Imperial Valley press., 1910-03-26

Il tOunOnb HHbil Ot SuUSNdutldliy lI AUb lOl- lowing form with the exceptions of the date of payment and No. to-wit: S27.50 No..........., On the first day of..........A. D. | 19...,...
 | The City of El Centro will pay to bear CT at the Office of the City Treasurer of the City of El Centro State of Cali fornia, the sum of Twenty Seven and Fifty One -Hundredths Dollars lawful money of the United States. being semi annual interest due on municipal bond No........is issued for water works and water system construction purposes.
 Dated March tst 1910.
 | ...................., ..,................
 Treasurer of the City of El Centro.
 That before the delivery of said bonds, the numbers and dates of payment of all bonds and coupons shall be inserted there in That the President of the Board of Trustees and Treasurer of said City of El Centro are hereby authorized and di- rected to sign said bonds, and the Clerk of said City is authorized and directed to countersign the same and attach the seal of said City thereto and the Treas urer of said City of El Centro Is hereby authorized and directed upon the sale of | pons to the purchaser or purchasers thereof upon the payment to him of the amount of the purchase price thereof and accrued interest.
 Section B. That for the purpose of pay ing the principal and interest on each and everyone of said bonds by this Or dinance directed to be issued, the Board of Trustees of the City of El Centro shall at the times of fixing the General Tax Levy and in the manner fer such Gen eral Tax Levy. provide. Levy and col ! lect annually every year until each of the said bonds is paid, or until there shall be a sum in the Treasury of said | City set apart for such purposes suf- icient to meet all sums coming due for principal and interest on said bonds re- spectively, taxes sufficient to pay the an nual interest on such bonds and also such part of the respective principals time for fixing the next General Tax Levy. Said taxes shan be in addition to all other taxes levied for municipal purposes. and shall be collected at the same time and in the same manner as other municipal taxes are collected, and to be used for no other purpose than the I terest Said Board of Trustees hereby makes provision for the levy and colec- tion of all sums that shall or may be necessary to pay in full al the interest and principal of said bonded indebted ness as the same shall fall due. and here by contracts, represents and promises that such levy shall be made as afore- said, and so far as it has the power to | make GIIph levy if barphV makes same.
 Section 6. That there shall be, and is hereby created fund to be designat- ed as --unicipal Improvement Bond Fund of 1910 and to be carried in such name upon the books of said City, proceeds of the levy above mentioned shall be paid into said fund as soon as the same shall be collected, and shall remain in said fund until re- quired for the respective payments of the principal and interest to be made upon said bond. That when the respee- tive payment of principal and interest of said bond shall fall due, the Treasur- CT of said City is hereby authorized and directed ana commanded to pay out of said money in said fund, said respective amounts of the interest and principal of said bonds as the same shall fall due, when demand shall be made therefor, as by law provided. and upon the surrender of said bonds and coupons to said Treas urer it shall become the duty of said Treasurer to cancel said bonds and cou- pons immediately after such surrender and payment
 l And it is further ordained, promised and agreed that none of said money paid to said funds shall be used for any other purposes than the payment of said principal and interest on said bonds as in this Ordinance specified, until the whole amount shall have been paid.
 Section 7. That Ordinance No. 45 pro- viding for the issuance of the same bonds at five per cent interest, be and the same is hereby repealed.
 Section 8. That this Ordinance shall be in full force and effect from and after it's passage and approval. ..
 Section g. That the City Clerk of said City shall certify the passage. adoption and approval of this Ordinance and cause the same to be published in the Imperial Valley Press, newspaper printed and published in said City.
 Passed and adopted this 22nd day of March. 1910.
 H. B. PEARSON,
 President of the Board of Trustees of the City of Fl Centro
 ATTEST:
 F. G. RAVENS.
 City Clerk of said City of Fl Centro.
 I hereby approve the foregoing Ordi- nance No. 49, this the 22nd day of March | 1910.
 H. B. PEARSON,
 President of the Board of Trustees oi