Bisbee daily review., 1906-09-06
ORDINANCE NO. s7.

of Bisbee, Cochise County, Territory of Arizona, to the amount of Eighty Thousand Dollars. ($80, ,000.00), provid- 1 ing for the payment thereof and pro vidiRg for a sinking fund to redeem said bonds and pay the interest there on.
 WHEREAS, an election was duly called and held in the City of Bisbee, Cochise County, Territory of Arizona, on the goth day of March, A. D., 1906, after notice thereof had been given for the time and in the manner required by law, for the purpose of voting on the is suance or sewerage bonds for the sail | City of Bisbee, more than two-thirds of the qualified voters of said city yot- ed in favor of the issuance of said sew craze bonds to the amount of Eighty Thousand Dollars, ($S0, 100000, 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 900. .0o). 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 provid- | 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,
 | WHEREAS, said Mayor and Con- mon Council of the said City of Bis | bee deemed 1t proper to reject all | bids for the purchase of said bonds under said Ordinance No 9l, aud.
 WHEREAS, said bonds never have been issued although duly and regI- larly authorized to be issued as afore- said, and
 l 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 S0,000.00) of sewerage bonds,
 NOW, THEREFORE, the Mayor and Common Council of the said City of Bisbee do ordain as follows:
 | Section l. 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, 0,0a0.00) 1 of the denomination of One Thousand Dollars (s1 100000 each, numbered ser ! ially from one to eighty inclusive. dated the 21st 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 it shall be stipulated in sail bonds that the Mayor and Common Council of the said City of Bisbee reserve the right to pay off and retire 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 ma6e 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, jor at such bank in the City of New York, State of New York, or at such other place as may
 be designated Dy the Mayor and
 Common Council of said City of Bis
 bee, at the option of the purchaser of
 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 by tie Cry Clerk. ex-officio City Treasurer of srid
 City of Bisbee under tte official seal of
 said City, and the coupons attached to
 said bonds shall be eXccurei bv the en-
 graved signature of the City Cle.k, ex-
 cfficio City Treasurer.
 Sec. 2. The signing of the said
 bonds by the Mayor ani City Clerk, ex-officio City Treasurer and the afix-
 ing thereto of the co-po ate seal of
 said City shall bind the City of Bis
 bee for the payment of the amount of
 each or said bonds according 10 the
 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
 City of Bisbee, for period of
 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 time and place
 when and where said bids shall he
 opened, which said bids shall be open. ed in the presence of the Mayor and , Common Council, and the Mayo and
 Common Council shall award the sale
 of said bonds to the highest responsi.
 bic bidder, or refuse and reject any