Bisbee daily review., 1906-09-08
ORDINANCE NO. s7.

Thousand Dollars, t$S0,OO00O), proy1d- ing for the payment thereof and pro viding for a sinking fund to redeem said bonds and pay the interest there on.
 WHEREAS, an election was duly called and held in the City of Bisbee, Cochise County, Territory of Arizona, on the goth day of March, A. D., 1906, after notice thereof had been given for the time and in the manner required by law, for the purpose of voting on the is suance Of sewerage bonds for the saii City of Bisbee, more than two-thirds of the qualified voters of said city vot- ed in favor of the issuance of said sew craze bonds to the amount of Eighty Thousand Dollars, (sS0,000.00), at said election, and
 day of May, A. D., 1906, the Mayor and Common Council of said City of Bisbee did regularly pass and adopt Ordi- nance No. 91, directing the issuance of Eighty Thousand Dollars t$se, 100000. of sewerage bonds of said City of Bisbee as authorized by said election held in the City of Bisbee 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 per cent per annum. payable semi-annually on the First Monday in June and December of each year; and,
 WHEREAS, said Mayor and Cou,- mon Council of the said City of Bis bee deemed 1t 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, ,000.00) of sewerage bonds,
 NOW, THEREFORE. the Mayor and Common Council of the said City Of Bisbee do ordain 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, ,0a0.00) of the denomination of One Thousand Dollars ($1 ,000.00l each. numbered ser ially from one to eighty inclusive, dated the Fist 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 seni-annually on the First Monday in June and De- cember of each year;
 PROVIDED, HOWEVER, that it shall be stipulated in sali 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 crder at any time from and after the expLra- tion of five (5) years from their date Both the principal and the in terest on said bonds shall be maSa 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 oy the Mayor and Common Council of said City of Bis bee, at the option of tke purchaser of said bonds. The place of payment tc 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 countersignnd b. tie C1y Clerk. ex-officio City Ire alsurcr Of s1if City of Bisbee under tte official seal of said City, and the coupons attached to said bonds shall be eXCcuSei by the en- graved signature of the City Tle,k, ex. officio City Treasurer.
 Sec. 2. The signing of the saIl bonds by the Mayor 3nl Citv Clerk, ex-officio City TreasuT ar and the 1Siy. ing thereto of the corpo ate seal of said City shall bind the City of Bis bee for the payment of the amount cf each Of said bonds according to the tenor thereof whenever the same shall have been sold and delivered.
 Sec. g. The City Clerk is hereby authorized and directed to advertise for bids or proposals in at least one newspaper published in said City of Bisbee, for period of ten days and in such other newspapers as may be designated by the Common Council of the said City for the sale of said bonds, and he shall in said advertisement state a time and place when and where said bids shall he opened, which said bids shall be open. ed in the presence of the Mayor and Common Council, and the Mayo and Common Council shall award the sale of said bonds to the highest responsi- ble 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.
 Sec. 4. The Common Council cf said City shall in due time, manaer and season cause to be levied and col lected annually upon all or The taxable property of said City of BisDee, tax sufficient to pay the annual interest upon the sewerage bonds provided to be issued in this ordinance which tax shall be added to, assessed and collect ed at the same time and in the same manner as provided by law for the col lection of other municipal taxes. The tax so collected shall, by the City Clerk, ex-officio City Treasurer, be placed to and designated SEWERAGE BONDS INTEREST SINKING FUND | and ho sholl nav fha interest on said