The silver messenger. (Challis, Idaho) 1890-1912, 1911-05-23
ORDINANCE NO. -.

AN ORDINANCE FOR THE ISSU-
ANCE OF MUNICIPAL COUPON
BONDS OF THE VILLAGE OF
CHALLIS, CUSTER COUNTY,
STATE OF IDAHO, TO THE
AMOUNT OF FIVE THOUSAND
EIGHT HUNDRED DOLLARS FOR
THE PURPOSE OF CONSTRUCT
ING A SYSTEM OF WATER
WORKS FOR SAID VILLAGE;
PROVIDING FOR THE PAYMENT
OF THE INTEREST ON SAID
BONDS AS IT BECOMES DUE
AND FOR CREATING A SINKING
FUND FOR THE PAYMENT WITH
IN TWENTY YEARS FROM THE
TIME OF THE ISSUANCE OF SAID
BONDS OF THE PRINCIPAL
THEREOF BY TIE LEVYlNG OF
MUNICIPAL TAXES AND PRO-
V1DING FOR THE HOLDING OF
AN ELECTION TO SUBMIT TO
THE QUALIFIED ELECTORS WHO
ARE TAXPAYERS OF SAID VIII
LACE THE QUESTION OF ISSU-
ING SAID BONDS.
WHEREAS, The Village of Challis is
= Village incorporated under the laws
OF the State of Idaho, and the assessed
valuation for the year 1910 of the real
estate within the said Village exceed
ed the sum of Thirty-Nine Thousand
Dollars, and
WHEREAS, the Board of Trustees of
the said Village of Challis, Custer
County, Idaho, deem it dvisable to is
sue municipal coupon bonds of said
Village to the amount Of Five Thous-
and Eight Hundred Dollars for the
purpose of constructing = system Of
water works for said Village, and
WHEREAS, the said Village has no
present bonded Indebtedness and the
amount of the said proposed issue of
bonds does not exceed fifteen per cent.
of the real estate valuation Of said Viii
laRe, according to the assessment
thereof for the year 1910:
Now, Therefore, BE 1t Resolved by
the Chairman and Board of Trustees
of the Village of Challis, Custer Coun-
ty, Idaho:
Section 1. That, for the purpose of
constructing system of water-works
for said Village, there shall be issued
municipal coupon bonds in the total
amount of Five Thousand Eight Hun
dred Dollars.
Provided: That two-thirds of the
qualified electors who are Taxpayers
within said Village of Challis. voting
at a special election to be held as here
matter provided, shall assent to the
issuance of such municipal coupon
bonds and the incurring of the indeb
edness thereby created.
Said bonds, il authorized to be is
sued 1t such special election. shall be
issued in denominations of $1,000
$500. 90 and $1,000. 90 each, and shall be
payable twenty years from the date of
issuance. redee mable at the pleasure
of the Village at any time after ten
years, and to bear interest at q rate
not to exceed six per cent per annum.
payable semi-annually. Said bonds
shall in all respects comply in form
aud issuance with the provisions Of
law applicable thereto.
Sec. 2. That in order to provide a
sinking fund to pay the interest on
the said municipal coupon bonds as it
falls due. and also to constitute =
sinking fund on and after the year
1921 for the payment of the principal
of said municipal coupon bonds within
twenty years from time and date of
issuance of same, there shall be levied,
assessed and collected annually on all
property taxable within the corporate
limits of the Village of Challis, Custer
County, State of Idaho, special tax
each year producing a sufficient sum
to pay the in terest falling due on said
municipal coupon bonds in that year,
and also to produce the sum of Five
Hundred Eighty Dollars additional
each year on and after the year 1921,
to constitute q sinking fund for the
payment of the principal of such
municipal coupon bonds.
| Sec. 8. That there shall be held in
said Village of Chaliis, Custer County,
State of Idaho, q special election of the
qualified electors who are taxpayers
therein on the Goth day of June, 1911.
the polls to be open from nine o'clock
A. M. until seven o'clock P. NJ. on said
date, to be conducted as other village
elections. The voting at such election
shall by ballot and the ballot used
shall be Substantially as follows
In favor of issuing municipal coupon
bonds in the sum of Five Thousand
Eight Hundred Dollars for the pur-
pose of constructing a system of water
works for the Village Of Challis. Is
provided in 0'''''''s No. 49, ~
Against issuing municipal coupon
bonds IN the sum of Five Thousand
Eight Hundred Dollars for tho purpose
of constructing a system of water
works for the Village of Challis. "a
provid ia Ordinance No. 33.