The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1911-09-22

oi SAID bonds; said bonds shall NJ, rsc,,
saiS ponds and issued under the seal Of
s u toWn OF Oroville. and be of tha a.
nomination of one hundred dollars ea,tS :
H, sHHIH ponus and attached interest connons
b,."ii bH H. De signed by the mayor and atteste5
ey the clerk of said town of Oro,-;1ia ,,
ger the seal thereof, and shall Ne I'e, IN uil-
oeted eonsecutively from number opa III
wdius ,Niu as issued. shall bear the date ~
cie,t nS tssuei ana shall be registered by the
Sieah OF SAID town in book 10 he kent h\.
Ili MN ior that purpose. which register sbsi II
SHOW the number date, amount intaras,
ee w Wnom @ delivered, the name of the paw
anu every bond issued under the n,oI.is"
ION OF this ordinance: said bonds shah ha
,,, Sold under the authority and with the an
ploNal OF the council of said town
Section I. To provide for the noW,,ar,
9t interest OF said bonds. the town of
oroville shall each year levy. SCI anapt
anu ,,r,1r speelally pee appropriate an annual tax
upon the real and personal property with
IN the town of Oroville not exempt from
taNatlon oy the constitution and laws of
Ine state OF Washington. in sufficient rate
VI amount 70 pay the principle and inter-
est on said bonds as in this Ordinance
provided, such taxes. whenever assessed
70 become bue and payable annually at
the same time and in the same manner
as taxes are collected in the county ~
okanogan. state of Washington, until both
principal and interest of said bonds are
pald; provided that in the event the said
town or Oroville shall derive sufficient
revenue from retail liquor license or other
revenue not otherwise appropriated the
SSouneii may In lieu OF the levy and tax
specially appropriate for the purpose
OF paying the principal and interest of
said bonds sufficient sum of money to
pay such principle and interest as in this
ordinance provided. Before seven years
prior to the maturity of said bonds an an
nual sinking fund sufficient for the paw
ment OF said bonds at their maturity shall
oe levied and collected as other>taxes are
levied and collected for general municipal
purposes; provided, in the event the said
town of Oroville shall derive sufficient
revenue from retail liquor licenses other
licenses or other revenues not otherwise
appropriated. the council may in lieu of
the levy and tax for said sinking fund
set apart and specially appropriate for
the purpose OF said sinking fund an an
nual sum OF money sufficient for the pay
ment of said bonds at their maturity.
Section. S. The proceeds of all such
bonds, when received, shall be paid into
the treasury of said town. and shall be
used only in the payment of said war
ranted and contracted Indebtedness and
interest thereon, for the funding of which
such bonds shall have been issued. until
all such warranted and contracted in
debtedness shall be paid or otherwise ex-
tinguisnei
Section g. 1t shall be the duty of the
treasurer of the town OF Oroville to place
all money collected an received for the
terest of said bonds TO the credit of the
bond fund OF said town of Oroville. which
said fund is established and ordered es-
tabished and ordered designated as 'OrO-
vile Refunding Bonds Fund 1911"
Section 10. The Council of the town of
Oroville may at any time they deem IL
advisable. transfer from the current ex-
pense fund of said town OF Oroyille, any
moneys in said :. current expense fund
which are not needed for the purpose OF
paying the general expenses Of said town.
and as soon as transferred they shall be-
come a part of the Oroville Refunding
Bonds Fund 1911. and shall be used only
for the purpose OF paying the interest or
principal of said bonds.
Section II. The said Oroville Refund
Oroville Refunding Bonds Fund 1911 shall
amount TO the sum of one hundred dol
lars over and above the amount neces-
sary to meet the next semi annual IN
terest payment, one of said bonds shan
he taken up paid. cancelled. which bonds
shall be taken up and paid consecutvely
in the order they are issued beginning
with number one
Section L. The said oroville Refund
ing Bonds Fund 1911 is hereby made a
special fund for the special purpose here
the purpose which 1t is especially ere
ated: and no warrants or orders Tor pay
nent OF money out OF said OToEl4Ie Re-
funding Bonds Fund 1911 from the treas
cepted paid by him. III, -.
the town Of Oroville are HEREBY autn1r-
ized TO negotiate the sale Of said bonus,
subject to the approval and confirmation (
of the council and none of said bonds
shall be sold for less than par, nor tne
proceeds OF the same be used Tor any puf-
pose other than that prescribed by TINS
ordinance. 49,. .,,,-,,
of Oroyille shall during the months OF
January and July Of each year ana not
later than ten days after the same is
due. pay to the holders OF SAID oohds
money from the said Oroville KeIuhuIns
ponds Fund 1911. sufficient 70 pay tls
interest due on said bonds, and whenever
he shall have in said OroVllle eiuh9Ins
bonds Fund 1911 one hundred oollaIs az
ger and above the next semi -annuaI m
terest naVrnent. he shall notlIy the noIuea
~ the bond having the lowest nufhoer
not vet paid to present the same LOT & &Cai. I
collation. and payment, ana the IIte' ny -
- said bond so called shall cease on tIs
8rst day Of the month following SAID car,
and ,ID0n presentation OF said nonds; -
'aaiied the treasurer is hereby auth9rlzeu
10 nav ont OF the Oroville Refundlng boHus
Fund 1911 the amount necessary 70 Ie
Snctino Is. This ordinance shai! take
affect and be in force from ana aI'e' ~
buesae5 pa ssed ti first readin Aug. q. lsli;,,
passed and approved Sept -, Iy5ttr Iyg5ttrSr
As Mayor OF the Town oi '''' ''-7'
Attest. E. R. HOOSE. -.-,,,.
1'Iark OF the Town Of OroElIIe. ,,-..
62dinance introduced by Couhcc'''i-'''-