The Monte Vista journal., 1909-08-14

cable, be delivered to the purchaser
thereof, and the proceeds shall be used
solely for the purpose Of constructing
said sewer for the use Of the said Town.
SECTION vi. Whenever the said
Town Of Monte Vista shah elect to pay
any Of the said bonds, at any time dur
ing the period when any Of the said
bonds are payable, and before they are
absolutely due, according to the terms
thereof, the recorder Of the said Town
shall cause to be published for at least
four successive weeks in newspaper pub
lished in the town of Monte Vista,
notice, specifying tho number or num-
befs OF the bonds proposed to be called
in, and the date OF such redemption.
Payment Of tho interest Of such bonds
shall cease sixty days after the first pub
LEGATION Of such notice, and the bonds
So called, shall upon their surrender be
paid by the said Town, and when 80
paid, the unmatured coupons attached
thereto, shall he cancelled and destroyed.
SECTION VII. that there be and there
is hereby levied upon each and every
dollar Of valuation Of taxable property
within the said Town annually. in ad-
dition to all other taxes, tax sufficient
to pay the semi annual interest on all
OF the said bonds outstanding and also
after four az years from date Of said
bonds, such tax as shall create a yearly
fund equal TO Ten per cent l0D Of the
whole amount Of such bonds issued, for
the purpose Of extinguishing the prin-
cipal Of said bonds within fifteen years
from the date thereof, which fund shall
be called the Sewer Bond Redemption
Fund, and the taxing and collecting Of
ticers OF the said Town are hereby au-
thorized, empowered and required TO levy
and cause to he extended and collected,
all such taxes annually, AZ shall become
necessary for the purposes Aforesaid due
under this ordinance, and such taxes
shall be collected and levied as other
taxes, andshall be applied only to the prin-
cipal and interest OF said bonds, respec-
lively, and not otherwise, until the said
indebtedness, contracted under this or
dinance shall be fully paid, and the
sums hereinbefore provided for to meet
the interest Of said bonds, and discharge
the principal when due, are hereby ap-
ptopr,sted for that purpose, and the
said amounts shall also he included IN
the annual appropriation bill passed by
the Board Of Trustees Of the said Town,
In each year while any portion OF tho
said sums remain unpaid.
SECTION VIII. The Board Of Trustees
OF the said Town shall. annually, at the
time and in the manner provided for by
law. for levying other town taxes, IL such
action shall he necessary to e1ectuate
and carry into effect the provisions OF
this ordinance. ratify, re-enact and car
~ out tho provisions hersin, with rotor
snce to the levying and collection Of
taxes, and shall require the officers OF
and for the said town to levy, extend
aud collect such taxes in manner pro
vided by Law for tho purpose Of creating
the redemption fund for the payment Of
the interest and principal Of said bonds,
aud the said taxes. when 20 collected,
shall be kept Tor and applied TO the pay
ment Of the interest and principal Of tho
said bonds, ~ hereinbsfore ~ forth.
and shall not b. expended for any other
purpose.
SmfIox TX. This ordinance shall be
and remain Ia full sofce and effect, and
shall b irrepAaIable until the said bonds
and interest thereon, shall have been
fully paid. ~ horsin provided.
SECTION X. Immediately after the
passage Of this ordinance, It shall be re-.
corded In . book Of ordinances Of said
Town, kept for that purpose, authcnti.
Gated BY the signatures u the presiding
oiices Of the Board Of Trustees Of tho
said Town and OF tho Town Recorder.
and shalt bs publishsd In . newspaper
published within tho corporate limits Of
the said Town OF Monte Vista.
Passed and approved this 18th day Of
August. 1909.
WILLIS II. FAssErT.
Mayor.
| Attest:
tsxAL1 W. G. SAxvoxp.