Daily capital journal. (Salem, Oregon) 1903-1919, 1911-11-16

fliet Herewith, approved February II,
1899; and 10 amend Subdivisions nine (9)
and fourteen (14) Of Section six (6) and
Sections five (5l, fifteen (i5), twenty.
five t25) and seventy-four (74) Of said
act as amended by Sections one (I), two
(2), three 49, four (4), five l5l, and ten
10) Of an act entitled An Act to amend
Section five (5), Subdivisions nine (9)
and fourteen (14) Of Section six (6) and
Sections fifteen (l5), twenty-five (25),
twenty-seien (27), thirty-one (3I), forty.
seven (47), sixty.one (6l) and seventy.
four t74) Of the aforesaid act, approved
February Is, 1901, and filed in the office
OF the Secretary Of State February 7, 1908,
be and the same is hereby amended to
read as follows Adopted by the legal
voters Of the City Of Salem, Oregon, on
the first Monday in December. 1909.
BE y Enacted by the People Of the City Of
Salem, Oregon:
entitled act, being Section % Of the present
Charter Of the City Of Salem, Oregon, be
amended so as TO read as follows:
Section 90. 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
end 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 note or notes,
or the issuance Of bonds, or otherwise, a sum
not to exceed s20,OO00O to meet such emerg.
ency or calamity. The Council NAV call a
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 1907 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 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.
anee and sale Of bonds to fund such indebted.
ness. But such Indebtedness shall not ex.
coed 10 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 (6) Of Section
six 90 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
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 loan in lieu
OF that authorized in Ordinance No. 686. by |
the electors, August q 1909, also any other
debt heretofore matured and unpaid, all by !
sale Of bonds therefor at price not less than !
the face value thereof payable in not more
than twenty (20) 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 |
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
f4O00O.OO by the issuance and sale Of bonds .
payable in twenty (20) years from the date
IF issue, with interest at the rate of 5 per
'ent per annum, payable semi-annually The
interest to be paid upon said bonds shall be
by twenty (20) coupons, attached
o each OF such bonds, upon which shall be
stated the amount of the interest at any in.
crest payment period Of such bond Pro.
'ided further, that the authority and power
lerein granted to the Common Council to
ssue and sell such bonds shall not extend to
my subsequent or further issue until the
question Of issuing the same shall be sub.
nitted to the legal voters Of the City of
'alem, Oregon, as hereinbefore provided
Adopted by o majority of the legal voters
I the City of Salem, Oregon, on the day
4 December 1911.