Bisbee daily review., 1906-05-09

An Ordinance Providing for Sewerage 6onds Of the City Of Hisbee, and Prescribing the Conditions hereof. BE IT ORDAINED by the Mayor and Common Council of the City of Bisbee. County of Cochise, Territo- " of Arizona, as follows. to-wit.
 Section 1. That WHEREAS, under the authority and in pursuance of. and in conformity with the provisions of the Act of Congress, approved March An Act to Prohibit the Passage of To- cal Special Laws in the Territories, 10 Limit Territorial Indebtedness, atc., % and in accordance with the provisions of the Revised Statutes of 1901, of the Territory of Arizona, and amendments thereof, an election was held Tn me said City of Bisbee on the Fist day of March, 1906, between the hours of s a. m. and G p. m. of said day for the purpose of voting on the issuance of bonds of the said City of Bisbee, Ari- zona, notice of which election had been given more than thirty days before such election, and whereas, at said election more than two-thirds of the qualified voters who were quail fled electors and owners of real or personal property subject to taxation within the said municipality of Bis bee. Arizona, and whose property ap- peared in the last assessment or tax roll of such municipality, voted af- tlrmatively for the issuance of said bonds in the sum of Eighty Thousand Dollars (SS0,000,00), said bonds to ear rate of interest not exceeding six per cent per annum, payable semi-en- nually, and said bonds to run for a term of twenty-five years, and be pay able as follows, to-wit: During the fiIst years of the time which they are to run only the interest shall be due thereon, and at the end of each year thereafter, besides the interest there shall be due and payable on said bonds the sum of Four Thousand Dollars (s4,000.00), until the said bonds shall have been paid; that the said bonds, and loan in the sum of Eighty Thou sand Dollars ,000.00), be and tho same is hereby authorized to be nego- tiated to be paid in the time and man. ner as herein set forth, and to bear irterest at the rate of five per cent per annum, said interest to be payable semi-annually on the first Monday in June and December of each year, and that said bonds and interest shall be payable at the office of the City Treas urer of the said City of Bisbee, or at such bank in the City of New York, or in the City of San Francisco, Cali fornia, or such place as may hereafter be designated at the option of the purchaser of said bonds. the place of payment to be mentioned in said bonds.
 Section ?. Tha Mayor and the Clerk of the said City of Bisbee are hereby authorized and directed to issue a se- ries of eighty of the bonds of the said City of Bisbee. numbered from one to eighty, inclusive, for the sum of One Thousand Dollars (s1,OO0.00) each, four of the said bonds to be due and payable in six years from the time of their date, and likewise at the end of each year thereafter there shall be due and payable four of the said bonds until all shall have been paid.
 Said bonds shall bear the seal of the City of Bisbee. and be signed by the Mayor and City Clerk, and be counter signed by the Treasurer, and the cou- pons attached to said bonds shall be executed by the engraved signature of the City Treasurer, and said bonds shall be as to further form as may be by the purchaser thereof and adopted by the City, and the said bonds shall be made payable to bear CT.
 Section 3. The signing of the said bonds by the Mayor and Clerk and the thereto of the corporate seal of the said City shall bind the said City of Bisbee for the payment of the amount of each of said bonds accord ing to the tenor thereof whenever the same shall have been sold and de livered.
 The City Clerk shall keep a register of said bonds, showing the numbers and amounts thereof, and when deliv cred to the City Treasurer as provided for in section of this ordinance, shall charge the City Treasurer with the full amount of the same.
 Section 4. The City Clerk is hereby and directed to advertise for bids or proposals for the purchase l of said bonds and he shall at the i next meeting of the Common Council | after the time designated for the re- ceptien of such bids or proposals, open i he same in the presence of the Mayor l md Common Council, and the Mayor i and Common Council shall award the | sale of such bonds to the highest and | pest bidder, or refuse and reject any | and all bids as they may deem best, | provided, however, that no bond shall l De sold for a less sum than its par l value
 Section 5. The Common Council | shall cause to be levied and collected | annually upon all the taxable proper | y in the said City of Bisbee, a tax ! sufficient to raise the sum of Four | Thousand Dollars (s4 ,000.00), which | .ax shah be added to and assessed and | collected at the same time and in the | same manner as provided by law for | he collection of other municipal | axes. The tax so collected shall by | he City Treasurer be placed to and | Interest Fund Sewerage | Bonds" and he shall pay the interest |