The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1908-12-23
AN ORDINANCE.
mo, 23.)

Providing for the issue and sale of bonds
to the amopnt of 81, 10000, as authorized
by an election held on November 3,
1908.
WHEREAS, by an ordinance of the Bur-
CESS and Town Council of the Borough of
Tionesta, approved the 22d day of Sep.
tember, A. ID. 1908, the question of in
creasing the Indebtedness of the said bor-
ough to a sum exceeding two per centum
of the last assessed valuation of the taxa
BILE property of the said borough but not
greater than $40, 500 90 for the purpose of
paving the following described portions
of Bridge and Elm Streets in the said
Borough of Tionesta, wit: Said Bridge
Street from the bridge across the Alle-
gheny River to Elm Street, and said Elm
Street from point opposite the Nose
Hopler lot to the culvert North of the Wal
ford lot, and OF macadamizing the remain
ing portions of said Elm Street. was sub
mitted to vote of the electors of the said
Borough of Tionests, and
WHEREAS, at said election held on the
Sd day of November, A. ID. 1893, ma
jority of the qualified electors of said bor-
ough voted in favor of said proposed in
CREASE of Indebtedness, as is shown by
the returns of said election duly flied in
the Office of the Clerk of the Court of
N(udltct otSsl us VI TUT 6Sb SOuuly, 6uu-
sylvania, at No. |, November Sessions,
1908, and by certificate of the said Court
filed with the Secretary of the Town
Council
Now THEREFORE, Be it enacted and or
dained bv the Town Council of the Bor-
ough OF Tionesta and it is hereby enacted
Nand ordained by the authority of the
same:
SECTION /. That in pursuance of the
authority~ kranted by the said election
and of the Acts of Assembly in such case
made and provided, the Indebtedness of
the said Borough of Tionesta be and here
by is increased by the sum OF 81 10000.
SECTION 2 That coupon bonds be is
sued as security for said increased in
de6tedness as follows: Fifteen bonds of
the par valne Of S5OO.O0 each. aggregating
the SUN of S7,500.00, said bonds TO bear
interest at four per centum per annum
payable semi-annually on the first days
| OF June and December free from state
tax, and the principal thereof redeema-
BILE in lawful money of the United States
at the pleasure of the said borough, and
absolutely payable December lst, 1888.
That the said bonds be sold by the Bor.
ough of Tionesta at not less than par
value and that the proceeds thereof be
used for the purpose of paving and mac
adamizing the above described portion
of Elm and Bridge Streets in the said
| borough.
SECTION 3. That an annual tax OF four
| (4) mills on the dollar on all the taxable
property in said borough, commencing
in 1909, be and hereby is levied and as.
sessed to provide for the payment of the
interest and the liquidation of the prin-
cipal of said bonds, said tax to continue
until all of said principal and interest
shall be fully paid; and that the monies
arising from said tax be applied annually
and as fast as the same accumulates to
the redemption at par of said bon5s; and
that the President and Secretary of the
Town Council be and hereby are author
ized TO sign and file the statement show
ing the facts relating to the issue of the
said bonds In the Office of the Clerk of the
Court of Quarter Sessions of Forest
County, as required by the Act of Assem-
bly, in such cases made and provided, and
also to sign, seal and deliver the said
bonds and coupons to the purchasers
thereof.
Ordained and enacted into a law this
9th day of December, A. d. 1908.
VIM. SMEARBAUGH, President.
Attest; NJ. A. CARRINGER, Secretary.
December 9TH, 1908 Approved.
JOHN II. CARSON, Burgess.