The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-13
CITY ADVERTISEMENTS.
THE CITY OF PRoyIDENCE.

CHAPTER 40. thM
An Ordinance For Issuing Highway Loan
for the City of Providence.
(Approved March 2. 1917
II Is ordained by the City Council of the City
OF Providence as follows:
SECTION l.. The City Of Providence will
issue the bonds OF said City To the amount OF
five hundred thousand dollars, under and by
virtue OF the provisions OF Chapter 3.9 OF tho
Public Laws OF the State Of Rhode ! lsland and
1895.
SEC. 2. The City Treasurer, acting under
the direction Of the Joint Standing Committee
on Finance shall sell and dispose OF such
bonds; and said Treasurer shall receive the
proceeds arising from tho sale OF said bonds
and said proceeds shall be applied for che pur-
pose named in said chapters OF the Public
Laws. and for no other purpose.
SEC. 3. Upon the sale of said bonds or any
part thereof said City Treasurer shall upon
payment therefor, issue or cause TO bo Issued
under the corporate name and seal OF the city
OF Providence 70 the person or persons pur-
chasing the same an amount of said bonds OF
the City OF Providence in accordance with such
purchase or purchases, in equal amounts or
one thousand dollars ench, payable at the time
hereinafter named, with interest at the rate
OF four per ccntum per annum, payable semi
annually on the first days OF April and October,
In each year, after the date thereof, with m
terest warrants annexed 90 each bond for ths
several sums of interest, 10 become due semi
annually as aforesaid or in registered bonds,
a. hereinafter provided.
be payable ON the nrst day OF April in the
year nineteen hundred ana twenty seven. and
both principal and interest shall be paid in
gold coin of the United States of America,
equal 10 the present standard OF hneness and
weight, at tho National City Bank OF New
York, and ali premiums or surplus over and
above the par value of said bonds, which may
be received from the sale thereof, shall be
irrevocabiy pledged and appropriated TO a
sinking fund for the redemption OF said
bonds
SEC. 5. Said bonds shall be signed by the
Mayor and countersigned by the City Troasu-
rer. and registered by the City Clerk, who
the certificate of the City Clerk that said
bonds have been duly registered by him shall
be conclusive evidence that said bonds have
been issued and sold as hereinbefore provided.
The interest warrants or coupons shalt be
signed by the City Treasurer only.
SEC. o. The holders Of said coupon bonds
may at any time exchange the same for reg
istered bonds payable at the office of the City
Treasurer
SEC. Z. Whenever any OF said coupon bonds
are surrendered for exchange said Treasurer
shall cancel said bonds surrendered by
writing or stamping upon the same the word
Cancelled" together with his official sigma
coupons on all said bonds 80 surrendered
upon said surrender, shall be delivered 10 said
Committee on Finance, who shall cause the
said coupons 10 be burned.
FEC. =. The City Council shall annually APP
propriate the sum of ten thousand dollars for
the redemption of said bonds at maturity, to-
gether with a sum sufficient to pay the semi
annual interest thereon as such interest be-
comes due.
SEC. Q. All ordinances and parts of ordi.
nances inconsistent herewith are hereby re-
pealed