The Iola register., 1902-08-01

stallments of equal amounts each
year, none of which bonds nor any OF
the installments thereof shall run
longer than 10 years, nor bear inter-
est exceeding 7 per cent. per annum.
The credit of the city of lola, Kansas,
is pledged for the payment thereof,
such bonds may be issued 10 the con-
tractor constructing said improve
ments in payment therefor, or the
mayor and council may sell the same
at not less than their par value, and
pay the proceeds thereof to the con-
tractor. Such bonds shall not be is
sued in amount in excess of the con-
tract-price of the work or improve
ment. except that the installment
coupons shall include the interest on
all such installments to the maturity
thereof. The bonds shall be of such
denomination as the mayor and coun-
Gil shall deem proper.
Section q. That the mayor and
council shall levy special assessments
each year sufficient to redeem the
instaliment of such bonds next there
after maturing, but in computing the
amount Of special assessment to be
levied against each piece of property
llbbiC tutT6lOI, luJtItSb OhClCOh Sh"ii
be added at the rate of eight per cent
per annum from the date of the issu-
ance of said bonds until the maturity
Of the installment of bonds next there
after maturing. Such assessments
shall be made upon the property
chargeable for the cost of such i'm
provements espectively, and shall be
levied and collected in the same man
a 1,a r,rn,yilaA hty la for tho
levy and collection of special assess
ments for such improvements where
no bonds are issued, except as other
wise provided by law; but the assessed
valuation liable for such cost which is
esta blished for the first years assess
ment shall be retained for the assess
ments for the succeeding installments
Of said bonds.
Section 7. That the owner OF any
piece of property liable to any such
special assessment may redeem his
property from such liability by pay.
ing the entire amount chargeable
against his properly, upon the city
clerk mailing to him written or
printed notice thirty days before the
issuance of the bonds, or after the
issuance of the bonds by paying all
which have been levied, and also the
amount of unlevied installmepts, with
interest on the latter at the rate of
eight per cent per rannum from the date
of the issuance of the bonds TO the
time of the maturity of the last in
stallment. In all cases where install
ments of assessments not yet levied
and paid as above provided, whether
before or after the issuarce OF bonds,
the same shall be paid to the city
treasurer, who shall receipt therefor:
and all sums so paid shall be applied
solely to the payment OF such i'm
provements, or the redemption Of the
bonds issued therefor. Where any
piece of property has been redeemed
from liability for the cost Of any i'm
provement as herein provided, such
property shall not thereafter be liable
to further special assessment for the
cost of such Improvement. The fund
raised by such assessment shall be
applied toward the redemption of said
bonds, and toward reimbursing the
city when said bonds or any part
thereof are redeemed from general
taxes.
Section s. That this ordinance
shall take effect and he in force from
and after its publication once in the
lola DAILY REGISTER, the official pa
per of said city.
Adopted July oath, 1902.
Approved July oath, 1902.
a. II. CAMPBELL,
SEAL ATTEST: Mayor.
w. NJ. KNAPP,
Citv CLARK