The Colfax gazette. [volume] (Colfax, Wash.) 1893-1932, 1912-02-16

ever, that none of said bonds shall be
exchanged at less than par and accrued
interest nor until notice OF the isSu-
ance and proposed exchange of said
bonds signed by the City Clerk and
Treasurer and asking for bids therefor
has been published at least once q week
for four consecutive weeks in the Col
fax Gazette, the official paper Of said
| City OF Colfax, as required by the laws
of the State Of Washington. The city
| Council may exchange such bonds for
such price or prices (Subject, however,
to the restriction hereinafter provided)
| to such person or persons, at such time
| or times, and either all together or in
different blocks. as to said Council
shall seem to be to the best interest Of
| the City. The exchange of said bonds
may be made directly by delivering TO
| the present holder or holders
of the outstanding bonds re-
! equal to the amount of the outstanding
! bonds surrendered for cancellation by
such holder or holders. provided such
/ holder or holders shall make the high
| est and best bid therefor; or such ex-
change may be made by a sale of said
| bonds to the highest and best bidder or
bidders upon the terms and conditions
| hereinafter set out, and all bids re-
ceived therefor shall be made and sub
mitted subject thereto, said terms and
conditions to be substantially as fol-
| lows:
When bids for all of said bonds shall
have been received and accepted the
CITY OF Colfax, through it's said City
council and the successful bidder or
bidders for said bonds shall enter into
a written agreement, substantially in
accordance with the provisions of this
ordnance, naming and appointing the
nsca! agent Of the State of Washing
ton, in the City of New York as trustee
Tor making the exchange, said trust to-
be duly accepted by said fiscal agent
Ihe refunding bonds hereby author
lzed, when properly signed and sealed
herein nrOVl6nd ch ha "A
SAID Trustee by said City Council Of the
said city of Colfax and the purchaser
OF purchasers of said bonds shall de-
post with said trustee money in the
amount of the sum bid for said bonds,
and or kind in which said outstand-
ing bonds may be redeemed said re-
1undlng bonds and money to be de-
posted with said trustee upon the ex-
press condition that the money SO de-
posted shall be used by said trustee
Tor the purpose of paying, as herein
AFTER set forth, upon presentment for
redemption at the place Of payment.
the outstanding bonds hereinafter de-
scrlbed, and when any of said outstand-
ing bonds shall have been paid in full
oy SAID trustee and surrendered to it,
said trustee shall forthwith cancel the
DondS SO paid and - surrendered, and
shall thereupon deliver to the
PP opSa or purchasers of the
ing bonds in an amount equal to
the amount of the outstanding bonds
50 paid and cancelled, and shall so con-
tlnue 10 DO until all of said outstand-
cancelled. AS fast as said OUTSTANDING
ponds are paid and cancelled. said
trustee shall transmit the same to the
treasurer of said City The civ sbaII
deposit with said Trustee cash in .
sum equal to the amount, if anv that
the principal and interest due on the
Outstanding bonds may exceed the pro-
ceeds OF the sale of the refundinp
Donds In case for any reason said
nscal agent shall refuse to act as such
trustee, some other bank or trust com
% pany IN the City of New York willing
10 accept and having the same ouaIif
catlons as said fiscal agent shall be an
pOlhleu trustee under said agreement
Inc; me CITY treasurer, if necessary, shall
issue call to the holders of said ONT
standing bonds, requiring said bolGers
" present said outstanding bonds for
payment at certain time and placa to
oe uesig mated IN said call. and Interest
on SAID bonds shall cease at the time u
stated in said call ''iie
section 3. For the purpose OF navine
d ana redeeming the outstanding bonds
Refunding General MunfcinaI Rond '1 ne
the City of Colfax, Washington. Series
"A, or 1912" shall be used exciusivaGI2
Gene sme purpose ,o of refunding the said
GGenerai municipal Bonds of the Citv Of
G99lLax, dated April 1st, 1892. and the
Crt3eIIuhoIng Water Bonds of the Citv Of
G SbaT washington, Series B. of 1912"
--o~AA OoCu exclusively for
pose of refunding said Water pPr5
dated April End. 1892, whether the nU
c.ange is made direct with the hoIdare
a sadG outstanding bonds or by con-
II provided, and said trustee shall
keep separate account for each Of
SAID series Of bonds u
Section 4. The Treasurar sbo,,
a register of the bonds Issued 49,
the provisions of this ordinances. where
~ h ne snaIl enter the series of each
ornni us number, date of issuance,
amount, date Of maturity, mama anS
post Office address of purchaSar 1
date of cancellation. anu
section 3. There shall be levied aacb
year a tax upon all taxable pronertx ~
the City of Colfax, sufficient 70 80, ~ ~
on all of said bonds as tba
same snail accrue. Said taxes shall Nc
tewes f ano corrected each year as other
anu corrected. and the faith and nron
en- OF the said City of CoIfax are here
iec+ R?oeused TOT the annual levy and col
payment of such interest uiar
oectlon Q. At least ten years nrior 20
ne maturity of said bonds. and thanco
there arb sba eacn year until their maturity.
t ta OF said City of Colfax, in it's annua1
49,, Ivy, tax upon all taxable nron-
such IN hon SAD City for the payment Of
suance of this ordinance snfso IN Pur-
go, uldIe curing the said vears y
sun equal to the principal sum Of aiI
SaIo ponds then remaining unnai6 Oh. al
itot owned by the City, and the amonHt
u SAD taxes, as collected shall IT
ment 'e 90 70 "a special fund for the paw
YELL VII OF the principal of such honGs
srhc c fund is hereby designated 90
oF lily or Colfax Refundinr Ronds
81 iSis sinking Fund" and no nart Us
otS Iund shall be diverted 70 80
otner purpose than the navnoort any
nucn principal, and the good faitb 81 "a
pasoPerty or said City are herehv Iia dilu
Gu Lor the levy of such taxes "a tS
payinent or the principal of s,,ob bo, eIe
inc. F,,r maturity thereof. But such sint[9
therd aund, or any accumulated nortia,,
r,n may be invested at anv tfn1e eio -.
~ lines, th not less than six monfbs nS, OF
~ ~ ene maturity OF the aforesaid hP priol
IL ~ Ease the City Council shall ca SinaaS'
Ali. any ponds issued in pursnenna
thn torulnance, to the extent oII "
Smob Aace amount Of the nrincinay - -
Soc1 ponds, or in any interas4 h paI Oh
Ses OF the United States o. bearing
cnrit;o OF Washington or any Other e sn
s utiues IN which it's investment r'a Sc
s sta by the general Iaws may ma De
S.ase; IN which case all ;nta " TINS
81 iiums that may be realizad -, osI OF
cinaI Investments, as well aa tbe en any
eip1,t tnereof' shall be credited 70 Pin s,inh
c,t Sectlon 2. The City Treasurer =. 80,
lily Is hereby authorized an6 TOT OF SAID
do