The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1905-08-25
ORDINANCE No. "a.

An ordinance of the Village OF Rathdrum. n
municipal corporation, In the County OF
kootenai. State OF Idaho. providing for the
said Village Of Rathdrnm, to the amount Of
Twelve Thousand Dollars. in denomina.
tions Of Five Hundred Dollars each paya-
bio IN Twenty Years from the issuance
thereof, for the purpose of purchasing the
water wor $ and system of the Ratndrum
er%powerCompany; and improving and
haDitants OF sad Village Of l;athdrum with
water for domestic and other purposes;
and 70 Empower said municipal corporation
to sell said water to the inhabitants OF said
municipal corporation, and designating
the provisions TO bc made to pay the inter-
est on said bonds, and TO constitute IL sink
Ing fund for the payment Of the principal
q the same within twenty years from the
date dn OF their issmlnce; and providing for
Chairman and Board of Trustees Ut sad
municipal corporation 10 issue said bonds.
BE 1T ORDAINED By the Chairman and
drum, a municipal corporation.duly created,
organized and existing under and BY virtue
OF the laws OF the state Of Idaho, as follows,
towit:
Section +. That the said Chairman and
Trustee of said municipal corporation deem
IL advisable to issue municipal coupon bonds
OF Of the y. said Village Of Ksthdram, !. munici:.
kootcnni, State Of Idaho, to the amount OF
Twelve Thousand Dollars CslaOOO,, IN dcnoini-
nations of Five Observation-Disclosures leach. for
the purpose OF purchasing the present water
works and water system of the Rathdrum
Watcr&Power Compnny,a corporation, Great
tue of the laws Of the State of Idaho; said
water works and water sy stem being situat-
ca st and near said Village Of Rathdrum. in
purchase price Of said water works and wa
Yer system to be the sum Of Ten Thousand
and Dollars (s16oo) Of which is to be paid in
cash out Of the proceeds of the sale of SAID
municipal coupon bonds, and Three Thons-
and Five Hundred Dollars ts35OO) to be paid
out Of the revenue arising from the collect
ion Of water rents from said water works, or
water system, by the Trustees OF said NUM-
Thousand Dollars ls50OO) arising from the
proceeds OF the sale of the said bonds of
said municipal corporation TO be immediate
ly applied by the trustees of said municipal
corporation in the necessary Improvement of
said water works and water system.
Section IL. Said municipal coupon bonds
from the date Of their issuance, and shall
bear interest ut the rate of six per cent per
a ands payable semin,a,n ian and such
the Villnge OF Rathdrum. u municipal cor
Doration, mt any time after the expiration Of
ten lo years a from the date Of their issuance
shall be payable ut the Office Of the Treasur-
er Of said Municipal corporation. or ut such
OF New York us may be designated by the
Trustees OF said municipal corporation, at
the option Of the holder thereof.
Section III. The said Chairman and Trus-
successors shall make provision to pay the
interest on the said municipal coupon bonds.
as 1t shall fall due, ut the rate of six per
cent per annuni, by the levy and collection
of u sufficient annual tau upon the taxable
property situated within the limits of said
municipal corporation.
Section w. The Chairman and Board of
Trustees of said municipal corporation, and
their successors In Office. are to provide for
the creation and constitution OF u sinking
for l,c hs, til
municipal coupon bonds. us they res pectlve-
y become due. by the annual levy upon all
the taxable x, property situated within the
su tiicient sum to pay said municipal coupon
bonds at maturity and the faith, credit and
municipal corporation are hereby. and will
continue to remain, pledged TO the levy and
collection OF the tux necessary. To pay SAID
interest upon, and the principal sum OF su Id
bonds, rs the same become due
SeciionV. That the Chairman and Board
OF Trustees Ut said municipal corporation
will provide for the holding OF an election OF
the qualified electors, who are taxpayers in
the municipal corporation of the said Village
OF Rathdruc:, to vote upon the proposition
Trustees shall DC authorized TO issue said
municipal coupon bonds; said election to be-
held at the Village Hose House, iu said Viii
OF September, a. D., 1905. between the hours
of eight t6)o'clock in the forenoon of said day
AND seven flo'clock IN the afternoon thereof.
section vi. Y0at tho SAID CHAIRMAN and
Board Of Trustees OF said municipal corpor-
alton shall give thirty days. notice of tho
time and place Of holding said election, by
the publication of said notice In the Rath-
drum Tribune, weekly newspaper, pu blisl-
ed In said municipal corporation, in at least
six successive issues OF said paper before
said election.
Section, VII. Tho vote at said election
shall be by ballot, and tho ballots used
shall be as follows, towit: In favor of issu-
lug bonds to the amounG of Twelve Thous-
and Dollars for the purpose of buying and
improving tho water works and water sys-
ten Of the Rathdrum Water s. Power Com
pany, us stated In Ordinance No. 81.
Against issuing bonds to the amount OF
Twelve Thousand Dollars for the purpose OF
water system of the Rathdrum Water &
Power Company. as stated IN Ordinance No.
SectionvIII. That this Ordinance shall
tako effect within one mouth after its pas
sage, and that 1t bo published for four sue
cessive weeks immediately after Its passage,
In the Rathdrum Tri bunc, weekly news
paper, published at Rathdrum, i'll the Coun-
ty OF kootcnai, State OF Idaho.
Read the first time and its passage voted
for unanimously, July IL, 1905.
Read tho second time, under suspension of
the rules, and its passage voted for unani-
mously, July 81, 1905.
Read the third time. under suspension of
the rules, ana enacted BY a unanimous vote.
July 81, 1905.
W. A. HART, Chairman.
\. COOK Clerk
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