The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-12
CITY .ADvERTIsEMENTs.
THE CITY OF PROVIDENCE.
CHAPTER no.

CHAPTER no.
An. Ordinance For Issuing Highway Loan
for the City Of Providence.
(Approved March e 1871
II Is ordained by the City Council of the City
of Providence as follows:
SECTION /. The City Of Providencs will
issue the bonds OF said City to the amount of
five hundred thousand dollars, under and by
virtue OF the provisions or Chapter 800 OF the
Public Laws of the State Of Rhode Island and
Providence Plantations, passed February %.
SEC 2. 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 the pur-
pose named in said chapters Of the Public
Laws, and for no other purpose.
SEC 3. Upon the sale OF said bonds, or any
part thereof. said City Treasurer shall upon
payment therefor, issue or cause 10 be issued
under the corporate name and seal Of the City
OF Providence 20 the person or persons pur-
chasing the same, an amount Of said bonds Of
the City OF Providence In accordance with such
purchase purchases, IN equal amounts OF
one thousand dollars each, payable at the time
hereinafter named, with interest at the rate
OF four per contum per nnnum, payable semi
annually ON the first days OF April and October,
in each year, after the date thereof with i'm
terest warrants annexed to each bond for ths
several sums of interest, 10 become due semi
annually as aforesaid or in registered bonds,
SEC. A. The principal Of said bonds shall
be payable on the first day Of April in the
year nineteen hundred ana twenty-seven, and
both principal and interest shall be paid i'm
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 ali premiums or surplus over and
above the par value of said bonds, which may
be received from the sale thereof shall be
irrevocably pledged and appropriated 10
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 the City Clerk that said
bonds have been duly registered by him shall
be conclusive evidence that said bonds have
been issued and sid as hereinbefore provided.
The interest warrants or coupons shall be
signed 10y the City Treasurer only
SEC. g. The holders OF said coupon bonds
may at any time exchange the same for reg
istered 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 so surrendered by
writing 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 10 said
Committee on Finance, who shall cause the
said coupons 10 be burned.
FEC. 5. The City Council shall annually APP
propriate the sum OF ten thousand dollars for
the redemption of said bonds at maturity, to-
gether with "a sum sufficient To pay the semi
annual interest thereon such interest be-
comes due.
SEC. o. All ordinances and parts of ordi-
nances inconsistent herewith are hereby re-
pealed.