Bisbee daily review., 1906-09-09
ORDINANCE NO. s7.


 ing for the payment thereof and pro viding for a sinking fund to redeem said bonds and pay the interest there on.
 WHEREAS, an election was duly called and held in the City of Bisbee, Cochise County, Territory of Arizona, on the goth day of March, A. D., 1906, after notice thereof had been given for the time and in the manner required by law, for the purpose of voting on the is- suance or sewerage bonds for the sali City of Bisbee. more than two-thirds of the qualified voters of said city vot- ed in favor of the issuance of said sew craze bonds to the amount of Eighty Thousand Dollars, ($S0,000.00), at said election, and
 WHEREAS, thereafter on the 4th day of May, A. D., 1906, the Mayor and Common Council of said City of Bisbee did regularly pass and adopt Ordi- nance No. 91, directing the issuance of Eighty Thousand Dollars ($Se,000.00). of sewerage bonds of said City of Bisbee as authorized by said election held in the City of Bishee and provid- ing for the payment of said bonds. both principal and interest, and provid- ing also that said bonds should bear interest at the rate of 5 per cent per annum, payable semi-annually on the First Monday in June and December of each year; and,
 WHEREAS, said Mayor and Con- mon Council of the said City of Bis bee deemed it proper to reject all bids for the purchase of said bonds under said Ordinance No. 91, and. WHEREAS, said bonds never have been issued although duly and regu- larly authorized to be issued as afore- said, and,
 WHEREAS, the said Mayor and Common Council of the said City of Bisbee deem it necessary and proper to issue and sell said Eighty Thousand Dollars (sS0, 100000 of sewerage bonds,
 NOW, THEREFORE, the Mayor and Common Council of the said City Of Bisbee do crdain as follows:
 Section 1. That the City Clerk, ex- officio City Treasurer of said City of Bisbee is hereby directed to have pre- pared sewerage bonds in the sum of Eighty Thousand Dollars (sS0,0ao.00) | of the denomination of One Thousand Dollars (sl ,000.00) each, numbered ser ially from one to eighty inclusive, dated the 21st day of September, 1906, and which shall become due twenty five (25) years after the date thereof and which shall bear interest at the rate of per cent per annum, which interest shall be payable semi-annually on the First Monday in June and De cember of each year;
 PROVIDED, HOWEVER, thar it shall be stipulated in saif bonds that the Mayor and Common Council of | the said City of Bisbee reserve the right to pay off and retire any or all of said bonds in their numerical order at any time from and after the expira. tion of five (5) years from their date. Both the principal and the in, terest on said bonds shali be ma6a payable in gold coin of the United States Of America at the office of the
 City Clerk, ex-officio City Treasurer
 of said City of Bisbee, Cochise County
 Arizona Territory, or at such bank in
 the City of New York, State of New
 York, or at such other place as may
 be designated by the Mayor and
 Common Council of said City of Bis
 bee, at the option of the purchaser oi
 said bonds. The place of payment to
 be mentioned in said bonds and said
 bonds shall be made payable to bearer
 Said bonds shall bear the seal of the
 City of Bisbee and be signed by the
 Mayor and countersigned by tie C.ry
 Clerk, ex. officio City Ire lsurcr Of s1id
 City of Bisbee under the official seal oi
 said City. and the coupoas attached tc
 said bonds shall be executed by the en
 graved signature of the City Gleik, eX
 officio City Treasurer.
 Sec. 2. The signing of the said
 bonds by the Mayor anl City Clerk ex-officio City Treasurer and the 1Tiy . ing thereto of the corpo .ate seal ct said City shall bind the City of Bis
 bee for the payment If the amount ot each of said bonds according 10 tftt : tenor thereof whenever the same shall have been sold and delivered. Sec. 3. The CHy Clerk is harab! , authorized and directei to advertise
 for bids or proposals in at leas , one newspaper published in sait ' City of Bisbee. for period O ten days and in such other newspaper as may be designated by the Common , Council of the said City for the sal
 of said bonds, and he shall in sait advertisement state a time and plac l when and where said bids shall h, , opened, which said bids shall be open
 ed in the presence of the Mayor ant Common Council, and the Mayo- an, Common Council shall award the sal , of said bonds to the highest responsl ! ble bidder, or refuse and reject an, and all bids as they may deem best
 PROVIDED, HOWEVER, that no bon shall be sold for 2 less sum than it par value.
 Sec. 4. The Common Council C
 said City shall in due time, manne
 and season cause to be levied and co :. lected annually upon all or ,he taxabl Iproperty of said City of Bispee, a ta : sufficient to pay the annual inteTes n upon the sewerage bonds provided t
 be issued in this ordinance which ta
 shall be added to, assessed and collec
 ed at the same time and in the sam
 manner as provided by law for the co lection of other municipal taxes. Tn tax so collected shall, by the Cit Clerk, ex-officio City Treasurer, b placed to and designated "SEWERAG
 BONDS INTEREST SINKING FUND and he e pay the interest on sai bonds SC .:ually as herein provi, !