The newspaper., 1906-06-08
Ordinance No. 40.

An Ordinance providing for the contracting oi
an Indebtedness by the town OF Phohlh, coio
RADIO by the issuance of its bonds t9r the PUT
nose OF purt husing, improving and repairing
the Electric Light Plant aud system now III
operation in said town. and i'll the event oi
failure to pure hase the same, to construct nm
Electric Light Plant and Sy stem Tor the geher
ation and trai,smisslon oi fnr Sid Town
and be forever owned, mnnased ana oPer"'eu
- by said town.
WHEREAS, majority of the voters oi salo M
town OF Paouia, who were taxpayers under the
law, voting OIL the question, at an ELECTION uuiS
duly held in said Town OH Tuesday, the ID day
of April; A d: 1906, by vote approved tne eree
of said town of an Electric Light ana Power
Plant for said town, or the purchase, improve .
system now in operation in said town; and in
the event of a failure to purchase the same, 10
construct AN Electric Light Plant ana sti' Sssteiin'
for the generation and transmission OF electric
ity for illuminating and power purposes, 10 pe ~
forever owned, managed aud operated oy sdiu ne,
town, the funds for which were to be raised py
the issuance of the negotiable coupon bonds OF
said town, to the amount of four thousand
WHEREAS, it is the duty of the board of
trustees of said town to issue said bonds as IA,
for the pufpose Aforesaid: Now therefore,
BE 1T ORDAINED BY THE BOAk,, or Dr. 1S ~
TEES OF THE TOWN OF Pa ONlA, COLORADO;
Section 1. That the town of Paonia, Colorado; o.
issue its negotiable coupon bonds IN the sum o OF
four thousand seven hundred dollars, Si,Go,l
of an Electric Light Plant and system ior sald
town, and 40 thereby contract an Indebtedness
section . That said bonds shall consist OF
nine bonds of five hundred dollars $500 each,
designated "series A. and numbered from one
TO nine inclusive, and two bonds of one hun;
dred dollars slO0) each, designated series b,
dated July l. 1906, and be absolutely due and
payable fifteen years after the date thereoi,
and be redeemabie at the option of said town
ten wears after the date thereof at the office
of the town treasurer in said town. Ihey
shall bear interest ut the rate OF SIX (ol per
val v.
first days of July and January in each year until
paid at the office of the town treasurer afore
ers in the city and state of New York at the OPP
tion of the holder OF the coupons thereto At
tached and both principal and interest shali De
paid in gold coin of the United States OF Amer
lea of the present standard of weight and fine
Section g. That said bonds shall be sealed
with the corporate seal of said town, signed by
the mayor and attested by the clerk ana re
corded, and countersigned by the treasurer OF
said town. Each of said bonds shall nave at
tached thereto thirty coupons numbered from
one to thirty inclusive, each representing u
semi-annual installment of interest upon the
bond to which it is attached and securing the
payment of interest as it accrues which sald
coupons shall bear the signature of the treas
urer of said town and the number of the bond to
which they are attached Said coupons, when
so made, executed and delivered as part of said
bonds shall be the legal obligations OF SAID
the hands of all persons to whom they may law
Section l. That the form of said bonds and
UNITED STATES OF AMERICA.
w. TOWN OF PAoNIA.
GOLD ELECTRIC LIGHT BONDS,
Series -...
THE TOWN OF PAONIA, in the County of
Delta and State of colorado for value received,
acknowledges itself to owe and hereby promises
10 pay to the bearer hereof,..:: ...-.
dollars in gold coin of the United states OF
America of the present standard of weight and
fneness, ON the first day OF July, a. d. 1906 at
the office of the town treasurer i'll said town OF
Paonia, with interest thereon at the rate of six
l6) per cent per annum, PAYABLE senl,nnnunlly,
January, at the office of the town treasurer
aforesaid, or at the b1nking house of kountze
Brothers in the city and state of New York, L. :.
A., at the option OF the holde', upon presenta'
ton and surrender OF the annexed coupons as
they severnlly become due.
The said town, however, reserves the right to
pay this bond at any time after the first day OF
July A. d. 1916
This bond is issued by the said town of Pno-
mia for the purpose of the purchase of or the
construction OF Electric Light Plant and
System In persuance of Ordinance of said
of said town prior to the Issuance hereof and
the Constitution of the state of Colorado and
the provisions of an Act of the General Assembly
thereof. entitled "An Act in Relation to Muni-
cipal Corporations approved April 4, AID ls",
and all amendments thereof
And it is hereby certified that the purchase or
construction OF said Electric Light Plant and
System and the issuance hereof were duly ap.
proved by the vote of II majority of the voters OF
SAID town VINO were taxpayers unuer tne law,
voting on the question ut an election duly called
and held in said town according to law prior To
the issuance of this bond; that all conditions re
quired to exist and things required TO be done
precedent to ana in the issuance of this bond tu
render the same lawful and valid did exist and
have been properly done and performed reg
ular and due time, form and manner us re
quire by law: that the total debt of said town,
including that of this bond does not exceed any
limit of Indebtedness prescribed by the consti-
tuition or laws of the state of Colorado, and that
said Ordinance provides for the leyying OF tax
sufficient the annual interest this
bond and tp extinguish the principal thereof
within the time limited for the same to run, and
contains such other provisions as are required
by law.
IN TESTIMONY WHEREOF, The said town of
Paonia has caused this bond to be sealed with
its corporate seal. signed by its mayor, nttested
by its clerk and recorder, and counter signed by
its treasurer, this day of of....-...-. A. D.
1906
Mayor.
ATTEST. ........ ...... ..--. ...-.-. .-..
Town Clerk aud Recorder
COUNTERsIGNED:
Town Treasurer