Bisbee daily review., 1908-11-11

bonds by the mayor and city clerk, ex-ofsicio city treasurer and the attix- ing thereto of the corporate seal of said city, shall bind the said City of Bisbee for the payment of the amount of each of said bonds according to the tenor thereof whenever the same shall have been sold and delivered.
 Section 1. The city clerk is hereby authorized and directed to advertise for bids or proposals, in, ct 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 said city for the sale of said bonds and he shall in said advertisement state a time and place when and where said bids shall be opened, which said bids shall be opened in the presence of the Mayer and Common Council and the Mayor and Common Council shall award the sale of the said bonds to the highest re- sponsible bidder or refuse and reject any and all bids as they may deem best; provided, however, that no bonds shall be sold for a less sum than It's par value.
 Section 5. The Common Council of said city shall in due time, manner and season cause to be levied and col- lected annually upon all of the taxa ble property in the said City of Bis bee. a tax sufficient to pay the annual interest upon the said Bonds for the Construction of Water Works and the said Bonds for Improvement of Streets, provided to be issued in this ordinance, which tax shall be added to, assessed and collected at the same time and in the same manner as pro yided by law for the collection Of other municipal taxes. The taxes so collected shall, by the city clerk, ex- offlcio city treasurer, be placed to and designated respectively as WATER WORKS BONDS INTEREST SINK ING FUND and STREET IMPROVE MENT BONDS INTEREST SINKING FUND, and he shall pay the interest on said bonds semiannually, herein provided respectively, out of said WATER WORKS BONDS INTEREST SINKING FUND and said STREET IMPROVEMENT BONDS INTEREST SINKING FUND.
 Section 6. The Common Council shall also cause in due time and man her to be levied and collected annual ly upon all of the taxable property in the said City of Bisbee until said bonds are all redeemed, a tax suf- fcient to raise the sum of $6250.00 to constitute fund for the redemption of said Bonds for the construction oi water works, and the sum of $6250.06 to constitute a fund for the redemption of said Bonds for Street Improvement and which taxes shall be added to, as sessed and collected at the same time and in the same manner as provided by law for the collection of other municipal taxes, the money so receiv- ed shall be respectively placed to and designated WATER WORKS BONDS SINKING FUND and STREET I'M IPROVEMENT BONDS SINKING FUND, and shall be retained for the purpose of paying the principal or said bonds which said bonds shall be redeemed in their numerical ordel der and said funds shall be used for no other purpose.
 Section 2. And as soon as the city clerk ex-officio city treasurer has sui tcient funds in said WATER WORKS BONDS SINKING FUND and in sal. STREET IMPROVEMENT BONDS SINKING FUND to redeem one ol < more of said bonds respectively afte
 the same are permitted to be redeem
 ed under this ordinance, it shall be hf
 duty to redeem the said bond or bond respectively on the first interest da, when the semi-annual interest on sait bonds becomes due
 Section 8. When all of said bond and the interest thereon, shall have been paid, discharged and cancelled any money remaining in said WATEE
 WORKS BONDS SINKING FUND ant STREET IMPROVEMENT BONDS SINKING FUND, shall be transferred to and become a part of the genera fund of the city.
 Section g. All ordinances and part: of ordinances in conflict herewith are hereby repealed.
 Section To- This ordinance snail take effect and be in force from and after it's passage and adoption by the mayor and common council and ap proval by the mayor and due publica ton according to law
 Passed and adopted by the mayor and common council of 'he City II Bisbee, ttis 4th day of November A D., 1908.
 H Presented to the mayor for his sig | nature and approval and by aim duly K signed and approced the 4th day ot November, A. D. 1908.
 GEORGE H. NEALE, Mayor Attest: c. W. Hicks. City Clerk