Camas Prairie chronicle. [volume] (Cottonwood, Idaho) 1901-1917, 1908-05-15
ORDINANCE NO. SIS.

An Ordinance providing for the issuing of Mu-
nicipal Coupon Bonds for the purpose of pro-
viding funds, for the grading construction and
laying out of streets and alleys, in the Village
of Cottonwood, and for the purchase improve
ment. equipment and maintenance of land for
the use of public park. for said Village of
Cottonwood, to provide for the submitting the
question of the issuance of said Bonds to a vote
of the electors of said Village. and calling
special election therefor, and TO provide for the
payment of interest on said Bonds. and for
sinking fund for the payment of the Principal
thereof.
Be it Ordained by the Chairman and Board of
Trustees of the Village of Cottonwood:
Section l. That upon the approval and ratii-
cation of this Ordinance by two-thirds of the
qualihed electors, who are taxpayers of the Viii
laRe of Cottonwood, voting at the election herein
after provided for and asserting to the issuing of
the bonds and to the mourning of the indebted
hereinafter specified, there shall be issued Munic
ipal Coupon Bonds of the said Village of Cotton
wood. in the total amount of Seven Thousand
Sec. 2. That the purpose of issuing such
bonds, is to provide funds for the grading CON
the Village of Cottonwood and for the purchase
improvement, equipment and maintenance of
land for the use of public park. for the said
Village of Cottonwood.
Sec. ). That of said funds to be derived from,
said municipal bonds. it is proposed to expend for
the purpose of grading, construction and laying
out of streets and alleys in said Village of Cotton
wood. the sum of Five Thousand Dollars rs OO0
and for the purpose of the purchase improve
ment, equipment and maintenance Of land for
the use of public park for said Village of Cot
tonwood the sum of Two Thousand Dollars
S2000.00O
Sec. 4. Such bonds shall be known as muiiic-
ipal Coupon Bonds of the Village of Cottonwood,
Idaho County, State of Idaho; shall be issued in
denominations of One Thousand Dollars $1,000
each. shall be numbered consecutivelN from one
to seven;shall be made payable Twenty Years from
the issuance and shall bear interest at the rate of
not exceeding six per centum per annum to be
paid on the first day Of January and the first day
NUNa n of
Treasurer, or at such Banking House or Trust
Company in the City of New York, may be
designated by the Trustees of said Village at the
option of the holder thereof.
Provided chat such bonds shall be redeemable
at the pleasure of said Village at any time after
the expiration of Ten Years from the date of
issuance. and each bond shall be redeemed in the
order that it is numbered.
Sec. S. Such bonds shall be negotiated sold
issued, registered and delivered by the Trustees
of the Said Village. in strict compliance with the
provision of Sections and of an Act of the Leg
islature of the State of Idaho entitled An act to
provide for the issue and sale of Municinal C9u-
pom Bonds, by incorporated cities and towns; for
the application of the funds derived from the sale
thereof; and to provide for the payment of the
principal and interest thereon" Approved Feb
ruary End, 1899
Such bonds shall be sold for cash and in no
case must said bonds be sold for less than their
face par value. and the accrued interest at the
time of disposal.
All proceeds derived from the sale of said
bonds shall be applied exclusively to the pur-
wSec. g. That for the purpose of the payment of
the interest on the said bonds il falls due. and
to constitute sinking fund for the payment of
the principal of said bonds as they become due,
there shall be levied annually by the Trustees of
said Village, upon all the taxable property with
in the said Village sufficient sum to pay thesaid
interest and an additional sum sufficient to pay
the said bonds at maturity. in addition to ali
other taxes authorized to be levied and the faith
ana credit OF az taxable property within said
proper Officers of said village shall continue TO
assess and collect such taxes on all the taxable
property within the limits of said Village to pay
said bonds and the interest thereon as the same
shall become due.
Should the tax for the payment of the interest
on said bonds at any time. not be levied or col
lected in time to meet such payments the inter
est must be paid out of any monies in the gener-
al or expense fund of said Village and the money
so used for such payment of interest must. be re-
paid to the fund from which so taken, out of the
first monies collected from taxes
Sec. 7. Be it further ordained that the question
of the issuance of the said bonds to the amount,
for the purposes and i'll the manner herein pro-
vided. be and the same is hereby submitted to
the qualified electors who are taxpayers oESsaid
Sec. 8. That a special election of the qtalifsds
electors who are taxpayers of the Village of COT
tonwood shall be held on Tuesday, the Goth dsy
of June. 1908. in said Village of Cottonwood Il
which election said question shall be voted upon
by the said electors. The voting place shall be at
the School House in said Village.
Sec. 9. Such election shall be conducted as other
Village elections. The voting at such election
shall be by ballot, and the ballot used shall be
substantially as follows: In favor of issuing
bonds to the amount of 81 10000 for the purpose
stated in Ordinance No. S. and. against
issuing bonds to the amount OF 100000 for the
purpose stated in Ordinance No. S."
Thirty days notice of said election shall be
given by publication in the Camas Prairie Chron-
cle, newspaper OF said Village printed. publish
ed and circulated therein, by publishing the same
in each issue of said paper to the date herein pro-
vided for the holding of said election, which
notice shall recite the provisions OF this ordin-
and the question to be submitted TO said cleo
tors and designate the time and place of said
election as hereinbefore provided, and shall he
signed by the Chairman of the Board of Trustees
Of said Village and be attested by the Village
Clerk and the said Chairman and Clerk are d.
rected to cause the publication of said notice az
cordinRly.
Sec. 10 This Ordinance shall be in force and
take effect upon its passage and publication,
Passed and approved this the 18th day of May
1908.
Attest: STUART SEVERNs,
NJ, NJ. BELKNAP. Chairman Board of
Village Clerk. Trustees