The Rathdrum tribune. (Rathdrum, Idaho) 1903-1963, 1906-03-30
ORDINANCE NO. 36.

An Ordinance of the Village of Rathdrum:
a municipal corporation in tne County OF
kootenai, State of Idaho, providing for the
issuance of municipal coupon bonds, by sald
Village of Rathdrum, to the amount of
Twelve Thousand Five Hundred Dollars
tSl2 5O0) in denominations of Five Hundred
Dollars each, payable within twenty years
from the issuance thereof, for the purpose or
purchasing the water works. water system
Power Company. and inlprov ing. extending
and operating the same. and supplying the
inhabitants of said Village OF Rathdrum,
with water for domestic, fire and other pur-
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 OH the said bonds, and to constitute
ii sinking fund for the payment Of the prin-
cipal of the same within twenty years from
the date of their issuance, and providing for
the holding Of an election authorizing the
Chairman and Board of Trustees OF SAID
municipal corporation to issue said bonds.
Be it ordained by the Chairman and Board
of Trustees of the Village of Rathdrum. II
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 /. That the chairman and trustees
of the said municipal corporation deem It
| advisable to issue municipal coupon bonds
| of the said Village Of Rathdrum. Il munici.
pal corporation, situated in the County Of
| kootenai. State of Idaho, to the amount of
| Twelve Thousand Five Hundred dollars. in
denominations OF Five hundred Dollars
| present water works and water system and
! water rights Of the Rathdrum Water Pow
| err Company. IL corporation. created. organ
lied. and existing under and by virtue of the
, laws of the State of Idaho; said water works
| and water system and water rights being
situated at and near the Village of Rath-
drum, in said County of kootenai, State of
| Idaho; the purchase price of said water
! works, water system ana water rights 10 DC
/ the sum Of Seven Thousand Five HUNDRED
! Dollars (S1.500). The remaining Five ThonS-
/ 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 tn,
| inhabitants of said municipal corporation
may secure more efficient and satisfactory
| water service.
Section il. Said municipal coupon bond.
shall be made payable within twenty year.
| from the date of their issuance, and shall
bear interest at the rate OF six per cent. pei
| annum, payable semi-annually. and sucl
bonds shall be redeemable ut the pleasure
of the Village of Rathdrum, IL municipal
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
I er of the said municipal corporation or nj
such banking house or trust company IN tn,
| City of New York rs may be designated by
| the Trustees of said municipal corporation
at the option of the holder or holders Of sale
p, bonds.
] Section III. The said Chairman and Trus
(: tees of the said municipal corporation, ant
| their successors, shall make. provisions tt
pay the interest on said municipal coupon
bonds as IL shall fall due at the rate OF si2
per cent. per annum by levy and collection
OF u sufficient annual tax upon the taxable
| property situated within the limits of sale
municipal corporation.
| : Section ". The Chairman and Board o
Trustees OF said municipal corporation, ant
| their successors in office, are to provide fo
| the creation and constitution of Il sinkin.
fund for the payment of the principal o
said municipal bonds as they respectivel,
| become due. by the annual levy upon all til,
taxable property situated within the limit
of said municipal corporation of II sufficien
sum to pay said municipal coupon bonds a
maturity. and the faith and credit of sait
| municipal corporation and all taxable prop
erty situated in said municipal corporation
are hereby. and will continue to remain
necessary to pay said interest upon, and til,
principal sum Of said bonds as the same be
come due.
Section v. That the Chairman and Boart
of Trustees of said municipal corporation
shall provide for the holding of an election
OF the qualified electors who are taxpayer
said Village of Rathdrum,. to vote upon tn,
proposition us 10 whether or not said Chair
man and Trustees shall be authorized to is
sue sue sag muh,i d coupon ponds; sad elec
| Village OF Rathdrum on Tuesday, the ST.
day of MAY, A. ID. 1906, between the hours o
eight O'Clock of the forenoon of said day anC
seven O'Clock of the afternoon thereof.
Section VI. That the said Chairman ant
Board of Trustees of said municipal corpo
ration shall give not less than thirty days
notice of the time and place of holding salt
election, by publication OF said notice in TIL,
| Rathdrum Tribune, II weekly newspaper
published in the said municipal corporation
| in at least six successive issues of said paDe
before said election.
Section VII, The vote at said election
shall be by ballot. and the ballots used shall
be as follows to-wit:
In favor of issuing bonds to the amount o
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. &c."
Against issuing bonds to the amount o
Twelve Thousand Five Hundred Dollars 70
the purpose of buying and improving tn
water works, water system and water right
OF the Rathdrum Water & Power Company
as stated in ordidance No. 49,"
Section WILL That this ordinance shall
take effect within one month after ITS pass
age. and that it shall be published for fou
successive weeks Immediately after it
passage in the Rathdrum Tribune. Il weekl
newspapers. published Mt Rathdrum, in IN
| County OF kootcnai 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 49, 1906
Read the third time under suspension o
the rules and enacted by unanimous vot
| March 10, 1905.
w. A. HART
ISEALl Chairman