Bisbee daily review., 1908-11-13

InouSand Two Hundred ana flfty (S1250) Dollars, each numbered se- rially. from one to one hundred in elusive. dated the End day of January, 1909, and which shall become due twenty-five (25) years after the date thereof and which shall bear interest at the rate of six (695) per cent pen annum, which interest shall be payar ble semi-annually on the first Mon day in January and July of each year; and also Bonds for the Improve meDts of Streets in the sum of $125,- 000.00 of the denomination of One Thousand Two Hundred and Fifty $1250) Dollars, each numbered serial iy from one to one hundred inclusive, dated the 2nd day of January, 1908, and which shall become due twenty five (25) years after the date thereof and which snall 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 on 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-officio city treasurer of said City of Bisbee, Cochise county, Territory of Arizona, or at such bank in the City of New York. State nf 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 er
 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-oficio city treasurer of said i City of Bisbee.
 l Section 8. The signing of the said bonds by the mayor and city clerk. ex-officio city treasurer and the affix- l 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 ! 0 .1 Xn 1xr ffesk, for bids or proposals, in, at least, one newspaper published in said City of i Bisbee, for a 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 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 1 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 it's par value.
 Section 5. The Common Council oi said city shall in due time, manner
 and season cause to be levied and col | lected annually upon all of the taxa i 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 ordinance, which tax shall be added | to, assessed and collected at the same time and in the same manner as pro Vided by law for 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 On said bonds semi-annually, herein provided respectively, out of said WATER 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 her 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- ficient 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 a fund for the redemption of said Bonds for Street Improvement and which taxes shall be added to, as sessed and collected at the same time and in the same manner as provided by law for the collection of other municipal taxes, the money so receiy- ed shall be respectively placed to and designated WATER WORKS BONDS SINKING FUND apd STREET M lPROVEMENT BONDS SINKING FUND, and shall be retained for the purpose of paying the principal on said bonds which said bonds shall be redeemed in their numerical order der and said funds shall be used for no other purpose.
 Section 2. And as soon as the city clerk ex-oficio city treasurer has sui jcient funds in said WATER WORKS BONDS SINKING FIND and in said STREET IMPROVEMENT BONDS i SINKING FUND to redeem one or more of said bonds respectively after the same are permitted to be redeem ed under this ordinance, it shall be his duty to redeem the said bond or bonds