Bisbee daily review., 1908-11-10

bonds by the mayor and city clerk, ex-ofilcio city treasurer and the affix- 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 ss 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 tae 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 less sum than it's par value.
 Section 5. Pne 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, tax sufficient to pay the annual interest upon the said Bonds for the Construction of Water Works and the said Bonds for Improvement ot 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- oficio 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, tax suf- ticient to raise the sum of Se250.00 to constitute a fund for the redemption of said Bonds for the construction, of water works, and the sum of $6250. %
 to constitute 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 receiv- ed shah be respectively placed to and designated WATER WORKS BONDS SINKING FUND and STREET I'M PROVEMEN'g 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 fuRds shall be used for no other purpose.
 Section 2. And as soon as the city clerk ex-officio city treasurer has sui ! tcient funds m said WATER WORKS BONDS SINKING FUND and in said STREET IMPROVEMENT BONDS ' 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 ! respectively on the first interest day when the seIai-annual interest on said bonds becomes due.
 Section s. When all of said bonds and the interest thereon, shall have been paid, discharged and cancelled any money remaining in said WATER WORKS BONDS SINKING FUND and STREET IMPROVEMENT BONDS SINKING FUND, shall be transferred to and become a part of the general fund of the city.
 Section g. All ordinances and parts of ordinances in conflict herewith are hereby repealed.
 Section 10. This ordinance shall take effect and be in force from and after its passage and adoption by the mayor and common council and ap- prOyal by the mayor and due publica- ! ton according to law.
 Passed and adopted by the nayol and common council of he City IT Bisbee, ttis 4th day of November 3 D.. 1908.
 Presented to the mayor for his sig nature and approval and by nim duly signed and approced the 4th day of November, A D. 1908.
 GEORGE H. NEAI4E, Mayor. Attest: C. W. Hicks, City Clerk.