The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-12
CHAPTER 77a.
CHAPTER 773.
An Ordinance for Issuing Water Loan for
the City of Providence.
IA..-~..~a af.-.h q fCOe

An Ordinance for Issuing Water Loan for
the City OF Providence.
(Approved March 2, 1917
IL Is ordained by the City Council of the City
OF Providence as follows;
SECTION !: The city Of Providence will
issue bonds of said city 10 the amount OF two
hundred and fifty thousand dollars under and
by virtue OF the provisions OF Chapter l2eo or
said Public Laws passed March 2, ls9}, hoihg
an act in amendment OF and1n addition 70
Chapter $40 OF said Public Laws passed March
-. 1896, entitled IAN Act for Supplying the
City Of Providence with Pure Water"
SEC. z. 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 the sale OF said bonds
and said proceeds shall be applied for tho pur-
pose named in said Chapters of the Public
Laws, and for no other purpose.
SEQ. u Upon the sale OF said bonds, said
City Treasurer shall, upon payment therefor
rate name and seal of the CITY of Providence,
TO the person or persons purchasing tho same,
an amount OF said bonds of the City Of Provi-
dence ia accordance with such purchase or
purchases, in equal amounts of one thousand
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 days If April and October IN each
year after the date thereof, with interest war
rants annexed 10 each bond Tor the several
sums OF interest. TO become due mi'annually
as aforesaid or in registered bonds as herein
after provided.
SEC. 4. The principal OF said bonds snail
be- payable on the first day OF April in tho
year nineteen hundred and twenty seven, and
both principal and interest shau be- paid in gold
coin of the United States of America, equal To
the present standard of fineness and weight
at the National City Bank 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 irrsvocably
pledged and appropriated 20 "A Sinking Fund
for the redemption OF said bonds.
SEC. ). Said bonds shall be signed by the
Mayor and countersigned by the City
Treasurer and registered by tho City Clerk,
who shall certify the registry of each bond !;
and the certificate Of the City Clerk that said
bonds have been registered by him shall be
conclusive evidence that said bonds have been
interest warrants or coupons shall be signed
by the Citv treasurer only.
SEC. o. The holders Of said coupon bonds
may at any time exchange the same for regis
tered 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 writ
ing or stamping upon the same the word
cancelled, together with his official sigma
ture and the date of such surrender, and the
coupons ON all said bonds surrendered, upon
said surrender shall be delivered 20 said Conn
mittee on Finance, who shall cause the said
coupons TO be burned.
SEC g. The City Council shall annually APP
propriate n sum sufficient 10 pay the semi
annual interest ON said bonds as such interest
becomes due
SEC. o. All ordinances and parts Of ordi-
nances inconsistent herewith are hereby re
pealed.