Daily capital journal. (Salem, Oregon) 1903-1919, 1910-07-25

herein mentioned, which are secured
by a mortgage on said water plant.
Said bonds so 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 puT-
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 and
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
the same when bids are not satisfac-
tory.
There snail be a water fund, and
all money derived from the sale of
said bonds, and from the sale of
water, materials, land or anything
appertaining to or connected with
said water plant, or that may be
hereafter acquired in connection
Herewith, shall be placed in the
care and custody of the treasurer of
the city Of Salem and credited to the
water fund, and shall be paid out by
him at the order of said water board
and not otherwise. The principal
and interest upon ali the bonds au-
thorized to be issued by the city of
Salem under this charter amend
ment, together with the bonds now
outstanding, towit, said $4,000 and |
$4,000 issues, and which consti- |
tute a lien upon all of the property |
belonging to the Salem Water COM
pany, are to be paid from taxes 10
be assessed, levied and collected
from all of the real and personal
property of the city of Salem not
exempt from execution. The reve-
nue. derived from the operation of
said plant or sales Of property con.
nected herewith, after paying the
expenses thereof, shall be used by
said city for the purpose of paying
the principal and interest upon said
bonds for extensions and better
ments to said plant, and for the
purpose of providing the sinking
fund herein mentioned.
z. The city Of Salem shall, from
and after the first day of January.
1916, and until the maturity of said
bonds, including the bonds to which
the plant of said Salem Water COM
pany is to be sold, subject, create
maintain and provide a sinking
fund, as follows, towit: On the 1st
day of January, 1916, and on the 1st
day of January of each year there
after, until and including the 1st
day Of January, 1918, the city of Sa-
lem shall pay to the city treasurer
/ per cent Of the total amount Of
said bonds then outstanding, to be {
known as the Sinking fund" on the
LIST day of January, 1919, and on the
Ist day of January of each year
to and including the 1st
lay of January, 1921, the city of
odltHl Sudll pay W INC Clly treasurer /
per cent of the amount of the |
ponds then outstanding as a sinking
'und, and on the 1st day of January.
1922, and on the Its day of Janu-
lry of each year thereafter, to and {
including the LIST day of January,
1925, the city of Salem shall pay to
he treasurer "a per cent OF the
amount of bonds then outstanding.
rs a sinking fund, and on the 1st
lay of January, 1926, and on the {
LIST day of January of each year
to and including the 1st
lay of January, 1895, the city shall
)ay to the city treasurer per cent
If the amount of the bonds then
as a sinking fund. The {
rhe terms "bonds then outstand- 6
ng" as used in this paragraph shall l
include all of the bonds herein au- '
horized to be issued by the city, in ]
'luding the outstanding bonds which I
low are a lien upon the property OF q
he Salem water plant.
S. The money so paid to the city c