Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1911-08-31
ORDINANCE NO. 90.

An Ordinance amending Ordin-
ance No. SO, Of the City of
Grangeville, Idaho, passed and
approved June 6, 1911, entitled
IAN Ordinance providing for
the issuance Of municipal cou-
BON bonds Of the City Of
Grangeville, Idaho County,
State of Idaho, for the purpose
Of funding, refunding, pur-
chase and redemption of the
outstanding warrant indebted
ness of said City Of Grange
vile, now remaining unpaid in
the sum of Eighteen Thousand
Three Hundred Twenty-Five
and 45-1OO, ($18,322.45) Dol
lars, and providing for their
payment and the interest there
on"
Whereas, by Ordinance No. SO,
passed and approved June 6,
1911, the Mayor and Council of
the City of Grangeville Idaho au-
thorized the issuance Of funding
bonds Of said city in the sum of
$18,322.45, for the purpose of
funding, purchasing and redeem
ing the outstanding warrant in
debtedness of said city, a detail
ed statement Of which indebted
ness is set forth in section one of
said ordinance, and all Of which
Indebtedness has been lawfully in
cured for the ordinary and neces-
sary expenses of said city author
lied by the general laws of the
State of Idaho, and is still out
standing and unpaid; and
Whereas, said Mayor and Coun-
ell has caused notice Of it's inten-
ton to issue and negotiate said
Funding Bonds to be published
in the Idaho County Free Press,
weekly newspaper printed and
published at Grangeville, Idaho,
in five successive issues thereof,
and has invited bidders for said
bonds and ascertained the best
terms and the lowest interest at
which said bonds can be negot-
lated; and said bonds have been
duly sold and awarded to The
Hanchett Bond Co., of Chicago,
Illinois, bearing interest at 5 IL
per cent per annum, at price IN
excess Of the par value thereof !;
and
Whereas, it is desired to amend
the form of said bonds in accord
anee with the contract of sale
now, therefore,
BE it Ordained by the Mayor
and Council of the City of
Grangeville:
Section /. That Sections III.
", V, VI and VII of said Ordin-
ance No. SO, approved June 6,
1911, be and the same are hereby
repealed and the following enact
ed in lieu thereof:
Section Ill. That said bonds con
slst OF nineteen (19) bonds OF
one Thousand Dollars each, ex-
cept the last which shall be for
Sa22. 45, numbered from one Cd
TO nineteen (19) both numbers in
eluslve; which bonds shall bear
interest from their date at the
rate OF five and one-half pei
centum (5L2 per cent? per an.
mum, payable semi-annually or
The first day of January and Jul,
III each year at the office of the
treasurer of the City of Grange
we, or at the National Park
bank of New York City, at the
op,ion OF the holder, both princi
pal ard interest payable in gold
com OF the United States Of
america of the present standard
u weight and fineness; the prin
opal OF said bonds to be redeem
aole by the said city of Grange
s VI at its option, at any tim,
al'er ten years from their date
pul 10 become absolutely due ant
payable twenty years from theil
aale' at the same place as said in
1erest; said bonds to be date,
July l, 1911.
section w.. That said bond
a a each of them shall be signe.
ano executed for and on behal
:. ~ sad City of Grangeville, b.
.h Mayor and be sealed will
, ,ae seal of said City of Grange
III nie, attested by the Clerk o
'Ae .ity, and countersigned b,