Imperial Valley press., 1910-02-12

($6soJOOO) 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-annualy, and the princi- pal and interest thereof shall be payable in lawful money of the United states of America One twenty third Q-23) part of the principal of said bonds shall be paid each year at the office of the City Treasurer of the City of El Cen tor, at said City in the County of Im- 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 saio 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 El 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 consecutively 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 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 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 the maturity of the indebtedness created by the issue of the bonds be made to begin more than one year after the date of issuance of such bonds, such tax shall be levied and collected at the time and in the manner aforesaid an nually each year, sufficient to pay the interest on such indebtedness as it falls due, and also to constitute sinking fund for the payment of the principal thereof on or before maturity. Said tax shall 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 be used for no other purpose than the payment of said bonds and accruing interest
 Section 2. That the proposed indebt- edness of $69, 100000 including all other in- debtedness already incurred by said City for municipal improvements. will not in the aggregate exceed fifteen per cent of the assessed value of all real and personal property of the City of El Gen. tro.
 Section S. The polls of said election shall be opened at six o'clock in the morning of the day of election and shall be kept open until six o'clock in the af- ternoon of said day, when the polls shall be closed.
 Section 9. The ballots to be used at said election shall be printed in the fol- lowing form: