Gunnison news-champion., 1906-03-16
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s,0bS3x><s0. A8<H S1Ss aSso fH< s~~N
sae ct tho bonds OF sad Town ex
Cunsls-cn- Colorado, fes the pur
rsrse ct constructing ss purchasing
y ~sseryorks for supplying tie Town
os CanuIsou. Colorado. and the
iuhssss;ants thereos with wascr Tor
hTe and domestic puTpes-ss
WHEREAs at a general municipal
cicct,on tor Tosn esssccrs tor the
Town @; Cunui-on Color ado. held
April Sth. A ID. lsos. Ia SAID
Town ut Gunnls,n. Color ado. there
Was. IN pursuance to- a resolution
of the Board ot Trustees vi said
Town therctosose duly passed and
adopted. submitisd she-ssestien to
the dulv and legally qualified
voters OF said Town a. to whether
oT no; the said Town OF Ggnnison
be authorized to- contract and incur
an indebtedness as provided BY law
for the purpose OF the purchase on
construction of watcrwoqks for
flre and domestic purposes tor said
Town and the inhabitants Thereof
and at which said election duly
held large majority OF the legal
qualified votcrs of SAID Town. Vot-
ing on said question, voted in favor
of the incurrIng and contracting
of such indebtedness a. was shown
by a canvass of the votes 80 cast
ON such question by SAID voters.
Now THEEEFoRE BE IT or
dained by the Board of Trustees of
the Town of Gumnisou. Colorado.
SECTION That the Board OF
Trustees OF the Town Of Cunni-
son. Colorado. be and Is hereby
authorized, empowered and direct
ed to contract and incur an indeb,-
cdncss tor and ON behalf of the
Town Of Gunnisou, Colorado. bv
issuing the bonds OF said Town of
Gunnison, Colorado. for the pur-
pose of constructing or purchasing
by said Town OF Gunnison, Colo
RADIO. water works for fire and
domestic purposes.
Section 2. The amount OF such
indebtedness, so to he contracted.
shall not exceed the sum of one
hundred thousand dollars, and the
bonds so to be issued shall not be
for more than said sum OF one
hundred thousand dollars, and such
bonds shah bear Interest AZ -fw
lowest rate that can be secured, not
exceeding five (5) per cent per
annum.
Section J. The Indebtedness
hereby authorized to be contracted
Shall be only for the purpose of con
structing or purchasing water works
for the purpose of supplying said
Town of GunniSon, Colorado, and
the inhabitants thereof with water
for fire and domestic purposes, and
the money realized from the sale of
such bonds so to be issued shall be
applied solely to the purpose of pay
ing off the Indebtedness so created.
Section 4. The indebtedness to
be contracted as herein provided
for shall be for a period of not less
than ten nor longer than fifteen
years, to-wit for fifteen wears and
the bonds to be issued as herein
provided for shall be for fifteen
wears.
Section S. After the bonds here
in provided for are issued and sold.
and such Indebtedness created, the
Board of Trustees of said Town of
Gunnison, Colorado. shall each
year thereafter, and at the time
when the annual tax levy for town
purposes is made, levy a tax in
amount as to them may seem proper
and Just, for the purpose of paying
the annual interest on and extin-
gushing the principal OF the in
debtedness so created within the
time specified, and said tax shall
when collected, only be applied for
the purpose of paying the annual
interest on and extinguishing the
debt so created, and for no other
purpose.
Section 8. That this ordinance,
when passed, shall be irrepealable
until the indebtedness herein pro
vided for shall be fully paid and
discharged.
IN T ]. THOMPSON,
~ Mayor