Daily capital journal. (Salem, Oregon) 1903-1919, 1910-07-21

Water company into effect, the city
council of the city of Salem, Oregon,
and its successors in Office are here.
by authorized and empowered in the
name of the city of Salem to issue
and dispose of bonds of the city of
$3.50, 900, to be used for the pur-
chasing and acquiring the hereinbe-
fore mentioned water plant belong
ing to the Salem Water company,
and an additional amount not to
exceed $4,000 for the purpose of
enabling the city of Salem to make
extensions and betterments to said
property, as herein provided, and,
further, said city may at such times
as may be necessary issue and dis
pose of bonds of the city to au
amount not to exceed $45,0 for
the purpose of enabling said city to
pay the principal and interest upon
said $45,000 of per cent bonds
herein mentioned, which are secured
L.
Said bonds 80 to be issued to be of
the denominations of $500 to $1,000,
as the council may determine, and
shall not be taxable for municipal
purposes. Said bonds shall be
signed by the mayor and counter
signed by the recorder of the city of
Salem, under the seal of said city,
with interest coupons attached, and
each of said coupons shall have the
signatures of the mayor and record
er of the city of Salem engraved
thereon whereby the city of Salem
shall be held and considered in sub
stance and effect to undertake and
promise, in consideration of the
promises, to pay to the bearer to |
each of said bonds at the expiration |
of 25 years from the date hereof the
sum named therein in gold coin Of |
the United States, together with in
terest thereon in like coin at the |
rate of per cent per annum, paya-
BILE half-yearly, as provided in said
coupons. The bonds issued in pur-
suance of the authority hereby
granted shall be known as water
bonds Of the city of Salem, Oregon,
series 1910" The bonds herein pro-
vided for shall be advertised AMI
sold for not less than par to the
highest responsible bidder, and the
council may, in its discretion, reject
any and all bids rendered for such
bonds and proceed re-advertise for
he same when bids are not satisfac-
.ory.
There snail be a water fund, and
Ill money derived from the sale of (
jaid bonds, and from the sale of ;
water, materials, land or anything
to or connected with [
laid water plant, or that may be
hereafter acquired in connection
herewith, shall be placed in the [
are and custody of the treasurer of I
he city of Salem and credited to the {
water fund, and shall be paid out by
lin at the order of said water board s
nd not otherwise. The principal ]
nd interest upon all the bonds au- r
horized to be issued by the city OF =
'alem under this charter amend :
nent, together with the bonds now
towit, said $45,00O and r
80, 900 issues, and which consti- @
ute lien upon all of the property :
elonging to the Salem Water COM >
any, are to be paid from taxes 70 D.,
o assessed, levied and collected
rom all of the real and personal
roperty of the city of Salem not
xempt from execution. The reve- :,
ne derived from the operation of =
aid plant or sales of property con. ~
ected herewith, after paying the
Npenses thereof, shall be used by
lid city for the purpose Of paying
lie principal and interest upon said '
Jnds for extensions and better
ents to said plant, and for the
lrpose of providing the sinking d
md herein mentioned.
7. The city Of Salem shall, from W
nd after the first day of January. Z
BIG, and until the maturity OF said o
Dnds, including the bonds to which b
lie plant of said Salem Water COM II
any is to be sold, subject, create p
alntain and provide a sinking Il
ind, as follows, towit; On the list o.
ly of January, 1916, and on the ist
ay of January of each year there t
'teE until and including the 1st a
ny of January, 1918. the city of Sa- h
I'm shall pay to the city treasurer o
per cent of the total amount of jC
nd bonds then outstanding, to be Il
nown as the sinking fund" on the |,
st day of January, 1919r and on the W
st day of January of each year W
hereafter, to and including the 1st W
ny OF January, 1921. the city OF D,
llem shall pay TO the city treasurer e.
per cent of the amount OF the ci
onds then outstanding as a sinking is
md, and on the 1st day of January. c,
)22. and on the Its day of Janu- q,