The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1906-04-06
ORDINANCE No. 36.


II municipal corporation In tas County Or
Kootenai State of idaho providing for tne
issuance of municipal coupon bonds oy Silsn
Twelve Thousand Five hundred Dollars
(sla 50o,, in denominations of Five Hundred
Dollars each, payable within twenty wears
from the issuance thereof for the purpose OF
purchasing the water works, water system
and water rights Of the Rathdrum Water q
Power Company, and improving. extending
and operating the same; and supplying the
inhabitants of said Village of Rnthdrum,
with water for domestic fire and other pnr-
poses. And to empower said municipal cor
| poration to sell said water To the inhabitants
of said municipal corporation, and designat-
| ing the provisions to be made to pay the
| interest on the said bonds, and to constitute
| Il sinking fund for the payment of the prin-
| cipa of the same within twenty years from
| the date of their issuance, and providing fof
the holding of an election authorizing the
! Chairman and Board of Trustees or Salu
municipal corporation to issue said bonds.
Be it ordained by the Chairman and Board
of Trustees of the Village of Rathdrum. u
municipal corporation, duly created, organ
| lied and existing under and by virtue OF the
laws OF the State of Idaho, as follows, to-wit
| Section 1. That the chairman and trustees
| of the said municipal corporation deem II
advisable to issue municipal coupon bonds
of the said Village Of Rathdrum. y munich.
pal corporation, situated IN the County OF
kootenai, State Of Idaho, to the amount or
Twelve Thousand Five Hundred dollars. in
denominations of Five Hundred Dollars
each, for the purpose, CT purchasing the
present water works and water system ana
| water rights of the Rathdrum Water POW
er Company. q corporation. created organ
lied. and existing under and by virtue on the
laws OF the State of Idaho: said water works
and water system and water rights being
situated at and near the Village of Rtth-
drum, in said County of kooteHai, State of
Idaho; the purchase price of said water
works water system and water rights 70 De
the sum Of Seven Thousand Five Hundred
Dollars (S1.500). The remaining Five ThOus-
and Dollars to be realized out of the sale OF
the said municipal coupon bonds Is to be
!, applied to the Improvement and extension
of said water works and water system by
, said municipal corporation in order that the
inhabitants of said municipal corporation,
may secure more efficient and satisfactory
water service.
Section H. Said municipal coupon bonds
shall be made payable within twenty year,
from the date of their issuance, and shall
bear interest at the rate of six per cent. pc
annum, payable semi-annually. and Sucl
bonds shall be redeemable at the pleasure
of the Village Of Rathdrum. "a municipa
corporation, at any time after the expiration
, of ten years from the date of their issuance
and said bonds and the interest thereon
shall be payable at the office of the treasur
Ter of the said municipal corporation or II
. such banking house or trust company in tn
City of New York AS may be designated b.
the Trustees of said municipal corporation
at the option of the holder or holders OF sat
bonds
Section III. The said Chairman and Trus
:. tees of the said municipal corporation, an
i their successors, shall make provisions +
, Ebonds us it shall fall due at the rate of ST
per cent per annum by II levy and collectio
, of u sufficient annual tax upon the taxable
property situated within the limits of sal
municipal corporation.
Section ~. The Chairman and Board @
| Trustees of said municipal corporation, an
| their successors In Office are to provide TO
= the creation and constitution of II sinkin
9 fund for. the payment OF the principal 9
5 said municipal bonds as they respectivel
I become due. by the annual levy upon all tn
taxable property situated within the limit
J, of said munlcipa. corporation OF n sufficien
sum to pay said municipal coupon bonds a
{ maturity and the faith and credit of sal
municipal corporation and all taxable proI
;. erty situated In said municipal corporatio
are hereby. and will continue to remain
pledged to the levy and collection of the TIA
necessary to pay said interest upon, and tn
principal sum OF, said bonds as the same be
y Section v. That the Chairman and Boar
> of Trustees of said municipal corporatio
! shall provide for the holding of an electio
: of the qualified electors who are taxpayer
of and IN the municipal corporation of tn
q said Village of Rathdrum, to vote upon til
proposition as to whether or not said Chair
man and Trustees shall be authorized to is
sue said municipal coupon bonds; said cleo
: ton to be held IN the Hose House in the sal
Village OF Rathdrum, on Tuesday. the 81
day of May, A. ID. 1906, between the hours q
: eight o'clock of the forenoon of said day an
, seven O'Clock of the afternoon thereof
Section ". That the said Chairman an
Board OF Trustees of said municipal corpC
ration shall give not less than thirty day,
notice of the time and place of holding sal
election, by publication Of said notice in tn
Rathdrum Tribune, weekly newspape,
published in the said municipal corporation
2 In at least six successive issues of said pape
before said election.
l Section VII, The vote at said electio
shall be by ballot, and the ballots used sha
= be as follows towit:
I'm favor of issuing bonds to the amount c
. Twelve Thousand Five Hundred Dollar
for the purpose of buying and improving tn
water works, water system and water right
of the Rathdrum Water & Power Company
: as stated In Ordinance No. 36."
Against issuing bonds to the amount {
Twelve Thousand Five Hundred Dollars IL
, the purpose of buying and improving tn
! water wor ks, water system and water right
of the Rathdrum Water & Power Company
as stated In orddance No. &c."
Section VIII. That this ordinance sha
? take effect within one month after Its pas
age, and that it shall he publishsd for fou
successive weeks Immediately after II
passage in the Rathdrum Tribune. IL week.
newspaper. published ut Ratlsdrum, in til
County of kootenai, State of Idaho.
- Read the first time and its passage vote
: for unanimously March Is, 1906.
Read the second time and its passage vote
: for unanimously March 10, 1905.
= Read the third time under suspension
the rules and enacted by unanimous vol
March 10, 1906.
) W. A. HART,