The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-11
THE CITY OF PROVIDENCE.
CHAPTER 40.
An Ordinance For Issuing Highway Loan
for the City of Providence.
tApproyed March 2 1877

An Ordinance For Issuing Highway Loan
for the City of Providence.
tApproved March 2. 1917
1t is ordained by the City Council Of the City
OF Providence as follows:
issue the bonds OF said CITY To tho amount of
hve hundred thousand dollars, under and by
virtue OF the provisions OF Chapter 39 of the
Public Laws OF the Srntr OF Rhode Island and
Providence Plantations, passed February 2j
1885,
SEC. 2. The City Treasurer acting under
tho 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,
ana SAID proceeds shall bc applied for the pur-
pose named in said chapters Of the Public
Ltws, and for no other purpose.
SIC. j. Upon the sale of said bonds or any
part thereof, said City Treasurer shall upon
payment therefor, issue or cause to bo issued
under the corporate name and sonl OF the City
OF Providence to the person or persons pur-
CHASING the same, an amount OF said bonds OF
the City of Providence in accordance with such
purchase or Lurch,ses, in equal amounts of
Ine 5 ihoasana dollars each payable nt the time
herelnafIer. named, with interest Ut the rate
of four per contum per annum, payable semi
annually on the first days of April ana October
In each year, after the date thereof, with in
terest warrants annexed to each bond for this
several sums OF interest, TO become due semi
annually rs aforesaid or in registered bonds,
as hereinafter provided.
SEC. 4. 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 in
gold coin of the United States of Amen lea,
equal TO the present standard of fineness and
weight, Mt the National City Bank OF New
York, and all premiums surplus over and
above the par value OF said bonds, which may
be received from the sale thereof, shall be
irrevocably pledged and appropriated to "A
sinking fund for tho redemption of said
bonds
SEC. 5. Said bonds shall be signed by the
MAJ or and countcrsgned by the City Treasu-
rcr, and registered 10y the City Clerk, who
shall certify the registry of each bond and
bonds have been duly registered by him shall
be conclusive evidence that said bonds have
been issued and sold as herenbeforc provided.
The interest warrants coupons shall be
signed by the City Treasurer only
SEC. o. The holders OF said coupon bonds
may ut 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 aaa the
coupons all said bonds so surrendered
upon said surrender, shall be- delivered 10 said
Committee on Finance, who shall cause the
said coupons 10 be br rrned.
FEC. g. The City Council shall annually APP
propriate the sum of ten thousand dollars for
the redemption of said bonds at maturity, to-
gether with sum sufficient TO pay the semi
annual interest thereon as such interest be-
comes due.
SEC. o. All ordinances and parts of ordi.
nances inconsistent herewith are hereby re-
pealed.