Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1906-02-08
CITY Ordinance No. 81.

An ordinance providing for the Issuing Of
municipal colpon b0nds lDr the .purpose 81
s trucsion' ana maintensnce 81 . system Of
city 81 Grsnssviii lei and she inhsbitsnts there
Supplying the said system with water; 70 pro-
vide for the submitting the question OF the
issuance Of said bonds to . vote OF the elections
OF said city. and calling 4 special election
Be il ordained by the mayor and council of
section /. That upon the approval and rstia-
cation Of this ordinance BY two-thirds Of the
Qualihed clectors. who are taxpayers Of the city
after provided Tor. and ssssntIns 70 the isssins
Of the bonds and 10 the incurring Of the indebt-
edness hereinafter PrSvtde1 iot. i3f me ;p nr
coupon bonds Of the said city Of Grangeyille 70
the total amount Of thirty thousand o00oi
section 2. That the purpose Of Issuing such
bonds IL to provide funds for the acquisition,
construction aud maintenance Of sysfem Of
city OF ,irange vile and the Inhabitants thereof
for municipal and domestic purposes; Tor sup
plying the said system with water
Section 3. That the estimated cssst OF the said
5, stem Of water works and the supplying the
same with water 10 the SIAM Of tn rty-twu thous-
and s ol dollars ana tns ~ ,s x assmeH sSir,y
thousand 10000 dollars OF the said estimated
costs Of said system OF water works and supply
Section l. such bonds shall be known as
municipal coupon bonds Of the city Of Grange
vile, Idaho county. state OF Idaho; shall Dc
Issued In demon nations Of one thousand II ,O0Ol
dollars each; shall be numbered consecuttveiy
| from one to thirty; shall be made payable
| twenty years from the date Of issuance, anf
shall bear interest at the rate OF not exceeding
| dve per centum pr amman, to be paid on the
| frst day OF January n the first day Of july VI
ach year ct the ONCE Of the city treasurer, or at
| svch banking house or trust company in the
| city of New York a. may be designated by the
common council Of said city, at the option oil
i he holder thereof Provided, that such bonds
shall be redcemable at the pleasure Of said city
| at any time after the expiration Of ten year.
from the date Of issuance, and each bond snail
be redeemed In the order that u is numbered
| Section g. Such bonds shall be negotiated
| sOld, issued, registered and delivered by the
council OF said city, in strict compliance with
| the provisions Of sections and OF an act oi
| he legislature of the state Of Idaho. entitled
AN act to provide for the issue and sale o.
municipal coupon honda by incorporated citie'
md towns for the application Of the fnnds de-
rived from the sale thereof and 70 prOviue iol
the pay ment OF the principal and interest there
on approved February 2, 1885. Such bond
shall be sold for cash and in no case must sale
Il bOnds be sold for less than face or par value
| Ill proceeds derive cd from the sale OF said bond
| hail be applied exclusively to the purposes 10
l which said bonds are issued.
Section 6. That for the purpose Of the pay
ment of the interest on the said bonds ~ u iall
i i've. aud also TO create . contingent or sinkinl
II - ~ mi uCtOnl OF sci