Bisbee daily review., 1906-09-04
ORDINANCE NO. s7.

Ing TOT the payment tnereO1 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 26th 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 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, S0,000.OO), 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 (sSe, ,0O0. .O0) 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 5 per cent per annum, payable semi-annually on the First Monday in June and December of each year; and,
 WHEREAS, said Mayor and Con- mon Council of the said City Of Bis bee deemed it proper to reject a!l 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 to issue and sell said Eighty Thousand Dollars (sS0, ,0O0.00) 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 (sS0,0a 00) of the denomination of One Thousand Dollars (s1, 100000 each, numbered ser tally 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, tha1 it shall be stipulated in saii bonds that the Mayor and Common Council of the said City of Bisbee reserve the right to pay off and retire any or all of said bonds in their numerical crder at any time from and after the exptra. tion of five (5) years from their date. Both the principal and the in- terest on said bonds shall be made 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 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 ceurtersignad by tie C:ry Clerk. ex-officio City Treasurer os said City of Bisbee under tte official seal of said City, and the coupoas attached to said bonds shall be executed by the en- graved signature of the City Clelk, ex- officio City Treasurer.
 Sec. 2. The signing of the said bonds by the Mayor an1 City Clerk, ex-officio City Treasurer and the dAfix- ing thereto of the corpo ate seal of Said City shall bind the City of Bis bee for the payment of the amount ef each or said bonds according to the tenor thereof whenever the same shall have been sold and delivered.
 Sec. 3. The C4y 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 a less sum than it's par value.
 Sec. 4. The Common Council Of said City shall in due time, nnanaer 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 he issued in this ordinance which tax slall be atae5 assessed and collect cd at the s rine and in the same manner as D. V law for th, col ] ction of eth1 oiE al taxes. The tax so collected nail. bv 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 bonds semi-annually as hereia provid-