The news=record. [volume] (Enterprise, Wallowa County, Oregon) 1907-1910, 1908-09-24
ORDINANCE.

SOLldJlDS Oh DOHuS VI Iue SlIy VI Eli
terprise, Oregon, to an amount of not
" exceed the sum of Thirty Thous-
ana Dollars ($30,000) for the pur
pose of constructing and installing
Il system of waterworks to furnish
the said City OF Enterprise, Oregon,
and its inhabitants, with supply of
water for city purposes, general anc
domestic use; to provide for sink
ing fund with which to redeem saio
ponds and for the payment of the
interest on the bonds SO issued ant
sold.
The City of. Enterprise does ordain
rs follows:
Section /. That under and by vir-
tue of the authority conferred. up
IN the City Council of the City of
Enterprise, Oregon, at a Special
election, held in said City of Enter;
prise, Oregon, on the 18th day Of
september, 1908, authorizing said
City Council to borrow on the faith
ina credit of the City of Enterprise,
oregon, a sim of money not to ex-
iced Thirty ThoIs Ind Dollars $780,
J0O), to be used for the purpose Of
supplying said City OF Enterprise
with a system of waterworks, and
he sum SO borroHeI to draw inter-
est not to exc el live (5) per cent
I'm per ann Iin, said election being
acid unLer the provisions of Sub
livIsiol ~ of Section l of Article
III of the Act of the Legislative
assembly of Oregon, as amended,
hereof is known as the City Char
IT,,ta
son, and of the provisions Of an Or
finance of said City Of Enterprise,
Oregon, entitled "An Ordinance to
provide for holding special elec-
ions in the City of Enterprise, Wal
owa County, Oregon" approved June
Ith, 1908, there shall be issued ant
sold as hereinafter provided, bonds
If the City of Enterprise, Oregon,
N sum not to exceed Thirty Thous
md Dollars ($3O,00O), for the purpose
Is herein set out in this section.
Section 2. That said bonds shall
De issued in denominations of One
Thousand Dollars each, and shall
)ear date the first day Of October,
| L90S, and shall bear interest at the
ate of five per centum per annum,
payable semi-annually on the first
lay Of January and the first day of
fully in each year, and said bonds
shall be drawn so as to come du'
twenty years from the date there
If and redeemable after ten years
rom the date thereof at the optiol
If the said City of Enterprise, Ore
yon, and the first installment of the
interest thereon shall become due
| ho T,,Iu
1909, principal and interest payabl
Vt some place to be agreed upon b..
he said City and the purchasers of
,aid bonds and to be designated
herein. Interest coupons shall be
attached to each of said bonds pro
riding for the payment of interest
If five per centum per annum, pay
lble semi-annually, which coupon;
shall bear the same date as tn
ponds for which the coupon is CIV
IN, and each bond shall have fort
interest coupons attached, numbered
rom / to 40 inclusive Said bond,
shall be numbered from 1 to 80 in.
elusive.
Section 3. That the City Recorder
If the said City of Enterprise, Ore
ron, shall enter into a register to
)e kept by him for that purpose, the
lumber of each of said bonds, the
late, amount, rate of interest, the
ime when due. the number of cou
)ons attached to each of the same,
md to whom sold and the place of
payment.
Section 4. That sealed bids ma,
,e received by said City Recorder
Until twelve O'Clock. NJ, of the goth
Law Of October. 1908, at which time
he City Council of said City of En-.
erprise, shall in open sitting there
IF, open all of said bids so received.
md award the sale of said bonds to
he highest and best bidder there
or; provided, however, that the
laid City Council shall have the
light to reject any and all bids for
laid bonds, and may as soon there.
tfter as practicable, receive other
lids for the purchase of said bonds
MI bids for said bonds shall b
iealed and directed to the City Re
order of said City, and shall hav'
| 'ndorsed on some part of the out
eide of the envelope containing tn
bid for said bonds, the words, IBID
or Enterprise Waterworks Bonds
md the City Recorder shall mark on
he envelope the date when sucl
lids are received.
Section 5. That the proceeds of
he sale of the said bonds shall b
'aid into the Treasurer of the said
)ity Of Enterprise, Oregon, and
hall be kept separate and apart by
he Treasurer Of said City In a sep
.rate fund which shall be known and
designated as the Enterprise Water
works Fund" and no bonds shall b
delivered except upon payment there
or, and when the proceeds of the
'ale Of said bonds authorized b
his ordinance to be issued and ne
,otiated shall have been paid into
he hands of said Treasurer of sal
)ity, he shall hold the same for said
purposes for which said bonds ar,
ssued and the same shall not be
ised for any other purpose until sucl
water system shall have been com
,leted, at which time the surplus,
any remains, from the completion
II said waterworks system, shall be
transferred into the Water Fund"
hereinafter mentioned.
Section 6. All Of said bonds au.
horized by this ordinance shall bt
hgned by the Mayor and atteste,
~ the City Recorder of said CITY of
enterprise. Oregon, and shall hav,
| lffixpd thereto tho cornorata saat o,