The newspaper., 1906-06-15
Ordinance No. ~.

OT0ln0u$S i>Os
An Ordinance providing for the contracting OF
an Indebtedness by the town oi raoh,h, @ M Io,p np
RADIO. by the issuance of its bonds Tor the PUT
pose of purchasing. improving anu repa,,iu p iuS ~,
the Electric Light Plant and system now i
onerntion in said town, and i'll the event ui
fniIure TO purchase the same, to construct an
Electric Light Plant and system ior the gentr
alton and transmission of electricity ior IL
Inminnting and mower purposes for said town.
and be forever owned, managed ana opera'eu
WHEREAs, n minority of the voters of said
town of Pnonia. who were taxpayers unuer h VIZ
law, voting Oh the question, at an Ia sotr and
duly held in said Town on Tuesday, me so sac umy
Of April A. D. 1906 by vote "RPaqSSedf RPaqS Of Trustees
of said town of an Electric Light and Power
Plant said or the ~bs Plant and
system now in operation in said town: and ana IN II,
the event of failure to purchase tne SANE, Snta !"
for the generation and transmission of electric.
ity for illuminating and power pu,posts, 10 iS ~
own the fands for Which We're to be raised by
the issuance of the negotiable coupon ponds oi
said town. to ,hs smonna ., 1oo o. anS ,Saf
trustees of said town to issue said PONDS as & m,
structed by said vote in order to OBTAIN iuhus
for the purpose aforesaid; Now thereforei nr
Bet ORDAINED BY THE BoARn Snf OF HRibo. TKSs.
Section l. That the town of Paonia, Coiorano,
issue its negotiable coupon bonds in the sum ao Si
four thousand seven bundled dollars, si,Mo,l
for the purpose OF the purchase or construction
of an Electric Light Plant and system for said
town, and do thereby contract an indepteohesS
Section D That said bonds shall consist of
nine bonds of five hundred dollars tS1ool eacn,
designated .series A." and numbered from one
to nine inclusive, and two bonds OF one nun, ~,
dred dollars $500 each, designated series B,
and numbered ten and eleven, they shall be
dated july l. 1906 and be absolutely due and
payable fifteen years after the date thereoi,
ten wears after the date thereof at the office
of the town treasurer in said town iney @
shall bear interest ut the rate OF SIN lol peI
cent per annum, payable semi i-annually, on the
first days of July and January in each year nntll
mid. or at the banking house of Kountze Broth
ers in the city and state of New York AT the oI-
Yon of the holder OF the coupons thereto p, at, A.,
tached, and both principal and interest shall oe
paid in gold coin of the United States OF Amer
lea OF the present standard of weight and hhe-
Section 8. That said bonds shall be sealed
with the corporate seal of said town, signed by
the mayor, and attested by the clerk ana re
corded, and countersigned by the treasurer OF
said town. Each of said bonds snail nave at
tached thereto, thirty coupons numbered from
one to thirty inclusive, each representing a
semi.annual installment of interest upon the
bond 10 which ii is attached and securing the
payment of interest IL accrues, which shld
coupons shall bear the signature of the treas
urer of said town and the number oi the ponu 70
which they are attached. Said coupons, when
so made, executed and delivered as part OF shid
bonds shall be the legal obligations OF said
the hands of all persons to whom they may law
fully come.
I.
coupons shall be substantially follows, to wit:
UNITED STATES OF AAEklcA'
,''.' TOWN OF PAoNIA. ,o,.
GOLD ELECTRIC LIGHT BONDS.
Series ........
THE TOWN OF PAoNIA, in the County of
Delta and State of colorado, for value received,
acknowledges itself to owe and hereby promises
dollars in gold coin OF the United States of
America of the present standard of weight and
fineness, on the first day OF July, a. D. ls2l, at
the office of the town treasurer i'll said town of
Paonia, with interest thereon at the rate OF SIX
l6) per cent per annum, PAYABLE semi,annually;
january ut the office of the town treasurer
aforesaid, or at the banking house of Kountze
Brothers in the city and state OF New York, U. ;.
A. at the option of the holder, upon presenta-
tion and surrender of the annexed coupons as
they severally become due
The said town, however reserves the right to
pay this bond at any time after the first day OF
July, A. ID. 1916.
This bond is issued by tine said town OF Pao-
MIA for the purpose OF the purchase of or the
construction OF an Electric Light Plant and
system, IN persuanCe of an Ordinance of said
town duly adopted. published and made law
of said town prior to the Issuance hereof and
the Constitution of the state OF Colorado and
the provisions of an Act of the General Assembly
thereof. entitled IAN Act in Relation To NUM-
cipal Corporations approved April I, AID 1877,
and all amendments thereof
And It is hereby certified that the purchase or
construction of said Electric Light Plant and
system and the issuance hereof were duly ap
proved by the vote of II majority OF the voters oil
said town who We're taxpayers under the law,
voting on the question at an election duly called
and held in said town according 10 law prior to
the issuance OF this bond: thut all conditions re
CURED to exist and things required to be done
precedent to ana in the Issuance of this bond u
render the same lawful and valid did exist and
have been properly done aud performed in reg
ular and due time. form and manner as re
quIre by law: that the total debt of said town,
Including thnt OF this bond does not exceed any
limit of Indebtedness prescribed by the coustt-
tuition or laws of the state Of Colorado, and that
flrlf fnr he 1aAy n
sufficient to pay the annual interest on this
bond and T. eNtinguish the principal thereof
within the time limited for the same to run, and
contains such other provisions are requiI ed
by law.
IN TESTIMONY WHEREOF, The said town OF
Paoniu has caused this bond to be sehled with
its corporate seal. signed by its mayor, Httested
by its clerk aud recorder, ana counter signed by
Its treasurer, this. day of A ID.
1906
Mayor.
Town Clerk aud Recorder
COMMISSIONED;