The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-12
CHAPTER III.
An Ordinance Providing for the Issue Of
Sewer Bonds.

An Ordinance Providing Tor the Issue or
Sewer Bonds
Approved March g 1871
1t is ordained by the City Council Of the
City of Providence rs follows
SECTION |. 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 433 of the
Public Laws passed by the General Assembly
at the January Session, A. ID. 1919, and Chap
ter 3si OF the Putlic Laws, passed by the Gem
eral Assembly AT its MAY Session. A. d. iss9
and Chapter 942 of the Public Laws, passed by
the General Assembly at its January Session,
a. u: 1871, emitted An Act In amendment OF
an Act entitled an Act in amendment Of
Chapter 4'B of the Public Laws, entitled An
Act in amendment of an Act authorizing the
City OF Providence TO issue sewer bonds, and
10 establish sinking fund for the redemption
thereof, passed at the January Session, 1879 !"
SEC. 2. The City Treasurer, acting under
the direction Of the CommitteS.on Finance;
Treasurer shall receive the proceeds arising
from tho sale of said bonds and said proceeds
shall be- applied for the purpose named in said
for no other purpose.
SEC, g. Upon the sale of said bonds, said City
Treasurer shall, upon the payment therefor,
issue or cause 10 be issued, under the coruo-
rate name and seal of the City Of Providence,
10 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 thonsand
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 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 to become due semi annually
as aforesaid or IN registered bonds as herein
after provided.
SEC. 4. The principal of said bonds shall be
payable on the first day OF April, in the year
nineteen hundred and twtnty 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,
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 receiv-
cd from the sale thereof shall be irrevocably
pledged and appropriated TO sinking fund
for the redemption of said bonds.
SEC. D. 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 the City Clerk that said
bonds have been duly registered by him shall
be conclusive evidence that sal bonds have
been issu and sold as hereinbefore provided.
The interest warrants or coupons shall be
signed by the City Treasurer only.
SEC. q. The holders of said coupon bonds
may at amy 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
said surrender. shall be delivered 10 said
Committee on Finance, who shall cause the
said coupons TO be burned.
SIC. 5. The City Council shall annually
appropriate the sum of slx thousand dollars
for the redemption of said bonds at maturity,
together with "A sum sufficient TO pay the semi
annual interest thereon a such interest be-
comes due.
SEC. o. All ordinances and parts of ordi.
nances inconsistent herewith are hereby re-
pealed