Daily capital journal. (Salem, Oregon) 1903-1919, 1910-07-23


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 'au
amount not to exceed $4,000 for
the purpose Of enabling said city to
pay the principal and interest upon
said $4,000 of per cent bonds
herein mentioned, which are secured
by 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 pur-
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 it's discretion, reject |
any and ali bids rendered for such |
bonds and proceed re-advertise 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
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-
Lhorized to be issued by the city of
Salem under this charter amend
ment, together with the bonds now
towit, said $45, 900 and
$50, 1000 issues, and which consti-
tute lien upon all of the property
to the Salem Water COM
Dany, are to be paid from taxes 70
be assessed, levied and collected
from all of the real and personal
of the city of Salem not
exempt from execution. The reve-
nue. derived from the operation of
said plant or sales of property con
lected herewith, after paying the
expenses thereof, shall be used by
said city for the purpose of paying
he principal and interest upon said
bonds for extensions and better
nents to said plant, and for the
purpose of providing the sinking
'und herein mentioned.
7. The city of Salem shall, from
Ind after the first day of January,
1916, and until the maturity of said
,onds, including the bonds to which
he plant of said Salem Water COM !
'any is to be sold, subject, create I
and provide a sinking /
und, as follows, towit: On the 1st ]
lay of January, 1916, and on the 1st
lay Of January of each year there
Ifter, until and including the 1st
lay OF January, 1918, the city of Sa-
EN- shall pay to the city. treasurer
per cent of the total amount of
'aid bonds then outstanding, to be /
Known as the Sinking fund.-" on the I
list day of January, 1919, and on the [
LIST day of January of each year
to and including the 1st
lay of January, 1921, the city OF
Salem shall pay to the city treasurer
2 per cent of the amount of the
bonds then outstanding as a sinking
'und, and on the 1st day of January,
1929, and on the It's day of Janu-
ary of each year thereafter, TO and
including the 1st day Of January,
1926, the city Of Salem shall pay to
he treasurer 2h per cent of the
AMOUNT of bonds then outstanding.
rs a sinking fund, and on the LIST
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
II the amount of the bonds then
as a sinking fund. The