The daily journal. (Salem, Or.) 1899-1903, 1899-08-02
THE HOME LOAN.
Ordinance Intro 1uced To Define the Terms
OF the Loan.

Ordinance Intro 1uced To Define the Term,
of the Loan.
A bill for an ordinance authorizing the
negotiating of loan of sixty-iive thou.
sand dollars by the city of Salem, Ore.
gon, under and by virtue of the char.
ter of said city, approved February
II, 1899; providing for the time and
terms Of said loan; the method of is.
suance of bonds therefor and the rate
of interest thereon, and the manner,
time and place of the payment of the
principal and interest OF said loan,
and matters kindred thereto.
BE it ordained 10y the common council o!
the city OF Salem, Oregon:
Sec. For the purpose OF providing
for the payment of the indebtedness
Of the CITY Of Salem, Oregon,
(other than its bonded indebt-
edness), as the same existed on the four
teenth day Of October, 1898, and other
wise known as the floating or warrant
indebtedness of said city and bearing
interest at the rate OF eight per cent
per annum, the City Of Salem, Oregon,
does hereby ordain and order the issu-
ance of siXty-iive thousand dollars in
bonds of various and sundry denomina-
tions the aggregate of which shall not
exceed said principal sum Of issue said
bonds TO run for period of ten years
from the first day Of October, 1899 un-
less sooner redeemed by the said city
OF Salem, Oregon, and To bear interest
at the rate of four per cent per annum
To the payment of which, principal and
interest, the said City OF Salem, Oregon,
does hereby and for all time, stand fully
pledged.
Section 2:-ihe principal and interest
OF said bonds shall be payable in gold
coin of the United States OF America, of
the present standard of weight and
fineness the interest thereon 10 be paid
semi-annually, on the first days of April
and October after the said date Of issue
OF said bonds and during the life there
of, at the office of the City Treasurer OF
the City of Salem, Oregon; and the prin-
cipal of said bonds shall be payable in
like, lawful gold coin aforesaid at the
option of said City of Salem, Oregon,
and at the office of said City Treasurer,
aforesaid.
Section 3:-The bonds herein provided
for shall be known a. the Municipal
Four-Per-Cent Funding Bonds OF the
City of Salem, Oregon; and the slme
shall be sold by popular subscription,
TO be filled first, beginning with the
lowest and proceeding with those OF like
amount. then with the next highest
and so on, until the full volume OF said
principal sum OF issue, (tO-wit, $65 600
shall have been fulfilled and sold; the
subscription lists or book opened in
this behalf, 10 be closed on the first day
of September lS99-And il is hereby spec
ially provided, in case the full sum OF
said loan hereby provided for, shall not
be wholly subscribed when said book or
lists aforesaid shall be- closed, then the
remaining, unsold and unsubscribed
bonds shall be sold 10 the highest and
best bidder, bidding for the purchase
thereof in block, in response 10 a pub
lished advertisement calling for bids
i'm that behalf; provided, that no bid
for said bonds in block less than the par
value of said bonds in block, shall be en-
tertained or fulfilled by this Council noI
by any OF its committees having the
matter Of the sale of said bonds in
charge.
Section 4:-To each OF said bonds, o
whatever denomination, there shall be
attached Twenty( 20 interest coupons
printed upon the margin or margins OF
the paper upon which il printed the
bond itself, and representing the
amounts of semi-annual interest 10 be
come due upon the said first days OF
April aud October aforesaid, cOnsecu-
lively succeeding the said date OF issu,
OF said bonds, and pledging payment, al
the times and place mentioned, at th,
rate of four per cent per annum, upOr
the face and par value of the bonds I,
which they are, respectively, attached
Section 5:--Ihe bonds herein provided
for shall be- signed by the Mayor Of the
city of Salem, Oregon, and attestel by
the Recorder OF said city; and the Re
corler Of said city shall sign the inter
est-cOupons thereunto attached, anC
each bond shall bear the impress OF th,
seal oi the City Of Salem, Oregon.
Section 6:-The purchase price Of the
bonds aforesaid, shall be paid By the sever.
AL purchasers thereof, to the City Treasus-
er Of the City Of Salem, Oregon, in SAID
city. on the first day Of October, 1899
and al his instance the said Mayor anC
Recorder aforesaid shall sign seal, attes
and deliver the bond or bonds 20 par
chased and paid for.
Section 7:-It shall be the duty OF th'
Treasurer Of the City Of Salem, Oregon
when said bonds herein provided tO
shall have been sold and paid for and IN
purchase price therefor shall have reache
his custody, 10 arrange and keep, sep
arate and apart from all other money
oi the said city, the funds 30 arisin
from the sale Of said bonds, and appl
the same % the payment Of the on
standing warrants Of said city Of salem
known a. the eight per cent warrants
up 10 and including the issue thereof I
the said fourteenth day u October, ls9s
holding the residue. II any. aecuriu
from said sale Of bonds aforesaid sat
iect 10 the further order Of THE Council