Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1905-09-22

make full and adequate provisions for the col
lection of an annual tax sufficient to pay the
interest on such municipal coupon bonds it
falls DUE and also to constitute sinking fund
on and after the year l8fSfor the payment of the
principal Of such municipal coupon bonds with
in twenty years from the time OF contracting
the debt evidenced by same. Provided, how
ever, that the net income, ii any, to the said
City of Sfantpelier received from the operation
of said system of water works as provided in
Section of this Ordinance, shall be used and
app led in payment Of the interest on such
municipal coupon bonds and il such net income
SO received exceeds the amount of interest so
falling due in any one year such excess of net
income shall be placed into AMI become u part
of the sinking fund herein provided for. for the
payment of the principal of such municipal cou
pom bonds, and invested and applied as herein
provided, and the amount of yearly net income
thus received by said city shall be estimated
and taken into consideration by said Mayor and
Council in determining the amount of taxes to
levy, assess and collect for the payment of
interest and on sinking fund for each year as
herein provided and no greater amount of
taxes shall thus be levied assessed and collected
than is necessary to pay and discharge any
amount or amounts due on said interest and
to said sinking fund for that year after the net
income from said system of water works has
been applied thereon as herein provided.
Section 3. That the system of water works
thus constructed and acquired shall be owned
and operated by said City of Montpelier, and
the net gain realized therefrom shall be de-
termined annually at the close of each fisca
year by the said Mayor and Council, and such
net gains shall be applied as provided therefor
in section 2 of this Ordinance, said net gain to
mean and be the balance of the entire proceeds
realized by said city from said system of water
works after paying the operating expenses. ex
penses of keeping same in repair and construct
ing such extension of pipe line or lines as said
Mayor and Council may deem wise and pedient
Section 4. That special election of the
qualified electors. who are taxpayers thereof, of
the City of MertrsIisr. Bear Lake County State
of Idaho, shall be held therein on the ssth-aay
ef-0ctebeFv4s85, for the purpose of submitting
and at which shall be submitted to the said cleo
tors the question OF the issuance by said city of
municipal coupon bonds in the amount of
D.; 500s00. payable within twenty years from
the date of issuance redeemable at the pleasure
of said city at any time after the expiration of
ten years, bearing interest at the rate not to ex
coed six per cent. per annum, interest payable
scmi-annually and to provide for the levy and
collection Of an annual tax upon all of the tax
able property within said City of Montpelier
sufficient to pay the interest on said bonds as it
falls due, and to create sinking fund for the
payment of the principal of said bonds within
twenty years after the issuance of same. for the
purpose OF the construction, acquiring and main
tenance of a system of municipal water works in
said city and to supply the same with water for
municipal, fire protection, domestic. CONNER
cal and sanitary purposes and uses by said city
and the inhabitants thereof, as fully provided
for in the proceeding Sections of this ordinance,
the polls to be opened at o'clock a. m. and to
remain open uutil O'Clock p. M of said day,
and the said election to be conducted as other
city elections,
at said election unless he and she be qualified
elector and a taxpayer of said City of Montpelier
and the voting shall be by ballot.
Section6. That the City Clerk of said City of
Montpelier is hereby instructed and ordered to
give at least thirty days notice of said election
by publication in the Montpelier EXAMINER.
newspaper pub ished in said City of Montpelier.
Section. All Ordinances and parts of Ordin-
ances in conflict herewith. and espeeially 0ndis,-
-anee-aus4s- are hereby repeated.
Section s. This Ordinance shall be in full
force and effect from and after its passage, APP
prevail and publication.
Passed and approved September 18th. 1905.
Attest: MILFORD Williams,
GnAsss1Es==ftARRIS. Mayor.
Clerk
Published iu the Montpelier Examiner ON the |
yanf fav of Septssmber 1905