Bisbee daily review., 1906-09-05
ORDINANCE NO. s7.


 ance of sewerage bonds for the City of Bisbee, Cochise County, Territory of Arizona, to the amount of Eighty Thousand Dollars, ($S0, 0,000.00), provid- 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 20th 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 or 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
 WHEREAS. thereafter on the 4th 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 (sSe, 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 provld- 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,
 A nr1 mon Council of the said City of Bis bee deemed it 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 regn- 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 (sSO, ,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 100000 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 semi-annually on the First Monday in June and De cember of each year;
 PROVIDED, HOWEVER, that ii shall be stipulated in saii bonds that the Mayor and. Common Council oi the said City of Bisbee reserve the right to pay of and retira any or all of said bonds in their numerical order at any time from and after the expira tion of five (5) years from their date. Both the principal and the in terest on said bonds shall be ma6s 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 ir the City of New York, State of New York, or at such other place as may be designated by the Mayor and Common Council of said City of Bis bee, at the option of the purchaser oi 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 countersigned hy the Cry Clerk. ex-officio City Treasurer of s1id City of Bisbee under the official seal ot said City, and the coupons attached U said bonds shall be executed by the en graved signature of the City Clerk, ex officio City Treasurer.
 Sec. 2. The signing of the said bonds by the Mayor an1 Citv Clerk ex-officio City Treasurer and the 1ffiy ing thereto of the corpo ate seal ct Said City shall bind the City of Bis bee for the payment of the amount oi each Of said bonds according 10 tf,e tenor thereof whenever the same shall have been sold and delivered. ; Sec. 3. The City Clerk is hereby authorized and directed to advertise for bids or proposals in at least one newspaper published in said Clly O1 blSDcS, TUT pcIlOO VI 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 be opened, which said bids shall be open ed in the presence of the Mayor and Common Council, and the Mayo anc 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 bono shall be sold for less sum than 1t! par value.
 Sec. f. The Common Council c said City shall in due time, manael and season cause to be levied and col lected annually upon all Of The taxable property of said City of BisDee, a ta,