The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-13
CHAPTER ri.

CHAPTER III.
An Ordinance Providing for the Issue of
Sewer Bonds.
(Approved March 2, 1917
II is ordained by the City Council Of the
City of Providence as follows:
SECTION j. The CITY of Providence will
issue the bonds of said City 20 the amount OF
three hundred thousand dollars under and by
virtue of the provisions OF Chapter i8, OF the
Public Laws passed by the General Assembly
at the January Session, A. ID. 1875, and Chap
ter 8Si OF the Public Laws, passed by the Cen
eral Assembly at it's May Session, A. ID. 1888
and Chapter 9s2 of the Public Laws, passed by
A. ID. 1891. entitled IAN Act in amendment Of
an Act entitled an Act In amendment Of
Chapter 4S3 of the Public 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
thereof, passed at the January Session, lS15.' !"
SEC. 2. The City Treasurer, acting under
the direction OF the Committee on Finance,
shall sell 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 named In said
Chapters 4k, 5Si and 942 of the statutes, and
for no other purpose.
SEC g. Upon the sale OF said bonds, said City
Treasurer SHALL upon the payment therefor,
issue or cause TO be issued, under the corpo-
rate name and seal of the City of Providence,
an amount of said bonds OF the City of Provi
dence, in accordance with such purchase or
purchases in equal amounts OF one thousand
dollars each, pay able at the time hereinafter
named, with interest at the rate of four per
centum per annum, payable scmi-annually on
the first days of April and October in each
year after the date thereof, with interest war.
rants annexed to each bond for the several
sums of interest 10 become due semi annually
as aforesaid or in registered bonds herein
after provided.
SEC L. The principal Of said bonds shall be
payable on the first day of April, in the year
nineteen hundred and twrnty -seven and both
principal and interest shall be paid in gold
coin of the United States of America, equal 10
the present standard of fineness and weight
ut the National City Bank of New York. and
all premiums or surplus over and above the
par value OF said bonds, which may be receiv-
ed from the sale thereof, shall be irrevocably
pledged and appropriated TO a sinking fund
tor the redemption of said bonds.
SEC. 3. 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
bonds have been duly registered by him shall
be conclusive evidence that sail bonds have
been ISSUED and sold as hereinbefore provided.
The interest warrants or coupons shall be
signed by the City Treasurer only.
SEC. g. The holders of said coupon bonds
may ut any time exchange the same for regis
tered bonds
SEC. z. Whenever any Of said coupon bonds
are surrendered for exchange, said Treasurer
shall cancel said bonds so surrendered by writ
ing or 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 upon
said surrender. shall be delivered 10 said
Committee on Finance, who shall cause the
said coupons to be burned
SEC. g. The City Council shall annually
appropriate the sum of six thousand dollars
for the redemption of said bonds at maturity
together with sum sufficient TO pay the semi
annual interest thereon as such interest be-
comes due.
SEQ o. All ordinances and parts OF ordi
nances inconsistent herewith are hereby re-
pealed.