The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-11
CHAPTER 773.
An Ordinance for Issuing Water Loan for
the City OF Providence.

An Ordinance for Issuing Water Loan for
the City OF Providence
(Approved March 2, 1857
IL Is ordained by the City Council of the City
OF Providence MS follows:
SECIlON 4. Tho city of Providence Will
issue bonds Of said city to tho amcant of two
hundred and nifty thousand dollars, under and
By virtue Of tho provisions OF Chapter 1926 of
said Public Laws passed. March :, 1898, being
an act in amendment OF aud in addition 10
Chapter 6il Of said Public Laws passed Mnrcf
City of Providence with Pure Water"
SEC, 2. Tho 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 bc applied for the pur-
pose named in said Chapters Of the Public
Laws, aud for no other pnrposc.
SEC. .. Upon the sale OF said bonds, said
City Treasurer shall, upon payment therefor,
issue, tr cause 10 he issued, under the corpo-
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 snch purchase or
purchases, in equal amounts of one thousand
dollars zach. payable at tho time hereinafter
named, with interest M 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 70 each bond tor 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
bo payable ON the first day of April in the
year nineteen hundred and twenty seven, and
both principal and interest shal bc paid in gold
coin Of the United States of America, equal 10
the present standard of fneness 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 bc irrevocably
pledged and appropriated 20 a Sinking Fund
FOR the redemption of said bonds.
SEC. 5. Said bonds shall be signed by the
Mayor and countersigned by the CITY
Treasurer 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 registered by him shall be
conclusive evidence that said bonds have been
issued and sold as herein before provided. The
interest warrants or coupons shall be signed
by the Citv Treasurer only.
SEC. q. The holders Of said coupon bonds
may at any time exchange the same for regis
tered bonds, pay yable 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 so surrendered by writ
ing or stamping upon the same the word
ture and the date Of such surrender, and the
coupons on all said bonds so surrendered upon
said surrender shall be delivered 10 said Com
fffi+t+e on Finance, who shall cause the said
coupons to he burned.
SEC. 8. The City Council shall annually APP
propriatc sum sufficient to pay the semi
annual interest ON said bonds as such interest
becomes due.
SEC o. All ordinances and parts of ordi-
nancPs inconsistent herewith are hereby re
pealed.