The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1910-06-30
ORDINANCE NO. 70.

ORDINANCE NO. rs.
An ordinance authorizing the issu-
ance of Improvement bonds of Local
Improvement District No. 5, of the
City of Twin Falls, Idaho, to the
amount of $86,425.00 for the purpose
of paying the cost of grading, paving
curbing and surface draining the
streets of said district and providing
for payment thereof by special assess
ments levied against the adjoining,
contiguous and approximate property
in said district liable to assessment for
such Improvement
Be it ordained by the Mayor and
Council of the city of Twin Falls,
Idaho.
Section /. That for the purpose of
permitting property owners, whose
property has been assessed for the
payment of the expense of grading
paving, curbing and surface draining
the streets in Local improvement Dis
trict No. 5, in the City of Twin Falls,
to pay said assessments in five yearly
| installments of equal amounts each
| year, there shall be, and there is here
by authorized to be issued City of
Twin Falls Improvement Bonds to the
amount of $86,425.00.
Sec. 2. The said bonds shall be
known and designated as Improve
ment Bonds of Local Improvement
District No. 5, of the City of Twin
Falls, Idaho" and shall include the
adjoining, contiguous and approximate
property liable to assessment for such
| local Improvement in said district, and
shall bear date July /, 1910. They
shall be of the following denomina-
| tons: One hundred and seventy bonds
of the denomination of $4,000 each,
and five bonds of the denomination of
$2S5.00 each, and shall become due and
payable one-fifth each year, beginning
January 1, 1911. Said bonds shall be
paid serially, beginning with the low
] est number, one-fifth of the total
amount to be paid each year. They
shall bear interest at the rate of seven
per cent per annum, payable SINH
annually on the 1st day of January
and the LIST day of July each year
from the date thereof, which said in
terest shall be evidenced by proper
coupons attached to each bond, and
both principal and interest shall be
payable at the Office of the city treas
urer of the City Of Twin Falls, Idaho
or the Chase National bank in the city
of New York, state of New York,
Sec. 8. Said bonds and interest cott,
pons thereto attached, shall be sub.
stantially of the following form:
No. - $5OOo(
UNITED STATES OF AMERICA.
City of Twin Falls, State of Idaho
Improvement Bond, of Local I'm
provement District No. 5.
Know all Men by These Presents
That the City of Twin Falls, State o.
Idaho, for value received, hereby
agrees and promises to pay to bearer
the sum of Five Hundred Dollars, goft
coin. of the United States of America
on the presentation and surrender o.
this obligation on the first day of Jan
uary, 1911, without grace, with in
terest thereon, from the date hereo
until redeemed, at the rate of sever
per cent per annHm, payable semi
annually in like coin on the first day o
January and July IN each year, on TIT
presentations and surrender of the pro
per coupon attached hereto, prinetpa
and interest payable at the office o
the treasurer of the City of Twill
Falls, Idaho, or at the Chase Nationa
bank in the city of New York, Stat
Of New York.
> This bond is one of series mum
5 bered from one to one hundred seven
ty-five inclusive, being one hundre
j seventy bonds of the denomination o
J. $4,000 each and five bonds of the de
| nomination of $2S500 each, the tota
= issue amounting to $S6.425.00, author
2 lied by Section 223S, Chapter 5, en-
l titled "Powers of Cities and Villages
e Title 10, Political Code Volume 1, Re
: yised Codes of the State of Idaho, ap
/, proved at the 10th Session of the Leg
: islature of the State of Idaho, in tn
year 1909
5 This obligation is to be paid solel
e and exclusively out of funds in Loca
S Improvement District No. 5, in sal
e City of Twin Falls, derived from tn
e collection of special assessments lev
= led upon and against the property Il
2 said district, and is not an obligation
= of the City of Twin Falls, and in con
formity with the law 1t is reclted ina
), 1.-THE holder of any bond issued unde
t the authority of this section (22SS he
D yised Codes of Idaho) shall have n
4 claim therefor against the city or VII
/ lage by which the same is issued, Il
Y any event, except from collection
e the special assessment made for Tn
b improvement for which said bond wa
e issued, but his remedy in case or non
S payment shall be confined to the en-
K forcement Of such assessment, an
D this obligation is not to be deemed o
= taken to be within or any part OF tn
J. limitation by law as to the indebted
= ness of said city.
= 1t is hereby certified that all re
1 uuirements of law have been complies