The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1909-07-17

Section s. That the mayor and
Council of the City Of Caldwell may,
at their discretion provide for the pay
Improvement herein ordered in Install
ments by the issuance of improvement
Bonds of said District, said INSTALL
ments being in equal, annual payments
of not to exceed eight per cent per
annum interest and to run five years.
Such bonds shall not be issued in an
amount in excess of the contract price
of the proposed improvement, except
that the installment coupons shall in
clude the interest on such installments
to maturity there of. Such bonds
may at the discretion of the Mayor
and Council of the City of Caldwell
be issued to the contractor who shall
construct the proposed Improvement,
or be sold at not less than their par
value net, and the proceeds thereof
be paid to the contractor. The bonds
shall be in such denominations as the
Mayor and Council shall deem proper.
on such bonds, the Mayor and Council
Of the City of Caldwell are hereby
empowered and they shall levy, an
nually, special assessments against
the specific property abutting and con-
tigious to the proposed Improvement
as hereinbefore provided, sufficient
to redeem the installments of such
bonds next thereafter maturing, with
interest thereon at not to exceed eight
per cent per annum from the date
of the issuance of such bonds until the
date OF the maturity OF the INSTALL
ments next thereafter maturing, Such
assessments shall be made, levied and
collected in the same manner as II no
bonds were issued, except. as other
wise provided by the ordinance.
Section 9. The owner of any piece
of property liable for any special as
sessment chargeable against his prop
erty, may redeem his property. from
sessment chargeable against his prop
erty (upon the City Clerk mailing
him written or printed notice., thirty
days before the issuance of the bonds,
or, after the issuance of the bonds by
paying all the installments of the as
sessments which have been levied and,
all of the installments Of the assess
ments which have been levied and,
also, unlevIed installments, with inter-
est on the latter at the rate Of eight
per cent per annum from the date OF
the issuance of the rate bonds to the
maturity of the last installment. All
such assessments shall be paid to the
City Treasurer. The funds arising
from all assessments levied for the re-
demption of the bonds shall be applied
solely to the redemption of said bonds
Section 10. The bonds herein pro-
vided for shall have printed thereon
(among other things). substantially
THE holder of this bond shall have
no claim against the City of Caldwell
in any event except from the collection
of the special assessment made for the
Improvement for which the same wal
issued, but his remedy in case of non
payment shall be confined to the en-
forcement of such assessment.
Section II. That 1t Is hereby provid-
| ed that the procedure for carrying out
the provisions of this Ordinance
| shall be governed by the provisions
of Chapter 5, title 10, Political Code
| Revised Codes of the State of Idaho
Passed by the Council this 14th
| day of July, 1909.
APPROVED by the Mayor this 18th
| day Of July, 1909.
j. B. GOWEN, Mayor
Attest: c. ]. SHORE, City Clerk.