Imperial Valley press., 1910-01-29

Co be paid out of the ordinary annual income and revenue of said City.
 Section g. Now Therefore, that a spe- cial election be and the same is hereby called to be held i'm the said City of El
 Centre on the 14th day of February. 1910, for Che object and purpose of sub mittng Co the qualified voters of said City the proposition of incurring debt for the purposes set forth in said resolu-
 tion and hereinafter stated
 section 8. That the objects and pur- poses for which said indebtedness is pro- posed Co be incurred is the following. to-
 wit: the acquisition. construction and completion by the City of El Centro of d certain revenue producing municipal i'm provement to-wit Municipal water works and water system. including the acqui-
 sition ot lands, water rights capital
 stock in other corporations. rights of
 way, and the present water plant and
 system and the construction of acuue-
 ducts. ditches canals, reservoirs. dis tributing system, pumping and purihca-
 tiou plants and other works necessary
 therefor fo" the purpose of furnishing and supplying the City of E Centro and the inhabitants thereof with water for domestic use and irrigation purposes, eN-
 tinguishins fires, flushing sewers sprink-
 ling streets and for other purposes: that
 the estimated cost of said proposed mu-
 nicipal improvements is Sixty Nine
 Thousand Dollars (69 000.0O). and that said cost is and will be too great to he paid out of the ordinary income and rev enue of said City. That the amount of
 the principal of the indebtedness to be incurred therefor is sixty Nine Thousand
 Dollars C$69,O0O00). and that the max
 imum rate of interest to be paid on said
 indebtedness is six per centum per an mum, payable semi annually. which rate shall not be exceeded in the issuance of the bonds for such indebtedness.
 Section l. That a special election shall
 be held in the City of El Centro on the 14th day of February, 1910, as aforesaid. and is hereby called on that day for the purpose of submitting to the qualified voters of said city, the proposition of in curing a bonded indebtedness in the sum of Sixty Nine ThousanL Dollars ($69.- 000.00), principal and from the sale of
 said bonds to pay the cost of acquir- ing, constructing and completing said
 water works and water system for sup plying said City and it's inhabitants with water for domestic use and for irriga- ton purposes, and said election shall be held on the said 14th day of February, ! 1910, in said City of Fl Centro, California in all particulars not recited in this or dinance as provided by law for holding
 municipal elections in said municipality.
 Section ,. That if the proposition of | incurring the bonded indebtedness for the aforesaid purpose so submitted at such election. receives the requisite num- Der of votes. tOwit: Two thirds of the
 votes of the qualified voters voting at
 such election. bonds of said City in the amount of Sixty Nine Thousand Dollars. ($6J, ,0JOOO) shall be issued and sold for
 the purpose of acquiring constructing. and completing said public improvement They shall bear interest at a rate not exceeding six per centum per annum.
 payable semi i-annually, and the princi- l pal and interest thereof shall be payable 1 in lawful money of the United States of America. One twenty third Q-23) , part of the principal of said bonds shall i he paid each year at the office of the i City Treasurer of the City of Fl Cen
 tor at said City in the County of Inn perial in the State of California, on a day and date to be hereafter fixed in said bonds. until the whole principal sum has been paid. The earliest ma turity of the indebtedness created by the issue of the bonds may be made to begin more than one. and not more than ten years after the date of issuance of such bonds; that the interest on said bonds shall be paid semi-annually at the same place one of such semi annual payments in each year being at the date of the payment of the annual install ment of the principal of such indebted ness as aforesaid; and provided further that said indebtedness shah be evidenced
 by bonds and proper coupons attached
 thereto, a separate coupon being attach ed to each bond for each semi annual payment of the interest to become due on saiu bonds, and that such bonds shall be issued in such denominations or de nomination as the Board of Trustees of said City shall determine in accordance
 with the law; said bonds shall be signed by the President of the Board of Trus- tees of said City of Fl Centro, and also
 by the Treasurer of said City, and shall
 be countersigned by the City Clerk The coupons of said bonds shall be number ed consecutvely and signed by the Treas
 urer
 Section 6. That for the purpose of pay
 ing the principal and interest of said
 bonds the Board of Trustees of said City
 shall, at the time for fixing the general
 tax levy and in the manner for such gen
 eral tax levy provided, levy and collect an
 nually each year, until such bonds are paid, or until there shall be a sum in the 1 treasury of said City, set apart for that purpose. to meet all sums becoming due for the principal and interest on said bonds tax sufficient to pay the annual l interest on such bonds, and also such part of the principal thereof as shall
 become due before the time for fixing the next general tax levy; provided however, ! that if thn maturity of the indebtedness | created by the issue of the bonds be made to beein More than one year after the