho, or at
UGH bank in New York city as may be
designated therein by the trustees of
aid village, at the option of the holder
hereof.
SEC. 3. That there shall be attached
0 each OF the said bonds when sold and
semi-annual interest coupons
overing the interest as expressed in the
ond from the date Of issue until paid.