Daily capital journal. (Salem, Oregon) 1903-1919, 1911-11-18

Sections five ~, fifteen (5), twenty
five (25) and seventy-four (74) Of said
act as amended by Sections one ~, two
(2), three (3), four (4), five (5), and ten
(10) Of an act entitled An Act to amend
Section five ~, Subdivisions nine (9l
and fourteen (14) Of Section six 10y and
Sections fifteen (15), twenty-five (25),
twenty-se1en (27) thirty-one (31), forty
seven (47), sixty-one (61) and seventy
four 40 Of the aforesaid act, approved
February 15 1901, and filed in the office
Of the Secretary Of State February 7, 1908,
be and the same is hereby amended to
read as folows:" Adopted by the legal
voters Of the City Of Salem, Oregon, on
the first Monday in December, 1909.
Be i Enacted by the People of the City Of
Section /. That Section % Of the above
entitled act, being Section % of the present
Charter Of the City Of Salem, Oregon, be
amended so as to read as follows:
Section %. The Common Council shall not
in any manner create any debt or liability,
except as in this Charter provided. At the
end Of each year an estimate shall be made of
the actual revenues to be derivd from all
sources, and from the total Of that estimate
the total Of fixed charges shall be deducted
and the disbursements Of the City Council
shall be restricted to the balance. No debts
shall be contracted in excess Of the estimated
revenue, except as otherwise provided herein,
and also except in the case Of an emergency
or unforeseen calamity when the Common
Council may borrow by giving a note or notes,
OF the issuance Of bonds, or otherwise, a sum
not to exceed S2O,000.00 to meet such emerg.
ency or calamity. The Council may call q
special election to determine whether the
city shall incur an indebtedness, or may sub
nit such proposition at any general or special
election Of the city. The ordinance calling
such special election shall be passed not less
than thirty (3O) days prior to such election,
and shall set out the term Of the proposed
Indebtedness, and the general purposes for
which such indebtedness will be incurred,
and upon a majority Of the qualified voters Of
said city who vote at such election, voting
in favor of authorizing the proposed indebted.
ness the Council may then contract the same,
and may by ordinance provide for the issu.
ance and sale Of bonds to fund such indebted
ness. But such Indebtedness shall not ex-
coed Is per cent of the assessed value Of the
property in the City Of Salem. except that
any bonded indebtedness incurred under the
provisions of Subdivision six t6) Of Section
six (6) Of this Charter, shall not be in
cluded within the limitation Of said indebt.
edness, neither shall bonds issued for the
improvement Of streets or sewers, the cost
Of which is assessed against private property,
under the provisions Of the Bancroft Bonding
Act be included within such limitation Of
indebtedness. If at the maturity Of any
bonded debt OF said city, no provisions shall
have been made for the payment thereof,
and said city is without money to pay such
Indebtedness, the Common Council may and
is hereby authorized to borrow money in the
name Of said city in sufficient amount to pay
such Indebtedness also to float a loan in lieu
Of that authorized in Ordinance No. 686 by
the electors August 2, 1902 also any other
debt heretofore matured and unpaid, all by
sale Of bonds therefor at a price not less than
the face value thereof, payable in not more
than twenty t20) years after date, and to
bear interest at the rate not to exceed per
cent per annum Provided further, that for
the purpose Of raising the necessary funds to
construct repair and rebuild necessary
bridges within the City Of Salem Oregon the
Common Council are hereby authorized to
incur an indebtedness to the amount of
$40000.00 by the issuance and sale of bonds,
payable in twenty (2O) years from the date
Of issue, with interest at the rate of per
cent per annum, payable semi-annually. The
interest to be paid upon said bonds shall be
evidenced by twenty (20) coupons, attached
to each Of such bonds, upon which shall be
stated the amount of the interest at any in
terest payment period of such bond. Pro.
vided further, that the authority and power
herein granted to the Common Council to
issue and sell such bonds shall not extend to
any subsequent or further issue, until the
question of issuing the same shall be sub.
mitted to the legal voters OF the City of
Salem Oregon, as herenbefore provided
Adopted by majority of the legal voters
Of the City of Salem, Oregon, on the =. day
OF December, 1911.