Daily capital journal. (Salem, Oregon) 1903-1919, 1911-03-21
Ordinance No. 9O5.


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 special cleo
tion 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,OOO.OO.
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 a popular loan plan at a rate
of interest not to exceed five (5) per
cent. per annum; such bonds shall be
payable within ten (10) 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 (D
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, notice shall be published for
five (5) consecutive issues in 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 OF
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 tC
redeem the same, which notice shall
have the effect to stop the running oi
interest on such bond or bonds aftei
such interest payment period.
Section g. The principal and inter
est of said bonds shall be payable IL
gold coin of the United States o.
J America, and the interest thereon
shall be paid semi-annually on the
t first day of June and the first day o.
December of each year after date o.
issue, at the Office of the treasurer
: of the city of Salem Oregon.
Section H. To each of said bonds
; shall be attached twenty (2O) inter
| est coupons, printed upon the margin
: of the paper upon which is printed
= the bond itself and representing tn,
Y amounts Of semi-annual interest II
become due upon the said first day
t of June and December, consecutivel,
e succeeding the said date of issue, ant
S pledging the payment at the time
+ and place mentioned, and at the rat
o of interest agreed upon in the sal
d thereof. Such bonds shall be signet
n by the mayor of the city of Salem
v Oregon and attested by the recorde
a Of said city, and each bond shal
e bear the impress of the seal of tn
e city of Salem, Oregon.
o Section s. All such bonds remain
n ing unsubscribed for and unsold whel
s the subscription books for the sal
d thereof shall have been duly close,
n shall be sold upon the open marke
/ to the highest and best bidder bid
e ding for all of said bonds SO remain
0 ing unsold, but for not less than par
g Such bonds shall be exempt from al
J. taxation for municipal purposes, an,
among equal bidders preference II
! the sale and allotment thereof shal
/ be given to bidders residing in tn
e city of Salem, and state of Oregon
e for the smallest amount and loves
denominations in due sequence.
Section 6. 1t shall be the duty O
the treasurer of the city of Salem
r Oregon, when said bonds herein pro
: vided for shall have been sold an
8 paid for, and the purchase pric
e thereof shall have been received b
4 such treasurer to arrange and kee
all funds arising from the sale there
: Of, separate and apart from all othe
moneys of the said city and the sam
shall be designated, "emergenc,