Daily capital journal. (Salem, Oregon) 1903-1919, 1913-08-26


IND day of December, 1912 by defining the pro-
ects authorized to be paid for of bond issue aggre-
eating $4SOOOOOO 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 forssad 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 issue to
require interest to be paid semi annually and to authorize
limited mlage tax for paying the principal and inter-
est OF said bonds to provide for paying interest the
rate OF six (6) per cent per upon moneys paid
under assessment ordinances for public construc-
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 SaIem
Oregon:
Be it Ordained by the LeqaI Voters of the Cv of Sqlem
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 owit
"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 (
Ito thirteen 3) both inclusive and sixteen (16),
teen Q7), eighteen 8) and tweny-one 21) all installed
under City contracts at the expense of the property spe
cay benefited and by special assessment and such other
public sewage and drainage systems as 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
tmed and ratified and the Indebtedness thereof assumed
and of refundng to the property all moneys which
have been paid by them their grantors toward the
rucon OF each of said sewers and pay off and cancel
all liens against private property incurred by the construc
on of said sewers there shall be issued and sod general
obligation bonds of the City of Saem Oregon aggregatng
"the of Four Hundred Eighty Thousand ($480OOO5
Dollars running from (1) to twenty (2O) years
Twenty-four Thousand ($2400O) 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 sem-annualy and shall be dated May l. 1913
Section g. The bonds issued under the provisions of
ths ordinance shall be general obligation of the CITY of
Salem Oregon and shall be paid in gold coin of the United
States and be issued denominations of not less than
Fifty ($5O) Dollars 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 as amended at the election held on the day of the
Submission of this ordinance to the legal voters of the
"City of Salem
Section 8. The Common Council of the City of Salem.
Oregon is hereby empowered and directed levy iage
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 year for the maintenance and
operation of the several departments of the City govern
men at the time provided by the Charter of the CITY of
Salem for fixing the annual tax levy of said City, as an ad
dna levy each year from and after the issue date of said
bonds sufficient to pay onewenteth Of the principal of
said bonds and the annual accrued interest thereon and
there shall be collected by taxation and assessment under
said special levy herein provided and paid on the prin
cpa and semannua interest of said bonds during each
and every year until the full amount thereof is v Maid
and satisfied the following amounts during each wear
"to-wit ~ 'i'
19i9 $4o,OUO being principal $4,000 interest $2400O
l94, $46S00 being principal $4,000 interest 500 900
19l5, S45600 being principal S24 1000 interest $21 S0O
9' $4adO0 peing principal $4,000 interest $204OO
9 S49'600 pe!hg principal $24O0O interest $4,000
9I' S46'0UO peing principal $4,000 interest $1800O
l9l9, S408OO being principal 1924 000 interest $16SO0
1920 $39600 being principal $4,000 interest XIX S0O
1921 S38400 being principal S24O0O interest $11 G00
1922, $37200 being principal $4,000 interest 800
1928 $36000 being principal 1924 900 interest $19 0OO
1924 $34800 being principal 1924 600 interest S10 900
1925, S33600 being principal $4,000 interest a. SSS
1926 S32 AGO. being principal S24 900 inferest ST00
n19a S9d3UO beng principal $4,000 interest 1900
19ao $@99oVO @ beng principal $4,000 interest 5000
.96S 96S SoooOV pehg principal $24000 interest 4S0O
.Ioo Soo00 oeing principal $4,000, interest $500
l93I S2640O being principal $4,000 interest 2400
1867 S252OO being principal $24,000 interest 1900
Section 4. Out of the moneys derived from +bo so1
OF SAID bonds there shall be repaid to all propertv on
entitled thereto who have heretofore paid into the Ctv
treasury by themselves their grantors sucb s1no o
sums as may have been from time to time Maid bv tb
or tner granors account of special assessments l
Sle construction of any Of said sewers mr. droin
together with interest thereon at six (6) ner cen+, @
an am nun from the date of payment as entered in the Doct
o Gy Liens to the date of sale of the bonds nrovdeJ @
under section 52 Of the Charter as amended at tb l
'tion, and this Ordinance O az uiS elec-
q section D. That out of the MONEYS derived fro, +h
ae Oh sad bonds there shall also be paid off dscbargd
an9 cancelled all bonds and evidences of Citv indebtd
and liens heretofore created by virtue Of Snnc;oi
ltAl