Bisbee daily review., 1908-11-08

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Section 4. The city clerk b hsreby
authorized and directed 10 advertise
for bids or proposals. In, at least. one
newspaper published IN said City Of
B!sbee. 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 q time and place when and
Where said bids shall be opened,
Which said bids shall be opened In
the presence Of the Mayor and
Common Council and the Mayor and
Common Council shall award the sale
of the said bonds TO the highest re-
sponsible b.dder or refuse and reject
any and all bids as they may deem
best; provided, however. that no
bonds shall be sold for q less sum
than its par value
Section s. The Common Coancil Of
said city shall In due time, manner
and season cause to be levied and col
lected annually upon al Of thv taxa,
| bic property In the said City Of Bis
bee, tax sufficient 70 pay the annual
/ interest upon the said Bonds for the
Construction OF Water Works and the
said Bonds for Improvement OF
Streets. provided 70 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-
vided by law for the collection Of
other municipal taxes. The taxes so
collected shall. by the city clerk, ex-
officio city treasurer, be placed 70 and
designated respectively as WATER
WORKS BONDS INTEREST SINK
i ING FUND, and STREET IMPROVE
MENT BONDS INTEREST SINKING
FUND. and he shall pay the interest
On said bonds semtannually, herein
provided respectively, out of said
WATER WORKS BONDS INTEREST
SINKING FUND and said STREET
IMPROVEMENT BONDS INTEREST
lSINKING FUND.
Section 6. The Common Council
shall also cause in due time and man.
ner 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-
ticient TO raise the sum Of $6250 90 to
CONSTITUTE a fund for the redemption
of said Bonds for the construction OF
water works, and the sum of S6250O0
TO constitute 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 on
said bonds which said bends shall be
redeemed in their numerical order
der and said funds shall be used for
no other purpose.
Section z. And as soon as the city
: clerk ex-officio city treasurer has sut-
bcient funds in said WATER WORKS
BONDS SINKING FTTNn and in said
STREET IMPROVEMENT BONDS
: SINKING FUND to redeem one or
more Of said bonds respectively after
the same are permitted to be redeem
ed under this ordinance, it shall be his
duty to redeem the said bond OF bonds
respectively on the first interest day
when the semiannuaI interest on said
bonds becomes due.
Section 8. When all Of said bonds
and the interest thereon, shall have
been paid, discharged and cancelled,
any money remaining in said WATER
WORKS BONDS SINKING FUND and
STREET IMPROVEMENT BONDS
SINKING FUND, shall be transferred
to and become part OF the general
fund of the city.
Section 9. All ordinances and parts
of ordinances in conflict herewith are
hereby repealed
Section 10. This ordinance shall
take effect and be in force from and
after its passage and adoption by the
mayor and common council and ap-
proya1 by the mayor and due publica-
ton according to law.
Passed and adopted by the mayor
and common council of he City II
Bisbee. this 4th day of November s.
iD., 1908.
Presented to the mayor for his sig
nature and approval and by aim duly
signed and approced the 4th day of
: November, A. D. 1898.
GEORGE H. NEALE, Mayor
Aftact. n W ETnka rffv fTark