Bisbee daily review., 1908-11-14

h'C A@oJ sS<t1S dllcE tue u4le tnSl Sot and which shall bear interest at the rate of six per cent per annum, which interest shall be payable semi-annually on the first Monday in January and July of each year: Provided, how ever. that 1t shall be stipulated in said bonds that the Mayor and Common Council of said City of Bisbee reserve the right to pay of and redeem any or all of said bonds in their numerical or der at any time from and after the expiration of five years from their date, both the principal and the in- terest on said bonds shall be made payable in gold coin of the United States of America, at the office of the city clerk, ex-offioio city treasurer of said City of Bisbee, Cochise county, Territory of Arizona, or at such bank in the City of New York. State of New York, or at such other place as may be designated by the Mayor and Common Council of said City of Bis bee, at the option of the purchaser Of said bonds. The place of payment to be mentioned in said bonds and said bonds shall be made payable to bear CT.
 Said bonds shall bear the seal or the City of Bisbee and be signed by the mayor and countersigned by the city clerk, ex-officio city treasurer or said City of Bisbee under the official seal of said city and the. coupons at
 tached to said bonds shall be executed by the engraved signature of the city clerk. eX-officio city treasurer of said City of Bisbee.
 Section 3. The signing of the said bonds by the mayor and city clerk, ex-officio city treasurer and the afiX-
 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 4. The city clerk is hereby authorized and directed to advertise for bids or proposals, in, at 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 8 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 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 its 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 which tax shall be added to, assessed and collected at the same time and in the same manner as pro yided by law fc- the collection of other municipal taxes. The taxes so collected shall, by the city clerk, ex- officio 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 cn said bonds semfannualiy, herein provided respectively, out of said 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 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- icient to raise the sum of S6250.00 to constitute a fund for the redemption of said Bonds for the construction of water works, and the sum of S6250.00 to constitute fund for the redemption of said Bonds for Street Improvement and wlich taxes shall be added to, as. sessed and collected at the same time and in the same manner as provided 1y law for the collection of other taxes, the money so receiv- d shall be respectively placed to and IColSHaCSu WAL E1fb "Orh0 bOINDS SINKING FUND and STREET M. BONDS SINKING FUND, and shall be retained for the purpose of paying the principal on said bonds which said bonds shall be in their numerical order Ter and said funds shall be used for 10 other purpose.
 Section z. And as soon as the city clerk ex-officio city treasurer has sui jcient funds in said WATER WORKS BONDS SINKING FUND and in sail STREET IMPROVEMENT BONDS SINKING FUND to redeem one or more of said bonds respectively after he same are permitted to be redeem l ed under this ordinance, it shall be his 1 iuty to redeem the said bond or bonds | on the first interest day 1 when the semi-annual interest on said 1 ,onds becomes due.
 Section S. When all of said bonds 1 md the interest thereon, shall have l ,een paid, discharged and cancelled, any money remaining in said WATER 1 WORKS BONDS SINKING FUND and | STREET IMPROVEMENT BONDS SINKING FUND, shall be transferred i o and become a part Of the general | und of the city.
 Section 9. All ordinances and parts if ordinances in conflict herewith are l hereby repealed
 Section To- This ordinance snail 1 ake effect and be in force from and 1 liter it's passage and adoption by the 1 mayor and common council and ap- 1, ,roval by the mayor and due publica- 1on according to law.
 Passed and adopted by the mayor md common council of he City IT Bisbee. ttis 4th day of November. i. D., 1908.