East Oregonian : E.O. (Pendleton, OR) 1888-current, 1907-09-20

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=. At a special. council, meeting last
night an ordinance was passed pro-
viding for the disposal OF the city's
new bonds at a popular sale. The
bonds.a Ia be advertised for, a pc
| riod of Is days, after which times
bids will be received. .r~ s,rA.,..es
No bid for less than $1,000 will be
accepted and all bids must be accom-
panied by check for five per- cent
of the bid In selling the bonds pref
erence will be given small bidders.
The bonds are to run for 80 years and
Will draw five per cent interest.
AS the ordinance passed last even:-
ing contained the emergency clause
it is now in effect and the bonds will
be offered for sale as soon as the
time is up.
In explanation Of the city's action
in offering the bonds at popular sale
City Attorney McCourt has issued the
Following statement.
The stringency in the money mar
| tet in The east has rendered money
for tbe burchase Of municipal securi-
Ties unavailable. and for that reason
the city. of Pendleton has, been un-
able to secure bids, for these bonds
from foreiqn buvers.
T, q vnrv nacessarv mat the leyee
bonds authorized by the city charter
~ soIa ord fnnds raised to complete
H. o,,,a,,n,ated Ievee improvements
IA IL 10 very essential that the city
axtand ,ts seysr system at least to
- a~tant a, having tbe sewer upon
w, WIS stroet and MAT the street
IN, n,nrovements which have been start
a. sho,i he comnleted There ia an
oSrnaanoa a, Local money which
,.o,,,d no avai,ab,e. 10 carry on the
-, "a note the improvements
oontamn,atad hy the citv council.
The bonds of the city of Pendleton
-, IL ,r,,,,n.[ 70 Iora, inyestors
;rha, Fh,or Avn ner cent interest nav
Mo conference.-the. They are not
80 t3xat,on ana rup FOR "a
saars n,,tb an ontion upon the part
20 tha oi,y 20 nav them anv time
sf,ar On vears after giving 30 days'
IT. -, ,,s intant,on. 10 nav them
sin,,ing ,und Ia nrovided. for. and
,ho, 'oo,,,o,l 60 raouired to convert
80, ,h,,, sinl,ing f,,rd aacb Yea, a
.sr,n ,onua, 70 one-fortieth of the
,n,a1 ,oornt ~ sucb bonds which
T., oraar IN invite Ioca, ,nvestors IN
49,. ,,aso honds ond To give such
,ooa, ,,yostors an onnortunitv 70
omoa,,na saia 7honds the counci, ba,
so,or,,,,roa "a o,eor ,ba On me- In small
btooks ana 10 entertain hids thereto,
-, ro, ,aoa tbon s1oOo rb,
,.,,,,a.t ao,or,,not,or ~ sucb bond,
i ,,,,,, ho s1Oo0 rbe bonds will h,
or,arod In classes as follows.
Io,,ao ho,ds cor,os "co, ss7 OOO ot
Sawor honde series aR', 10 OOO q,
s,r6a, intor,ectior bopds ~
A Son,os '"A,,; 1s ooo o,
ritv Ran bonds -..s 10000 O,
snail invastors such as person
hiddIng $1,000 or anv sum less thai
n fthe whole issue NJ anv class Of sal,
i honds uharo tbe total of sucb hid
4 IN tho aggregate mounts TO tn
whole issue will be awarded tn
bonds in preference to single bid
,,ar h,dding for tho whole lot. an,
u,hera ,ha h,ds "a email invssto,s al
NOT amount in the aggregate To In,
tota, ,ssue of any,class Of bonds, III
councir.will II thew deem II advisable
ward to the small investors the por
ton OF the bonds bid for and awar,
the balance to the highest bidder, TO
4 Sine whole issue An such class O
bonds bid for and award the balanc
to the highest bidder for the Who'll
issue IN such class of bonds. 1t is tn
purpose, of the council TO give tn