The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-11
approved April 6. 1ss4)


An Ordinance for Issuing Highway Loan for ;he
City OF Providence.
approved April 6. 1soi)
1t is ordained by the City Council of the City OF
SECTION l. The City of Providence will issue
the bonds OF said city to an amount not exceeding
the sum of Twelve hundred thousand dollars, under
and by virtue Of the provisions of Chapter e1 OF
the Public Laws of the state OF Rhode tiiand and
Providence Plantations, passed January, 1881, and
Chapter 1927 OF sand Public Laws passed March, 1888
SEC. 2 The City Treasurer acting under the
finance, shall sell and dispose Of such bonds when
ever and at such prices, aud in such amounts, as
said committee shall determine; and said treasurer
shall receive the proceeds arising from the sale of
said bonds, and said proceeds shall be applied for
the purpose named in said Chapters OF the Public
Laws and for no other purpose.
SEC. 3 Upon the sale OF said bonds, any part
thereof, said City Treasurer shall, upon payment
therefor issue or cause to be issued under the
porate name and seal OF the city OF Providence, 10
the person or persons purchashing the same, an
amount of said bonds OF the city of Providence, in
cOrdance with such purchase or purchases In equal
the time hereinafter named, with interest at the
rate Of four per centum per annum. payable semi
annually, on the nrst days OF May ana November In
rants annexed - each bond Tor the several sums OF
interest, TO become due sem-annually as aforesaid,
or in registered bonds as hereinafter provided.
SEC. A. The principal of said bonds shall be pay
able on the first day of May. in the year ineteen
interest shall be phd In gold coin Of the United
States of America, equal 70 the present standard OF
New York. and all premiums or surplus over and
above the par value OF said bonds, which may be
received from the sale thereof shall be irrevocably
pledged and appropriated TO a sinking fund for the
redemption OF said bonds.
SFc s. 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 bo conclusive evidence that said
bonds have been issued and sold under the direc-
tiun OF the committee on finance. The interest
warrants coupons shall be signed by the CITY
SIC. g. The holders Of said coupon bonds may
al any time exchange the same for registered
bonds payable at the Office of the city treasurer.
SEC. Z. The said committee on finance shall, on
the nrst days of May and November in each year,
dstach from Rl bonds not AZ said dates issued the
coupons on said bonds then matured, and shall
cnuse the same be destroyed, and shall report In
writing 10 the City Council, nj its next meeting,
after said dates respectively, all their proceedings
bonds are issued, aud whenever any of
snid coupon bonds are surrendered for exchange,
said treasurer shall cancel said bonds so surr,n
dercd by writing stamping upon the same the
word "Cancc led" together with his official sigma
turc and the date Of such surrender, and The cou-
Surrender. shall be delivered to said committee on
finance, who shall cause the said coupons to be
sFc's. The city Council shall annually appro-
uriatp the eum of twenty iVc thou and dollars for
the redemption OF said bonds at maturity together
with "A sum sufficient 10 pay the semi annual inter-
cst thereon as such interest becomes due.
sKC 2. All ordinances and parts of ordinances In
cons lstent herewith are hereby repealed.
WILLIAM T.. CLARKE.
apriO-St City Clerk