Bisbee daily review., 1906-09-02
ORDINANCE NO. s7.

ing for the payment thereof and pro- viding for 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 vot- ed in favor of the issuance of said sew craze bonds to the amount of Eighty Thousand Dollars, S0,0e0.00), 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 (ss0,000.00). 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. l 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 Cous-
 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, aud. 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 (sS0, 900. .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 (S60,0n0.e0) of the denomination of One Thousand | Dollars (s1 ,000.00) each, numbered ser 1 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-anHually on the First Monday in June and De- cember of each year;
 PROVIDED. HOWEVER, that it
 shall be stipulated in saii bonds that 1 the Mayor and Common Council of | the said City of Bisbee reserve the ! right to pay of and retire any or all
 of said bonds in their numerical crder
 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 maGe | 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 in
 the City of New York, State of New
 York. or at such other place as may
 be designated 1y 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 i 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 the C:Ty Clerk. ex-officio City Treasurer of said
 City of Bisbee under the official seal of
 said City, and the coupons attached to
 said bonds shall be executed by the en-
 graved signature of the City Cleik, ex-
 officio City Treasurer.
 Sec. 2. The signing of the said
 bonds by the Mayor an1 Citv Clerk,
 ex-officio City Treasurer and the 1Hix-
 ing thereto of the corpo ate seal of
 Said City shall bind the City of Bis
 bee for the payment of the amount cf
 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 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 be 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.
 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 cf
 said City shall in due time, manner
 and season cause to be levied and col
 lected annually upon all of The taxable
 property of said City of BisDee, tax
 sufficient to pay the annual interest
 upon the sewerage bonds provided to
 be issued in this ordinance which tax
 shall be added to. assessed and collect
 ed at the same time and in the same
 manner as provided by law for the col
 lection of other municipal taxes. The
 tax so collected shall, by the City
 Clerk, ex-officio City Treasurer, be
 placed to and designated SEWERAGE BONDS INTEREST SINKING FUND.- ,''
 and he shall pay the interest on said