The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1905-08-11
ORDINANCE No. "a.

An ordinance OF the VILLAGE OF Rlthdrnnl. u
municipal corporation. In the County OF
koouenii. state Of Idaho, providing for the
l. issuance of munlclpal coupon bonds. by
SAID Village OF Rathdrrhn. To the amount of
Twelve Thousand Dollars. IN denoinina-
tioi,s OF Five Hundred Dollars each. pay;l.
Bile in. Twenty Years from the issuance
thereof. for the purpose Of purchasing the
water w0r : and system OF the l.lthdruin
Water& acknowledgements improving and
operating the same. and supplying the IN
habitlnts Of sad Village Of kathdrum with
water for domestic and other purposes;
and tn Empower said municipal corporation
to sell sud water to the inhabitants OF said
municipal corporations, and designating
the prov;Sdi9hm an T. DC mde to pny TIE tIr
ing fund for the payment OF the principal
Of the same within twenty years from the
date OF their assurances; and providing for
the holding Of an Election authorizing the
Chairman and Board OF Trustees OF SAID
municipal corporation o issue said bonds.
BE 1T ORDAINED by the Chairman and
drum. municipal corporation,duly created.
organized and existing under and By virtue
OF the laws Of the State of Idaho, as follows.
t0wit:
Section I. That the said Chairman and
Trustees OF said municipal corporation deem
1t advisable 10 issue municipal coupon bonds
| Of the said Village Of k,thdrum. u munici..
pal corporation. situated in the County Of
kootenli, state OF Idaho, to the amount Of
Twelve Thousand Dollars tsi20O0l, In denomi-
nations Of Five Hundred DOll:Lrs{s 5OJeacl,. for
| the purpose of purchasing the present water
works and water system of the RtLthdrum
ACKNOWLEDGEMENTS corporations, Great
ed. organized and existing under and by yir-
tue Of the laws Of the state Of Idaho; said
water works and water system being situat-
ed ut and near said village OF Rathdrum in
said County of kOoteg;li, State of Idaho; the
purchase price of said water works and VIA
ter system To BIZ the sum Of Ten Thousand
Five Hundred Dollars $50, 500; Seven Thous-
and Dollars $1,000 of which is to DC paid in
cash out of the proceeds OF the sale nf SAID
municipal coupon bonds and Three Thous-
and Five Hundred Dollars ls3.5OOl to hc paid
out of the revenue arising from the collect
! ion OF water rents from said water works. or
] water system. by the Trustees of snid u,nni-
s,Dal corporation; the remaining FIVE
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 ana water system.
| Section III. Said municipal coupon bonds
shall be made payable within twenty years
bear interest ut the rate OF six per cent per
| annum, payable semi.annnally, and such
bonds shall be redeenablc ut the pleasure Of
| the village of RathdruIn. n municipal cor
poration. nj any time after the expiration Of
| ten, QO years from the date of their issuance
and said bonds and the interest thereon
| shall be payable ut the office OF the TrcSsur-
er OF said Municipal corporation. or ut such
bank Ing house or trust company In the city
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 rrns-
tees of said municipal corporation. and their
interest on the said municipal coupon bonds,
rs 1t shall fall due, AT the rate Of six per
cent per annu,n. by the levy and collection
| OF IA sufficient annual tag upon the taxable
property situated within the limits of said
| municipal corporation.
Section ". The Chairman and Beard OF
Trustees Of said municipal corporation. and
their Successors in office. are to provide for
the creation and constitution of u sinking
fund for the payment OF the principal of said
municipal coupon bonds. as they espcct i've
~ become due. by the annual levy upon all
the taxable property situated within the
limits of said municipal corporation OF a
sufficient sum To pay said municipal coupon
bonds nj maturity and the faith, credit ana
all taxable properly situated within said
municipal corporation are hereby. and will
continue To remain. pledged to the levy and
collection of the tax necessary To pay SAID
Interest upon. and the principal sum vi sa Iii
bonds, Ms The same become due.
scc,,on y. That the Chairman and Board
}of Trustees III SAID municipal corporation
| will provide for the holding OF an election OF
the qualified electors. who arc taxpayers in
the municipal corporation Of tho said Village
OF Rtthdrun., I'd vote upon tho proposition
| AS 10 whether or not said Chairman and
| Trustees shall nc authorized TO issue said
municipal coup pom bonds: said election to be
| held at the Village Hose House. in said Vii.
lage of Rathdrunl. on Tuesday the 18th day
Of September; A; d.. 1903. between the hours
and seven tT,o clock in the afternoon thereof.
Section VI. That the said Chairman and
Board uf Trustees OF said municipal eorpor-
alton shall give thirty days notice of the
| time and place of holding said election, by
| the publication of said notlce in the Rath-
drum Tribune, u weekly newspaper pnblsh-
| cd in said municipal corporation, in ut least
| six successive issues OF said paper, before
said election
Seclion VII The vote at said election
shall BE- by ballot, and the ballots used
shall be as follows, towit: In favor of issn-
4 hOnuS
and Dollars for the purpose of buying and
| improving the water works and water sys-
tenn OF the Rathdrum Water Il Power Com
pany, AS stated in Ordinance No. -.
| Against issuing bonds 10 the amount of
Twelve Thousand Dollars for the purpose of
buying and improving the water works and
| water system of the Rathdrum Water Il
"a
SectionvIII, That this Ordinance shall
take effect within ono month after its pas
sage, and that it be published for four sue
| cessive weeks Immediately after Its passage,
| in the Rathdrum Tri bune, weekly news
paper published at Rathdrunl, in the Cuun-
ty of kootenai, state OF Idaho.
Read the first time and its passage voteS.
| for unanimously, July 81, 1905.
| Read the 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 Il unanimous vote,
July 81, 1905.
| W, "A. HART, Chairman.
A. COOK, Clerk.
| AUG is