Gilpin observer., 1913-01-30
BILL TO FUND
N THE CITY DEBT

will be passed by that body in a few
days, when it will be sent to the
House. This is an excellent meas
ure and should receive the hearty
support of every taxpayer in the city.
It will in no way increase the indebt-
edness of the city, but will place the
finances of the city on a firm foun-
dation. making the city's warrants
desirable investment. In fact, city
warrants will command a premium.
When the bill has been passed and
signed by the governor, it will be
necessary to hold a special election
to authorize the issue of bonds. Only
city taxpayers will be eligible to
vote on same. The following ex-
tracts from the bill now before the
legislature are self-explanatory:
''That the corporate authorities of
the City of Central, in Gilpin county,
Color ado, are hereby authorized to
issue to any person, persons or cor
poration, holding registered warrants
OF the City of Central being the old
est Of such warrants and issued for
the Indebtedness of said city, and
those following consecutively, to the
amount including the accrued interest
thereon, provided in this act, coupon
bonds of said City of Central, in lieu
thereof, to the amount equal to the
value Of such warrants and accrued
interest thereon, to the date of is
suance and delivery of such bonds
therefor;
THE corporate authorities Of said
City Of Central shall also have the
right to sell any of the said bonds to
any person or corporation, but none
Of the said bonds shall be sold ex-
cept for cash and at par value, in
Guiding costs and commissions of
sale; The moneys arising from the
sale of such bonds shall be used
fcx1hwith in redeeming the outstand-
Ing Registered warrants of said City
OF Central, described in section one
hereof, and for no other purpose what
ever; Provided, That no sale of the
said bonds shall be made within 80
days next after the same are issued,
during which time any holder of out
standing warrants of the said City of
Central, Of the description above
mentioned, may exchange them at par
with accrued interest thereon for
bonds at par, and notice by publica-
tion in the Official newspaper of the
said city shall be made during the
said 80 days, of the opportunity to
make such exchange and such ex-
change may be made after the expir-
alton of the said 80 days at any
time prior to the sale of such bonds.
No officer of the said City of Cen
trail shall receive any compensation
or commission for the sale OF the
said bonds or for the handling of the
money received therefor, or for any
clerical work in connection Herewith.
No, bond shall be of a denomina-
ton less than one hundred dollars,
and If used for greater amount,
then for some multiple of that sum.
Said bonds to draw interest at rate
not exceeding five per centum per
annum from the date of their deliv-
cry; said interest shall be made pay
able semi-annually on the first days
Of Af
upon the presentation of the proper
coupons therefor. Said bonds and in
terest coupons shall be payable at
the office of the treasurer of the said
City of Central, all exchange and ex-
press charges to be paid by the City
OF Central.
The principal of said bonds shall
be payable at the pleasure of the City
Of Central, ten years after their date,
and payable absolutely fifteen years
after their date; Provided that the
this act shall not exceed the sum of
fifty thousand dollars.
The bonds issued as provided in
this act, shall be signed by the may
or and attested by the city clerk of
the said City of Central. and shall
bear the seal Of the said City of Cen
tral upon each bond, and shall be
numbered and registered by the city
clerk in book to he kept by him
for that purpose in the order in which
they are issued, each bond shall state
upon its face the sum for which it
Is issued. to whom issued and the
date OF Its issue, all OF which shall ap-
pear on the record so kept by the
said city clerk
In no case, In exchanging said
warrants for bonds shall any bond