The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1905-08-18
ORDINANCE No. "a.

An ordinance Of the Village of BathfIrum. a
municipal corporation. in the County Of
kootcnai. state Of Idaho. providing for the
Issuance OF municipal coupon bonds. by
said VILLAGE of RathdrnIn. to the amount OF
Twelve Thousand Dollars. in denomina-
tinns of Five Hundred Dollars each. paya-
hlc in Twenty Years from the issuance
thereof, for the purpose of purchasing the
water wor and system OF the Rathdrun
water& PowerCompany.a and improving and
operating the same, and supplying the in
habitants OF sad Village Of Rathdrurn with
water for domestic and other purposes
and TO iEpowcr said municipal corporation
to sell said water To the inhabitants Of said
municipal corporation, aud designate
the provisions TO be made to pay the inter
est on said bonds, and To constitute a sink
ing fGld for the payment OF the principal
OF the same within twenty years from the
date of their issuance; and providing for
the holding OF Tan Election authorizing the
municipal corporation 70 issue said bonds.
BE 1T ORDAINED BY tile Chairman and
Board Of Trustees Of the Village of Rath-
drum, a municipal corporation, duly created.
organized and existing under and By virtue
OF the laws OF the state of Idaho. as follows,
rowit.
Section l. That the said Chairman and
Trustees of said municipal corporation deem
It advisable 10 issue munIcipal coupon bonds
of the said Village of Rathdrum, a munich
pal corporation, situated In the County Of
Twelve Thousand poiiars tspsooo, IN a denon, u
nations of Five observation-disclosures ID. for
the purpose OF purchasing the present water
works and water system of the Rathdrum
Water& Power Company,a corporation Great
ed, organized ana existing under and by vir-
tue OF the laws Of the State of Idaho; said
ca at and near said Village of Rathdruni. In
said County of kooteuai. State OF Idaho; the
purchase price OF said water works and wa
Five Hundred Dollars tsl0.500); Seven Thous-
and Dollars $1,000 of which is to be paid in
cash out OF the proceeds of the sale of said
mi rr
and Five Hundred Dollars ts3.500) 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-
clDal corporations; the remaining Five
Thousand Dollars $4,000 arising from the
proceeds OF the sale OF the said bonds of
~ applied by the trustees OF said municipal
corporation in the necessary Improvement OF
said water works and water system.
Section ii. Said municipal coupon bonds
shall be made payable within twenty years
from the date of their issuance. and shall
bear interest at the rate of six per cent per
annum, payable semi,annually, and such,
the Village OF Rathdrum. municipal cor
Doratlop. ut any time after the expiration of
ten no, years from the date of their issuance
and SAID bonds and the interest thereon
shall be payable ut the Office of the Treasur-
er OF said Municipal corporation. or at such
banking house or trust company In the City
q New York Ms may be designated by the
Trustees OF said municipal corporation, at
the option OF the holder thereof.
Section III. The said Chairman and Trus-
tees Of said municipal corporation, and their
successors. shall make provision to pay the
interest on the said municipal coupon bonds.
as it shall fall due, ut the rate OF six per
cent per annnn,. by the levy and collection
property situated within the limits of said
municipal corporation.
Section ". The Chairman and Board of
Trustees OF said municipal corporation, and
:trts n da fr,r
the creation and constitution OF sinking
fund for the payment OF the principal of said
" 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 at maturity and the faith. credit and
all taxable property situated within said
municipal corporation are hereby. and will
continue to remain. pledged to the levy and
collection of the tax necessary 10 pay SAID
interest upon, and the principal sum OF sa Ia
bonds, as the same become due.
Section " That the Chairman and Board
will provide for the holding OF an election of
the qualified electors, who are taxpayers In
the municipal corporation OF the said Village
as to whether or not said Chairman and
Trustees shall oe authorized to issue said
municipal coupon bonds: said election to be
lage OF Rathdruni, on Tuesday the 9Th day
OF September, A. d., 1905. between the hours
OF eight t6lo'clock In the forenoon OF said day
and seven .7lo'clock In the afternoon thereof.
Section VI. That the said Chairman and
Board OF Trustees OF said municipal corpor-
alton shall give thirty days notice Of the
time and place OF holding said election. by
the publication Of said notice in the kath-
drum Tribune. weekly newspaper. publish
cd in said municipal corporation, In at least
six successive issues Of SAID paper, before
said election.
Section VII. The vote at said election
shall be by ballot, and the ballots used
shall be As follows towit: In favor OF issu-
Ing bonds to the ainouno OF Twelve Thous-
and Dollars for the purpose Of buying and
improving the water works and water sys-
pany, as stated i'll Ordinance No. 81.
Against Issuing bonds to the amount of
Twelve Thousand Dollars for the purpose of
buying and improving the water works and
water system Of the Rathdrum Water &
Power Company. as stated In Ordinance No.
"a
Section VIII. That this Ordinance shall
take effect within one month after Its pas
sage and that 1t be published for four sue
cessive weeks Immediately after Its passage,
In the Rathdrum Tri bune, Il weekly news
~ OF kootenai, state Of Idaho.
for unanimously, July 81. 1905.
Read the second time. under suspension of
the rules. aud its passage voted for unani-
mously, July 81. 15C5
Read the third time, under suspension OF
the rules ana enacted by unanimous vote,
July 81, 1906.
W. n HART, Chairman.
a. COOK. Clerk.