Bisbee daily review., 1906-09-11
ORDINANCE NO. s7.


 An ordinance authorizing the issu- ance of sewerage bonds for the City of Bisbee, Cochise County, Territory of Arizona. to the amount of Eighty Thousand Dollars, ($S0, ,000.00), provid- ing for the payment thereof and pro viding for a sinking fund to redeem said bonds and pay the interest there on.
 WHEREAS, an election was duly called and held in the City of Bisbee. Cochise County, Territory of Arizona, on the goth day of March, A. D.. 1906, after notice thereof had been given for lthe time and in the manner required by law, for the purpose of voting on the is- suance or sewerage bonds for the saii City of Bisbee, more than two-thirds of the qualified voters of said city vot- ed in favor of the issuance of said sew craze bonds to the amount of Eighty Thousand Dollars, (sS0,000.o0). at said election, and
 WHEREAS, thereafter on the 4th' day of May, A. D., 1906, the Mayor and Common Council of said City of Bisbee did regularly pass and adopt Ordi- nance No. 91, directing the issuance of Eighty Thousand Dollars ($Se,000.00). 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,
 | 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. 91, and. WHEREAS, said bonds never have been issued although duly and regu- 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 (s80, 0,00O.00) of sewerage bonds, 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, ,0e0.00) of the denomination of One Thousand Dollars (s1 ,00000l 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, thar it shall be stipulated in sail bonds that the Mayor and Common Council of the said City of Bisbee reserve the right to pay of and reti-a any or all | of said bonds in their numerical crder at any time from and after the expira- ton of five (5) years from their date. Both the principal and the in terest on said bonds shall be maSc payable in go,i 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 in 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 tle 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 countersignnd by tie Cry Clerk, ex-officio City Ire lsurcr ot s1id l rf 10 nta al a1 ,f said City, and the coupons attached to graved signature of the City Tle,k, ex- officio City Treasurer.
 Sec. ?. The signing of the said bonds by the Mayor snl Cir- Clerk, ex-officio City Treasurer and the 1fix- ing thereto of the corpo 'ate seal of said City shall bind the City of Bis bee for the payment af the amount of each Of said bonds according to the tenor thereof whenever the same shall have been sold and delivered.
 Sec. 3. The City Clerk is hereby authorized and directed 10 advertise for bids or proposals in at least one newspaper published in said City of Bis5ee, 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 lopened, 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.
 ble bidder, or refuse and reject any
 and all bids as they may deem best, PROVIDED, HOWEVER, that no bond
 shall be sold for less sum than it's
 par value.
 Sec. 4. The Common Council ci
 said City shall in due time, manner and season cause to be levied and col
 lected annually upon all or The taxable .f