Daily capital journal. (Salem, Oregon) 1903-1919, 1913-08-22

Civ of Salem Oregon adopted under the initiative by
the legal voters of the City Of Salem Oregon on the
End day of December 1912, by defining the sewer pro-
ecs authorized to be paid for out OF bond issue aggre
eating $48OO0O0O and to include all pu0lc sewers mere
tofore constructed and omitted from the Original pro-
visions of said Ordinance No. 1l72; to provide for Donds
to pay for said sewers together with interest on out
standing evidences of indebtedness issued for sewer ana
drainage construction purposes to Tx the limit Oh Cne
said bond issue and to prescribe the details OF ISSUE 10
require interest to be paid semiannuay and to authorlze
limited mlage tax for paying the principal and inter
est of said bonds to provide for paying interest at te
rate of six (6 per cent per annum upon moneys pald
under assessment ordinances for public sewer 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 Salem,
Oregon:
Be it Ordained by the Legal Voters of the City of Salem,
OregOn
Section l. Ordinance No. 1172 of the City of Salem,
Oregon adopted under the initiative by vote OF the
people the End of December 1872, is hereby amended
and modified that the shall read follows, toWt:
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 W
"to thirteen 9) both inclusive and sixteen 16), seven
"teen 7), eighteen 8) and twentyOne (2D all installed
under City contracts at the expense of the property spe
ca benefited and by special assessment and such other
public sewage and drainage systems as may have here
tofore 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-
frmed and ratified and the Indebtedness thereof assumed
and of refundng to the property owners all moneys which
have been paid by them their grantor toward the CON
sucon of each of said sewers and to off and cancel
a liens against private property incurred by the consruc
on of said sewers there shall be issued and Sold general
obligation bonds of the City of Salem Oregon aggregang
"the of Four Hundred Eighty Thousand ($480OO0)
Dollars running from one Ql to twenty (2O) years
"Twenty-four Thousand ($24OOO) Dollars of said bond
tissue shall be paid annually Said bond issue shall bear
interest at the rate OF five (5 per centum per annum
payable semi-annuay and shall be dated May l. 1918.
"Section 2 The bonds issued under the provisions of
this ordinance shall be general obligation of the City of
Saem Oregon and shall be paid in gold coin of the United
States and may be issued in denominations of not less than
Fifty ($50) Dollars more than One Thousand ($1000)
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 the day of the
Submission of this ordinance to the legal voters of the
"Cty of Salem
"Secton 3. The Common Council of the City of Salem
Oregon is hereby empowered and directed to levy mage
tax and above the tax limitation of Section Sub
division of the City Charter in addition to the amount
necessary each and every year for the maintenance and
operation of the several departments of the City govern
ment at the time provided by the Charter of the City of
Salem for fixing the annual tax levy Of said City, as an adj
dona levy each year from and after the issue date of said
bonds, sufficient to pay oneweneth of the principal of
said bonds and the annual accrued interest thereon and
there shall be collected by taxation and assessment under
sad special levy as herein provided and paid the prin
"cipal and semannua interest of said bonds during each
land every until the full amount thereof is fully paid
land satisfied the following amounts during each year
"towt:
1913 $48OOO being principal $24OOO interest S24OOO
1914 $46800 being principal $24 OOO interest 500 800
1915 $45600 being principal $4,000 interest S2 600
1916 $44400 being principal $24 OOO interest 500 400
1917 $432OO being principal $4,000 interest $4,000
1913 $42000 being principal $4,000 interest S18 0OO
1913 $40S00 being principal $4,000 interest S16 S00
1920 $3.50 600 being principal $4,000 interest Ak S00
1921 $38 AGO. being principal $4,000 interest $14 200
1922 $37 200 being principal $4,000 interest Al 200
1928 $36 000 being principal S24 O00 interest 81 O00
1924 $34 S00 being principal $4,000 interest S10 S00
1925 $33 600 being principal S24 600 interest e00
1926 $32400, being principal $4,000 interest 8400
1927 $751; 200 being principal $4,000 interest 1000
1928 $50 000 being principal $4,000 interest O00
1929 $28800, being principal $4,000 interest 800
1880 $276OO, being principal $240O0 interest 5000.
1881 264OO being principal $24 000 interest 9 400
1882 $252OO, being principal $4,000 interest 1900
Section 4. Out of the moneys derived from the sale
said bonds there shall be repaid to all property owners
entitled thereto who have heretofore paid into the Ctv
Treasury by themselves or their granors such sun, o
sums as may have been from time to time pad bv the
or their granors account Of special assessments eeJ
for the construction of any of said sewers or drains
together with interest thereon at six (6) per cenh nor
annum from the date Of payment as entered in the
OF City Liens to the date of sale of the bonds provided for
under Section 81 Of the Charter as amended at his ec
"ton and this Ordinance =" ''1' e'e'-
Section 5. That out of the moneys derived from the
sale OF said bonds there shall also be paid off discharged
and cancelled all bonds and evidences of C,