The Oakley herald. [volume] (Oakley, Idaho) 1908-1961, 1911-09-08
An Ordinance.

lhIee TOT the purpose of Constructing
and LAYING Cement Sidewalks AsAecifying
the Streets TO be improved and
to De Included in such Local -
District; providing that the
pense OF constructing and la3
sidewalks shall be assessed upon the SUu.,
ing, contiguous and tributary property !;
providing that the cost of such improve
ment shall be paid by Local Improvement
Bonds issued by the Village Of Oakley
specifying the amount of each Bond; the
amount of interest each Bond shall draw
and the time and manner of payment
Be it Ordained by the Chairman and
Board of Trustees of the Village of Oakley.
Section |. There is hereby laid out, Gre
ated and established, "Local improvement.
District Number Three" for the purp-
of constructing and laying cement Side
walks on the streets included within such
Local Improvement District, between the
points hereinafter designated
Section 2. Local Improvement Dist.
rict Number Three shall embrace and in
clude the streets hereafter specified, bet
ween the points hereinafter designated,
and all lots and lands fronting thereon,
abutting, contiguous and tributary there
to back to the centre of the blocks The
streets included in Local Improvement
District Number Three shall be as follows
to-wit: Elm Street on the north side there
u, from the western property line of Blaine
Avenue, to the eastern property line of
Lincoln Avenue.
Section J. That the width of the side
walk to be constructed and laid on the
above specified streets between the points
above designated, shall be four foot walk,
and the cost of constructing and laying
the said sidewalk on said street, between
the points above designated shall be levied
and assessed against the abutting, contig-
uous and tributary property, in proportion
to the number of feet of such lots and lar DIS
fronting thereon, or abuttinR, contiguous
and tributary thereto and the benefits
derived to said property by such inn
provcmcnt. Which expense shall be de-
frayed by bonds to be issued by the
Village of Oakley for the said Local
Improvement District Number Three
Section 4. Such bonds shall be known
as Improvement Bonds of Local Improv-
ment District Number Three, shall be
numbered from one to ten consecutively,
and be for the sum of about 1900 dollars
each. Said bonds shall be signed bv the
Chairman of the Board of Trustees Of the
Village of Oakley, countersigned by the
Village Treasurer, attested by the Village
Clerk and sealed with the corporation seal
Each bond shall bear interest at the rate
OF seven per centper annum, shall be pay
able at the Office of theVillage easurer,
IN the Village of Oakley, In ten equal ann
ual inStallments, and the face thereof
shall provide that the principal sum there
in named and the interest thereon shall be
payable out fthe local Improvement fund
created for the payment of the cost and
expense of such improvement and not
otherwise; Provided, however, that none
of such bonds or the installments thereon
shall run longer than 10 years from and
after the date of issuance. Such bonds
shall not be issued in an amount in access
OF the cost of such improvement, except
that the installment coupons shall include
the interest on such installments until the
maturity thereof.
Section s. There shall be attached to
each bond in such a manner that they can
be taken off without injuring or mutilating
the same, ten annual installment coupons,
which coupons shall include the interest on
the installments until the maturity thereof.
The coup ons shall be scveraly numbered
from one to ten each bearing the cores
ponding number of the bond to which it
is attached, be signed by the Chairman of
the Board of Trustees of the Village of
Oakley, countersigned by the Village
Treasurer and attcsted by the Village
Clerk
Section 6. No bond shall be sold under
the provisions OF this Ordinance for less
than its face or par value, and all the proc
eeds OF such sale together with any prem
iums in access of the par value of such
bonds are hereby appropriated for the pay
ment OF the said improvement And all
proceeds from the sale of such bonds shall
be by the Village Treasurer placed in a
fund to be known as special improvement
fund, and no money in such fund shall be
expended for any other purpose than the
payment of such improvement
Section ?. The Board of Trustees of
the Village of Oakley is hereby authorised
to levy each year special tax for the pay
ment OF the annual installments next there
after maturing and the interest due on such
bonds. Such levy and assessment shall
be made upon the property chargeab!s for
the cost ofsuch Improvement, respectively
and shall be levied and collected in the
mnaner provided by law for the levy and
collection of special assessor ents where no
bonds are issued
And the proceeds from such tax shall
go into local improvement fund for the
redemption of the principal and paw.
ment of the interest on such bonds
Approved this sth day of Sept, 1911.
JOHN 0. LOWE,
Chairman of the Board of Trustees.