Daily capital journal. (Salem, Oregon) 1903-1919, 1911-03-24
Ordinance No. sO5.

pose OF raising funds for the con-
struction of necessary bridges
within the city Of Salem Oregon;
providing for the term of said in
debtedness, and the terms, denom-
nations and interest of such bonds,
and the manner of disposing of the
same; and providing for submission
of the proposition of incurring such
indebtedness and the issuance of
such bonds to the legal voters of
the city of Salem at a special cleo
ton to be called for such purpose,
and matters kindred thereto.
Be 1t Ordained by the Common COun-
ell of the City of Salem, Oregon:
Section 1. For the purpose of pro-
viding funds for the reconstruction of
bridges at certain points on Mill
creek where bridges were recently
destroyed by floods, and constructing
the other necessary bridges within the
city of Salem, Oregon, the common
council of said city is hereby author
lied and empowered to incur an in
debtedness by the sale and issuance
Of bonds as hereinafter provided, to
the amount of $5O,0O0OO.
Section 2. Such bonds shall be
known and designated as Salem mu-
nicipal bridge bonds" and shall be
issued in denominations not less than
$4,000 and not greater than $4,000,
upon popular loan plan at a rate
of interest not to exceed five (5) per
cent. per annum; such bonds shall be
payable within ten (1O) years from
the first day of June 1911; provided,
the right to take up and cancel such
bonds. or any Of such issue, upon the
payment of the face value thereof,
with accrued interest to the date of
payment at any semi-annual interest
payment period, at or after one (1)
year from the date of such bond or
bonds, shall be and is hereby vested
in the city Of Salem. In case the
city so desires to redeem any of such
bonds, a notice shall be published for
five (5) consecutive issues in a daily
newspaper Of general circulation pub
lished in the city of Salem, Oregon,
during the month preceding the in
terest payment period at which it is
proposed to redeem such bond or
bonds. Such notice shall also specify
that on and after such interest pay
ment period interest on such bond or
bonds will cease, and such notice
shall also describe the bond or bonds
proposed to be redeemed by giving
the date of issue and denomination
thereof, and that the city proposes to
redeem the same, which notice shall
have the effect to stop the running of
interest on such bond or bonds after
such interest payment period.
Section 3. The principal and inter-
est of said bonds shall be payable in
gold coin of the United States of
America, and the interest thereon
shall be paid semi-annually on the
first day of June and the first day of
December of each year after date of
issue, at the Office of the treasurer
OF the city OF Salem Oregon.
Section 4. To eacn Of said bonds
shall be attached twenty 900 inter-
est coupons, printed upon the margin
OF the paper upon which is printed
the bond itself and representing the
amounts of semi-annual interest to
become due upon the said first days
of June and December, consecutively
succeeding the said date of issue, and
pledging the payment at the times
and place mentioned, and at the rate
of interest agreed upon in the sale
thereof. Such bonds shall be signed
by the mayor of the city of Salem,
Oregon and attested by the recorder
of said city, and each bond shall
bear the impress of the seal of the
city of Salem, Oregon.
Section 5. All such bonds remain
Ing unsubscribed for and unsold when
the substitution hooks for tho colo
thereof shall have been duly closed
shall be sold upon the open market
to the highest and best bidder bid
ding for all of said bonds So remain
ing unsold, but for not less than par
Such bonds shall be exempt from all
taxation for municipal purposes, and
among equal bidders preference in
the sale and allotment thereof shall
be given to bidders residing in the
city of Salem, and state of Oregon,
for the smallest amount and lowest
denominations in due sequence
Section 6. 1t shall be the duty of
the treasurer of the city of Salem,
Oregon, when said bonds herein pro-
vided for shall have been sold and
paid for, and the purchase price
thereof shall have been received by
such treasurer to arrange and keen
all funds arising from the sale there
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