Imperial Valley press., 1912-07-25

sary therefor, for the purpose of fur
nishing and supplying the City Of Ell
Centre, and the inhabitants thereof
with water for domestic use and irri
cation purposes, extinguishing fires
flushing sewers, sprinkling streets, and
for other purposes; that the estimated
= cost of said municipal improvements
is forty thousand dollars (S4O, 200. .00) =,
and that said cost is, and will be, too
great 10 be paid out of the ordinary
income and revenue of said city; that
the amount of the principal of the in
debtedness to be incurred therefor is
forty thousand dollars $40 000.00),
and that the maximum rate of interest
to be paid on said Indebtedness is six
per centum per annuni, payable semi
annually, which rate shall not be ex-
ceeded in the issuance of the bonds
for such indebtedness.
Section A. That a special election
shall be held in the City of Ell Centro
on the 26th day of August, 1912, as
aforesaid, and is hereby called on that
day for the purpose of submitting to
I the qualified voters Of said city ths
proposition of incurring a bonded in
! Gebtedness in the sum of forty thou
sand dollars (S4O,00O.00), principal,
/ ard 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 inha bitants
with water for domestic use and irri-
| CATION purposes, eXtinguishing fires,
flushing sewers, sprinkling streets, and
for other purposes, and said election
shall be held on the said 26th day of
August, 1912, in said City of Ell Cen
tro California. in all particulars not
recited in this ordinance, as provided
! by law for holding municipal elections
in said municipality
Section s. 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-thirds of the votes of the quail
! fled voters voting at such election,
bonds of said city in the amount Of
| forty thousand dollars (S40,0 0,000.00)
shall be issued and sold for the pur
| pose of acquiring. constructing and
ompleting 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
| semi-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
Ey bonds and proper coupons at
tached thereto. 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:
said bonds shall be signed by the
President of the Board of Trustees of
said City of Ell Centro, and also by
the Treasurer of said city. and shall
be countersigned by the City Clerk Of
said city. The coupons of said bonds
shall be numbered consecutively and
signed by the Treasurer of said city.
Section 6. That for the purpose OF
paying the principal and interest oil
said bonds, the Board of Trustees of
said city shall, at the time of fixing
the general tax levy. and in the man.
ner for such general tax levy prOvid
ed. levy and collect annually each
year until such bonds are paid, or
until there shall be sum in the
! treasury of said city, set apart for
that purpose, to meet all sums becom
ing due for the principal and interest
on said bonds, a tax sufficient to pay
/ the annual interest on such bonds, and
/ also such part of the principal there
/ of as shall become due before the
time for fixing the next general tax
/ levy: provided, however that if the
maturity of the Indebtedness created
\ by the issue Of the bonds be made to
| begin more than one year after the date
/ of issuance of such bonds. such tax
/ shall be levied and collected at the
/ time and in the manner aforesaid, an
nually each year, sufficient to pay the
| interest on such indebtedness as it
/ falls due, and also to constitute a
sinking fund for the payment of the
, principal thereof on or before maturi-
ty. Said tax shall be in addition to
: all other taxes levied for municipal
purposes, and shall be collected ar
the same time and in the same man
ner as other municipal taxes are col
lected, and be used for no other pur
pose than the payment of said bonds
and accruing interest.
Section Z. That the proposed in
debtedness of forty thousand dollars
! (S40,00000), including all other in
| debtedness already incurred by said
city for municipal improvements, will
not in the aggregate exceed fifteen
per cent of the assessed value of all
II ...I -