Daily capital journal. (Salem, Oregon) 1903-1919, 1913-08-23


the legal voters of the City of Salem Oregon on the
End day of December 1912, by defining the pro-
ects authorized to be paid for out of bond issue aggre
eating $48000000 and to include all public here
ofore constructed and omitted from the original pro-
visions of said Ordinance No. 72 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 ISSUE to
require interest be paid semannuay and to authorize
limited milage 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 construc-
tion and to authorize the Common Council to require
proof of claims for refunds and the method of paying
such claims.
Be it Ordained by the Common Council of the City of Salem
Oregon:
Be Ordained by the Legal Voters of the Citv of Salem
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 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 ()
ito thirteen Q3 both inclusive, and sixteen 16) seven
teen Q, eighteen Q8 and twentyone (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 may have here
oore 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 Saem Oregon con-
firmed and ratified and the Indebtedness thereof assumed
and OF reundng to the property owners all moneys which
have been paid by them their grantors toward the con-
trcon 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 aggregating
the sum Of Four Hundred Eighty Thousand $480OOO)
Dollars running from C) to twenty (20) years
Iwenty-four Thousand ($24000) Dollars of said bond
issue shall be paid annually Said bond issue shall bear
interest at the rate Of five ( per centum per annum
payable semi-annualy and shall be dated May l. 1913
Section 2. 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
states and may be issued in denominations of not less than
FIFTY (S5O) Dollars than One Thousand (S1OOO)
Dollars and shall be issued and sold according to the
etnod 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 3. The Common Council of the City of Salem
oregon hereby empowered and directed to lew mla pe
TAX over and above the tax limitation of Section Sub
division of the City Charter in addition to the aount
necessary each and every for the maintenance and
operation OF the several departments of the CITY govern
men at the time provided by the Charter of the Ct of
Salem for fixing the annual tax levy of said Cy as an ad
ona levy each year from and after the issue date of said
ponds sufficient to pay onetwenteth of the prncpa of
sad bonds and the annual accrued interest thereon and
there shall be collected by taxation and assessment under
SAD Speca levy as herein provided and paid on the prin
cpai ana semlannua interest of said bonds durn each
and every year until the full amount thereof m fj, oid
and satisfied the following amounts dnrin 20 aS ruS pau
"towit is e"0H year,
$4o'0OO beng principal S24 000 interest S24OOO
S4ooOO beng principal $24 000 interest 500 800
l9l5, S45600 being principal $2400O nferest $o1 COO
1916 4400 being principal S24 600 nferoSf COO 100
1911 S43200, being principal $4,000 nferosf S1o o9S0
1913, $4,000, being principal $4,000 nferoSf q 100
1913, $40S00 being princpa S21 O00 nter o. o00
1920 $39600 being prncipa S2l 000 infor o. zoo
"192l $3S400 being PRINCIPAL S2d 0OO t o. $1V'V00 '0
1922, $3720O being principal $4,000 ntert 300
1923, S36000 being principal $4,000 nteroSt d 000
1924, S34 $780, being PRINCIPAL S24 000 nfor
o95e SVOO' GOO 3O peng principal $4,000 interest $500
o95g S9 5O' peng principal $4,000 interest 840O
"i95o SS600 peihg principal $4,000 interest 1900
050' S9ooUU peing principal S24000 interest 5000
i0o0' So9'cOV pelng principal S24000 interest 1900
1881 $26400 being principal $4,000 inferot 9TOO
I'o2' Szo'ZoO being principal $4,000 interest 1000
Section 4. Out of the moneys derived from +bo cola
o1 sad bonds there shall be repaid to all nroner ] 9re
grea thereto who have heretofore paid into the CtT
nreasury, by themselves their granors such snm o
% SUNS as may have been from time to time Maid bv tbo
S grantors on account of special assessments e,ed
Sle construction of any of said sewers or drons
eeVneT win interest thereon, at six (6) ner cen,n o
az auh @ from the date of payment as entered in tb Dt
co. Sly Liens to the date of sale of the bonds nroyJ f
"ton, and this Ordinance 80 '''eAoeu aC this cleo
g. oecuon o. That out of the moneys derived fr 4h
as Oh Sad bonds, there shall also be Maid off dscbJ
anu cancelled all bonds evidencos Seu