The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1910-07-07
ORDINANCE NO. 70.

Of paying the cost of grading, paving,
curbing and surface draining the I
streets Of said district and providing |
for payment thereof by special assess
ments levied against the adjoining,
contiguous and approximate property |
In said district liable to assessment for /
such Improvement.
Be 1t ordained by the Mayor and |
Council Of the city of Twin Falls,
Idaho.
Section /. That for the purpose Of
property owners, whose
property has been assessed for the |
payment of the expense OF grading, |
paving, curbing and surface draining |
the streets in Local Improvement Dis
trict No. 5, in the City of Twin Falls,
to pay said assessments in Ave yearly |
installments OF equal amounts each
year, there shall be, and there Is here |
by authorized to be issued City OF
Twin Falls Improvement Bonds to the
amount Of $S6,425.OO.
Sec. g. The said bonds shall be
known and designated as Improve
ment Bonds of Local Improvement
District No 5, of the City OF Twin
Falls, Idaho" and shall include the
adjoining, contiguous and approximate
property liable to assessment for such
local Improvement in said district, and
shall bear date July l, 1910. They
shall be Of the following denomina
tions: One hundred and seventy bonds
OF the denomination of $4,000 each,
and five bonds OF the denomination OF
$685. 90 each, and shall become due and
payable one-fifth each year, beginning
January /, 1911. Said bonds shall be
paid serially, beginning with the low
est number, one-fifth of the total
amount to be paid each year. They
shall bear interest at the rate of seven
per cent. per annum, payable SINH
annually on the list day of January,
and the 1st day of July each year
from the date thereof, which said in
terest shall be evidenced by proper
coupons attached to each bond, md
both principal and interest shall be
payable at the Office of the city treas
urer of the City Of Twin Falls, Idaho,
or the Chase National bank in the city
of New York, state of New York.
Sec. 3. Said bonds and interest cou-
pons thereto attached, shall be sub
stantially of the following form:
No. - $4,000
UNITED STATES OF AMERICA.
City of Twin Falls, State OF Idaho,
Improvement Bond, of Local I'M
provement District No. 5.
Know all Men by These Presents,
That the City of Twin Falls, State of
Idaho, for value, received, hereby
agrees and promises to pay to bearer
the sum Of Five Hundred Dollars, gold
coin, of the United States of America,
on the presentation and surrender of
this obligation on the first day OF jan
uary, 191-, without grace, with in
terest thereon, from the date hereof
until redeemed, at the rate OF seven
| per cent. per annum, payable semi
annually in like coin on the first day of
! January and July in each year, on the
presentation and surrender of the pro-
per coupon attached hereto, principal
rand interest payable at the efhee OF
the treasurer of the City of Twin
Falls, Idaho, or at the Chase National
bank in the city of New York, State
Of New York.
This bond is one of series num-
bered from one to one hundred seven
ty-fve inclusive, being one hundred
seventy bonds of the denomination of
$4,000 each, and five bonds of the de-
nomination Of $2S5.00 each, the total
issue amounting to $S6,425.00, author
lied by Section 1888, Chapter 5, en-
titled Powers of Cities and Villages
Title 10, Political Code Volume 1, Re-
vised Codes of the State of Idaho, APP
proved at the 10th Session of the Leg
| islature of the State of Idaho, in the
year 1909.
/ This obligation is to be paid solely
and exclusively out of funds in Local
improvement District No 5, in said
City of Twin Falls, derived from the
collection of special assessments lev
led upon and against the property in
said district, and is not an obligation
of the City of Twin Falls, and in con-
formity with the law it is recited that
1.-THE holder of any bond issued under
the authority of this section (2238 Re-
| vised Codes of Idaho) shall have nc
claim therefor against the city or vii
lage by which the same is issued, IN
any event, except from collection OF
the special assessment made for the
!. Improvement for which said bond was
issued, but his remedy in case of non
payment shall be confined to the en-
forcement of such assessment" ant
this obligation is not to be deemed OF
, taken to be within or any part of thu
limitation by law as to the indebted
ness of said city.
1t is hereby certified that all re
quirements of law have been complied
with by the proper officers of said cit.
J in the issuance of this bond, and tina
the total amount of this issue does no
exceed the limit prescribed by law 70
, the issuance of the same.
, For the collection of the assessment
levied in said Local Improvement Dis
J trict No. 5, the City of Twin Falls
hereby pledges itself to use its bes
endeavors and energies.
In Witness Whereof, This bond ha
been signed by the Mayor and attest
) ed by the City Clerk, and counter
signed by the City Treasurer of tn
: City of Twin Falls, Idaho, and tn
| corporate seal of said city affixe
hereto this first day of July, 1910.
.............. n q, Mayor.
c Attest: ........ !. q City Clerk.