The newspaper., 1906-06-29
Ordinance No. 49.

n Ordinance prON1dlnS LOT tHe
an indebtedness by the town of Paonia, Colo
RADIO by the Issuance of its bonds for the pur-
pose of purchasing. improving % anu repa,ri pau ~
the Electric Light Plant and system now III
operation in said town. and i'll the event oi
fnlure to purchase the same to construct , .ar an
Electric Light Plant and system for the gener
ation and Transmission of electricity for IL
Illuminating and power purposes ior salu Tow
and be forever owned, mnh"sea ana opef"'eu
WHEREAS, "A majority of the voters of said
town of Paonia. who were unoer du1e rlv
called for the purpose of taking saio vote, and
duly held in said Town on Tuesday me ne so s nay
til tion and CONSTRUCTION by the Board of Trustees
of said town of an Electric Light and Power
ment and s repair OF the Electric Light Plant and
System now in operation in said town: and IN
sne S Eeetre light Plant and
for the generation and TRANSMISSION vi eiectIio " M
y for illuminating and power hx 70 ssid Ps
town, the funds for which were to be raised by
the issuance of the negotiable coupon bonds 81
seven hundred dollars, ts4.7oo) and, -
WHEREAS, it is the duty OF the board OF
strneted b BY said vote in order to obtain funds
for the purpose aforesaid; Now therefore @ i,,-,
TEES of THE TOWN OF PaONIA, COLORADO:
Section 1. That the town OF Paonia, Colorado,
issue its negotiable coupon bonds IN the sun 1oo 9i
for the purpose OF the purchase or construction
of an Electric Light Plant and system for said said
thiNS''N'''NH-
in said amount for sui purposes; -
section 2. That said bonds shall consist OF
nine bonds of five hundred dollars $500 each,
designated "series A. and numbered from one
to nine inclusive, and two bonds OF one nun,
dred dollars GIoo) each, DESIGNATED series res, b.
dated July l. 1906, and be absolutely due and
payable fifteen years after the date thereof,
and be redeemnble at the option OF said town
ten years after the date thereon at the once
of the town treasurer in said town Ihey
shall bear interest at the rate OF six t6) per
cent per annum, payable semi. annually, on the
first days of July and January in each year uhtll
paid at the office of the town treasurer afore-
said, or at the banking house of Kountze Broth
ers in the city and state of New York at the op-
tion of the holder of the coupons thereto at
tached, and both principal and interest snail be
paid in gold coin of the United states OF Amer
lea OF the present standard OF weight and hne-
Section g. 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 shall have at
tached thereto, thirty COUPONS numoeTeu from
semi-annual installment OF interest upon the
bond to which 1t is attached ana securing the
payment of interest as it accrues, which said
coupons shall bear the signature OF tine treas
urer of said town and the number of the bond to
which they are attached. Said coupons, when
so made, executed and delivered as part OF said
bonds shall be the legal obligations OF said
town, securing the payment of said interest in
the hands of all persons to whom they may law
Section i. That the form of said bonds and
coupons shall be substantially as follows, to wit:
UNITED STATES OF AMERICA.
->'''''' TOWN OF PAoNIA.
GOLD ELECTRIC LIGHT BONDS.
Series. ....,...
THE TOWN OF PAoN!A, in the County of
Delta and State of colorado for value received,
acknowledges itself to owe and hereby promises
to pay to the bearer hereof,....: -. .....:
dollars in gold coin of the United states OF
America of the present standard of weight and
fneness, on the first day OF July, A. d. 1921, at
the office of the town treasurer in said town of
Paonia, with interest thereon at the rate of six
(6) per cent per annum, payable semi,annually;
in like gold coin, on tn first days OF July and
aforesaid, at the banking house of Kountze
Brothers in the city and state of New York, U. s
A, at the option of the holder, upon presenta-
tion and surrender of the annexed coupons
they severally become due.
The said town, however, reserves the right to
pay this bond at any time after the first day OF
This bond is issued by the said town OF Pao-
construction OF 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
under, by virtue of and in full conformity with
the provisions of an Act of the General Assembly
thereof, entitled An Act In Relation to MUM
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 n majority of the voters of
said town who were taxpayers under the law,
voting on the question at an election duly called
and held in said town according to law prior to
the issuance of this bond; that all conditions
quired to exist and things required to be done
precedent TO ana in the issuance of this bond to
render the same lawful and valid did exist and
have been properly done and performed In reg
ular and due time, form and manner as re-
quire by law: that the total debt of said town,
including that of this bond does not exceed any
limit of Indebtedness prescribed by the consti-
tuition laws of the state of Colorado and that
said Ordinance provides for the levying of tax
sufficient to pay the annual interest this
bond and to eXtinguish the principal thereof
within the time limited for the same to run, and
contains such other provisions required
by law.
IN TESTIMONY WHEREOF, The said town of
Paonia, has caused this bond to be sealed with
its corporate seal. signed by its mayor, uttested
by its clerk and recorder, and counter signed by
Its treasurer, this. day of ......... A. D.
1906
:..s.......-.'....
Mayor
Town Clerk and Recorder
COMMISSIONED:
-..-........--'..-.. ....'- - -......-..
- Town Treasurer.
NO............. ..... ......--.
On the first day of .......... .. ....... ....
A d l9. ... for value received, the town of Pa
onia, In the county of Delta, and state Of Colo
RADIO. will pay TO the bearer .,.. .. ........ o.. .
dollars in gold coin of the United States of
America at the office of the town treasurer in
said town OF Paonia, ut the Bnnking house of
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