Daily capital journal. (Salem, Oregon) 1903-1919, 1910-07-20


or necessary in the conduct, exten
sion, operation or management o
the waterworlks. Said board shall
have power and authority to regu
late and control the use, sale an,
distribution of water, fix the rates L
be charged by public and private
= consumers and provide the manner
of collecting the same, and to dc
: any other act in the construction
operation, extension and mainte
nance of the waterworks of the city
of Salem that may be deemed neces-
sary or advantageous to said city.
6. For the purpose of carrying
the provisions of this charter
amendment relating to the purchase,
maintenance and operation of the
waterworks belonging to the Salem
Water company into effect, the city
council of the city of Salem, Oregon,
and its successors in Office are here
by authorized and empowered in the
name of the city of Salem to issue
and dispose of bonds of the city of
Salem to an amount not exceeding
$280,000, to be used for the pur-
chasing and acquiring the hereinbe-
fore mentioned water plant belong
ing to the Salem Water company,
and an additional amount not to
exceed $4,000 for the purpose of
enabling the city of Salem to make
extensions and betterments to said
property, as herein provided, and,
further, said city may at such times
as may be necessary issue and dis
pose of bonds of the city to an
amount not to exceed $4,000 for
the purpose of enabling said city to
pay the principal and interest upon
said $45,000 of per cent bonds
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-adyertise for
the same when bids are not satisfaG-
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 all 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 lien upon all of the property
belonging to the Salem Water COM
pany, are to be paid from taxes 20
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.
7. The city of Salem shall, from
and after the first day of January,
1915, 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