Imperial Valley press., 1912-08-22

the ordinary annual income and reve
nue. of said city; and said resolution
was approved by the executive of said
city, to-wit: the President of the Board
of Trustees of said city, on the said
LIST day of July, 1912, and was there
after duly published on the 3rd day OF
July, 1912, in the Imperial Valley
Press, a daily newspaper of general
circulation, printed and published in
said City of FL Centro, and,
WHEREAS, the public interest and
public necessity of the City of Ell Cen
/ tro, and the inhabitants thereof, de
mand the acquisition, construction and
/ completion of said extension OF said
municipal water works and water sys-
| TEN, with the object and purpose OF
supplying saIu city and its inhabitants
with water for domestic use and for
irrigation purposes, eXtinguishing
/ fires, flushing sewers, sprinkling
streets, and for other purposes, and it
is the intention of said Board of Trus-
| tees of the City of Ell Centre to have
said extension of said water works and
water system and municipal improve
mcnts connected herewith acquired,
constructed and completed; and,
! the acquisition, construction and COM
pletion of said extension of said water
works, water rights and municipal im-
prCvements connected Herewith, is
forty thousand dollars ($40,0O0.OO),
and such cost is, and will be, too great
to be paid out of the ordinary annual
income and revenue of said city;
Section 2 NOW, THEREFORE,
That a special election be, and the
same is, hereby called to be held in
the said City of Ell Centro on the 26th
day of August, 1912, for the object and
purpose of submitting to the qualified
voters of said city the proposition Of
incurring a debt for the purpose set
| forth in said resolution, and herein
| after stated.
Section 8 That the objects and pur-
poses for which said Indebtedness is
proposed to be incurred are the fol-
| lowing, to-wit: The acquisition, con-
| structiOn and completion by the City
of Ell CentrO of a certain revenue pro-
ducing municipal improvement, towit:
| An extension of the municipal water
works, and water system of said city,
including the acquisition of lands,
water rights, capital stock in other cor
| porations, and the construction of
acqueductS, bitches, canals, reservoirs,
distributing system, pumping and puri-
| fcation plants. and other works neces-
sary therefor, for the purpose of fur
nishng and supplying the City of Ell
Centro, and the inhabitants thereof,
with water for domestic use and lrrl-
CATION purposes, eXtinguishing fires,
flushing sewers, sprinkling streets, and
for other purposes; that the estimated
cost of said municipal improvements
| is forty thousand dollars ($40000.00),
and that said cost is, and will be, too
great to be paid out of the ordinary
income and revenue of said city; that
the amount of the principal of the in
debtedness 10 be incurred therefor IS
forty thousand dollars ($40,00000),
and that the maximum rate of interest
to be paid on said Indebtedness is six
per centum per annum, payable semi
annually, which rate shall not be eX-
ceeded in the issuance Of the bonds
for such Indebtedness.
Section 4. That special election
shall be held in the City Of FL Centre
on the Goth day Of August, 1912, rs
aforesaid, and is hereby called on that
the qualified voters of said city the
proposition of incurring a bonded in
debtedness in the sum of forty thou
sand dollars $40, 100000, principal,
and from the sale of said bonds to pay
the costs of acquiring. constructing
and completing said extension of said
water works and water system for
supplying said city and its inhabitants
with water for domestic use and irri-
gaticn purposes, eXtinguishing fires,
/ flushing sewers, sprinkling streets, and
for other purposes, and said election
shall be held on the said Goth day of
August, 1912, in said City of FL Cen
tro, California, in all particulars not
recited in this ordinance, as provided
by law for holding municipal elections
in said municipality.
Section ). That if the proposition
Of incurring the bonded indebt-
edness for the aforesaid purpose so
submitted at such election, receives
the requisite number Of votes. tO-wit:
TWo-thrdS Of the votes of the quail
fed voters voting at such election,
bonds of said city in the amount of
forty thousand dollars 0,00000)
shall be issued and sold for the pur
pose of acquiring. constructing and
completing said public improvement.
They shall bear interest at the rate
not exceeding six per centum per an
mum. payable semi-annually, and the
principal and interest thereof shall be
payable in lawful money of the United
States of America. One-twentieth
part of the principal of said bonds
shall be paid each year at the Office
Of the City Treasurer Of City Of
Ell Centre, at said city, in the County
Of Imperial, in the State Of California,
on a day and date to be hereafter
fixed in said bonds, until the whole
principal has been paid. The earliest
maturity of the Indebtedness created
by the issue Of the bonds may
be made to begin more than one, and
not more than ten years after the date
of issuance of such bonds; that the
interest on said bonds shall be paid
emi-annually at the same place, one
of such semi-annual payments in each
year being made at the date of the
payment of the annual installment of
the principal of such Indebtedness as
aforesaid; and provided further that
said indebtedness shall be evidenced
by bonds and proper coupons at
tached thereto, a separate coupon be-
ing attached to each bond for each
semi-annual payment of the interest
to become due on said bonds, and that
such bonds shall be issued in such
denominations or denomination as the
Board Of Trustees of said city shall
determine in accordance with the law;
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