Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1906-03-09
Ordinance No. Is

An ordinance amending section 2 OF ordinance |
No TO- entitled: AN ordinance providing for the
issuance of municipal coupon bonds OF the city
e Montpelier. Bear Lake county. Idaho, In the
sum of TWENTY-FIVE thousand five hundred dol
lars for the purpose Of constructing, acquiring
and maintaining q necessary system OF munich
nal water works and to supply the same with
water for municipal, fire protection, domestic
commercial and sanitary purposes and uses by
the said:city and the inhabitants thereof to pro-
vide for the collection of an annual tax upon all
taxable property within said city. sufcent tn pay
the interest on said bonds as 1t becomes due and
to create and constitute sinking fund for the
payment of the principal thereof In twenty yers
from the issuance of the same, and to provide
for the holding of a special election in said city
OF Montpelier for the purpose OF submitting to
the qualified electors who are taxpayers thereof
the question of issuance Of such municipal
coupon bonds in the amount of twenty-five
thousand Ave hundred dollars with which to
construct acquire and maintain water works
for said city and the giving OF the necessary
notice thereof"
Be II ordained by the Mayor and City Council
OF the City of Montpelier, Idaho;
Section That section be amended to reao
as follows:
which to pay the interest on such twenty-five
thousand 1--WE hundred (sas,500) dollars munich
pal coupon bonds as IL falls due and also to con-
stitute sinking fund on and after the year 1915
for the payment of the principal OF such munich
pal coupon bonds within twenty years from date
| of issuance of same there shall be and there
hereby is levied special annual tax upon all
| property not exempt within the said city OF
Montpelier In addition to other authorized
taxes. producing q sum Sufficient to pay the
| interest falling due on such municipal coupon
bonds in that year and also producing the sum
| of a. $50 additional each year on and after the
| year 1915 10 constitute O sinking fund for the
payment OF the principal OF such municipal
4 coupon bonds, said sinking fund To be separate
and distinct from all other funds or monies OF
said city and to be held and kept as fund out
of which to pay the principal Of such municipal
bonds, ind to be held safely invested with the
income thereof In such manner as the Mayor
and Council shall from time TO time direct, ant
the same or any part thereof may from time tt
time be applied in the discretion of said Mavor
and Council to the redemption In numerical
order after the year 1915, OF any such municipa
bonds. IL being the intention and purpose here
OF to make full and adequate provisions for the
collection of an annual tax suficient 10 pay thu
interest on such municipal coupon bonds, as J.
falls due and also TO constitute sinking fnns
OF, and after the year 1915. for the payment 0
. the principal of such municipal coupon ond
within twenty years from the time OF contract
ing the debt. evidenced by same provided how
ever, that the net income II any to the said cit
OF Montpelier. received from the operation o
said system OF water works, as provided In sec
ton three of this ordinance, shall be used an
. II f.s4a
!, municipal coupon bonds and u such net incnm
j SO received exceeds the amount of interest s
q falling due In any one year such excess Of ne
income shall be placed into an become par
OF the sinking fund herein provided for. for tn
payment OF the principal Of such municipa
T conpon bonds. and invested and applied &
8 herein provided, and the amount Of yearly ne
> income thus received by said city shall be es 4
] mated and taken into account by said Mayo
/ and Council in determining the taxes to- levy
assess and collect for the payment OF interes