Arizona republican., 1913-09-24
RESOLUTION NO. 622

authorize the issuance or DondS TOT funding the floating indebtedness of the City of Phoenix up to July l. 1913; for purchasing two tracts of land for park purposes; for street improvements: and for the extension and improvement of the fire depart ment of the City of Phoenix.
 THE COMMON COUNCIL OF
 PHOENIX DO RESOLVE AS
 FOLLOWS:
 First: That the following propo- sition be, and the same is hereby sub mitted to the qualified electors and property tax payers subject to taxa tion within the corporate limits with in the City of Phoenix, County of Maricopa, State of Arizona, to be voted upon by them at an election called for the purpose to be held on the 11th day of October, A. D., 1913, in said city, county and state, viz:
 The aggregate amount of indebted ness of the City of Phoenix, in the County of Maricopa, State of Ari- zona, now being in excess of four percentum of the value of the taxa ble proptrty in said city, as is ascer- tained by the last assessment of taxable property in said City for City purposes, made previous to incurring of the indebtedness contemplated by this resolution, shall The Common Council of the City of Phoenix, in said County and State, issue bonds of the City of Phoenix, in the amount of Two Hundred and Fifty Thousand Dollars (s25O, O,000.00), for the purpose of funding it's floating indebtedness up to July 1, 1913, amounting to ap- proximately One Hundred and Twen- ty-five Thousand Dollars ($125, 100000; to provide funds to the amount of Twenty five Thousand Dollars for the purpose of purchasing two or moro tracts of land to be hereafter select cd by the Common Council of the City of Phoenix, said land to be used by said City of Phoenix and the inhabitants thereof as public parks, and further to provide funds to the amount of Twenty-Five Thousand Dollars ($25,OO0.00) for the purpose of street improvements, and particu- larly the widening of Van Buren street by condemna ton. or otherwise, from the west line of Central Avenue to the east line of Second avenue in said City to an approximate width of fifty-seven (5O feet; said Van Buren Street when so widened to be for public use; and to provide funds to the amount of Seventy-five Thous- and Dollars (s75, ,00O.OO) for the pur- pose of enlarging the fire depart ment of the City of Phoenix and in creasing it's equipment, by extending the fire alarm system, by the pur- chase of additional fire fighting ap- paratus and the establishment of sub for the said fire depart ment. Said bonds shall be in de- nominati tions of Five Hundred Dollars (s50O00) each, shall bear the date of their issuance and be numbered con secutiVely from One upwards, the principal to be due in twenty (2O) years from date thereof, provided that The Common Council of the City of Phoenix reserves the right to pay off such bonds in their numeri- cal order at the rate of Twenty-Five Thousand Dollars (s25, ,O00.OO) thereof per annum from and after the ex- piration of ten 10) years from their date. all of said bonds to bear interest a t the rate of five per cent per an mum; interest thereon shall be paid semi annually on the first day of January and July of each year after their issuance. Principal and interest shall be paid in gold coin of the United States of America in the of flee of the City Treasurer of the City oe Phoenix, Maricopa County, State of Arizona, or at such Bank in the City of Phoenix. in said state and county, or in the City of New York, in the State of New York, or such place as may be designated by the Common Council of the City of Phoe- nix, at the option of the holder of said bonds; place of payment to be mentioned in said bonds and shall be made payable to bearer, and said bonds are to be signed by the Mayor of said City of Phoenix and at tested by the City Recorder thereof and to have the seal of the said City of Phoenix attached thereto and each bond shall have interest coupons at tached thereto so that the same may be removed therefrom without mutt lating the bonds for the semi annual interest to accrue thereon, which coupons shall have a fac-simile of the corder of said City of Phoenix litho- graphed or printed thereon, provided, that it shall not be necessary to inn press upon such coupons the seal of said City of Phoenix. Said bonds shall be sold by the Common Council of the City of Phoenix at a regular or special meeting called for that purpose after causing to be entered upon the record of said The Common Council of the City of Phoenix an order directing the sale of said bonds and the date and hour of said sale and shall cause a copy of said order to be published for at least four consecutive weeks before said sale in such daily or weekly newspaper or newspapers as may be designated by said The Common Council of the City of Phoenix, together with a notice that sealed proposals will be received by it for the purchase of said bonds on the date and hour named in said order. Said The Common Council of the City of Phoenix shall at said time,