Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1912-06-15

RESoLuTIoN PRoyIpING FOR THE
ISSUANCE OF NEGOTIABLE CQUPON
Ton IN THE AMOUNT OF TWENTY
SIX THOUSAND DOLLARS FOR THE
PURPOSE OF CONTRACTING a SYS.
FOR SAID CITY FOR THE USE AND
BENEFIT OF ITS INHABITANTS.
Whereas, 1t is deemed necessary by the
City Council to provide for the construction
OF adequate system Of sanitary sewers for
sanitary and health purposes; and
Whereas, Plans and specifications for the
construction Of such system of sanitary sew
have been prepared by c. II. Green, En-
gineer, and have been approved by the City
Council and are now on file with the City
Whereas. The estimated cost of the con.
struction of said system of sanitary
is Twenty Six Thousand Dollars ($26,O00),
and it is the judgment of the City Council
that payment for the same should be pro.
vided for by the issuance OF bonds OF the
city in that amount
by the City Council OF the City OF Yering
ton, Nevada, that for the purpose at provid
ing for the construction OF adequate sys-
TEN of sanitary in and for said city.
bonds of said city in the aggregate amount
of twenty Six Thousand Dollars (s26,Ooo) to
Bonds Said bonds shall be of the denomi-
nation OF S 900 each; shall be numbered ] to
%, inclusive; shall be dated ............19 1912,
and shall mature and become redeemabe as
follows:
Bonds numbered to 10. inclusive, shall
mature s years after cate; with the option.
of redemption after ten years from date.
Bonds numbered II to 20, inclusive, shall
mature 80 years after date, with the option
OF redemption after. twenty years from date.
Said bonds shall bear interest at the rate
OF six per centum 60 per cent? per annum;
payable sem-annualy, and shall have cou-
pons attached for each installment OF interest
Both principal and interest shall be made pay
able in lawful money of the United States
OF America, at the National Bank OF Com
MERGE in the city and state of New York
Payment OF the principal and interest OF said
bonds shall be provided for by the levy OF
direct annual tax upon all the taxable prop.
erty in the city and by the appropriation OF
the net revenues OF the sanitary sewer system
for that purpose and the proceeds of said tax
and revenue shall be PLACED by the Treas.
urer in the "YERINGTON SANITARY
SEWERS REDEMPTION Fund" which
shall be used solely for the payment OF the
principal and interest OF said bonds.
1t shall be provided in the. ordinance order
ing their issuance, to be hereafter passed.
that for the years 1912 to 1926, both inclu-
sve, and as many years subsequent thereto
as may be necessary there shall be annu-
allv levied and collected special tax to
make provision for the payment OF the prln-
cipa and interest of said $4,000 bonds suf-
hcieut in amount to raise the sum OF 81 .S60
Tor the interest thereon, and SS6667 as
sinking fund to pay the $4,000 bonds. pay
able in 5 years. and in addition thereto, for
the years 1927 to l94l, both inclusive, and
many years subsequent thereto may be
necessary. there sndH De itNleu ana CoheCteu
the further sum of $3.50 for interest and
$500 81 as a sinking fund to pay the princ-
pal and interest the $4,000 bonds payable
in 80 years.
BE IT FURTHER RESOLVED, That
this resolution shall be published in full in
the "Yerington Times. a newspaper pub
lished in the city for a period OF at least four
weeks; and at the first regular meeting OF the
City Council after the expiration of the period
Of such publication. il no petition shall have
been filed as provided by law praying for
special election in said city upon the ques-
ton whether not the proposed ordinance
shall be passed, the City Council will pro
coed to pass an ordinance for the issuance OF
said bonds in accordance with the provisions
Of the foregoing resolution.
The motion to adopt the foregoing reso-
luton was duly seconded by Councilman
Crownnshield, and upon roll call the vote
Yeas Crowninsheld, Hanson, Knierim and
Lamberson.
Councmen.
Nays-None.
Whereupon the Mayor declared the reso-
luton adopted.
slArE or NEVADA &c
County of Lyon.
|. +. III. ntacre, City Clerk OF the city OF
Nerngton, in the county and State aforesaid,
hereby certify that the above and foregoing
is full, true and correct copy OF the record
OF proceedings and resolution adopted by the
City Council OF said City at meeting held
the Goth day of May. 1912, the same being
regular meetno of said Council, far the
same relate to the issuance of Sanitary Sewer
Bonds
WITNESS my hand and the seal of said
City, this 20th day OF May. \. D. 1912.
E II WHITAKER