El Paso daily herald. (El Paso, Tex.) 1881-1901, 1898-03-18
TO ISSUE MORE BONDS.
The City Council Will Issue Bonds for a
New CITY Hall.

| bills that had been given to him, at
last meeting. One bill from the Ell
Paso Saddlery Co. of 81 so, for brush
| for the fire department, as the regular
I selling price was S4.0O it was moved
and passed that the hill be pad at four
dollars. Another bill from the fire DE-
ment of S25 90 for doctoring a sick horse
that had been left for Investigation at
the previous meeting was referred to
the fire department.
The city clerk then read the two
bond ordinances, for the issuance OF
more bonds to the amount of $45 600.
The first ordinance known as extern
sion and Improvement bond fund calls
for the issuance of bonds to the amount
of els, 900, maturing forty years from
date of issue.
The city ball bond fund wasthep read
read the city clerk both ordinanc g
pissed at once by unanimous vote.
The city hall bond ordinance is as
follows:
An ordinance providing for the cree
tion of public building for city ball
and fire department purposes in the
city of Ell PasO, Texas, aud for the. is;.
suance of its bonds for that purpose.
Be it ordained by the city council of
the city of Ell Paso:
Sec. !. Thai there shall be, aud are
hereby authorized and ordered to be,
issued the coupon bonds of the city of
Ell Paso, Texas, in the sum OF and to
the amount of thirty thousand dollars,
| for the purpose of borrowing money
upon the credit of said city tt be used
in the erection of public building in
said city for the purpose OF a city ball
and fire department.
Which said bonds shsll be STYLED aud
known as the Ell Paso city hall
bonds. The said bonds shall specify
| g.. ,Iot he, md
shall not be sold at less than their par
value and accumulated interest, exclu-
sive of commissions; and the proceeds
arising from their sale shall be used
| olely for the purpose for which the
said bonds are issued; and when the
said bonds are prepared, executed, and
registered as provided by sectors 80,
81 and 90 of the charter of the said
city, and certified by the attorney gen
Ter, in compliance with articles 91Sd,
else, and 9lSf, of the Texas Revised
Civil Statue of 1895, the said city
council is hereby authorized to neg :
ate and sell said bonds for the best in
crest of the city, under the limita-
tions, however, hereinabove imposed
as to value and price.
| Sec. 2. Said bonds shall bear date
of the day of delivery to purchaser and
shall bear interest from date at the
rate Of per cent per aunum, payable
semi annually in each year at theIoffice
Of the city treasurer OF said city of Ell
Psso, Tex, or at the Chemical Nation
| al bank of and in the city of New York.
at the option of the holder. The
principal sum secured by said bonds
shall mature and be payable at the Of
flee OF the city treasurer in the city of
FL Paso, Texas, forty (40) years from
their date, and the said principal and
interest accruing thereon shall be
made payable in lawful money of the
United States of America.
TT said bonds shall be numbered
from to 30, inclusive; each bond shall
have eighty coupons attached, secur-
nualy, and each coupon shall repre-
cent one semi-annual installment of
interest, and shall be signed by the
mayor and cOuutersigned by the city
clerk by their original OF lithograph-
ed gnatures, and said. scoupOps thus
signed and issued shall be the valid
promise of said city, securing the pay
| ment of the interest to all holders OF
| said coupons.
The said city hereby reserves the
right to redeem at par and ACQUIRED in
terest. at the time any coupon shall fall
due, the Sc i'd bonds, any of them,
afte fifteen years from the date there
of, by giving notice thereof by advert
Using, or thirty days prior to the day
| # redemption in some newspaper pub
lished in the city of New York. also in
a newspaper publ shed in the city of
Ell Paso. Said bonds shall be redeem
| ed in the order in which they are
numbered: that is to say, No l shall be
redeemed first and the balance in re-
gular order thereafter, and any bond
so advertised aud designated as afore-
laid by mum her, date aud amount. and
not presented for redemption as afore-
said on or before the date tixe1 10 sad
notice sh all cease to bea" inter-
est from and after said date.
| Sec. 3. The fund provided for pay
ment of the interest and for the re-
demption OF said bonds shall be accu-
INFLATED, kept, used and applied in all
particulars and respects in conformity
to the requirements of the charter of
said city and the law applicable to the
same.
Sec f. The said bonds and the cou-
pons thereto attached shall be payable
| 20 bearer; and there shall be and is
hereby created a special fund in the
| city treasury to be known as the city
hall bond fund for the purpose of pay
| ing the interest on the debt represent
ed by said bonds and create a sinking
fund of at least two per cent thereon to
| Ccucc" sdlO OOuuSs WulCh luuI SudtI
not be diverted or drawn upon for any
other purpose. and the city treasurer
shall homer no drafts upon said funds
| except to pay inter st urOn or redeem
the said bonds for which it was provid-
ed. And for the purpose of creating
| and accommodating said fund there shall
hereafter be assessed and collected an
nually upon all property in said city
subject to taxation, and paid into said
fund in the city treasury, sum of
money equal to one fortieth part of the
| whole principal of said bonds viz: $3.50
! for the said sinking fund, and also
sum of money equal to the interest ac-
cruing on said bends and each of them
annually, viz: eighteen hundred dol
lars to pay the said interest as the
same all fall due em;-aunually; and
said moneys are h reby appropriated
for the purpose aforesaid. .:
Sec. 5. 1t shall be the duty Of the
city treasurer of the said city of FL
Paso to carefully guard the fund nam
ed in section 4 of this ordinance, and to
faithfully see that all moreys appro-
DR. ated for the DurDOses of said fund