The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-11
CHAPTER III.
An Ordinance. Providing for the Issue oil
Sew or Bonds.


Sewer Bonds.
approved March 2, 1872
1t is ordained Ly the City Council of the
City of Providence as follows:
SECTION /. TIE Citv of Providence will
issue the bonds of said City TO the amount of
three hundred thousand dollars under and by
virtue of the provisions OF Chapter 4s3, of the
Public Laws passed by the General Assembly
at the January Session, A. ID. 1875, and Chap
ter 3Si o. the Pu. lie Laws passed by the Cen
eral Assembly at It's May Session, A. ID. 1888,
and Chapter g42 of he Public Laws, passed bv
the General Assembly ut its January Session,
A. ID. 1891, entitled IAN Act in amendment Of
an Act entitled an Aci in amendment of
Chapter 433 of the ublic Laws, entitled An
Act in amendment of an Act authorizing the
City OF Providence TO issue sewer bonds and
TO establish sinking fund for the redemption
thel cor, passed at the January Session, 1870.
SEC. ,. The CITY Treasurer, acting under
the direction of the Committee on Finance,
sha ell and dispose of such bonds; and said
Treasurer shall receive the proceeds arising
from the sale of said bonds. and said proceeds
shall be applied for the purpose nan ed in said
Chapters 453 ss4 and Di2 of the statutes, and
for no other purpose.
SEC. 3. Upon the sale of said bonds, said City
Treasurer shall, upon the payment therefor,
issue or cause to be issued under the coruo-
rate name and seal of the City of Providence,
TO the person or persons purchasing the same,
an amount OF said bonds OF the City of Provi-
dence, in accordance with such purchase or
purchases in equal amounts of one tuopsand
dollars each, payable at the time hereinafter
named, with interest at the rate of four per
centum per annum, payable semi-annually ON
the first davs OF April and October in each
year after the date thereof, with interest war
rants annexe TO each bond for the several
sums of interest TO become due semi annually
as aforesaid or in registered bonds as herein
after provided.
SEC. T. The principal of said bonds shall be
payable on the first day of April, in the year
nineteen hundred and twenty seven, and both
principal md interest shall be paid in gold
coin of the United States of America, equal TO
the present standard OF fneDess and weight,
at the National City Bank of New York, and
all premiums or surplus over and above the
Jar value of said bonds, which may be recetv-
cd from the sale thereof, shall be irrevocably
pledged and appropriated TO sinking fund
For the redemption OF said bonds
SEC 5. Said bonds shall be signed by the
Mayor and countersigned by the City Treasu.
rer, and registered by the City Clerk who
shall certify the registry Of each bond; and
the certificate Of tho City Clerk that said
bonds have been duly registered by him shall
he conclusive evidence that sail bonds have
been issu, and sold aS hereinbefore provided.
The interest warrants or coupons shall be
signed by the City Treasurer only
SEC O. The holders OF said coupon bonds
may at any time exchange the same for regis.
tered bonds.
SEC 2 Whenever any Of said coupon bonds
are surrendered for exchange, said Treasurer
shall cancel said bonds so surrendered by writ
ing stamping upon the same the word
cancelled, together with his official sigma.
ture and the da'e OF such surrender. and the
coupons on all said bonds so surrendered upun
said surrender, shall be delivered to said
Committee on Finance, who shall cause the
said coupons TO be burned.
SEC. <. The city Council shall annually
appropriate the sum of six thousand dollars
for tho redemption OF said bonds St maturity,
together with o sum sufficient to pay the semi.
annual interest thereon as such interest be-
SEC. o. All ordinances and parts of ord.
nanccs inconsistent herewith are hereby re.
pcaled.