Gunnison news-champion., 1906-02-23
A OrAinaace


Providing for the contracting Of
an indebtedness by the Town of
Gunnison Colorado, and the issu-
ing OF the bonds of said Town of
Guuuison, Colorado. for the pur-
pose OF constructing or purchasing
waterworks for supplying the Town
ot Gunnison, Colorado, and tho
inhabitants thereof with water for
fire and domestic purposes.
WHEREAS at a general municipal
election for Town officers fof the
Town of Gunnison, Colorado, held
April 4th, A. ID. 1905, in said
Town of Gunnison, Colorado, there
was, in pursuance to resolution
of the Board of Trustees Of said
Town heretofore duly passed aad
adopted, submitted the qsestisa te
the duly and legally quAliksd
voters of said Town as to vArther
OF not the said Town Of CuaniseA
be authorized to contract aad incwT
an Indebtedness as provided by Law
for the purpose of the purchase 0r
construction of water works ~
FIRE and domestic purposes for ssid
Town and the inhalitantx thesesf
and at which sid eleCtioa au1y
held, large 0ajssity Il ~ legal
qualified va>ess q 80 1swn, ~
! iaG % saiA @nn1niua. vsnnaiAlauns,
sf the incurring and contracting
Of such indebtedness as was shown
by q canvass of the votes so cast
on such question BY said voters.
Now THEREFORE,: Be it or
dained by the Board of Trustees of
the Town of Gunnison, Colorado:
Section L. That the Board OF
Trustees of the Town of Gunni-
son, Colorado, be and is hereby
authorized, empowered and direct
ed to contract and incur an indcbt-
edness for and on behalf of the
Town of Gunnison, Colorado. by
issuing the bonds of said Town of
Gunnison, Colorado, for the pur-
pose of constructing or purchasing
by said Town of Gunnison, Colo
RADIO, water works for fire and
domestic purposes.
Section 2. The amount OF such
Indebtedness, so to be contracted
shall not exceed the sum of one
hundred thousand dollars, and the
bonds so to be issued shall not be
for more than said sum of one
hundred thousand dollars. and such
bonds shall bear interest at the
lowest rate that can be secured.
not exceeding FIVE 90 per cent per
annum.
Section 3. The indebtedness
hereby authorized to be contracted
shall he only for the purpose of con
structing or purchasing water works
for the purpose Of supplying said
Town of Gunnisou, Colorado. and
the inhabitants thereof with water
for fire and domestic purposes. and
the money realized from the sale of
such bonds so to be issued shall be
applied solely to the purpose Of pay
ing of the Indebtedness so created.
Section / The indebtedness to
be contracted as herein provided
for shall be for period of not less
than ten nor longer than fifteen
years, to-wit for fifteen years and
the bonds to be issued as herein
provided for shall be for fifteen
years.
Section 5. After the bonds here
III provided for are issued and sold,
and such indebtedness created. the
Board of Trustees of said town of
Gunmson, Colorado. shall each
year thereafter, and at the time
when the annual tax levy for town
purposes is made levy tax in
amount as to them may seem proper
and just for the purpose of paving
the annual interest on and eNtin-
gushing the principal of the in
debtedness so created within the
time specified. and said tax shall.
when collected. only be applied for
the purpose of paving the annual
interest on and extinguishing the
debt so created. and for no other
purpose.
Section 6. That this ordinance,
when passed, shall be irrepealable
until the Indebtedness herein pro-