Daily capital journal. (Salem, Oregon) 1903-1919, 1913-08-27

City of Salem Oregon adopted under the initiative by
the legal voters of the City of Salem, Oregon on the
End day of December, 1872 by defining the pro-
ecs authorized to be paid for out of bond issue aggre
eating $4800OO00 and to include all public sewers here
tOfore constructed and omitted from the original pro-
visions of said Ordinance No. 1172; to provide for bonds
to pay for said sewers together with interest out
standing evidences of Indebtedness issued for and
drainage construction purposes to fix the limit of the
said bond issue and to prescribe the details of ssue to
require interest to be paid semannuay and to authorize
limited mlage tax for paying the principal and inter-
est of said bonds to provide for paying interest at the
rate of six (6 per cent per annum upon moneys paid
under assessment ordinances for public consruc
ton and to authorize the Common Council to require
proof of claims for refunds and the method of paying
such claims.
Be Ordained by the Common Council of the City of Sale
Oreg0n
Be it Ordained by the Legal Voters of the City of SaIe
Oregon:
Section l. Ordinance No. 1172 of the City of Salem
Oregon as adopted under the initiative by vote of the
people on the End of December 1872 is hereby amended
and modified so that the shall read follows to-wt
Section For the purpose of paying the indebtedness
heretofore incurred in the construction of the North Salem
Sewer, the South Salem Sewer the Union Street Sewer
and the extension of the Marion Street Sewer and also
those certain public installed under the designation
of Lateral Sewer Districts and numbered from one Cd
Ito thirteen (3) both inclusive and sixteen (16) seven
teen Q, eighteen S) and twentyone (21), all installed
under City contracts at the expense of the property pe
cay benefited and by special assessment and such other
public sewage and drainage systems may have here
ofore been constructed by special assessment against the
property specially benefited under special assessments by
the Common Council, the building and construction of
(which by the people of the City of Salem Oregon con-
red and ratified and the Indebtedness thereof assumed
and OF retundng to the property owners all moneys which
have been paid by them their granors toward the
srqcton of each of said and to pay off and cancel
all liens against private property incurred by the consruc
on of said sewers there shall be issued and od general
obligation bonds of the City of Saem Oregon aggregang
the sum of Four Hundred Eighty Thousand ($480OOO)
"Twentyfour Thousand ($24O0O) Dollars of said bond
tissue shall be paid annually Said bond issue shall bear
interest at the rate of five @ per centum per annum
payable semiannually and shall be dated May l. 1913
Section q The bonds issued under the provisions of
this ordinance shall be general obligation of the City of
Salem Oregon and shall be paid in gold coin of the United
and may be issued in denominations of not less than
FIFTY $500 Dollars or more than One Thousand $1OOO)
Dollars and shall be issued and sold according to the
method prescribed by paragraph e of Section 81 of the
Charter amended at the election held on the dav of the
submission of this ordinance to the legal voters of the
"City of Salem.
Section g. The Common Council of the City of Salem
Oregon is hereby empowered and directed to lew mage
tax over and above the tax limitation of Section G. Sub
division of the City Charter in addition to the amount
necessary each and every for the maintenance and
operation of the several departments of the Cv GOVERN
men at the time provided by the Charter of the tv of
Salem for fixing the annual tax levy of said City as an ad
tona levy each year from and after the issue date of said
bonds sufficient to pay onewenteth of the prncpa of
said bonds and the annual accrued interest thereon and
there shall be collected by taxation and assessment under
SAID special levy as herein provided and paid on the prn
cpa and semiannual interest of said bonds durn each
and every until the full amount thereof is fu maid
land satisfied the following amounts during each YEAR
"towit: 40 ' S''t'
l9l3 $480OO being principal $24 OOO interest 1924 600
l9!4 $468OO being principal $24000 interest 500 800
l9l5 $456OO being principal $24000 interest S21 900
1916 $44400 being principal S24 OOO interest $2o I00
1911 $43200 being principal $4,000 interest $19 500
1913 $42000 being principal $4,000 interest $iS 000
1913 $4080O being principal $4,000 Interest $1S S00
1920 $39600 being principal $4,000 interest XIX S0O
1921 S98400 being principal 24OOO interest $1E 400
1922 $37200 being principal $4,000 interest S19 90G
1928 $36000 being principal 1000 interest do 0SO
1924 $34800 being principal 900 interest $1oS0O
1925 S33600 being principal $4,000 interest oe00
1926 S92400 being principal $4,000 interesf G0S
1927 $3l 200 being principal S24 600 interest," 390O
1928 $30000 being principal S24 600 nferost eo0N
l9S9 $2880O being principal $4,000 interest 400
!930 $2L60O being principal S240 000 interest 1900
l93l $264OO being principal $4,000 interest 3 G00
1882 $4,000 being principal $24 OOO interest 200
Section a. Out of the moneys derived from +bo solo
ot SAID bonds there shall be repaid to all propertv
entted thereto who have heretofore paid into the CIV
treasury by themselves their grantors sncb s,,o w
sums as may have been from time to time Maid bv 49,
OF Vner grantors on account of special assessments d
Ior the construction of any of said sewers ~ dro;
Iogether with interest thereon at six 6) npr centr @
from the date of payment as entered in tbe noo
o Gy Liens to the date of sale of the bonds nrovdeJ f
oer section 52 OF the Charter as amended at ths eec
"tion, and this Ordinance V 'ii' elec-
a. NeSuon o. mat out of the moneys derived from tbe
sae Oh sad bonds there shall also be paid off discbard
and cancelled all bonds and evidences of Civ irJLtIs
lng