Bisbee daily review., 1906-05-12
ORDINANCE NO. s1.

FrescTioiuo tne Concuions hcreI.
 BE IT ORDAINED by the Mayor and Common Council of the City of Bisbee, County of Cochise, Territo- ry of Arizona, as follows, to-wit.
 Section l. Th4t WHEREAS, under the authority and in pursuance of, and in conformity with the provisions of the Act of Congress, approved March 4th, 1898, entitled An Act to Amend An Act to Prohibit the Passage of Lo- cal Special Laws in the Territories, to Limit Territorial Indebtedness, etc" and in accordance with the provisions of the Revised Statutes of 1901, of the thereof. an election was held Tn the said City of Bisbee on the 21st day of March, 1906, between the hours of a. m. and p. m., of said day for the purpose of voting on the issuance of bonds of the said City of Bisbee, Ari- zona, notice of which election had been given more than thirty days before such election, and whereas, at said election more than two-thirds of the qualified voters who were quali- fled electors and owners of real or personal property subject to taxation within the said municipality of Bis bee, Arizona, and whose property ap- peared in the last assessment or tax roll of such municipality, voted af- flrmatively for the issuance of said bonds in the sum of Eighty Thousand Dollars ($80.000 00), said bonds ts lear a rate of interest not exceeding six per cent per annum. payable semi-an- nually, and said bonds to run for a term of twenty-five years, and be pay able as follows, to-wit: During the filst years of the time which they are to run only the interest shall be due thereon, and at the end of each year thereafter, besides the interest there shall be due and payable on said bonds the sum of Four Thousand Dollars ts4.000.00), until the said bonds shall have been paid; that the said bonds, and a loan in the sum of Eighty Thou sand Dollars (SS0, ,000.00), be and the same is hereby authorized to be nego- tjated to be paid in the time and man. ner as herein set forth, and to bear irterest at the rate of five per cent per annurn. said interest to be payable semi-annually on the first Monday in June and December of each year, and that said bonds and interest shall be payable at the office of the City Treas urer of the said City of Bisbee, or at such bank in the City of New York, or in the City of San Francisco, Cali fornia, or such place as may hereafter be designated at the option of the purchaser of said bonds, the place of payment to be mentioned in~ said bonds.
 Section 2. The Mayor and the Clerk of the said City of Bisbee are hereby authorized and directed to issue se- ries of eighty of the bonds of the said City of Bisbee, numbered from one to eighty, inclusive, for the sum of One Thousand Dollars (Sl,0OO.OO) each, four of the said bonds to be due and payable in six years from the time of their date, and likewise at the end of each year thereafter there shall be due and payable four of the said bonds until all shall have been paid.
 Said bonds shall bear the seal of the City of Bisbee. and be signed by the Mayor and City Clerk, and be. counter signed by the Treasurer, and the cou- pons attached to said bonds shall be executed by the engraved signature of the City Treasurer, and said bonds shall be as to further form as may be proposed by the purchaser thereof and adopted by the City, and the said bonds shall be made payable to bear CT.
 Section 3. The signing of the said bonds by the Mayor and Clerk and the affixing thereto of the corporate seal of the said City shall bind the said City of Bisbee for the payment of the amount of each of said bonds accord ing to the tenor thereof whenever the same shall have been sold and de livered.
 The City Clerk shall keep register of said bonds, showing the numbers and amounts thereof, and when deliv' cred to the City Treasurer as provided for in section 4 of this ordinance. shall charge the City Treasurer with, the full amount of the samc.
 Section 4. The City Clerk is hereby authorized and directed to advertise for bids or proposals for the purchase of said bonds and he shall at the next meeting of the Common Council after the time designated for the re ceptiou of such bids or proposals, open the same in the presence of the Mayor and Common Council, and the Mayor and Common Council shall award the sale of such bonds to the highest and lest bidder, or refuse and reject any and all bids as they may deem best, provided, however, that no bond shall be sold for less sum than its par value.
 Section 5. The Common Council ahall cause to be levied and collected annually upon all the taxable proper | ty in the said City of Bisbee, tax sufficient to raise the sum of Four Thousand Dollars ts4,000.00), which tax shall be added to and assessed and collected at the same time and in the same manner as provided by law for the collection of other municipal taxes. The tax so collected shall by the City Treasurer be placed to and denominated Interest Fund Sewerage Bonds" and he shall pay the interest on said bonds semi-annually out of said Interest Fund Sewerage Bonds,
 and such money shall not be used for any other purpose.
 Section G. The Common Council T o<-1