Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1902-06-12
Ordinance No. 70.

Issuing Of municipal coupon
bonds for the purpose Of pro-
viding funds for the erection
of q village hall and Office
building, and to purchase a
building site therefor; to pro-
vide for submitting the ques-
ton of the issuance If said
bonds to a vote Of the electors
Of the village and calling q
special election therefor.
Be it ordained by the Chairman
and Board of Trustees of the Viii
lage Of Grangeville:
SECTION /. That upon the APP
prevail and ratification of this ordi.
nance by two-thirds of the qualified
electors, who are taxpayers of the
village, voting at the election here
matter provided for and asserting
to the issuance of the bonds and to
the mourning Of the indebtedness
hereinafter provided for, for the
purposes hereinafter specified,
there shall be issued coupon bonds
of the said village of Grangeville
to the total amount of 5000.
SEC. 2. That the purpose OF
issuing such bonds is to provide
funds for the erection of public
village hall and Office building for
the use and accommodation Of the
officers of said village in the trans
action of public business, and for
the purchase of q building site
therefor for the use of said village.
Sec. 3. That the ettimated cost
Of said building and building site
is the sum of 5000, and that it is
deemed advisable to issue coupon
bonds for the entire amount of said
proposed indebtedness.
SEC. 4. Such bonds shall be
known as municipal coupon bonds
of the village Of Grangeville, Idaho
county, state of Idaho; shall be
issued in denominations OF $1,000
each; shall be numbered consecu-
lively from one to five; shall be
made payable twenty years from
date of issuance, and shall bear in
terest at the rate of not exceeding
six per centum per annum, to be
paid on the first day Of January
and on the first day Of July of each
year at the Office Of the village
treasurer. or at such banking house
or trust company in the city Of
New York as may be designated
by the trustees of said village, at
the option of the holder thereof.
Provided, That such bonds shall
be redeemable at the pleasure Of
the said village at any time after
the expiration Of ten years from
the date of issuance, and each bond
shall be redeemed in the order that
it is numbered.
SEC. 5. Such bonds shall be ne
gotiated, sold, issued, registered
and delivered by the board Of
trustees and the officers of the said
village in strict compliance with
the provisions Of sections and 5
of an act OF the legislature OF the
state of Idaho entitled Gan act to
provide for the issue and sale of
municipal coupon bonds by incor-
porated cities and towns; for the
application of the funds derived
from the sale thereof, and to pro-
vide for the payment Of the prin.
cipal and interest thereon" ap-
proved February 2. 1899. Such
bonds shall be sold for cash, and
in no case must said bonds be sold
for less than the face or par value.
All proceeds derived from the sale
of said bonds shall be applied ex-
clusively to the purposes aforesaid
for which said bonds are issued.
Sec. 6. That for the purpose Of
the payment of the interest on the
said bonds, as it falls due. and also
to create q contingent or sinking
fund for the payment Of the princi-
pal of said bonds, as they become
due, there shall be levied annually
by the trustees Of the village upon
all the taxable property within the
said village . sufficient sum to pay
The interest and IN additional sum
sufficient to pay the said bonds at
maturity, in addition to oil other