The comet. (Johnson City, Tenn.) 1884-1916, 1907-05-23


itations as to its tax rate to the contra
ry, annually levey sufficient special
tax of not exceeding five mills on the
dollar in any one year of the assessed |
valuation of -alI the taxable property in
said city or town to provide fer pay
melt of the Improvement made under
this Act, meaning that portion or share
Of the cost of said improvements which
it is incumbent on said city or town to
pay, as Is specially provided in the
same, and to provide a sinking fund
for tie payment of any bonds. with in
terest, that may be issued and sold for
the payment of such improvements in
anticipation of collection of such tax,
which funds so provided shall not be
used for or appropriated to any other
purpose than the payment of the cost
Of sHch Improvements or such bonds
and the interest thereon flom time to
time as it accrues, except as otherwise
I proyidee in this Act
Sec, 81. Be it further enacted, That
for the purpose Of paying the cost and
expenses of any permanent improve
ment when the same is lien upon and
properly chargeable as special levy
or assessment upon or against land
abutting on the street, highway, ave-
rue, or alley or part thereof constitut-
ing the Improvement district where
said costs and expenses are levied upon
the lots or parcels of land abutting on
said Improvement district as hereinbe-
fore provided for and authorized, the
first of the installments of the costs
and expenses of such improvements
levied upon each lot or parcel of land
shall be payable at the time of the levy
or assessment and shall become delin-
quent in ninety days thereafter as here
inbefore provided, and for the remain
ing part of such costs and expenses
levied upon and assesable against the
said lots or parcels of lands abutting
on said improvement district the legis.
latiye body of said city or town may is
. sue the bonds of said city or town, tc
be called Improvement District
= Bords, for the city or town of (givt
the corporate name of said city ol
!. town for improvement District No.
and in amounts of not less than one
hundred nor more than one Thousand
:, dollars each, and when so issued shal
be in the annual series to correspond
with the installments into which thu
levies or assessments on said lot O
!, parcels of land abutting on said i'm
= provement districts may be divided
!. each of said series of bonds to becom
due and payable not exceeding sixt
days after the instalment of the lev,
or assessment with which it cores
!, ponds is due aud payable, Said bond
} shall bear such rate of interest, not eX
!. ceediug six per cent per annum, pays
: BILE annually or semi annually as til
!, legislative body Of said city or tow
may by ordinance determine at til
= time Of ordering issuance Of the same
and snid bonds shall not be sold fC
: less than their par value, and sal
: bonds and the interest thereon sha
\ be paid solely out Of the moneys rea
;1I izsd from theepecial levies or asses
+ ments nppn such lots or parcels OIL
! abustins on said Improvement distri
y. specified in said bonds as hereinbefo.
II provided Said Improvement distri
- bonds, District No, g., of such eli
- or town shall-be duly executed by Il
Mayor aud Recorder or other presidiI
~ officer aad Clerk or he gister Of sa
- legislative body aud under the corpo
= ate seal of said city or town, and shi
" ,reoite that they are issued in accor
anoe with this Act and the ordinan
Of said city or town authorizing t
= same. The said bonds shall also rec
:, the date of issuance, the date VIII
~ due, their serial number, the numt
", 'e of the number of the improvement d
- trict, naming the street, high way, a.
- nue., or alley or part thereof constit
its ing the same, the character of the j
inn provement, the fact that the remaini