The Paonia newspaper., 1910-06-10
ORDINANCE NO. 81

ONDuNhlNSS iNOs VI
AN ORDINANCE PROVIDING FOR THE
BY THE TOWN OF PAoNIA, COLORADO
BY THE ISSUANCE OF ITS BONDS FOR
The PmKPosE OF =, THE a !, EuRTaER con, On
SAID TOWN AND PROVIDING FOR tn +
LEyYING OF A TAX TO PAY THE
WHEREAS. heretofore the voters of the
Town OF Paonia in thestate ofColorado who
were tax payers under the law voted upon
the question OF the erection OF waterworks
for said town and did by their vote duly ap-
prove the said erection OF ,,S said & water; aa,d
waterworks were erected; and
WHEREAS. the present supply OF water is
said town and to afford adequate fire pro-
tection and it is proposed to provide an ad-
so that said deiiciencies may be remedied,
and 1t ID estimated that said reservoir anu
announcements e, VIII cost @doi the sum oil Ten
Now THEREFoRE Be It ordained by the
Board OF Trustees of the Town OF Paonia,
SECTION l. That the town of Paonia,
Colorado. issue Its negotiable coupon bonds in
the sum OF Ten Thou.and dollars ts1o,OO0l
for the purpose OF the further construction of
waterworks for said town for fire and do
mestie purposes ana thereby eontraeu iiI l an m
SECTION ?. That said bonds shall con:
sist of twenty (2o) bonds of Five Hundred
dollars ($5OD) each. designated "N ater Bond,
Series OF 1910" and numbered from one Cd
to twenty 600 inclusive. They shall be
due and ayabie fifteen years after the date
thereof and redeemable at the option OF said
shall bear nter.si nj the rate of siI per centum
per annum, ayable semi-annually on the
first day OF June and the first day OF Decem.
Der In each year and both the principal and
interest all be pay able in lawful money OF
the United States OF America at the office of
banking house OF Kountse Brothers in the
City and State of New York at the option of
SECTION g. Said bonds shall be sealed
with the corporate seal OF said town. signed
by the Mayor and attested by the Clerk ati
Recorder and countersigned by the Treasurer
of said town. Each OF said bonds shall have
attached thereto thirty 800 coupons. num-
bered from one ID TO thirty 800 Inclusive.
each representing n semi annual installment
of interest upon the bond to which " In at
taened and securing shs Is 1n sns an
bear the engraved signature OF the Treasurer
of said town and the number OF the bond to
which they are attached. Said coupons when
so made. executed and delivered as a part of
said bonds shall be the lawful obligations of
terest in the hands OF all persons to whom
SECTION 4. That the form of said bonds
and coupons shall be Substantial, asfollows;
LForm of Bond1
No. 100000
TOWN OF PAoSIA
County Of Delta state Of Colorado
Water Bond
Series of 1910
The Town OF faOnlu IN the county OF Deith
and State Of Colorado for value received nc
knowledge- itself to owe and hereby prom
i-es to pay To the bearer hereof ave hundred
dollars in lawful money of the United States
Of America ON the first day Of June, A. u.
1925 with interest thereon at the rate OF slx
per centum per annum payable semi-annuaIly
on the first day Of June aud the FIRST day OF
December In each year. both the principal
and the interest being payable at the Once
the banking house Of kountr Brother- In the
city and state of New York. U. ;. A, at the
surrender Of this bond and the annexed cou-
pons they -cveraiiy become due.
The said town reserves the right. however,
to pay this bond at any time after the first
day Of June, A. ID. 1920.
This bond Is issued by said Town o. Pao,
waterworks for fire and domestic purposes
for said town in pursuance OF an ordinance
OF said town duly adopted, approved, pub
li-hed and recorded prior To the issuance
hereof and under, by virtue OF and In strict
state of Colorado and the provisions OF an
act of the General Assembly thereof entitled.
An act IN relation 70 muniG,Snl e1rp1rsl pa "a,
acts amendatory thereof aud supplemental
thereto.
erection of said waterworkr was duly ap-
proved by "A vote of n majority OF the voters
law voting on the question at election
duly held In said town according To law
prior to the issuance hereof; thnt aiI eondl,
to be done precedent TO and In the Issuance
of this bond to render the same lawful and
valid did exist and have been properly done
and performed In regular and due time, form
and manner as required by law; that the
total debt OF said town, including that OF
this bond does not exceed any limit OF In
debted ness prescribed by the constitution or
laws Of the state OF Colorado and that said
ordinance provides for the levying of n tai
sufficient TO pay the interest on this
bond Il accrues and TO exunguish the
principal hereof within the time limited Tor
the same to run and contains such other
ppovisions are required by law.
IN TESTIMONY WHEREOF. the said
town of Paonia has caused this bond to be
sealed with Its corporate seal, signed by Its
Mayor, attested by Its Clerk and Recorder
and countersRDed by Its Treasurer tnis nrst
day Of June, A. ID. 1910.