The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1906-03-23
ORDINANCE NO. BIZ.

An oFulIunCG VI tne ' lllttSt VI NttIuTuu
q. municipal corporation in the County Of
kootenai, State Of idaho providing for the
issuance OF municipal coupon bonds. by said
Twelve Thousand Five Hundred Dollars
(Sl2 500, in denominations of Five Hundred
Dollars each, payable within twenty years
from the issuance thereof, for the purpose of
purchasing the water works. water system
and water rights OF the Rathdrun Water Il
Power Company, and improving. extending
and operating the same, and supplying the
inhabitants of said Village of Rathdrum,
with water for domesticofre and other, pur-
poses. And to empower said municipal cor
poration to sell said water TO the inhabitants
of said municipal corporation, and designat-
ing the provisions, to be made to pay the
cipal OF the same within twenty years from
the date of their issuance, and providing for
| the holding OF an election authorizing the
F., Chairman and Board of Trustees of said
| municipal corporation to issue said bonds.
of b sn e * N 4n o and SGnra
lied and existing under and by virtue Of the
| laws of the state of Idaho, as follows, to-wit:
| Section /. That the chairman and trustees
of the said municipal corporation deem it
advisable to issue municipal coupon bonds
of the said Village of Rathdrum. u munici..
pal corporation situated in the County of
kootenai. State of Idaho, to the amount of
Twelve Thousand Five Hundred dollars, in
denominations OF Five Hundred Dollars
each, for the purpose CT purchasing the
present water works and water system and
water rights Of the Rathdrum Water & Pow
err Company, corporation created, organ
| lied. and existing under and by virtue Of the
J laws of the State of Idaho; said water works
situated at and near the Village Of Rlth.
drum, in said County of Kootenai, State of
! Idaho; the purchase price of said water
J works. water system and water rights to be
! the sum of Seven Thousand Five Hundred
Dollars (S7,500). The remaining Five Thous-
| and Dollars to be realized out of the sale of
! the said municipal coupon bonds is to be
/, applied to the Improvement and extension
f, of said water works and water system by
said municipal corporation in order that the
| inhabitants OF said municipal corporation
may secure more efficient and satisfactory
| water service.
Section II. Said municipal coupon bonds
from the date Of their issuance and a Shall
bear interest at the rate Of six per cent per
aa nndl payable semi.annual!y. and such
of the Village of Rathdrum, IL municipal
corporation. at any time after the expiration
OF ten years from the date of their issuance
and said bonds and the interest thereon
| shall be payable at the office of the treaSur-
er or the said municipal corporation or ut
snch banking house or trust company in the
CITY OF New York as may be designated by
the Trustees of said municipal corporation,
at the option of the holder or holders Of said
bonds.
Section III. The said Chairman and Trns-
: tees of the said municipal corporation and
their successors, shall make provisions to
pay the interest on said municipal coupon
bonds as 1t shall fall due at the rate Of six
per cent; per annum by a levy and collection
OF suhclent annual tax upon the taxable
pro pro, situated within the limits of said
municipal cooperation.
: Section ~. The Chairman and Board of
Trustees of SAID municipal corporation, and
their successors in office, are TO provide for
the creation and constitution Of a sinking
Iund Tor the payment OF the principal of
sad municipal bonds as they respectively
hecume due. by the annual levy upon all the
ttxable property situated within the limits
Oh sad munclpa; corporation of sufficient
maturity, and the faith and credit of SAID
municipal corporation and all taxable prop
erty situated IN 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 of, said bonds as the same be-
| Section V. That the Chairman and Board
OF Trustees of said municipal corporate ion
snail provide for the holding of an election
OF the qualified electors who are taxpayers
OF ana in the municipal corporation of the
said Village of Rathdrum, to vote upon the
proposition as to whether or not said Chair
man and Trustees shall be authorized to is
sue said municipal coupon bonds; said cleo
tlon to be held in the Hose House in the said
day of MAY, A. D. 1906 between the hours of
eight O'Clock of the forenoon of said day and
seen O'clock OF the afternoon thereof.
Section VI. That the said Chairman and
Board OF Trustees of said municipal corpo
| ration shall give not less than thirty days
notice of the time and place of holding said
/
| Rathdrum Tribune, IL weekly newspaper
published in the 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 to-wit.
=, I'm favor of issuing bonds to the amount of
Twelve Thousand Five Hundred Dollars
Tor the purpose of buying and improving the
water works, water system and water rights
| or the Rathdrum Water g. Power Company
| as stated in Ordinance No. .6.'
- Against issuing bonds to the amount of
Twelve Thousand Five Hundred Dollars for
the purpose of buying and improving the
water work water system and water rights
| or the Rathdrum Water & Power COMPANY
as stated In ordidance No. t6."
section VIII. That this ordinance shall
take effect within one month after It's pass-
age, and that it shall be published for four
successive weeks Immediately after it's
passage i'll the Rathdrum Tribune. a weekly
newspapers. published mt Rathdrum in the
county of kootenai, State of Idaho
Read the first time and its passage voted
Tor unanimously March IL, 1906
Read the second time and it's passage voted
Tor unanimously March 49, 1906
Read the third time under suspension of
me rules, and enacted by a unanimous vote
W. A. HART,
ieEaLI Chairman.