The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1902-04-25
BENEFIT TERRITORY TOWNS
THEY May ISSUE BONDS AND
BORROW MONEY THEREON.
Fer the Construction OF Sewers an
Wster~orss and the Building Of
Observation-Disclosures BY
Two Third Majority.
Special to the Ardmoreite.

SpeCldl 10 tbe Aromorelte.
Washington. d. c.. April 23.-Tht
Senate Committee on Indian Affairs
as already stated in these dispatches
has fsvorably reported a substitut.
for the bill passed by the House some
time ago Tor the protection Of cities
and towns In Indian Territory and for
other purposes"
There IS probably no measure pend.
ing before Congress Of greater inter.
est 10 the people residing in towns IL
the Territory than this one II is de.
signed for the purpose OF enabling
the people Of the towns to construct
sewers. waterworks. and schoolhouses
and permits the issuance Of bonds. the
proceeds Of which are TO be applied to
these purposes. AT present only two
towns in the Territory have authority
issue bonds for the construction OF
sewers. waterworks and the building
Of schoolhouses.
The bill as reported 70 the Senate
permits all towns having a population
Of more than two thousand inhabitants
TO issue bonds. The Senate subst.-
tute for the House Bill is in full as
follows:
Any incorporated city or town In In
dian Territory having a population OF
two thousand or more is hereby au-
thorized 10 issue bonds and borrow
money thereon, TO be used for the con-
struction of sewers and waterworks
and the building Of schoolhouses; such
bonds not to exceed an amount. the
interest on which at five pr centum
per annum would be liquidated by
tax Of five mills upon the dollar Of
the valuation Of the taxable property
in such city or town. to be. ascertain.
ed by the last assessment for purpose
Of taxation; that before such bonds
shall be issued the same shall be au-
thorized by a two-thirds majority OF
the qualified voters Of such city or
town voting at an election held for
that purpose. notice Of which shall
be published for four consecutive
weeks prior thereto in a newspaper
Of general circulation published in
such municipality: Provided. That
such bonds shall not be issued until
il shall be made TO appear TO the sat
isfaction OF the Judge OF the United
States court for the judicial district
in which such municipality is located.
by petition of the mayor and council
thereof that all the requirements
OF this section have been complied
with. who shall threupon cause TO be
entered upon the minutes of his court
a judgment or decree reciting the
facts as he finds them to be: Provided,
however. tnat before any election
shall be held for the purpose herein
named a census shall be taken and the
population OF said municipality asccr.
tanned by some suitable person. or
persons appointed for that purpose by
the Judge showing the number of in.
.ssh''cnts therof, and that the jrdg-
ment or decree shall set forth the POD
ulation and taxable wealth OF the nun.
icipality, and said order or decree
shall be printed on said bond and
made a part thereof, and shall be final
and conclusive against said municipal
ity, in any litigation on said bonds.
Section 2 Provides that such bonds
shall contain all necessary and usual
provisions expressing the contract.
shall be signed by the mayor. ani
countersigned by the treasurer of such
municipality, who shall keep a proper |
record OF such bonds. Said bonds shall |
not bear a rate of interest exceeding
five per centum per annum. payabl, |
semiannually. and none OF said bonds |
shall be sold at less than their par
value
Section 3. Provides that any nun.
icipslity incurring any Indebtedness
for the purpose provided for in this
Act shall, by ordinance which shall
be irrepealable, provide for the collec.
ton Of an annual tax sufficient 10 pay
the interest on such bonds. as the
same fails due, and also TO pay and |,
discharge the principal thereof TWEEN
" years from the date OF contracting
The same Provided. that II any nun.
.eipality shall have the authority un.
Ter any special Act TO issue its bonds
he amount Of the bonds issued under
ne special Act shall be first deducted (
inu mere shall only be issued under
his Act such additional bonds as shall
not exceed the limit provided in this
Act
K.l