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

after said first day of October, anG
in case a sufficient sum of money
cannot be derived from the users of
the water supplied by said city, to
pay the interest on said bonds auth
orized by this ordinance to be issued,
the amount of such deficiency shall
be estimated and the same shall be.
come and be an Indebtedness against
the said City of Enterprise, Oregon,
and the amount of such indebt-
edness shall be included wner
the annual levy is made against the
taxable property of said City of En-
terprise, and until such time as the
from the County Treasurer of Wal
Iowa County, Oregon, such sum as
will meet the deficiency in the pay
ment of the interest on said bonds,
no funds shall be drawn from or
paid out of the City Treasury.
.oecLlon 8. All funds derived from
the users of the water supplied by
said City of Enterprise, together
with such surplus from the said EN-
terprise Waterworks Fund" as re-
mans after the completion of sal
waterworks system shall be kept
entirely separate from all othe.
funds belonging to said City, ano
| shall be known and designated as
the water Fund" and the sur
plus therefrom, which shall not be
required for the repair, maintenance
or operation OF said waterworKs or
water supply of said City, shall be
placed in a fund which shall be
known and designated as a Sinking
FUND" and which said Sinking
FUND" shall be used for the payment
of the bonds authorized by this ordi-
nance to be iss Ied, as they ma
ture and the interest thereon
| Section g. AS fast as moneys
shall accumulate in the Sinking
Fund.-" the City Treasurer, with the
approval of the City Council, and not
otherwise shall cause the same to be
| vested in such securities as the
City Council of said City of Enter
,...e, oregon, may approve of, ana
the gain or income arising from
any moneys or securities held for
he Sinking Fund" shall also be-
long to said Fund and shall be used
tor the same purposes for which
he principal from which such gain
| u luColuC ohotl dSSi uc dlc hCl Guy
'equired to be use1.
Section 10. At the expiration of
he period Of ten years from the
late Of the iss lance of the bonds
authorized by tlis ordinance to be
ssued, the moneys then accumulated
Ind in the said Sinking Fund.-" may
pc used in the payment and redemp-
lion of as many Of the said bonds
Is there are funds in the sale
Sinking Fund" to pay and redeem
he same, and all bonds when paio
shall forthwith be Cancelled and de-
stroyed.
Section IL. That on account of
The inadequacy of the present water
supply of the City of Enterprise, Or
,gon, and in order to promote the
public health and safety and by
reason of the urgent need of 6
greater and purer supply of water,
t is hereby declared that this ordi-
lance is necessary and excepted
rom the operation of the exercise
of the power of the referendum, and
IN emergency is hereby declared to
,Xist and this Ordinance shall take
affect from and after the Gath day
# September, 1908.
Section 10. That this Ordinance
hall be published in the News Rec
,rd, in Enterprise, Oregon, for one
ssue thereof, and shall be in full
force and take effect from and after
ne Gath day of September, 1908.
Passed by the City Council of the
City of Enterprise, Oregon, Septem-
ber 21, 1908.
Approved this 21st day of Septem-
)er, 1908.
B. MAYFIELD, Mayor.
Attest:
w. K. TAGGART, City Recorder.