Idaho Springs siftings., 1903-02-14
Iished to Comply With
the State Law.
AN ORDINANCE

%AAN CAN 4CA-N-AANSE
Providing for the contraction of an in
debtedness upon the credit of the city Of
Idaho Springs, Colorado, by the issuance
of the negotiable coupon bonds of said
city for the purpose of erecting a city hall
within the corporate limits of said city
for municipal purposes.
BE it ordained by the city council of the
city of Iaaho Springs, Colorado.
Section 1. That, for the purpose of
erecting and constructing within the cor
porate limits of the city of Idaho Springs
for municipal purposes city hall, an in
debtedness of said city of Idaho Springs
upon the credit of said city is hereby
authorized to be contracted not exceed
ing the sum of fifteen thousand dollars
(SI5,ooo) by the issuance of negotiable
coupon bonds of said city as hereinafter
provided.
Section ?. Said bonds shall consist of
thirty bonds of the denomination of FIVE
hundred dollars (S5oo) each, to be num-
bered from No. / to No. 30, both num-
bers inclusive; shall be redeemable at the
option of said city ten years after the
date thereof, and shall be and become alb
solutely due and payable fifteen years
after the date thereof. The said bonds
may be made payable to the purchaser or
bearer thereof; shall bear date the 2nd
day of April A. d. 1903; shall bear inter
est at the rate of five per cent. per annum,
said interest to be payable semi-annually
on the end day of October and the end
day of April of each year, at the office of
the Treasurer of said city of Idaho
Springs, or at the Western National Bank
of New York ity, or at the Merchants
and Miners National Bank of Idaho
Springs, in the city of Idaho Springs, in
Clear Greek county and state aforesaid,
U. S. A, at the option of the holder or
holders thereof Such semi-annual inter
est shall be evidenced by interest coupons
annexed to each of said bonds, each of
which coupons shall evidence one such
payment to be made of semi-annual inter-
est on one of such bonds and any such
interest upon any such bond shall be
paid at the place aforesaid upon the sur
render of any such coupons when they
shall become due. Said coupons shall be
numbered from No. to No. 80, inclusive,
and bear the date and number of the
bond to which they are attached.
Section }. That said bonds and each
of them shall be signed by the Mayor,
attested by the City Clerk and Recorder
and countersigned by the Treasurer of
the said city of Idaho Springs in their Of
fetal capacity and have attached thereto
the corporate seal of the said city. Each
and every one of said coupons shall be
signed by the Treasurer of said city in
his official capacity by original or litho-
graph signature, and the said coupons,
respective, shall, when so signed and law
fully issued and delivered as a part of
said bonds, be considered and the same
are hereby declared to be the proper or
iginal promise of said city securing the
payment of said interest in the hands of
all persons to whom they may come.
Section 4. Said bonds shall be issued
only for the purpose of the erection and
construction of said city hall as herein
provided, but the purchaser or purchasers
of said bonds shall in no manner be res
ponsible for the application by the said
city or any of its officers of the said bonds
to the purpose other than that for which
they are issued.
Section S. 1t shall be the duty of the
City Council of said City at the same
time and in the manner now fixed by
law for levying other taxes to annually
levy and collect special tax sufficient
to pay the annual interest on said bonds
semi-aunually as herein provided and in
the year A. d. 1903 and annually there
after for the fifteen years next succeed
ing to levy a sufficient tax which. with
the surplus revenues applicable thereto,
will be sufficient to extinguish the prin-
cipal of said bonds at the maturity there
of, which taxes providing for the prin-
ciple and interest of said bonds shall be
levied and collected by the same officers
and in the same manner that other city
taxes are levied and collected, and when
collected the moneys raised thereby
shall be specially kept for and applied
only to the payment of the principal and
accruing interest of said bonds until the
Indebtedness of said bonds, both prin-
cipal and interest, shall be fully paid,
satisfied and discharged.
Section s. The taxing and collecting
officers of said City are hereby authorized
and required to levy, extend and collect
such taxes as they may become necessary
and due under this ordinance and apply
the same only to the purpose in said or
dinance specified until the said indebt-