The Newport miner. [volume] (Newport, Wash.) 1899-current, 1912-11-14
ORDINANCE No. 1874.

An Ordinance Providing for the Borrowing of
| the Sum of Seven Thousand Five Hundred
| Dollars $750O.O0 by the Town of Newport,
and the Issuing of Its Negotiable Coupon
| Bonds Therefor; Designating the Purpose for
Which Said Sum Is TO Be Used; Stating the
| Term and Substantial Form of Said Bonds !:
Providing for the Registration of Said Bonds
and the Creation of Sinking Fund; and
Calling Special Election at Which to Submit
the Question of Such Bonding to the Qualified
Electors of the Town of Newport.
Be 1t Ordained by the Council of the Town of
Newpor', as follows:
Section THAT the Town of Newport in Pend
municipal corporation of the fourth class,
whose present qualified and acting Town
| Council deem 1T advisable and for the best in
teres is of said Town, shall borrow q sum of
money in the amount of seven thousand five
hundred dollars $751000 +, if authorized so to
do by the qualified electors of the Town of
therefor its negotiable coupon bonds-the said
sum of seyen thousand five hundred dollars
| $500 90 together with all other present
existing inde btedness of the Town of Newport,
not exceeding the constitutional limit as pre-
scriped by the constitution of the state of
| Washington, or sum equal to five per cent of
the assessed valuation of the taxable property
of the said Town of Newport. as ascertained by
the last assessment of the said Town of New
port Tor town purposes, made prior to this date
That the sum OF money so. borrowed shall be
used for the sole purpose of constructing and
equipping municipal building to be used for
municipal purposes. the same to be built and
constructed on lots two 2 and three 8 in
block eight 8 of Talmadge's addition to the
Town OF Newport. which said lots are within
the corporate limits of the said Town, and the
title to which is vested in said Town.
Sec. 2-That the aforesaid negotiable coupon
bonds, aggregating the said amount of seven
| thousand five hundred dollars $500 90 snail
be in denomination of five hundred dollars
| $4,000 each; shall be numbered from one to
| fifteen, both inclusive; they shall bear date
the lst day OF May, 1918. and shall become due
20 years from date but payable at the option
| n q ri OF ffnr
years after date ;said bends shall bear interest
| evidenced by coupons, at a rate not to exceed
six per cent per annum, payable semi-annually.
Both pr1nc1pasand Interest of said bonds shall
be payable at the office of the Trea surer of the
Town of Newport, in Newport, Washington
and said bonds shall be substantially in follow
| ing form:
| UNITED STATES OF AMERICA
STATE OF WASHINGTON,
Town OF Newport Municipal Building Bonds.
Know All Men by These PRESENTS That the
| Town OF Newport, a municipal corporation of
the fourth class, in Pend Oreille county, state
of Washington, acknowledges to owe, and for
value received hereby promises to pay to the
bearer. five hundred dollars $500 90 in gold
coin of the United States of America, of press
| interest thereon from the date there
of, at the rate of1per centum per annum
| payable semi-annually, on the Ist day of No.
vember and the LIST day of May in each year.
upon presentation and surrender of the an
nexed interest coupons, as they severally come
| due. Both principal and interest of this bond
are hereby made payable at the Office of the
Treasurer of the Town of Newport. in said
Town, state of Washington, or at the Fiscal
Agency of the state of Washington in the city
| of New York, state Of New York.
This bond is redeemable at the option of the
Town OF Newport at any time after the 1st day
of May, 1928
| This bond isoneof1a series of bondsaggregating
seven thousand five hundred dollars $75OO.0O
| of like date, terms and amount, issued for the
| purpose of constructing and equipping mu-
nicipal building in the Town of Newport. in
accordance with and in strict com pliance with
Sections Eight Thousand Forty five SO45 to
Eight Thousand Forty-eight 8O4S both in
| elusive, of Remington and Ballingers Anno-
! tated Codes and Statutes of the state of Wash
| tngtOn.
| And it is hereby certified and recited that all
things required to be done precedent to the
issuing of this bond, have been done and per-
! formed in regular and due form as required by
| law
IN Witness Whereof the Council of the Town
OF Newport, Washington. have caused this bond
| to be signed by the Mayor of the Town of New
port and attested by the Town Clerk under the
| official seal of the said Town of Newport, which
is hereto affixed, and the annexed interest
coupons to be executed in the same manner
this lst day of May. 1913,
Mayor of the Town of Newport Washington